VALLEY RESOURCES REPORTS FINANCIAL RESULTS
VALLEY RESOURCES REPORTS FINANCIAL RESULTS CUMBERLAND, R.I., Jan. 17 /PRNewsire/ -- Valley Resources, Inc.
(AMEX: VR) today announced that there was a net loss for the first quarter of fiscal 1992, the three months ended Nov. 30, 1991, of $289,400 or 7 cents per share, compared with a net loss of $174,900 or 4 cents per share for the same quarter last year. The decline in first quarter earnings was the result of decreased utility revenues, as a result of warm weather, and decreases in retail and wholesale merchandise operations due to the slowdown in the economy. These decreases were slightly offset by growth in propane operations. Traditionally, the first quarter is a loss period because of a lack of heating sales by Valley Gas Company.
Net income for the 12 months ended Nov. 30, 1991 was $2,243,300 or 53 cents per share as compared with $3,007,600 or 73 cents per share for the same period in 1990. The decrease in earnings is a result of the impact weather had on utility and propane operations. Weather for the 12 months ended Nov. 30, 1991 was 16 percent warmer than the same period in 1990 and 20 percent warmer than a normal year. Gallons sold for propane operations decreased six percent from the prior year due to warmer weather. Retail and wholesale merchandise earnings increased as a result of improved performance in rental and serVGuard programs. Valley Resources, Inc. is a Rhode Island holding company with five wholly owned subsidiaries: Valley Gas Company, a regulated natural gas distribution company; Valley Appliance and Merchandising (VAMCO), a merchandising, appliance rental, sales and service company; Valley Propane, Inc., a retail propane gas 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. The company's shares are traded on the American Stock Exchange. VALLEY RESOURCES, INC. Selected Financial Information (in thousands, except as to share and per share data) Three months ended 12 months ended Nov. 30 Nov. 30 1991 1990 1991 1990 Operating revenues $12,282 $12,615 $59,657 $62,221 Operating expenses: Operation-Cost of gas sold 4,840 5,172 26,320 26,945 Operations 6,085 6,005 22,904 23,706 Maintenance 344 322 1,282 1,284 Depreciation 429 403 1,620 1,531 Taxes-Other 695 672 3,241 3,169 -Federal income (225) (181) 608 1,071 Total 12,168 12,393 55,975 57,706 Operating income (loss) 114 222 3,682 4,515 Other income-Net 63 41 402 240 Interest charges (466) (438) (1,841) (1,747) Net income (loss) $(289) $(175) $2,243 $3,008 Shares outstanding-avg. 4,213,043 4,213,043 4,213,043 4,138,877 Earnings per share (7 cents) (4 cents) 53 cents 73 cents -0- 1/17/92 /CONTACT: K.W. Hogan of Valley Resources, 401-333-1595/ (VR) CO: Valley Resources, Inc. ST: Rhode Island IN: OIL SU: ERN
TM -- NE009 -- 1136 01/17/92 16:45 EST
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|Date:||Jan 17, 1992|
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