Printer Friendly

CROWN CENTRAL PETROLEUM ANNOUNCES RESULTS FOR 1993 THIRD QUARTER

 BALTIMORE, Oct. 28 /PRNewswire/ -- Crown Central Petroleum Corporation (AMEX: CNP) announced today that for the third quarter of 1993, the company realized a net loss before income taxes of $2.1 million compared to a net loss before income taxes of $3.9 million for the same period last year.
 The 1993 third quarter net loss of $3.3 million ($.33 per share) on revenues of $455.7 million includes an increase in income tax expense resulting from an increase in the federal corporate tax rate to 35 percent. For the same period in 1992, the net loss was $3.8 million ($.38 per share) on revenues of $475.3 million.
 For the first nine months of 1993, the net loss before income taxes was $11.6 million compared to a 1992 net loss before income taxes of $11.7 million. The 1993 net loss of $11.2 million ($1.14 per share) on revenues of $1.317 billion includes approximately $2.2 million of income tax charges resulting from the new income tax rate changes. Net loss before cumulative effect of changes in accounting principles for the first nine months of 1992 was $7.8 million on revenues of $1.306 million. Year-to-date, Crown Central has continued to generate a positive cash flow from operations. The company continues to closely monitor its capital expenditure program to approve only those projects with a projected superior rate of return.
 Henry A. Rosenberg Jr., chairman, said, "During the quarter refining margins continued to be weak when compared to third quarter expectations. The refineries, however, continued to operate near 95 percent capacity in a market environment characterized by flat demand for refined products and apparent ample supply of gasoline. A sharp drop in crude oil prices at the end of September in advance of the OPEC meeting, which simultaneously was reflected in the product market, along with coking unit downtime at both refineries during September, impacted negatively on our quarterly results."
 It was further reported by Rosenberg that the distillate hydrotreater in Tyler, capable of processing 10,000 barrels per day, is in the commissioning stages and should be on stream by the end of October. This unit will enable Crown to meet the on road diesel sulfur standard as required by the Clean Air Act.
 For the fourth consecutive quarter, Marketing continued its progress in restoring long-term profitability. While total gasoline volume compared to the third quarter of last year was down 1.5 percent, margins were up an impressive 6 percent. On a comparable unit basis, 1993 third quarter retail gallonage increased over 6 percent for the same period in 1992. Through Sept. 30, year-to-date gallonage at comparable units was up 7.5 percent vs. 1992 despite Stage II Vapor Recovery construction at many sites.
 CROWN CENTRAL PETROLEUM CORPORATION AND SUBSIDIARIES
 (Unaudited; dollars in thousands, except per-share data)
 Periods ended Three months Nine months
 Sept. 30 1993 1992 1993 1992
 Sales and operating
 revenues $455,691 $475,299 $1,316,770 $1,305,731
 (Loss) before income taxes
 and cumulative effect of
 changes in accounting
 principles (2,137) (3,917) (11,639) (11,713)
 (Loss) before cumulative
 effect of changes in
 accounting principles (3,256) (3,754) (11,242) (7,764)
 Cumulative effect of
 changes in accounting
 principles(A) --- --- --- 7,772
 Net (loss) income (3,256) (3,754) (11,242) 8
 (Loss) per share before
 cumulative effect of
 changes in accounting
 principles $(.33) $(.38) $(1.14) $(.79)
 Cumulative effect of
 changes in accounting
 principles --- --- --- .79
 Net (loss) income
 per share (.33) (.38) (1.14) ---
 Shares used in the
 computation of (loss)
 income per share 9,832,598 9,832,598 9,832,598 9,832,598
 (A) Effective Jan. 1, 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."
 /delval/
 -0- 10/28/93
 /CONTACT: Joseph M. Coale, director-corporate communications, of Crown Central Petroleum, 410-659-4856/
 (CNP)


CO: Crown Central Petroleum Corporation ST: Maryland IN: OIL SU: ERN

MK-MJ -- PH012 -- 8002 10/28/93 14:01 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 28, 1993
Words:687
Previous Article:NALCO CHEMICAL CO. DECLARES QUARTERLY DIVIDEND
Next Article:BIOMAGNETIC TECHNOLOGIES INC. ANNOUNCES ORDER FROM NATIONAL EPILEPSY CENTER IN SHIZUOKA, JAPAN
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters