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.
<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, 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) 6,162,982 Mcf natural or manufactured gas distributed at retail
in the State of Rhode Island generating revenues of $48,666,704
(b) None
(c) None
(d) 946,092 Mcf natural gas purchased outside the State of Rhode
Island generating cost of $2,180,607
Bristol and Warren Gas Company:
(a) 746,971 Mcf natural or manufactured gas distributed at retail in
the State of Rhode Island generating revenues of $5,924,782
(b) None
(c) None
(d) 110,288 Mcf natural gas purchased outside the State of
Rhode Island generating cost of $226,851
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, 1999
Consolidating Balance Sheets at December 31, 1999
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,
2000.
VALLEY RESOURCES, INC.
(Name of Claimant)
S/Sharon Partridge
------------------------------------
By Sharon Partridge
Vice President, CFO, Treasurer
and Secretary
Attest:
S/Patricia Morrison
- --------------------------------------------------------------
Patricia Morrison, Assistant Secretary
Name, title and address of officer to whom notices and correspondence con-
cerning this statement should be addressed:
S/S. Partridge
- -------------------------------------------------
S. Partridge Vice President
(Name) (Title)
1595 Mendon Road, Cumberland, Rhode Island 02864
(Address)
<PAGE>
<TABLE>
Exhibit A
(Unaudited)
VALLEY RESOURCES, INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
<CAPTION>
Appliance &
Valley Gas/Bristol & Contract Sales Propane & Corporate Reclass. &
Warren Gas Companies & Rentals Operations Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
ASSETS
Utility Plant $87,937,951 $ 87,937,951
Accumulated Depreciation 35,045,114 35,045,114
----------- ----------- ------------ ------------ ------------
Net Utility Plant 52,892,837 -0- -0- 52,892,837
----------- ----------- ------------ ------------ ------------
Leased Property-Net 1,297,989 -0- $ 21,635 1,319,624
----------- ----------- ------------ ------------ ------------
Nonutility Property-Net -0- $3,503,403 677,775 4,181,178
----------- ----------- ------------ ------------ ------------
Investment in Subsidiaries 31,791,387 ($31,791,387) -0-
Other Investments 1,418,341 -0- 302,769 1,721,110
----------- ----------- ------------ ------------ ------------
Total Investments 1,418,341 -0- 32,094,156 (31,791,387) 1,721,110
----------- ----------- ------------ ------------ ------------
Note Receivable -0- -0- 9,520,696 (9,520,696) -0-
----------- ----------- ------------ ------------ ------------
CURRENT ASSETS:
Cash 12,750,083 374,072 (12,659,401) 464,754
Accounts Receivable 6,457,382 5,116,232 11,354,711 (10,506,506) 12,421,819
Deferred Fuel Costs -0- -0- -0- -0-
Unbilled Gas Costs 2,109,913 -0- -0- 2,109,913
Fuel & Other Inventories 4,465,614 1,761,102 314,777 6,541,493
Prepayments & Other 1,029,310 52,464 1,707 1,083,481
Common Stock Held for
Drip -0- -0- 200,008 200,008
----------- ----------- ------------ ------------ ------------
Total 26,812,302 7,303,870 (788,198) (10,506,506) 22,821,468
----------- ----------- ------------ ------------ ------------
DEFERRED DEBITS:
Prepaid Pensions 242,011 -0- 10,731,960 10,973,971
Other 11,106,787 297,439 414,587 29,491 11,848,304
----------- ----------- ----------- ------------ ------------
Total 11,348,798 297,439 11,146,547 29,491 22,822,275
----------- ----------- ----------- ------------ ------------
Total Assets $93,770,267 $11,104,712 $52,672,611 $(51,789,098) $105,758,492
=========== =========== ============ ============ ============
</TABLE>
<PAGE>
<TABLE>
Exhibit A
(Unaudited)
VALLEY RESOURCES, INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
<CAPTION>
Appliance &
Valley Gas/Bristol & Contract Sales Propane & Corporate Reclass. &
Warren Gas Companies & Rentals Operations Eliminations Consolidated
LIABILITIES & CAPITALIZATION
<S> <C> <C> <C> <C> <C>
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 25,679,274 (5,711,253) 24,740,333
Retained Earnings 5,362,135 3,978,863 5,794,662 (8,674,866) 6,460,794
----------- ----------- ------------ ------------ ------------
Total 26,898,017 4,475,093 36,470,564 (31,649,519) 36,194,155
Less: Accts. Rec. ESOP -0- (2,520,696) (2,520,696)
----------- ----------- ------------ ------------ ------------
Total 26,898,017 4,475,093 36,470,564 (34,170,215) 33,673,459
----------- ----------- ------------ ------------ ------------
LONG-TERM DEBT:
First Mortgage Bonds:
8.0% Series 19,944,000 -0- -0- 19,944,000
7.7% Debentures 7,000,000 -0- 7,000,000 (7,000,000) 7,000,000
----------- ----------- ------------ ------------ ------------
Total 26,944,000 -0- 7,000,000 (7,000,000) 26,944,000
----------- ----------- ------------ ------------ ------------
Note Payable 2,400,000 -0- 2,370,696 4,770,696
----------- ----------- ------------ ------------ ------------
Total 29,344,000 -0- 9,370,696 (7,000,000) 31,714,696
----------- ----------- ------------ ------------ ------------
Oblig. Under Cap Lease 607,540 -0- 14,816 -0- 622,356
----------- ----------- ------------ ------------ ------------
Minority Interest (112,376) (112,376)
----------- ----------- ------------ ------------ ------------
CURRENT LIABILITIES:
Current Maturities-LT Debt -0- -0- 150,000 150,000
Note Payable 11,828,928 -0- 525,000 (553,928) 11,800,000
Oblig. Under Cap Lease 690,450 -0- 6,818 697,268
Accounts Payable 9,099,073 4,455,259 1,259,335 (8,479,076) 6,334,591
Security Deposits and
Refunds 960,544 -0- 44,784 1,005,328
Dividends Declared 621,220 505,116 1,103,693 (1,293,836) 936,193
Taxes Accrued (398,675) 234,128 (212,102) (376,649)
Deferred Fuel Costs 68,095 68,095
Other 1,102,557 42,778 186,118 (179,667) 1,151,786
----------- ----------- ------------ ------------ ------------
Total 23,972,192 5,237,281 3,063,646 (10,506,507) 21,766,612
----------- ----------- ------------ ------------ ------------
DEFERRED CREDITS:
Unamort Invest Credit 562,676 -0- -0- 562,676
Other 3,481,903 448,663 -0- 3,930,566
----------- ----------- ------------ ------------ ------------
Total 4,044,579 448,663 -0- -0- 4,493,242
----------- ----------- ------------ ------------ ------------
Def. Federal Inc Taxes 8,903,939 943,675 3,752,889 13,600,503
----------- ----------- ------------ ------------ ------------
Total Liab & Capital $93,770,267 $11,104,712 $ 52,672,611 ($51,789,098) $105,758,492
=========== =========== ============ ============ ============
</TABLE>
<PAGE>
<TABLE>
Exhibit A
(Unaudited)
VALLEY RESOURCES, INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
<CAPTION>
Appliance &
Valley Gas/Bristol & Contract Sales Propane & Corporate Reclass. &
Warren Gas Companies & Rentals Operations Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Utility Gas Revenues $59,618,815 $59,618,815
Nonutility Revenues $20,215,317 $3,905,383 $ (203,658) 23,917,042
----------- ----------- ---------- ----------- -----------
Total 59,618,815 20,215,317 3,905,383 (203,658) 83,535,857
----------- ----------- ---------- ----------- -----------
OPERATING EXPENSES:
Cost of Gas Sold 31,493,409 31,493,409
Cost of Sales-
Nonutility 14,540,749 1,933,654 (156,717) 16,317,686
Operations 14,269,683 3,655,227 (111,625) (340,768) 17,472,517
Maintenance 1,697,472 -0- 61,542 (3,846) 1,755,168
Depreciation 2,882,805 534,355 59,785 (3,376) 3,473,569
Taxes-Other Than FIT 3,893,999 196,230 65,693 5,308 4,161,230
Taxes-Federal Income 521,581 500,707 708,831 17,464 1,748,583
----------- ----------- ----------- ----------- -----------
Total 54,758,949 19,427,268 2,717,880 (481,935) 76,422,162
----------- ----------- ----------- ----------- -----------
Operating Income 4,859,866 788,049 1,187,503 278,277 7,113,695
Equity in Earnings
of Subsidiaries 3,089,466 (3,089,466) -0-
Other Income-Before FIT (30,483) 235,738 15,511 (353,383) (132,617)
Fed Inc Tax-Net of ITC (59,477) -0- -0- -0- (59,477)
----------- ----------- ----------- ----------- -----------
Total Income 4,888,860 1,023,787 4,292,480 (3,164,572) 7,040,555
----------- ----------- ----------- ----------- -----------
INTEREST CHARGES:
Long Term Debt 2,274,929 -0- -0- 48,127 2,323,056
Other 611,306 52,344 41,549 (8,872) 696,327
Capitalized Interest (1,955) -0- -0- -0- (1,955)
----------- ----------- ----------- ----------- -----------
Total 2,884,280 52,344 41,549 39,255 3,017,428
----------- ----------- ----------- ----------- -----------
Net Income $ 2,004,580 $ 971,443 $ 4,250,931 $(3,203,827) $ 4,023,127
=========== =========== =========== =========== ===========
Average Number of Common
Shares Outstanding 4,979,824
Basic Earnings Per Average
Common Share $0.81
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-END> DEC-31-1999
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 105,758,492
<TOTAL-OPERATING-REVENUES> 83,535,857
<NET-INCOME> 4,023,127
</TABLE>
