-----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, M3OZn5GnxUv/8a422QP2PqAeuASPGB6Inl/ynm7R1YX+TPb5NVPVbCi31l9u2tnK UrR46o9sBY93590aCqbZow== 0000102710-98-000025.txt : 19980714 0000102710-98-000025.hdr.sgml : 19980714 ACCESSION NUMBER: 0000102710-98-000025 CONFORMED SUBMISSION TYPE: 11-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980713 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: 11-K/A SEC ACT: SEC FILE NUMBER: 001-07924 FILM NUMBER: 98664987 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 11-K/A 1 FORM 11-K/A FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ( ) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED) For the fiscal year ended______________________________________________________ OR (X) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from January 1, 1997 to December 31, 1997 --------------- ----------------- Commission file number 1-7924 VALLEY RESOURCES, INC. 401-K EMPLOYEE STOCK OWNERSHIP PLAN ___________________________________ (Full Title of Plan) VALLEY RESOURCES, INC. __________________________________________________________ (Name of Issuer of the Securities held Pursuant to the Plan) 1595 Mendon Road Cumberland, Rhode Island 02864 ____________________________________ (Address of Principal Executive Officer) AMENDMENT NO. 1 The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its report, for the plan year ended December 31, 1997, on Form 11-K as set forth in the pages attached hereto. 1.) Financial Statements and related footnote disclosures. AMENDED Valley Resources, Inc. 401(K) Employee Stock Ownership Plan STATEMENTS OF FINANCIAL CONDITION December 31, 1997
STABLE INDEXED INDEXED VALUE MEMBER VALUE BOND EQUITY EQUITY ASSETS LOANS OPTION FUND FUND FUND - ------ -------------------------------------------------------------------------- Investments (Note A) Common Stock of Valley Resources, Inc. at Market Value 799,774.001 Shares (Cost $8,775,609.04) ----------- ----------- ----------- ----------- ------------- Total Investments $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 ---------- ----------- ----------- ----------- ------------- Money Market 0.00 297,854.26 388,145.53 330,285.64 1,924,426.09 Contributions Receivable 0.00 54,282.00 0.00 0.00 0.00 Member Loan Receivable 11,500.00 0.00 0.00 0.00 0.00 ---------- ----------- ----------- ----------- ------------- Total Assets $11,500.00 $352,136.26 $388,145.53 $330,285.64 $1,924,426.09 ========== =========== =========== =========== ============= LIABILITIES AND EQUITY Acquisition Indebtedness (Note D) $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Interest Payable Plan Equity - Including Net Unrealized Depreciation or Appreciation of Investments (Note A) 11,500.00 352,136.26 388,145.53 330,285.64 1,924,426.09 ---------- ----------- ----------- ----------- ------------- Net Assets 11,500.00 352,136.26 388,145.53 330,285.64 1,924,426.09 ---------- ----------- ----------- ----------- ------------- Total Plan Equity & Liabilities $11,500.00 $352,136.26 $388,145.53 $330,285.64 $1,924,426.09 ========== =========== =========== =========== =============
The accompanying Notes are an integral part of these statements. F-2 AMENDED Valley Resources, Inc. 401(K) Employee Stock Ownership Plan STATEMENTS OF FINANCIAL CONDITION - CONTINUED December 31, 1997
INTERNATNL VRI ESOP EQUITY EMPLOYEE & ER SUSPENSE ASSETS FUND STOCK FUND FUND TOTAL - ------ -------------------------------------------------------------- Investments (Note A) Common Stock of Valley Resources, Inc. at Market Value 799,774.001 Shares (Cost $8,775,609.04) $6,726,360.19 $2,871,696.77 $ 9,598,056.96 ----------- ------------- ------------- -------------- Total Investments $ 0.00 6,726,360.19 2,871,696.77 9,598,056.96 ---------- ------------- ------------- -------------- Money Market 74,806.73 315,361.76 299,334.14 3,630,214.15 Contributions Receivable 0.00 3,208.00 0.00 57,490.00 Member Loan Receivable 0.00 0.00 0.00 11,500.00 ---------- ------------- ------------- -------------- Total Assets $74,806.73 $7,044,929.95 $3,171,030.91 $13,297,261.11 ========== ============= ============= ============== LIABILITIES AND EQUITY Acquisition Indebtedness (Note D) $ 0.00 $ 0.00 $2,872,790.00 $ 2,872,790.00 Interest Payable 181,117.52 181,117.52 Plan Equity - Including Net Unrealized Depreciation or Appreciation of Investments (Note A) 74,806.73 7,044,929.95 117,123.39 10,243,353.59 ---------- ------------- ------------- -------------- Net Assets 74,806.73 7,044,929.95 117,123.39 10,243,353.59 ---------- ------------- ------------- -------------- Total Plan Equity & Liabilities $74,806.73 $7,044,929.95 $3,171,030.91 $13,297,261.11 ========== ============= ============= ==============
The accompanying Notes are an integral part of these statements. F-3 AMENDED Valley Resources, Inc. 401(K) Employee Stock Ownership Plan STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY December 31, 1997
STABLE INDEXED INDEXED VALUE MEMBER VALUE BOND EQUITY EQUITY ASSETS LOANS OPTION FUND FUND FUND - ------ ----------------------------------------------------------------------------------- Investment Income: Interest Income $ 0.00 $ 18,053.76 $ 0.00 $ 0.00 $ 0.00 Short-Term Capital Gains 459.63 65,199.61 Long-Term Capital Gains 5,284.68 219,119.49 Dividend Reinvestment 0.00 0.00 24,552.60 3,938.93 23,328.87 ---------- ----------- ----------- ----------- ------------- Total Investment Income 0.00 18,053.76 24,552.60 9,683.24 307,647.97 Net Realized Gain/(Loss) on Disposition of Investments (Note F) 0.00 0.00 6,750.79 537.97 50,298.52 ---------- ----------- ----------- ----------- ------------- Unrealized Appreciation (Depreciation) of Investments (Notes A and E) 0.00 0.00 0.00 0.00 0.00 ---------- ----------- ----------- ----------- ------------- Contributions (Note A) Participants 0.00 90,626.88 52,423.00 17,937.13 259,363.52 Valley Gas Company 0.00 0.00 33.08 132.36 99.28 ---------- ----------- ----------- ----------- ------------- Total Contributions 0.00 90,626.88 52,456.08 18,069.49 259,462.80 ---------- ----------- ----------- ----------- ------------- Other 0.00 7,314.74 6,713.92 (124.00) (60,499.63) ---------- ----------- ----------- ----------- ------------- Total Net Additions 0.00 115,995.38 90,473.39 28,166.70 556,909.66 ---------- ----------- ----------- ----------- ------------- Withdrawals: Member Distributions 0.00 (15,472.56) (3,404.64) 0.00 (44,973.99) Participant Loans 11,500.00 (1,647.90) (4,053.77) (1,603.87) Interest Expense 0.00 ---------- ----------- ----------- ----------- ------------- Total Deductions 11,500.00 (15,472.56) (5,052.54) (4,053.77) (46,577.86) ---------- ----------- ----------- ----------- ------------- Net Increase(Decrease) 11,500.00 100,522.82 85,420.85 24,112.93 510,331.80 PLAN EQUITY: Beginning of Year Net Assets Beginning (Note A) 0.00 297,004.57 335,647.65 0.00 1,479,599.46 Inter-Plan Transfers 0.00 (45,391.13) (32,922.97) 306,172.71 (65,505.17) ---------- ----------- ----------- ----------- ------------- End of Year $11,500.00 $352,136.26 $388,145.53 $330,285.64 $1,924,426.09 ========== =========== =========== =========== =============
The accompanying Notes are an integral part of these statements. F-4 AMENDED Valley Resources, Inc. 401(K) Employee Stock Ownership Plan STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY - CONTINUED December 31, 1997
INTERNATNL VRI ESOP EQUITY EMPLOYEE & ER SUSPENSE FUND STOCK FUND FUND TOTAL ------------------------------------------------------------------------ INVESTMENT INCOME: Interest Income $ 0.00 $ 22,164.04 $ 14,417.57 $ 54,635.37 Short-Term Capital Gains 2,328.38 67,987.62 Long-Term Capital Gains 6,744.38 231,148.55 Dividend Reinvestment 1,028.08 425,731.00 182,671.00 661,250.48 ----------- ------------- ------------- -------------- Total Investment Income 10,100.84 447,895.04 197,088.57 1,015,022.02 Net Realized Gain/(Loss) on Disposition of Investments (Note F) (21,212.37) (12,305.44) 44,245.26 68,314.73 ----------- ------------- ------------- -------------- Unrealized Appreciation (Depreciation) of Investments (Notes A and E) 0.00 438,632.15 156,235.87 594,868.02 ----------- ------------- ------------- -------------- Contributions (Note A) Participants 6,248.76 175,304.63 0.00 601,903.92 Valley Gas Company 33.10 268,780.46 0.00 269,078.28 ----------- ------------- ------------- -------------- Total Contributions 6,281.86 444,085.09 0.00 870,982.20 ----------- ------------- ------------- -------------- Other 0.00 0.00 (3,698.49) (50,293.46) ----------- ------------- ------------- -------------- Total Net Additions (4,829.67) 1,318,306.84 393,871.21 2,498,893.51 ----------- ------------- ------------- -------------- WITHDRAWALS: Member Distributions 0.00 (445,532.53) 0.00 (509,383.72) Participant Loans (694.46) (3,500.00) 0.00 Interest Expense (395,733.56) (395,733.56) ----------- ------------- ------------ -------------- Total Deductions (694.46) (449,032.53) (395,733.56) (905,117.28) ----------- ------------- ------------ -------------- Net Increase(Decrease) (5,524.13) 869,274.31 (1,862.35) 1,593,776.23 PLAN EQUITY: Beginning of Year Net Assets Beginning (Note A) 0.00 6,418,339.94 118,985.74 8,649,577.36 Inter-Plan Transfers 80,330.86 (242,684.30) 0.00 0.00 ----------- ------------- ------------- -------------- End of Year $ 74,806.73 $7,044,929.95 $ 117,123.39 $10,243,353.59 =========== ============= ============= ==============
The accompanying Notes are an integral part of these statements. F-5 AMENDED Valley Resources, Inc. 401-K Employee Stock Ownership Plan NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 1997 NOTE E - NET UNREALIZED APPRECIATION (DEPRECIATION) OF PLAN ASSETS
VRI ESOP EMPLOYEE & ER SUSPENSE STOCK FUND FUND TOTAL ------------------------------------------------ Balance at Dec. 31, 1996 $ 0.00 $ 0.00 $ 0.00 Change for the year 1997 438,632.15 156,235.87 594,868.02 ------------ ------------ ----------- Balance at Dec. 31, 1997 $438,632.15 $ 156,235.87 $594,868.02 =========== ============ ===========
F-12 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment signed on its behalf by the undersigned thereunto duly authorized. VALLEY RESOURCES 401-K EMPLOYEE STOCK OWNERSHIP PLAN S/K. W. Hogan ----------------------------------------- K. W. Hogan Senior Vice President, CFO and Secretary July 13, 1998 F-14 -----END PRIVACY-ENHANCED MESSAGE-----