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, and submits 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; selling of
propane gas.
<PAGE>
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) 6,650,398 Mcf natural or manufactured gas distributed at
retail
(b) None
(c) None
(d) 1,198,751 Mcf natural gas purchased outside the state of
Rhode Island
Bristol and Warren Gas Company:
(a) 725,958 Mcf natural or manufactured gas distributed at retail
(b) None
(c) None
(d) 128,200 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
<PAGE>
Exhibit A
Consolidating Statements of Income for the 12 Months Ended
December 31, 1994
Consolidating Balance Sheets at December 31, 1994
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 24th day of
February, 1995.
VALLEY RESOURCES, INC.
(Name of Claimant)
By Kenneth W. Hogan
Senior Vice President, CFO and
Secretary
Attest:
Patricia A. Morrison, Assistant Secretary
Name, title and address of officer to whom notices and correspondence con-
cerning this statement should be addressed:
K. W. Hogan Senior Vice President
(Name) (Title)
1595 Mendon Road, Cumberland, Rhode Island 02864
(Address)
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<TABLE>
Exhibit A
VALLEY RESOURCES, INC.
CONSOLIDATING INCOME STATEMENT
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994
<CAPTION>
Valley
Valley Valley Bristol & Propane & Morris
Resources Gas Warren VAMCO RIDEC N. E. Gas Merchants Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Utility Gas Revenues $57,595,852 $5,878,526 $63,474,378
Nonutility Revenues $ -0- $3,121,923 $1,735,940 $13,392,413 $ -0- 18,250,276
Total -0- 57,595,852 5,878,526 3,121,923 $ -0- 1,735,940 13,392,413 -0- 81,724,654
OPERATING EXPENSES:
Cost of Gas Sold 33,372,744 3,666,488 661,681 37,700,913
Operations (521,958) 12,763,863 904,882 2,129,030 589,769 12,635,100 (112,645) 28,388,041
Maintenance 1,337,263 153,967 34,966 1,526,196
Depreciation 1,874,110 217,788 346,157 74,043 25,901 2,537,999
Taxes-Other Than FIT 3,743,695 320,920 77,523 89,196 84,496 4,315,830
Taxes-Federal Income 152,367 332,540 65,505 215,380 109,774 232,347 1,107,913
Total (369,591) 53,424,215 5,329,550 2,768,090 1,559,429 12,977,844 (112,645) 75,576,892
Operating Income 369,591 4,171,637 548,976 353,833 -0- 176,511 414,569 112,645 6,147,762
Other Income-Before FIT 3,167,419 169,820 12,695 95,463 20,629 38,981 (3,343,465) 161,542
Total Income 3,537,010 4,341,457 561,671 449,296 -0- 197,140 453,550 (3,230,820) 6,309,304
INTEREST CHARGES:
Long Term Debt 248,636 1,796,673 -0- -0- 2,045,309
Other -0- 938,096 282,963 -0- (243,378) 977,681
Capitalized Interest (2,060) -0- (2,060)
Total 248,636 2,732,709 282,963 -0- -0- -0- -0- (243,378) 3,020,930
Net Income (Loss) $3,288,374 $ 1,608,748 $ 278,708 $ 449,296 $ -0- $ 197,140 $ 453,550 $(2,987,442) $ 3,288,374
Average Number of Common
Shares Outstanding 4,222,455
Earnings Per Average
Common Share (Loss) $0.78
</TABLE>
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<TABLE>
Exhibit A
VALLEY RESOURCES, INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
<CAPTION>
Valley
Valley Valley Bristol & Propane & Morris Reclass. &
Resources Gas Warren VAMCO RIDEC N. E. Gas Merchants Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Utility Plant $61,968,432 $ 7,162,416 $69,130,848
Accumulated Depreciation 21,251,735 2,853,976 24,105,711
Net Utility Plant 40,716,697 4,308,440 45,025,137
Leased Property-Net 2,213,264 50,543 2,263,807
Nonutility Property-Net 83 $3,061,095 $ 382,691 $ 178,066 3,621,935
Investment in Subsidiaries $26,859,295 $(26,859,295) -0-
Other Investments 199,454 1,273,698 1,473,152
Total 27,058,749 -0- 1,273,698 -0- $-0- -0- -0- (26,859,295) 1,473,152
Note Receivable 2,355,000 (2,355,000) -0-
CURRENT ASSETS:
Cash 272,731 1,606,344 (1,109,394) 44,493 58,829 873,003
Accts Receivable-Net 2,032,460 15,588,380 936,188 1,720,413 646,140 2,367,307 (9,542,417) 13,748,471
Deferred Fuel Costs -0- -0- -0-
Unbilled Gas Costs 1,672,139 -0- 1,672,139
Fuel & Other Inventories 4,325,078 521,722 154,750 15,465 1,481,366 6,498,381
Prepayments 373,856 23,411 32,503 429,770
Common Stock Held for
Drip 174,573 174,573
Total 2,479,764 23,565,797 371,927 1,875,163 706,098 3,940,005 (9,542,417) 23,396,337
DEFERRED DEBITS:
Prepaid Pensions 4,921,908 242,011 5,163,919
Recoverable Trans Oblig 3,172,000 3,172,000
Recoverable Postret Bene 552,662 552,662
Recoverable Vacation Accr 673,800 673,800
Recoverable Deferred FIT 5,590,905 5,590,905
Unamort Debt Disc & Exp 1,619,643 1,619,643
Other 2,033,695 1,890,192 (35,762) 365,420 25,598 4,279,143
Total 4,921,908 13,884,716 1,890,192 (35,762) -0- 365,420 25,598 -0- 21,052,072
Total Assets $36,815,421 $80,380,474 $ 7,894,883 $4,900,496 $-0- $1,454,209 $4,143,669 $(38,756,712) $96,832,440
</TABLE>
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<TABLE>
Exhibit A
VALLEY RESOURCES, INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
<CAPTION>
Valley
Valley Valley Bristol & Propane & Morris Reclass. &
Resources Gas Warren VAMCO RIDEC N. E. Gas Merchants Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES & CAPITALIZATION
COMMON EQUITY:
Common Stock $ 4,222,455 $10,700,000 $ 100,000 $ 500 $ 500 $ 2,500 $ 3,200 $(10,806,700) $ 4,222,455
Paid in Capital 17,786,696 1,577,808 2,701,974 488,466 20,440 569,101 4,064 (5,361,853) 17,786,696
Retained Earnings 5,477,034 6,450,224 (151,530) 1,914,360 (161,750) 635,814 2,003,624 (10,690,742) 5,477,034
Total 27,486,185 18,728,032 2,650,444 2,403,326 (140,810) 1,207,415 2,010,888 (26,859,295) 27,486,185
Less: Accts. Rec. ESOP (3,142,200) (3,142,200)
Total 27,486,185 18,728,032 2,650,444 2,403,326 (140,810) 1,207,415 2,010,888 (30,001,495) 24,343,985
LONG-TERM DEBT:
8.0% Fst Mort Bonds 21,295,000 21,295,000
Note Payable 4,629,760 4,629,760
Total 4,629,760 21,295,000 -0- -0- -0- -0- -0- -0- 25,924,760
Oblig. Under Cap Lease 1,520,529 41,170 1,561,699
CURRENT LIABILITIES:
Current Matur-LTD 450,000 -0- 450,000
Note Payable 17,685,028 1,653,000 (3,338,028) 16,000,000
Oblig. Under Cap
Lease 692,734 9,373 702,107
Accounts Payable 1,739,056 2,939,098 1,477,989 1,404,434 140,810 67,775 1,620,426 (4,378,473) 5,011,115
Security Deposits 970,283 185,489 6,610 1,162,382
Dividends Declared 738,930 449,400 110,600 191,000 98,500 189,216 (1,038,716) 738,930
Taxes Accrued (739,767) 83,353 310,869 (345,545)
Def. Federal Inc Taxes 419,536 (21,653) 397,883
Deferred Fuel Costs 1,333,210 412,441 1,745,651
Accrued Interest 62,668 127,519 118,957 (425) 308,719
Other 780,146 32,661 24,078 33,923 870,808
Total 2,990,654 24,657,187 4,083,863 1,619,512 140,810 172,460 2,132,781 (8,755,217) 27,042,050
DEFERRED CREDITS:
Unamort Invest Credit 796,537 26,748 823,285
Transition Oblig 3,172,000 3,172,000
Unfunded Deferred FIT 1,914,850 1,914,850
Postret Pension Oblig 539,870 539,870
Other 1,235,149 523,178 192,636 1,950,963
Total 7,658,406 549,926 192,636 8,400,968
Def. Federal Inc Taxes 1,708,822 6,521,320 569,480 685,022 74,334 -0- 9,558,978
Total Liab & Capital $36,815,421 $80,380,474 $7,894,883 $4,900,496 $ -0- $1,454,209 $4,143,669 $(38,756,712) $96,832,440
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 96,832,440
<TOTAL-OPERATING-REVENUES> 81,724,654
<NET-INCOME> 3,288,374
</TABLE>
