-----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, HEp18Qy85dOyRCuvwWu3439YBCZcP+skxXstPBy0TLmRGl280xMzghKHHJVqLGUB OAecqAWUGTRCIWz9xToQ6g== 0000102710-97-000032.txt : 19970303 0000102710-97-000032.hdr.sgml : 19970303 ACCESSION NUMBER: 0000102710-97-000032 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970228 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALLEY RESOURCES INC /RI/ CENTRAL INDEX KEY: 0000102710 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [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: 97547580 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. Alternate Energy Corporation, RI; Cumberland, Rhode Island; sells, installs and designs natural gas conversion systems and facilities. 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, 100 Broad Common Road, 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) 7,315,879 Mcf natural or manufactured gas distributed at retail (b) None (c) 39,533 Mcf of natural gas sold at wholesale off system outside the State of Rhode Island (d) 1,368,540 Mcf natural gas purchased outside the State of Rhode Island Bristol and Warren Gas Company: (a) 768,949 Mcf natural or manufactured gas distributed at retail (b) None (c) None (d) 149,121 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, 1996 Consolidating Balance Sheets at December 31, 1996 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 28th day of February, 1997. VALLEY RESOURCES, INC. (Name of Claimant) S/Kenneth W. Hogan 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, 1996
Utility Nonutility Reclass. & Operations Operations Eliminations Consolidated ASSETS Utility Plant $77,808,498 $ 77,808,498 Accumulated Depreciation 27,835,942 27,835,942 ----------- ----------- ------------ ------------ Net Utility Plant 49,972,556 -0- -0- 49,972,556 ----------- ----------- ------------ ------------ Leased Property-Net 2,725,064 $ 33,559 2,758,623 ----------- ----------- ------------ ------------ Nonutility Property-Net -0- 3,601,316 3,601,316 ----------- ----------- ------------ ------------ Investment in Subsidiaries 26,973,376 $(26,973,376) -0- Other Investments 1,309,514 217,944 1,527,458 ----------- ----------- ------------ ------------ Total Investments 1,309,514 27,191,320 (26,973,376) 1,527,458 ----------- ----------- ------------ ------------ Note Receivable -0- 1,405,000 (1,405,000) -0- ----------- ----------- ------------ ------------ CURRENT ASSETS: Cash (348,525) 1,115,324 766,799 Accounts Receivable 13,508,185 6,160,398 (7,899,060) 11,769,523 Deferred Fuel Costs 3,205,785 -0- 3,205,785 Unbilled Gas Costs 2,032,356 -0- 2,032,356 Fuel & Other Inventories 4,902,174 1,555,424 6,457,598 Prepayments & Other 680,442 62,223 742,665 Common Stock Held for Drip -0- 325,511 325,511 ----------- ----------- ------------ ------------ Total 23,980,417 9,218,880 (7,899,060) 25,300,237 ----------- ----------- ------------ ------------ DEFERRED DEBITS: Prepaid Pensions 242,011 6,237,075 6,479,086 Other 13,062,278 541,714 43,278 13,647,270 ----------- ----------- ------------ ------------ Total 13,304,289 6,778,789 43,278 20,126,356 ----------- ----------- ------------ ------------ Total Assets $91,291,840 $48,228,864 $(36,234,158) $103,286,546 =========== =========== ============ ============
Exhibit A VALLEY RESOURCES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 1996
Utility Nonutility Reclass. & Operations Operations Eliminations Consolidated LIABILITIES & CAPITALIZATION COMMON EQUITY: Common Stock $10,800,000 $ 4,287,328 $(10,807,300) $ 4,280,028 Paid in Capital 4,279,782 19,633,359 (5,711,253) 18,201,888 Retained Earnings 6,429,913 10,149,737 (10,401,237) 6,178,413 ----------- ----------- ------------ ------------ Total 21,509,695 34,070,424 (26,919,790) 28,660,329 Less: Accts. Rec. ESOP -0- (3,142,200) (3,142,200) ----------- ----------- ------------ ------------ Total 21,509,695 34,070,424 (30,061,990) 25,518,129 ----------- ----------- ------------ ------------ LONG-TERM DEBT: First Mortgage Bonds: 8.0% Series 20,155,000 -0- 20,155,000 ----------- ----------- ------------ ------------ Total 20,155,000 -0- -0- 20,155,000 ----------- ----------- ------------ ------------ Note Payable 2,300,000 3,043,937 5,343,937 ----------- ----------- ------------ ------------ Total 22,455,000 3,043,937 -0- 25,498,937 ----------- ----------- ------------ ------------ Oblig. Under Cap Lease 1,903,181 27,635 -0- 1,930,816 ----------- ----------- ------------ ------------ Minority Interest (10,310) (10,310) ----------- ----------- ------------ ------------ CURRENT LIABILITIES: Current Matur-LT Debt -0- 500,000 500,000 Note Payable 22,085,028 1,100,000 (1,885,028) 21,300,000 Oblig. Under Cap Lease 821,883 5,924 827,807 Accounts Payable 5,243,126 4,668,826 (3,219,990) 6,691,962 Security Deposits and Refunds 1,095,417 3,475 1,098,892 Dividends Declared 530,000 1,307,945 (1,056,840) 781,105 Taxes Accrued (1,227,516) 15,276 (1,212,240) Other 907,674 136,869 1,044,543 ----------- ----------- ------------ ------------ Total 29,455,612 7,738,315 (6,161,858) 31,032,069 ----------- ----------- ------------ ------------ DEFERRED CREDITS: Unamort Invest Credit 723,688 -0- 723,688 Other 5,431,874 348,878 5,780,752 ----------- ----------- ------------ ------------ Total 6,155,562 348,878 -0- 6,504,440 ----------- ----------- ------------ ------------ Def. Federal Inc Taxes 9,812,790 2,999,675 12,812,465 ----------- ----------- ------------ ------------ Total Liab & Capital $91,291,840 $48,228,864 $(36,234,158) $103,286,546 =========== =========== ============ ============
Exhibit A VALLEY RESOURCES, INC. CONSOLIDATING INCOME STATEMENT FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1996
Utility Nonutility Reclass. & Operations Operations Eliminations Consolidated OPERATING REVENUES: Utility Gas Revenues $62,413,266 $62,413,266 Nonutility Revenues $20,628,020 $ (82,387) 20,545,633 ----------- ----------- ----------- ----------- Total 62,413,266 20,628,020 (82,387) 82,958,899 ----------- ----------- ----------- ----------- OPERATING EXPENSES: Cost of Gas Sold 33,456,919 33,456,919 Cost of Sales- Nonutility 14,403,891 (53,418) 14,350,473 Operations 14,816,060 3,372,730 (218,077) 17,970,713 Maintenance 1,661,793 60,396 (1,127) 1,721,062 Depreciation 2,449,217 582,315 297 3,031,829 Taxes-Other Than FIT 3,846,729 301,261 (2,647) 4,145,343 Taxes-Federal Income 696,781 725,909 36,621 1,459,311 ----------- ----------- ----------- ----------- Total 56,927,499 19,446,502 (238,351) 76,135,650 ----------- ----------- ----------- ----------- Operating Income 5,485,767 1,181,518 155,964 6,823,249 Equity in Earnings of Subsidiaries 3,685,019 (3,685,019) -0- Other Income-Before FIT 426,752 445,554 (242,590) 629,716 Fed Inc Tax-Net of ITC 150,975 -0- (30,085) 120,890 ----------- ----------- ----------- ----------- Total Income 5,761,544 5,312,091 (3,741,560) 7,332,075 ----------- ----------- ----------- ----------- INTEREST CHARGES: Long Term Debt 1,751,368 195,714 -0- 1,947,082 Other 1,398,844 13,986 (66,935) 1,345,895 Capitalized Interest (3,666) -0- -0- (3,666) ----------- ----------- ----------- ----------- Total 3,146,546 209,700 (66,935) 3,289,311 ----------- ----------- ----------- ----------- Net Income $ 2,614,998 $ 5,102,391 $(3,674,625) $ 4,042,764 =========== =========== =========== =========== Average Number of Common Shares Outstanding 4,267,567 Earnings Per Average Common Share $0.95
EX-27 2
OPUR3 12-MOS AUG-31-1997 DEC-31-1996 PER-BOOK 103,286,546 82,958,899 4,042,764
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