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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. Valley’s 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
Valley’s 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.
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