This excerpt taken from the VLG 10-K filed Sep 28, 2006.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2005 and 2006
The accompanying consolidated financial statements include the accounts of Valley National Gases Incorporated and entities required to be consolidated pursuant to Financial Accounting Standards Board Interpretation No. 46R, Consolidation of Variable Interest Entities, (FIN 46R) effective March 31, 2004. The term Valley as used throughout this document is used to indicate Valley National Gases Incorporated. The term the Company as used throughout this document is used to indicate Valley as well as entities required to be consolidated under FIN 46R.
Valley produces, packages and resells industrial gases, specialty gases and propane; and resells welding hard goods and equipment. Valleys gas operations consist primarily of packaging and mixing industrial, medical and specialty gases, such as oxygen, nitrogen and argon, in pressurized cylinders and transporting these cylinders to customers from one of Valleys 75 distribution or retail locations. In addition, Valley distributes propane to industrial and residential customers. Hard goods sales include welding machines, wire, fluxes and electrodes, as well as a wide variety of supporting equipment. Valley has been in operation since 1958 and currently operates in 14 states.