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CROWN CENTRAL REPORTS RESULTS FOR FOURTH QUARTER, FULL YEAR 1992

 BALTIMORE, Feb. 25 /PRNewswire/ -- Crown Central Petroleum Corporation (AMEX: CNP) today announced a net loss for 1992 of $5.5 million ($.56 per share), compared to a net loss of $6 million ($.61 per share) for 1991.
 In 1992, Crown adopted two new Statements of Financial Accounting Standards which reduced the reported net loss by $7.8 million. Sales and operating revenues were $1.795 billion in 1992, compared to $1.858 billion in 1991. For the fourth quarter, the company reported a net loss of $5.5 million ($.56 per share), compared to a net loss of $3.75 million ($.38 per share) in the third quarter of 1992 and a net loss of $10.1 million ($1.01 per share) in the fourth quarter of 1991. Operating results in the fourth quarter of 1992 included the unfavorable pre-tax impact of $6.6 million related to asset abandonments, environmental reserves, reorganization costs and inventory reductions.
 The disappointing results for the quarter and the year were due to continuing weak refining margins throughout the industry. Henry A. Rosenberg Jr., chairman, said, "Capacity utilization remained high and this surplus production resulted in low margins for the second consecutive year." Continuing on, Rosenberg said, "Crown refining is using this difficult period as an opportunity to restructure critical business operations, accelerate refinery maintenance and improve margin management in order to achieve stronger operating performance."
 Rosenberg also reported positive results in Crown's marketing sector. Crown began a major restructuring program in marketing two and one-half years ago and decisions made to restore profitability are producing proven results. The company's current total of 432 convenience and gasoline outlets is now more focused on high volume and high traffic locations. During the fourth quarter, marketing results have been favorably impacted by a 21 percent increase in retail gasoline margins as well as an increase in daily volume. Results were especially strong at year end.
 CROWN CENTRAL PETROLEUM CORPORATION AND SUBSIDIARIES
 (Unaudited; dollars in thousands, except per-share data)
 Periods ended Three months Twelve months
 Dec. 31 1992 1991 1992 1991
 Sales and operating
 revenues(A) $489,528 $464,083 $1,795,259 $1,857,711
 (Loss) before cumulative
 effect of changes in
 accounting
 principles(B) (5,514) (10,065) (13,278) (6,026)
 Net (loss) (5,514) (10,065) (5,506) (6,026)
 (Loss) per share before
 cumulative effect of
 changes in accounting
 principles $(.56) $(1.01) $(1.35) $(.61)
 Net (loss) per share $(.56) $(1.01) $(.56) $(.61)
 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 exchange 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- 2/25/93
 /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

CC-MK -- PH011 -- 0491 02/25/93 15:16 EST
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Date:Feb 25, 1993
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