-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TUBQvPHkBWHsP2T/CpIgUE2XX3+07jrxCG3hJCnjT1A6XnNt6QSGZVoKg0zsoZX6 toHCdVvIZG/ol9dD0qZsQA== 0000102710-96-000013.txt : 19960603 0000102710-96-000013.hdr.sgml : 19960603 ACCESSION NUMBER: 0000102710-96-000013 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960227 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALLEY RESOURCES INC /RI/ CENTRAL INDEX KEY: 0000102710 STANDARD INDUSTRIAL CLASSIFICATION: 4924 IRS NUMBER: 050384723 STATE OF INCORPORATION: RI FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 1935 Act SEC FILE NUMBER: 069-00251 FILM NUMBER: 96526205 BUSINESS ADDRESS: STREET 1: 1595 MENDON RD CITY: CUMBERLAND STATE: RI ZIP: 02864 BUSINESS PHONE: 4013341188 MAIL ADDRESS: STREET 1: PO BOX 7900 CITY: CUMBERLAND STATE: RI ZIP: 02864-7900 U-3A-2 1 FORM U-3A-2 File No. 1-7924 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from the Provisions of the Public Utility Holding Company Act of 1935 To be Filed Annually Prior to March 1 VALLEY RESOURCES, INC. (Name of Company) hereby files with the Securities Exchange Commission, pursuant to Rule 2, its statement claiming exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935, claim for the following information: Item 1: Valley Resources, Inc., RI; Cumberland, Rhode Island, Holding Company. Subsidiaries: Valley Gas Company, RI; Cumberland, Rhode Island; gas distribu- tion within Rhode Island. Valley Appliance and Merchandising Company, RI; Cumberland, Rhode Island; selling and leasing of merchandise. Rhode Island Development and Exploration Company, RI; Cumber- land, Rhode Island; an inactive company. Valley Propane, Inc., RI; Cumberland, Rhode Island; selling of propane gas. Morris Merchants, Inc., MA; Canton, Massachusetts; a manufac- turers' representative of gas-fired equipment, plumbing and heating supplies. Bristol and Warren Gas Company, RI; Bristol, Rhode Island; gas distribution within Rhode Island. The New England Gas Company, RI; Bristol, Rhode Island; an inactive company. Form U-3A-2 File No. 1-7924 Page 2 Item 2: Valley Resources, Inc. (Holding Company) Valley Gas Company, 1595 Mendon Road, Cumberland, Rhode Island; owns gas manufacturing plant and gas distribution facilities all of which are located in Rhode Island. Bristol and Warren Gas Company, 25 Gooding Avenue, Bristol, Rhode Island; owns gas manufacturing plant and gas distribution facilities all of which are located in Rhode Island. Item 3: Valley Resources, Inc. (Holding Company) Valley Gas Company: (a) 6,351,450 Mcf natural or manufactured gas distributed at retail (b) None (c) 52,859 Mcf of natural gas sold at wholesale off system outside the State of Rhode Island (d) 1,054,532 Mcf natural gas purchased outside the State of Rhode Island Bristol and Warren Gas Company: (a) 700,424 Mcf natural or manufactured gas distributed at retail (b) None (c) None (d) 133,838 Mcf natural gas purchased outside the State of Rhode Island Item 4: Valley Resources, Inc. (Holding Company) (a) None (b) None (c) None (d) None (e) None Exhibit A Consolidating Statements of Income for the 12 Months Ended December 31, 1995 Consolidating Balance Sheets at December 31, 1995 Exhibit B Financial Data Schedule Exhibit C Not Applicable The above-named claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 27th day of February, 1996. VALLEY RESOURCES, INC. (Name of Claimant) By Kenneth W. Hogan Senior Vice President, CFO and Secretary Attest: S/Patricia A. Morrison Patricia A. Morrison, Assistant Secretary Name, title and address of officer to whom notices and correspondence con- cerning this statement should be addressed: S/K. W. Hogan K. W. Hogan Senior Vice President (Name) (Title) 1595 Mendon Road, Cumberland, Rhode Island 02864 (Address) Exhibit A VALLEY RESOURCES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995
Valley Valley Bristol & Valley Morris Reclass. & Resources Gas Warren VAMCO RIDEC Propane Merchants Eliminations Consolidated ASSETS Utility Plant $66,308,155 $ 8,398,097 $74,706,252 Accumulated Depreciation 22,990,848 2,947,171 25,938,019 Net Utility Plant 43,317,307 5,450,926 48,768,233 Leased Property-Net 1,664,810 97,138 1,761,948 Nonutility Property-Net $3,021,962 $ 350,752 $ 172,282 3,544,996 Investment in Subsidiaries $26,354,926 $(26,354,926) -0- Other Investments 208,695 1,255,318 1,464,013 26,563,621 -0- 1,255,318 -0- $-0- -0- -0- (26,354,926) 1,464,013 Note Receivable 1,905,000 (1,905,000) -0- CURRENT ASSETS: Cash 620,092 1,880,959 (1,817,045) 167,188 851,194 Accounts Receivable 2,173,594 15,128,002 925,003 1,346,947 744,752 1,911,369 (9,996,126) 12,233,541 Deferred Fuel Costs -0- -0- -0- Unbilled Gas Costs 2,379,837 -0- 2,379,837 Fuel & Other Inventories 3,257,771 439,816 166,134 16,863 1,355,525 5,236,109 Prepayments & Other 389,390 22,561 54,218 466,169 Common Stock Held for Drip 110,125 110,125 Total 2,903,811 23,035,959 (429,665) 1,513,081 761,615 3,488,300 (9,996,126) 21,276,975 DEFERRED DEBITS: Prepaid Pensions 5,511,906 242,011 5,753,917 Other -0- 12,346,882 1,172,318 339,615 354,716 25,598 14,239,129 Total 5,511,906 12,588,893 1,172,318 339,615 -0- 354,716 25,598 -0- 19,993,046 Total Assets $36,884,338 $80,606,969 $ 7,546,035 $4,874,658 $-0- $1,467,083 $3,686,180 $(38,256,052) $96,809,211
Exhibit A VALLEY RESOURCES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995
Valley Valley Bristol & Valley Morris Reclass. & Resources Gas Warren VAMCO RIDEC Propane Merchants Eliminations Consolidated LIABILITIES & CAPITALIZATION COMMON EQUITY: Common Stock $ 4,260,797 $10,700,000 $ 100,000 $ 500 $ 500 $ 2,500 $ 3,200 $(10,806,700) $ 4,260,797 Paid in Capital 18,029,271 1,577,808 2,701,974 488,466 20,440 569,101 4,064 (5,361,853) 18,029,271 Retained Earnings 5,249,442 6,348,884 (248,969) 1,809,277 (161,750) 573,233 1,865,698 (10,186,373) 5,249,442 Total 27,539,510 18,626,692 2,553,005 2,298,243 (140,810) 1,144,834 1,872,962 (26,354,926) 27,539,510 Less: Accts. Rec. ESOP (3,142,200) (3,142,200) Total 27,539,510 18,626,692 2,553,005 2,298,243 (140,810) 1,144,834 1,872,962 (29,497,126) 24,397,310 LONG-TERM DEBT: First Mortgage Bonds: 8.0% Series 20,247,000 20,247,000 Total -0- 20,247,000 -0- -0- -0- -0- -0- -0- 20,247,000 Note Payable 3,543,937 2,200,000 5,743,937 Total 3,543,937 22,447,000 -0- -0- -0- -0- -0- -0- 25,990,937 Oblig. Under Cap Lease 926,144 77,398 1,003,542 CURRENT LIABILITIES: Current Matur-LTD 500,000 -0- 500,000 Note Payable 16,185,028 1,653,000 (2,638,028) 15,200,000 Oblig. Under Cap Lease 738,666 19,740 758,406 Accounts Payable 2,575,328 3,726,670 1,621,997 1,271,538 140,810 113,002 1,479,091 (4,960,746) 5,967,690 Security Deposits and Refunds 950,564 168,959 6,410 1,125,933 Dividends Declared 766,943 374,500 105,900 281,500 127,500 270,752 (1,160,152) 766,943 Taxes Accrued (423,375) (27,283) 46,191 (404,467) Def. Federal Inc Taxes -0- Deferred Fuel Costs 2,338,675 373,296 2,711,971 Other 49,195 926,444 51,268 49,991 (723) 42,668 1,118,843 Total 3,891,466 24,817,172 3,966,877 1,603,029 140,810 246,189 1,838,702 (8,758,926) 27,745,319 DEFERRED CREDITS: Unamort Invest Credit 751,597 21,545 773,142 Other 5,320,362 304,378 230,299 5,855,039 Total 6,071,959 325,923 230,299 6,628,181 Def. Federal Inc Taxes 1,909,425 7,718,002 622,832 743,087 76,060 (25,484) 11,043,922 Total Liab & Capital $36,884,338 $80,606,969 $7,546,035 $4,874,658 $ -0- $1,467,083 $3,686,180 $(38,256,052) $96,809,211
Exhibit A VALLEY RESOURCES, INC. CONSOLIDATING INCOME STATEMENT FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1995
Valley Valley Bristol & Valley Morris Resources Gas Warren VAMCO RIDEC Propane Merchants Eliminations Consolidated OPERATING REVENUES: Utility Gas Revenues $51,345,021 $4,727,991 $56,073,012 Nonutility Revenues $ -0- $3,416,455 $1,657,786 $13,675,108 $ -0- 18,749,349 Total -0- 51,345,021 4,727,991 3,416,455 -0- 1,657,786 13,675,108 -0- 74,822,361 OPERATING EXPENSES: Cost of Gas Sold 26,961,476 2,618,395 29,579,871 Cost of Sales- Nonutility 1,476,423 673,848 11,029,064 13,179,335 Operations (319,042) 13,012,004 854,548 924,810 562,051 2,065,116 (198,761) 16,900,726 Maintenance 1,310,673 169,612 34,935 1,515,220 Depreciation 1,965,467 209,779 439,814 77,628 48,273 2,740,961 Taxes-Other Than FIT 3,454,848 271,598 106,674 65,255 69,019 3,967,394 Taxes-Federal Income 134,161 178,776 63,435 200,624 93,893 198,970 869,859 Total (184,881) 46,883,244 4,187,367 3,148,345 1,507,610 13,410,442 (198,761) 68,753,366 Operating Income 184,881 4,461,777 540,624 268,110 -0- 150,176 264,666 198,761 6,068,995 Equity in Earnings of Subsidiaries 2,547,002 (2,547,002) -0- Other Income-Before FIT 286,532 350,550 (73,135) 105,308 16,245 62,977 (508,361) 240,116 FIT-Net of ITC 103,908 (7,096) 96,812 Total Income 3,018,415 4,708,419 474,585 373,418 -0- 166,421 327,643 (2,856,602) 6,212,299 INTEREST CHARGES: Long Term Debt 203,819 1,691,383 1,895,202 Other 1,462,928 352,223 (309,600) 1,505,551 Capitalized Interest (3,050) (3,050) Total 203,819 3,151,261 352,223 -0- -0- -0- -0- (309,600) 3,397,703 Net Income (Loss) $2,814,596 $ 1,557,158 $ 122,362 $ 373,418 $ $ 166,421 $ 327,643 $(2,547,002) $ 2,814,596 Average Number of Common Shares Outstanding 4,260,797 Earnings Per Average Common Share (Loss) $0.66
EX-27 2
OPUR3 12-MOS AUG-31-1996 DEC-31-1995 PER-BOOK 96,809,211 74,822,361 2,814,596
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