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VALLEY RESOURCES ANNOUNCES FINANCIAL EARNINGS

 CUMBERLAND, R.I., Jan. 14 /PRNewswire/ -- Valley Resources, Inc. (AMEX: VR) today announced that the net income for the 12 months ended Nov. 30, 1992 was $3,376,100 or 80 cents per share as compared with $2,243,300 or 53 cents per share for the same period in 1991. The increase in earnings is the result of the impact colder weather had on utility and propane operations and improvements in nonutility operations. Weather for the 12 months ended Nov. 30, 1992 was 17 percent colder than the same period in 1991 but 6 percent warmer than a normal year. Gallons sold for propane operations increased 15 percent from the prior year due primarily to colder weather. Whole sale operations contributed to the earnings improvement by gaining greater market share through territorial expansion. The merchandise business experienced improved performance in its rental program, primarily as a result of increased rental units and improved cost controls.
 The net loss for the first quarter of fiscal 1993, the three months ended Nov., 30, 1992 was $27,900 or 1 cent per share. This compares with a net loss of $289,400 or 7 cents per share for the same quarter last year. The increase in first quarter earnings was the result of improved utility and nonutility operations. Colder weather and rate relief granted Valley Gas in October 1992 were the primary contributors to improved utility earnings. Nonutility operations improved as a result of increased sales in retail and wholesale operations. Traditionally, the first quarter is a loss period because of a lack of heating sales by utility operations.
 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; Valley Propane, Inc., and The New England Gas Company, retail propane gas sales and service companies; 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.
 VALLEY RESOURCES, INC.
 Selected Financial Information
 (in thousands, except as to share and per shared data)
 3 months 12 months
 ended ended
 Nov. 30 Nov. 30
 1992 1991 1992 1991
 Operating
 revenues $14,626 $12,282 $69,488 $59,657
 Operating expenses:
 Operation-Cost of Gas
 sold 5,694 4,840 30,392 26,320
 Operations 6,784 6,085 25,755 22,904
 Maintenance 393 344 1,418 1,282
 Depreciation 476 429 1,817 1,620
 Taxes-other 857 695 3,719 3,241
 -federal income (58) (225) 1,122 508
 Total 14,146 12,168 64,223 55,975
 Operating income (Loss) 480 114 5,265 3,682
 Other Income-Net 48 53 252 402
 Interest Charges (556) (466) (2,141) (1,841)
 Net Income (Loss) ($28) ($289) $3,376 $2,243
 Shares outstanding-
 avg. 4,213,043 4,213,043 4,213,043 4,213,043
 Earnings per share ($0.01) ($0.07) $0.80 $0.53
 -0- 1/14/93
 /CONTACT: K.W. Hogan of Valley Resources, 401-333-1595; Pam Hamilton of Hill & Knowlton, 617-894-3100, 617-893-2420 for Valley Resources/
 (VR)


CO: Valley Resources, Inc. ST: Rhode Island IN: UTI OIL SU: ERN

TM -- NE009 -- 4980 01/14/93 15:04 EST
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Publication:PR Newswire
Date:Jan 14, 1993
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