Printer Friendly

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
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:Jan 17, 1992
Words:516
Previous Article:FLORIDA REGIONAL STOCK REPORT FOR FRIDAY, JAN. 17
Next Article:DETROIT METRO ECONOMY DECLINES FOR THIRD CONSECUTIVE YEAR


Related Articles
UNITED WATER RESOURCES ISSUES AMENDED 1991 EARNINGS; RECENT NEW YORK COURT DECISION PROMPTS ONE-TIME CHARGE TO EARNINGS
UNITED WATER RESOURCES REPORTS RESULTS OF UTILITY CUSTOMER STOCK PURCHASE PROGRAM; MAIL ANNOUNCEMENT BEGINS APRIL 13 THROUGH BILL INSERT
VALLEY RESOURCES ANNOUNCES SECOND QUARTER RESULTS
VALLEY RESOURCES, INC. ANNOUNCES EARNINGS FOR FISCAL YEAR
VALLEY RESOURCES ANNOUNCES FINANCIAL EARNINGS
VALLEY RESOURCES, INC. ANNOUNCES EARNINGS
VALLEY FINANCIAL FILES 13D
VALLEY RESOURCES ANNOUNCES FIRST QUARTER AND YEAR END RESULTS
PHARMACEUTICAL RESOURCES ANNOUNCES SATISFACTORY COMPLETION OF FDA RE-INSPECTION OF ITS FACILITIES
First Albany Issues 'Buy' Recommendation For Valley Resources, Inc.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters