UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-7924
VALLEY RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Rhode Island 05-0384723
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1595 Mendon Road 02864
Cumberland, Rhode Island (Zip Code)
(Address of principal executive offices)
(401) 334-1188
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal
year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.
YES X . NO .
Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock, as of the latest practicable date.
Outstanding at
Class of Common Stock May 31, 1995
$1 Par Value 4,213,846
<PAGE>
AMENDMENT NO. 1
The undersigned registrant hereby amends the following items,
financial statements, exhibits or other portions of its Quarterly Report for
the quarter ended May 31, 1995, on Form 10-Q as set forth in the pages
attached hereto.
Part 1
Item 1 - Financial Statements
Item 6(a) - Exhibits
<PAGE>
<TABLE>
AMENDED
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
VALLEY RESOURCES, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations (Unaudited)
<CAPTION>
3 Months Ended 9 Months Ended
May 31 May 31 May 31 May 31
1995 1994 1995 1994
(in thousands except share and per share numbers)
<S> <C> <C> <C> <C>
Operating Revenues:
Utility Gas Revenues $ 16,993 $ 19,252 $ 48,811 $ 57,170
Nonutility Revenues 4,445 4,316 14,366 13,739
Total $ 21,438 23,568 $ 63,177 70,909
Operating Expenses:
Cost of Gas Sold 9,081 11,551 27,248 34,347
Operations 7,227 6,961 22,580 21,511
Maintenance 388 412 1,200 1,170
Depreciation 668 632 2,020 1,895
Taxes-Other Than Income 1,066 1,181 3,219 3,585
-Federal Income 637 628 1,367 1,899
Total 19,067 21,365 57,634 64,407
Operating Income 2,371 2,203 5,543 6,502
Other Income-Net of Tax 31 54 69 152
Total Income 2,402 2,257 5,612 6,654
Interest Charges:
Long-Term Debt 484 513 1,483 1,526
Other 332 186 896 538
Total 816 699 2,379 2,064
Net Income $ 1,586 $ 1,558 $ 3,233 $ 4,590
Average Number of Common Shares
Outstanding 4,218,570 4,203,111 4,217,308 4,204,492
Earnings Per Average Common Share
Outstanding $0.38 $0.37 $0.77 $1.09
Dividends Declared on Common Stock $0.18 $0.175 $0.53 $0.515
The accompanying Notes are an integral part of these statements.
</TABLE>
<PAGE>
<TABLE>
AMENDED
VALLEY RESOURCES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
<CAPTION>
(Unaudited)
May 31, Aug. 31,
1995 1994
(in thousands)
<S> <C> <C>
ASSETS
Utility Plant - Net $45,493 $44,207
Leased Property-Net 2,167 2,436
Nonutility Property-Net 3,595 3,519
Other Investments 1,488 1,466
Current Assets:
Cash 1,045 587
Accounts Receivable - Net 12,778 10,348
Deferred Unbilled Gas Costs 485 430
Fuel and Other Inventories (Note 3) 4,454 5,887
Prepayments 180 1,087
Common Stock held for Dividend Reinvestment-amounting
to 8,609 and 1,496 shares respectively (Note 4) 96 19
Total 19,038 18,358
Deferred Debits:
Recoverable Postretirement Benefits 587 441
Recoverable Vacations Accrued 893 803
Unamortized Debt Discount and Expense 1,596 1,639
Prepaid Pensions 5,402 4,973
Recoverable Deferred FIT 5,639 5,744
Recoverable Transition Obligation 1,325 3,172
Other 3,698 4,311
19,140 21,083
Total $90,921 $91,069
The accompanying Notes are an integral part of these statements.
</TABLE>
<PAGE>
<TABLE>
AMENDED
VALLEY RESOURCES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (Continued)
<CAPTION>
(Unaudited)
May 31, Aug. 31,
1995 1994
(in thousands)
<S> <C> <C>
CAPITALIZATION & LIABILITIES
Capitalization:
Common Stock $ 4,222 $ 4,213
Paid In Capital 17,740 17,695
Retained Earnings 8,270 7,270
Less: Accounts Receivable from ESOP (3,142) (3,142)
Total Common Stock Equity 27,090 26,036
Long-Term Debt (Less Current Maturities):
8% First Mortgage Bonds, Series Due 2022 21,145 22,405
9% Notes Payable, Due 1999 2,139 2,725
Note Payable 1,405 1,905
Total Long-Term Debt 24,689 27,035
Total Capitalization 51,779 53,071
Obligation Under Capital Lease 1,419 1,747
Current Liabilities:
Current Maturities of Long-Term Debt 500 450
Obligation Under Capital Lease 748 690
Notes Payable 6,800 8,900
Accounts Payable 3,907 4,596
Security Deposits & Refund Obligations 1,181 1,131
Taxes Accrued 1,437 640
Deferred Fuel Costs 4,380 522
Accrued Interest 1,043 631
Other 1,074 970
Total 21,070 18,530
Commitments and Contingencies
Deferred Credits 6,709 8,204
Deferred Federal Income Taxes 9,944 9,517
$90,921 $91,069
The accompanying Notes are an integral part of these statements.
</TABLE>
<PAGE>
<TABLE>
AMENDED
VALLEY RESOURCES, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows (Unaudited)
<CAPTION>
For the 9 Months
Ended
May 31, May 31,
1995 1994
(in thousands)
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $3,233 $4,590
Adjustments to Reconcile Net Income to Net Cash used in
Operating Activities:
Depreciation and Amortization 2,020 1,895
Provision for Uncollectibles 910 680
Deferred Federal Income Taxes 531 369
Change in Assets and Liabilities:
Accounts Receivable (3,339) (5,156)
Deferred Fuel Costs 3,858 3,039
Unbilled Gas Costs (55) (109)
Fuel and Other Inventories 1,433 1,787
Other Current Assets 400 231
Accounts Payable, Accrued
Expenses and Current Liabilities 158 801
Other - Net 252 431
Net Cash provided by Operating Activities 9,401 8,558
Cash Flows from Investing Activities:
Utility Capital Expenditures (2,898) (2,498)
Nonutility Capital Expenditures (484) (466)
Other Investments (21) (42)
Net Cash (Used) by Investing Activities (3,403) (3,006)
Cash Flows from Financing Activities:
Dividends Paid (2,234) (2,165)
Capital Stock Transactions 54 (64)
Retirement of Long-Term Debt (1,260) (15)
Decrease in Notes Payable (2,100) (2,300)
Net Cash (Used) by Financing Activities (5,540) (4,544)
Net Increase in Cash 458 1,008
Cash - Beginning 587 940
Cash - Ending $ 1,045 $ 1,948
Supplemental Disclosures of Cash Flow Information
Cash Paid During the Period for:
Interest $ 1,968 $ 1,642
Federal Income Taxes $ 380 $ 637
Capital Lease Obligations Incurred $ 544 $ 637
The accompanying Notes are an integral part of these statements.
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Amendment to be signed on its behalf by the
undersigned thereunto duly authorized.
VALLEY RESOURCES, INC. AND SUBSIDIARIES
K. W. Hogan
Senior Vice President,
Chief Financial Officer and Secretary
October 13, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-END> MAY-31-1995
<CASH> 1,045
<SECURITIES> 0
<RECEIVABLES> 13,419
<ALLOWANCES> 641
<INVENTORY> 4,454
<CURRENT-ASSETS> 19,038
<PP&E> 77,684
<DEPRECIATION> 28,596
<TOTAL-ASSETS> 90,921
<CURRENT-LIABILITIES> 21,070
<BONDS> 24,689
<COMMON> 4,222
0
0
<OTHER-SE> 22,868
<TOTAL-LIABILITY-AND-EQUITY> 90,921
<SALES> 63,177
<TOTAL-REVENUES> 63,177
<CGS> 36,703
<TOTAL-COSTS> 57,633
<OTHER-EXPENSES> 20,930
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,379
<INCOME-PRETAX> 4,658
<INCOME-TAX> 1,425
<INCOME-CONTINUING> 3,233
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,233
<EPS-PRIMARY> 0.77
<EPS-DILUTED> 0.77
</TABLE>
