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.
<PAGE>
AMENDED
Valley Resources, Inc. 401(K) Employee Stock Ownership Plan
STATEMENTS OF FINANCIAL CONDITION
December 31, 1997
<TABLE>
<CAPTION>
STABLE INDEXED INDEXED VALUE
MEMBER VALUE BOND EQUITY EQUITY
ASSETS LOANS OPTION FUND FUND FUND
- ------ --------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
========== =========== =========== =========== =============
</TABLE>
The accompanying Notes are an integral part of these statements.
F-2
<PAGE>
AMENDED
Valley Resources, Inc. 401(K) Employee Stock Ownership Plan
STATEMENTS OF FINANCIAL CONDITION - CONTINUED
December 31, 1997
<TABLE>
<CAPTION>
INTERNATNL VRI ESOP
EQUITY EMPLOYEE & ER SUSPENSE
ASSETS FUND STOCK FUND FUND TOTAL
- ------ --------------------------------------------------------------
<S> <C> <C> <C> <C>
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
========== ============= ============= ==============
</TABLE>
The accompanying Notes are an integral part of these statements.
F-3
<PAGE>
AMENDED
Valley Resources, Inc. 401(K) Employee Stock Ownership Plan
STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY
December 31, 1997
<TABLE>
<CAPTION>
STABLE INDEXED INDEXED VALUE
MEMBER VALUE BOND EQUITY EQUITY
ASSETS LOANS OPTION FUND FUND FUND
- ------ -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
========== =========== =========== =========== =============
</TABLE>
The accompanying Notes are an integral part of these statements.
F-4
<PAGE>
AMENDED
Valley Resources, Inc. 401(K) Employee Stock Ownership Plan
STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY - CONTINUED
December 31, 1997
<TABLE>
<CAPTION>
INTERNATNL VRI ESOP
EQUITY EMPLOYEE & ER SUSPENSE
FUND STOCK FUND FUND TOTAL
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
=========== ============= ============= ==============
</TABLE>
The accompanying Notes are an integral part of these statements.
F-5
<PAGE>
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
<TABLE>
<CAPTION>
VRI ESOP
EMPLOYEE & ER SUSPENSE
STOCK FUND FUND TOTAL
------------------------------------------------
<S> <C> <C> <C>
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
=========== ============ ===========
</TABLE>
F-12
<PAGE>
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
