Valley Resources, Inc. is a regulated natural gas distribution company. The company operates mainly through its five wholly-owned subsidiaries. The operations of the company are classified as utility and non-utility earnings. The company designs, sells and installs natural gas refueling facilities, natural gas conversion systems and energy control devices. The five wholly-owned active subsidiaries are Valley Gas Company, Bristol and Warren Company, Valley Appliance and Merchandising Company, Valley Propane, Inc., and Morris Merchants, Inc. The customers of the company include retailers, service contractors and other residential, commercial and industrial customers. Gas operations accounted for 72% of fiscal 1999 revenues; contract sales, 19% and other, 9%.