Printer Friendly

VALLEY RESOURCES, INC. ANNOUNCES EARNINGS FOR FISCAL YEAR

 VALLEY RESOURCES, INC. ANNOUNCES EARNINGS FOR FISCAL YEAR
 CUMBERLAND, R.I., Oct. 15 /PRNewswire/ -- Valley Resources, Inc. (AMEX: VR) today announced that earnings for its fiscal year ended Aug. 31, 1992, were $3,114,600 or 74 cents per share as compared with $2,357,800 or 56 cents per share last year. The 32 percent improvement in net income was the direct result of increased utility and propane earnings. Weather was 17 percent colder than last year but 8 percent warmer than a normal year.
 Net loss for the fourth quarter of fiscal 1992 was $489,700 or 12 cents per share as compared with $577,400 or 14 cents per share last year. Earnings for the fourth quarter are traditionally a loss, being adversely affected by a low level of sales in the utility operations of the corporation due to the lack of heating-related sales. The fourth quarter of fiscal 1992 was also affected by additional interest expense associated with the acquisition of Bristol and Warren Gas Company completed on March 31, 1992.
 Today Standard & Poor's Corporation issued a rating of "A-" on the First Mortgage Bond issue of subsidiary Valley Gas Company that will be filed Oct. 16, 1992, with the Securities and Exchange Commission. Standard & Poor's Corporation cited Valley's low-risk markets, supportive regulation and commitment to a conservative financial structure in issuing the "A-" rating. Standard & Poor's Corporation also stated that the outlook for the company was stable.
 In reflecting on the fiscal year, Charles H. Goss, chairman, president and chief executive officer, said, "Valley Resources is in excellent financial and operating condition despite the current economic recession. Valley is working to improve the area's long-term economic health with emphasis on retaining as well as attracting new industry."
 Valley Resources, Inc. is a Rhode Island holding company with seven wholly owned subsidiaries: Valley Gas Company and Bristol and Warren Gas Company, regulated natural gas distribution companies; Valley Appliance and Merchandising Company (VAMCO), a merchandising, appliance, rental, sales and service company; Rhode Island Development and Exploration Company (RIDEC), an inactive company; and Morris Merchants, Inc., d/b/a The Walter F. Morris Company, a wholesale distributor of franchised lines.
 SELECTED FINANCIAL INFORMATION
 (In Thousands, Except Per Share Data)
 3 Months Ended 12 Months Ended
 8/31/92 8/31/91 8/31/92 8/31/91
 Operating Revenues $11,376 $9,544 $67,144 $59,990
 Operating Expenses:
 Cost of gas sold 4,083 3,442 29,538 26,653
 Operations 6,379 5,415 25,056 22,822
 Maintenance 393 331 1,369 1,260
 Depreciation 453 383 1,770 1,594
 Taxes-other 800 722 3,557 3,218
 Federal income (758) (521) 955 652
 Total $11,350 $9,772 $62,245 $56,199
 Operating income 26 (228) 4,899 3,791
 Other income-net 78 89 267 380
 Interest charges (594) (438) (2,051) (1,813)
 Net income $(490) $(577) 3,115 2,358
 Shares outstanding-avg. 4,213,043 4,213,043 4,201,105 4,199,809
 Earnings per share (12 cents)(14 cents) 74 cents 56 cents
 -0- 10/15/92
 /CONTACT: K.W. Hogan of Valley Resources, 401-333-1595/
 (VR) CO: Valley Resources, Inc. ST: Rhode Island IN: OIL SU: ERN


CN -- NE019 -- 0720 10/15/92 18:14 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 15, 1992
Words:546
Previous Article:SOUTHEASTERN PUBLIC SERVICE COMPANY REPORTS RESULTS
Next Article:FLORIDA FIRST FEDERAL ANNOUNCED THIRD QUARTER PROFIT
Topics:


Related Articles
VALLEY RESOURCES REPORTS FINANCIAL RESULTS
VALLEY RESOURCES ANNOUNCES SECOND QUARTER RESULTS
VALLEY RESOURCES ANNOUNCES FINANCIAL EARNINGS
PHARMACEUTICAL RESOURCES REPORTS SHARPLY HIGHER SALES AND EARNINGS
VALLEY RESOURCES INC. ANNOUNCES QUARTERLY EARNINGS
VALLEY RESOURCES, INC. ANNOUNCES EARNINGS
VALLEY RESOURCES, INC. ANNOUNCES THIRD QUARTER EARNINGS
VALLEY RESOURCES, INC. REPORTS FOURTH QUARTER AND YEAR-END EARNINGS
Valley Resources, Inc. Earnings up 56 Percent for Fiscal Year Ended August 31, 1996
Valley Resources Announces First Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters