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INESS EDITOR:

 VALLEY RESOURCES INC. ANNOUNCES QUARTERLY EARNINGS
 CUMBERLAND, R.I., April 14 /PRNewswire/ -- Valley Resources, Inc.


(AMEX: VR) announced today that second quarter earnings were $2,920,500 or 69 cents per share as compared with $2,459,400 or 58 cents per share for the year earlier second quarter. The improvement in earnings for the quarter was attributable to the impact of colder weather on utility earnings and rate relief. Weather, as measured by degree days, was 7.7 percent colder than the prior year, but still 3.8 percent warmer than a normal year. Rate relief generated an increase in the revenues of Valley Gas which was partially offset by expense increases.
 Earnings for the six months ended Feb. 28, 1993 were $2,892,600 or 69 cents per share vs. earnings of $2,170,000 or 52 cents per share for the corresponding 1992 period. Earnings for the six-month period were also impacted by rate relief and colder weather. Additionally earnings improved due to the acquisition of the Bristol & Warren Gas Company and the performance of wholesale operations.
 Net income for the 12 months was $3,837,200 or 91 cents per share vs. $2,792,000 or 66 cents per share for the previous 12-month period. The earnings increase is attributable to the performance of both utility and nonutility operations. Rate relief, colder weather, and the operations of Bristol & Warren Gas Company favorably impacted utility operations. Wholesale operations were the primary contributors to the improvement in nonutility operations.
 Valley Resources, Inc. is a Rhode Island holding company with seven wholly-owned subsidiaries: Valley Gas Company and Bristol & 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 services 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 share data)
 3 months 6 months 12 months
 ended ended ended
 Feb. 28 Feb. 28 Feb. 28
 1993 1992 1993 1992 1993 1992
 Operating
 revenues $27,769 $22,995 $42,395 $35,277 $74,262 $61,527
 Operating expenses:
 Cost of Gas sold 13,572 10,831 19,266 15,670 33,133 26,791
 Operations 7,033 6,224 13,817 12,310 26,564 23,349
 Maintenance 324 298 717 642 1,444 1,286
 Depreciation 605 429 1,081 858 1,993 1,645
 Taxes-other 1,255 1,044 2,112 1,739 3,930 3,289
 -federal
 income 1,457 1,311 1,399 1,085 1,269 962
 Total 24,246 20,137 38,392 32,304 68,333 57,322
 Operating income 3,523 2,858 4,003 2,973 5,929 4,205
 Other income-net 72 65 120 127 259 403
 Interest charges (674) (464) (1,230) (930) (2,351) (1,816)
 Net income $2,921 $2,459 $2,893 $2,170 $3,837 $2,792
 Shares outstanding-
 avg. 4,213,043 for all months covered on this chart
 Earnings per share $0.69 $0.58 $0.69 $0.52 $0.91 $0.66
 -0- 4/14/93
 /CONTACT: K.W. Hogan of Valley Resources, 401-333-1595/
 (VR)


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

DD -- NE014 -- 5882 04/14/93 16:33 EDT
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Date:Apr 14, 1993
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