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CROWN CENTRAL ANNOUNCES $3.8 MILLION IN NET LOSS FOR THIRD QUARTER

 CROWN CENTRAL ANNOUNCES $3.8 MILLION IN NET LOSS FOR THIRD QUARTER
 BALTIMORE, Oct. 29 /PRNewswire/ -- Crown Central Petroleum Corporation (AMEX: CNP) today announced a net loss of $3.8 million ($.38 per share) for the third quarter of 1992 on revenues of $475.3 million.
 This compares to a net income for the same period last year of $1.6 million ($.16 per share) on revenues of $463.3 million. For the first nine months of 1992, Crown had a net income of $8,000 on revenues of $1.3 billion, compared to a net income of $4.0 million ($.41 per share) on revenues of $1.4 billion for the same period in 1991.
 Henry A. Rosenberg Jr., chairman, said, "The disappointing third quarter operating results continue to reflect the impact of the longest recession in our country's history since World War II. Slack demand and weak margins for gasoline and petroleum products are being experienced industry-wide. The market has not allowed us to pass through any of the costs associated in complying with new environmental laws and regulations. However, despite the current economic uncertainties, Crown continues to move decisively in those areas where we can have an impact by positioning our resources for maximum advantage until the economy recovers. We are pleased that our refineries have operated efficiently with little or no down time since the first quarter turnarounds."
 Rosenberg noted that retail gasoline margins have improved on a quarter-to-quarter basis. The cumulative benefits of the company's cost control program, divestment or closure of marginal units, and the administrative restructuring have contributed to this improvement. As a result, the third quarter retail marketing figures were positive and have shown a significant improvement over the comparable period last year. Volumes at the company's convenience and gasoline outlets have been maintained. Results have also benefitted from the late 1991 acquisition of 36 new high volume locations and the deletion of 48 low margin units so far this year. Crown continues to seek new retail opportunities that fit the company's criteria for profitability and volume.
 At the October meeting, the board of directors, after considerable discussion, voted to continue the suspension of the $.10 per share regular quarterly cash dividend on Class A and Class B common stock that was instituted in July of this year. The board agreed to consider the resumption of the payment of regular quarterly dividends as earnings improve.
 CROWN CENTRAL PETROLEUM CORPORATION AND SUBSIDIARIES
 (Unaudited; dollars in thousands, except per share data)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Sales and operating
 revenues(A) $475,299 $463,318 $1,305,731 $1,393,628
 (Loss) income before
 cumulative effect of
 changes in
 accounting principles(B) (3,754) 1,618 (7,764) 4,039
 Net (loss) income (3,754) 1,618 8 4,039
 (Loss) income per share before
 cumulative effect of changes
 in accounting principles $(.38) $.16 $(.79) $.41
 Net (loss) income per share (.38) .16 .00 .41
 Shares used in the computation
 of income per share 9,832,598 9,832,598 9,832,598 9,832,598
 (A) Sales and operating revenues for 1991 have been reclassified to net all finished product Buy/Sell transactions against the applicable cost of sale, and to include federal and state excise taxes. The first quarter of 1992 has also been restated to include federal and state excise taxes.
 (B) During the second quarter of 1992, the company adopted Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," and Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," effective Jan. 1, 1992.
 -0- 10/29/92
 /CONTACT: Joseph M. Coale, director of corporate communications of Crown Central Petroleum, 410-659-4856/
 (CNP) CO: Crown Central Petroleum Corporation ST: Maryland IN: OIL SU: ERN


MK-LJ -- PH009 -- 6531 10/29/92 11:21 EST
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Date:Oct 29, 1992
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