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.
<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) 6,351,450 Mcf natural or manufactured gas distributed at retail
(b) None
(c) 52,859 Mcf of natural gas sold at wholesale off system outside
the State of Rhode Island
(d) 1,054,532 Mcf natural gas purchased outside the State of Rhode
Island
Bristol and Warren Gas Company:
(a) 700,424 Mcf natural or manufactured gas distributed at retail
(b) None
(c) None
(d) 133,838 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, 1995
Consolidating Balance Sheets at December 31, 1995
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 27th day of February,
1996.
VALLEY RESOURCES, INC.
(Name of Claimant)
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)
<PAGE>
<TABLE>
Exhibit A
VALLEY RESOURCES, INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
<CAPTION>
Valley Valley Bristol & Valley Morris Reclass. &
Resources Gas Warren VAMCO RIDEC Propane Merchants Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Utility Plant $66,308,155 $ 8,398,097 $74,706,252
Accumulated Depreciation 22,990,848 2,947,171 25,938,019
Net Utility Plant 43,317,307 5,450,926 48,768,233
Leased Property-Net 1,664,810 97,138 1,761,948
Nonutility Property-Net $3,021,962 $ 350,752 $ 172,282 3,544,996
Investment in Subsidiaries $26,354,926 $(26,354,926) -0-
Other Investments 208,695 1,255,318 1,464,013
26,563,621 -0- 1,255,318 -0- $-0- -0- -0- (26,354,926) 1,464,013
Note Receivable 1,905,000 (1,905,000) -0-
CURRENT ASSETS:
Cash 620,092 1,880,959 (1,817,045) 167,188 851,194
Accounts Receivable 2,173,594 15,128,002 925,003 1,346,947 744,752 1,911,369 (9,996,126) 12,233,541
Deferred Fuel Costs -0- -0- -0-
Unbilled Gas Costs 2,379,837 -0- 2,379,837
Fuel & Other Inventories 3,257,771 439,816 166,134 16,863 1,355,525 5,236,109
Prepayments & Other 389,390 22,561 54,218 466,169
Common Stock Held for
Drip 110,125 110,125
Total 2,903,811 23,035,959 (429,665) 1,513,081 761,615 3,488,300 (9,996,126) 21,276,975
DEFERRED DEBITS:
Prepaid Pensions 5,511,906 242,011 5,753,917
Other -0- 12,346,882 1,172,318 339,615 354,716 25,598 14,239,129
Total 5,511,906 12,588,893 1,172,318 339,615 -0- 354,716 25,598 -0- 19,993,046
Total Assets $36,884,338 $80,606,969 $ 7,546,035 $4,874,658 $-0- $1,467,083 $3,686,180 $(38,256,052) $96,809,211
</TABLE>
<PAGE>
<TABLE>
Exhibit A
VALLEY RESOURCES, INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
<CAPTION>
Valley Valley Bristol & Valley Morris Reclass. &
Resources Gas Warren VAMCO RIDEC Propane Merchants Eliminations Consolidated
LIABILITIES & CAPITALIZATION
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
COMMON EQUITY:
Common Stock $ 4,260,797 $10,700,000 $ 100,000 $ 500 $ 500 $ 2,500 $ 3,200 $(10,806,700) $ 4,260,797
Paid in Capital 18,029,271 1,577,808 2,701,974 488,466 20,440 569,101 4,064 (5,361,853) 18,029,271
Retained Earnings 5,249,442 6,348,884 (248,969) 1,809,277 (161,750) 573,233 1,865,698 (10,186,373) 5,249,442
Total 27,539,510 18,626,692 2,553,005 2,298,243 (140,810) 1,144,834 1,872,962 (26,354,926) 27,539,510
Less: Accts. Rec. ESOP (3,142,200) (3,142,200)
Total 27,539,510 18,626,692 2,553,005 2,298,243 (140,810) 1,144,834 1,872,962 (29,497,126) 24,397,310
LONG-TERM DEBT:
First Mortgage Bonds:
8.0% Series 20,247,000 20,247,000
Total -0- 20,247,000 -0- -0- -0- -0- -0- -0- 20,247,000
Note Payable 3,543,937 2,200,000 5,743,937
Total 3,543,937 22,447,000 -0- -0- -0- -0- -0- -0- 25,990,937
Oblig. Under Cap Lease 926,144 77,398 1,003,542
CURRENT LIABILITIES:
Current Matur-LTD 500,000 -0- 500,000
Note Payable 16,185,028 1,653,000 (2,638,028) 15,200,000
Oblig. Under Cap
Lease 738,666 19,740 758,406
Accounts Payable 2,575,328 3,726,670 1,621,997 1,271,538 140,810 113,002 1,479,091 (4,960,746) 5,967,690
Security Deposits and
Refunds 950,564 168,959 6,410 1,125,933
Dividends Declared 766,943 374,500 105,900 281,500 127,500 270,752 (1,160,152) 766,943
Taxes Accrued (423,375) (27,283) 46,191 (404,467)
Def. Federal Inc Taxes -0-
Deferred Fuel Costs 2,338,675 373,296 2,711,971
Other 49,195 926,444 51,268 49,991 (723) 42,668 1,118,843
Total 3,891,466 24,817,172 3,966,877 1,603,029 140,810 246,189 1,838,702 (8,758,926) 27,745,319
DEFERRED CREDITS:
Unamort Invest Credit 751,597 21,545 773,142
Other 5,320,362 304,378 230,299 5,855,039
Total 6,071,959 325,923 230,299 6,628,181
Def. Federal Inc Taxes 1,909,425 7,718,002 622,832 743,087 76,060 (25,484) 11,043,922
Total Liab & Capital $36,884,338 $80,606,969 $7,546,035 $4,874,658 $ -0- $1,467,083 $3,686,180 $(38,256,052) $96,809,211
</TABLE>
<PAGE>
<TABLE>
Exhibit A
VALLEY RESOURCES, INC.
CONSOLIDATING INCOME STATEMENT
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1995
<CAPTION>
Valley Valley Bristol & Valley Morris
Resources Gas Warren VAMCO RIDEC Propane Merchants Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Utility Gas Revenues $51,345,021 $4,727,991 $56,073,012
Nonutility Revenues $ -0- $3,416,455 $1,657,786 $13,675,108 $ -0- 18,749,349
Total -0- 51,345,021 4,727,991 3,416,455 -0- 1,657,786 13,675,108 -0- 74,822,361
OPERATING EXPENSES:
Cost of Gas Sold 26,961,476 2,618,395 29,579,871
Cost of Sales-
Nonutility 1,476,423 673,848 11,029,064 13,179,335
Operations (319,042) 13,012,004 854,548 924,810 562,051 2,065,116 (198,761) 16,900,726
Maintenance 1,310,673 169,612 34,935 1,515,220
Depreciation 1,965,467 209,779 439,814 77,628 48,273 2,740,961
Taxes-Other Than FIT 3,454,848 271,598 106,674 65,255 69,019 3,967,394
Taxes-Federal Income 134,161 178,776 63,435 200,624 93,893 198,970 869,859
Total (184,881) 46,883,244 4,187,367 3,148,345 1,507,610 13,410,442 (198,761) 68,753,366
Operating Income 184,881 4,461,777 540,624 268,110 -0- 150,176 264,666 198,761 6,068,995
Equity in Earnings
of Subsidiaries 2,547,002 (2,547,002) -0-
Other Income-Before FIT 286,532 350,550 (73,135) 105,308 16,245 62,977 (508,361) 240,116
FIT-Net of ITC 103,908 (7,096) 96,812
Total Income 3,018,415 4,708,419 474,585 373,418 -0- 166,421 327,643 (2,856,602) 6,212,299
INTEREST CHARGES:
Long Term Debt 203,819 1,691,383 1,895,202
Other 1,462,928 352,223 (309,600) 1,505,551
Capitalized Interest (3,050) (3,050)
Total 203,819 3,151,261 352,223 -0- -0- -0- -0- (309,600) 3,397,703
Net Income (Loss) $2,814,596 $ 1,557,158 $ 122,362 $ 373,418 $ $ 166,421 $ 327,643 $(2,547,002) $ 2,814,596
Average Number of Common
Shares Outstanding 4,260,797
Earnings Per Average
Common Share (Loss) $0.66
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> DEC-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 96,809,211
<TOTAL-OPERATING-REVENUES> 74,822,361
<NET-INCOME> 2,814,596
</TABLE>
