-----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, UNO7YpTVndzKGm+8TrecyKR2c/kszI2iJr1+uVFfvIYX9p25k4SSyp7//81/Ndmw U00qDo27Fj0l3PwlBl/fRA== 0000102710-99-000004.txt : 19990226 0000102710-99-000004.hdr.sgml : 19990226 ACCESSION NUMBER: 0000102710-99-000004 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990225 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: SEC FILE NUMBER: 069-00251 FILM NUMBER: 99549745 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) 6,392,146 Mcf natural or manufactured gas distributed at retail in the State of Rhode Island generating revenues of $48,670,411 (b) None (c) None (d) 976,496 Mcf natural gas purchased outside the State of Rhode Island generating cost of $2,118,324 Bristol and Warren Gas Company: (a) 703,249 Mcf natural or manufactured gas distributed at retail in the State of Rhode Island generating revenues of $5,596,493 (b) None (c) None (d) 103,260 Mcf natural gas purchased outside the State of Rhode Island generating cost of $234,454 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, 1998 Consolidating Balance Sheets at December 31, 1998 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 25th day of February, 1999. VALLEY RESOURCES, INC. (Name of Claimant) S/Kenneth W. Hogan ------------------------------------ By Kenneth W. Hogan Senior Vice President, CFO and Secretary Attest: S/Sharon Partridge - -------------------------------------------------------------- Sharon Partridge, Assistant Vice President Finance & Treasurer 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 (Unaudited) VALLEY RESOURCES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998
Appliance & Valley Gas/Bristol & Contract Sales Propane & Corporate Reclass. & Warren Gas Companies & Rentals Operations Eliminations Consolidated ASSETS Utility Plant $84,284,366 $ 84,284,366 Accumulated Depreciation 32,396,392 32,396,392 ----------- ----------- ------------ ------------ ------------ Net Utility Plant 51,887,974 -0- -0- 51,887,974 ----------- ----------- ------------ ------------ ------------ Leased Property-Net 2,023,431 -0- $ 31,451 2,054,882 ----------- ----------- ------------ ------------ ------------ Nonutility Property-Net -0- $3,462,198 669,882 4,132,080 ----------- ----------- ------------ ------------ ------------ Investment in Subsidiaries 32,447,099 ($32,447,099) -0- Other Investments 1,402,576 -0- 253,819 1,656,395 ----------- ----------- ------------ ------------ ------------ Total Investments 1,402,576 -0- 32,700,918 (32,447,099) 1,656,395 ----------- ----------- ------------ ------------ ------------ Note Receivable -0- -0- 9,712,357 (9,712,357) -0- ----------- ----------- ------------ ------------ ------------ CURRENT ASSETS: Cash (306,200) 777,062 504,204 975,066 Accounts Receivable 11,197,606 4,255,900 2,415,489 (6,440,842) 11,428,153 Deferred Fuel Costs 630,408 -0- -0- 630,408 Unbilled Gas Costs 1,979,508 -0- -0- 1,979,508 Fuel & Other Inventories 4,208,586 1,562,957 231,104 6,002,647 Prepayments & Other 773,895 69,963 24,545 868,403 Common Stock Held for Drip -0- -0- 344,879 344,879 ----------- ----------- ------------ ------------ ------------ Total 18,483,803 6,665,882 3,520,221 (6,440,842) 22,229,064 ----------- ----------- ------------ ------------ ------------ DEFERRED DEBITS: Prepaid Pensions 242,011 -0- 9,103,247 9,345,258 Other 11,233,212 66,604 331,979 34,087 11,665,882 ----------- ----------- ----------- ------------ ------------ Total 11,475,223 66,604 9,435,226 34,087 21,011,140 ----------- ----------- ----------- ------------ ------------ Total Assets $85,273,007 $10,194,684 $56,070,055 $(48,566,211) $102,971,535 =========== =========== ============ ============ ============
Exhibit A (Unaudited) VALLEY RESOURCES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998
Appliance & Valley Gas/Bristol & Contract Sales Propane & Corporate Reclass. & Warren Gas Companies & Rentals Operations Eliminations Consolidated LIABILITIES & CAPITALIZATION COMMON EQUITY: Common Stock $17,256,100 $ 3,700 $ 4,996,628 ($17,263,400) $ 4,993,028 Paid in Capital 4,279,782 492,530 25,730,052 (5,711,253) 24,791,111 Retained Earnings 5,721,638 4,003,507 5,788,848 (9,355,228) 6,158,765 ----------- ----------- ------------ ------------ ------------ Total 27,257,520 4,499,737 36,515,528 (32,329,881) 35,942,904 Less: Accts. Rec. ESOP -0- (2,712,357) (2,712,357) ----------- ----------- ------------ ------------ ------------ Total 27,257,520 4,499,737 36,515,528 (35,042,238) 33,230,547 ----------- ----------- ------------ ------------ ------------ LONG-TERM DEBT: First Mortgage Bonds: 8.0% Series 20,029,000 -0- -0- 20,029,000 7.7% Debentures 7,000,000 -0- 7,000,000 (7,000,000) 7,000,000 ----------- ----------- ------------ ------------ ------------ Total 27,029,000 -0- 7,000,000 (7,000,000) 27,029,000 ----------- ----------- ------------ ------------ ------------ Note Payable 2,400,000 -0- 2,548,849 4,948,849 ----------- ----------- ------------ ------------ ------------ Total 29,429,000 -0- 9,548,849 (7,000,000) 31,977,849 ----------- ----------- ------------ ------------ ------------ Oblig. Under Cap Lease 1,253,449 -0- 24,633 -0- 1,278,082 ----------- ----------- ------------ ------------ ------------ Minority Interest (83,132) (83,132) ----------- ----------- ------------ ------------ ------------ CURRENT LIABILITIES: Current Maturities-LT Debt -0- -0- 2,288,937 2,288,937 Note Payable 7,428,928 1,450,000 700,000 (2,178,928) 7,400,000 Oblig. Under Cap Lease 769,981 -0- 6,818 776,799 Accounts Payable 3,512,799 2,121,816 2,565,967 (2,787,931) 5,412,651 Security Deposits and Refunds 987,106 -0- 6,750 993,856 Dividends Declared 583,307 491,008 1,156,193 (1,294,315) 936,193 Taxes Accrued (465,322) 285,743 (176,789) (356,368) Other 1,195,798 40,610 232,649 (179,667) 1,289,390 ----------- ----------- ------------ ------------ ------------ Total 14,012,597 4,389,177 6,780,525 (6,440,841) 18,741,458 ----------- ----------- ------------ ------------ ------------ DEFERRED CREDITS: Unamort Invest Credit 610,300 -0- -0- 610,300 Other 3,530,825 402,083 -0- 3,932,908 ----------- ----------- ------------ ------------ ------------ Total 4,141,125 402,083 -0- -0- 4,543,208 ----------- ----------- ------------ ------------ ------------ Def. Federal Inc Taxes 9,179,316 903,687 3,200,520 13,283,523 ----------- ----------- ------------ ------------ ------------ Total Liab & Capital $85,273,007 $10,194,684 $ 56,070,055 ($48,566,211) $102,971,535 =========== =========== ============ ============ ============
Exhibit A (Unaudited) VALLEY RESOURCES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998
Appliance & Valley Gas/Bristol & Contract Sales Propane & Corporate Reclass. & Warren Gas Companies & Rentals Operations Eliminations Consolidated OPERATING REVENUES: Utility Gas Revenues $57,585,223 $57,585,223 Nonutility Revenues $19,449,524 $2,594,706 $ (143,122) 21,901,108 ----------- ----------- ---------- ----------- ----------- Total 57,585,223 19,449,524 2,594,706 (143,122) 79,486,331 ----------- ----------- ---------- ----------- ----------- OPERATING EXPENSES: Cost of Gas Sold 30,086,415 30,086,415 Cost of Sales- Nonutility 14,162,279 1,175,005 (105,359) 15,231,925 Operations 14,824,469 3,444,179 (231,275) (431,340) 17,606,033 Maintenance 1,586,505 -0- 77,331 (3,949) 1,659,887 Depreciation 2,733,123 500,156 86,011 (2,757) 3,316,533 Taxes-Other Than FIT 3,789,205 207,301 96,887 (726) 4,092,667 Taxes-Federal Income 318,599 446,367 490,484 24,328 1,279,778 ----------- ----------- ----------- ----------- ----------- Total 53,338,316 18,760,282 1,694,443 (519,803) 73,273,238 ----------- ----------- ----------- ----------- ----------- Operating Income 4,246,907 689,242 900,263 376,681 6,213,093 Equity in Earnings of Subsidiaries 2,579,481 (2,579,481) -0- Other Income-Before FIT 96,939 249,165 19,338 (32,230) 333,212 Fed Inc Tax-Net of ITC 6,274 -0- -0- -0- 6,274 ----------- ----------- ----------- ----------- ----------- Total Income 4,337,572 938,407 3,499,082 (2,235,030) 6,540,031 ----------- ----------- ----------- ----------- ----------- INTEREST CHARGES: Long Term Debt 2,474,221 -0- -0- 3,535 2,477,756 Other 240,545 74,287 22,916 225,283 563,031 Capitalized Interest (1,469) -0- -0- -0- (1,469) ----------- ----------- ----------- ----------- ----------- Total 2,713,297 74,287 22,916 228,818 3,039,318 ----------- ----------- ----------- ----------- ----------- Net Income $ 1,624,275 $ 864,120 $ 3,476,166 $(2,463,848) $ 3,500,713 =========== =========== =========== =========== =========== Average Number of Common Shares Outstanding 4,977,823 Basic Earnings Per Average Common Share $0.70
EX-27 2
OPUR3 12-MOS AUG-31-1999 DEC-31-1998 PER-BOOK 102,971,535 79,486,331 3,500,713
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