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VALLEY RESOURCES, INC. THIRD QUARTER EARNINGS UP TWENTY-ONE PERCENT

 CUMBERLAND, R.I., July 14 /PRNewswire/ -- Valley Resources, Inc. (AMEX: VR) announced today that third quarter earnings were up 21 percent to $1,739,000 or 41 cents per share as compared with $1,434,300 or 34 cents per share for the year earlier third quarter. The improvement in earnings for the quarter was directly related to the operations of Valley Gas Company as a result of colder weather and higher rates effective November 1992. Weather, as measured by degree days, was 5.5 percent colder than the prior year and 7.5 percent colder than a normal year.
 Net income for the nine months ended May 31, 1993, was up 28 percent to $4,631,600 or $1.10 per share as compared with $3,604,300 or 86 cents per share for the 1992 period. Colder weather and increased rates at Valley Gas Company resulted in higher earnings for the period. Additionally, wholesale operations made a positive contribution to earnings as a result of increased wholesale product line sales. Retail sales and rental revenues have increased since expanding into the service territory of Bristol & Warren Gas Company.
 Net income for the twelve months was $4,191,900 or 98 cents per share versus $3,026,900 or 72 cents per share for the previous twelve- month period. Improvements in the earnings of Valley Gas as a result of colder weather and rate relief, and the operations of Bristol & Warren Gas being included in consolidated earnings for the entire period, contributed to the increase in utility operations. Nonutility operations improved due to wholesale operations expanding existing lines within its market territory.
 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 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 share data)
 3 months 9 months 12 months
 ended ended ended
 May 31 May 31 May 31
 1993 1992 1993 1992 1993 1992
 Operating
 revenues $22,959 $20,491 $65,355 $55,768 $76,731 $65,312
 Operating expenses:
 Operations-Cost
 of Gas sold 10,683 9,784 29,949 25,455 34,032 28,897
 Operations 6,891 6,368 20,709 18,677 27,088 24,032
 Maintenance 391 334 1,108 976 1,501 1,307
 Depreciation 579 459 1,660 1,317 2,113 1,700
 Taxes-other 1,116 1,019 3,228 2,758 4,027 3,480
 -federal
 income 947 628 2,346 1,713 1,588 1,193
 Total 20,607 18,592 59,000 50,896 70,349 60,609
 Operating income 2,352 1,899 6,355 4,872 6,382 4,703
 Other income-net 39 62 159 189 236 278
 Interest charges (652) (527) (1,882) (1,457) (2,476) (1,954)
 Net income $1,739 $1,434 $4,632 $3,604 $4,142 $3,027
 Shares outstanding-
 avg. 4,213,043 4,213,043 4,213,043 4,213,043 4,213,043 4,213,043
 Earnings per share $0.41 $0.34 $1.10 $0.86 $0.98 $0.72
 -0- 7/14/93
 /CONTACT: K.W. Hogan of Valley Resources, 401-333-1595; or Pam Hamilton of Hill & Knowlton, Inc., 617-692-5932/
 (VR)


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

CM-DJ -- NE012 -- 1589 07/14/93 16:30 EDT
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Date:Jul 14, 1993
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