Diamond Shamrock reports first quarter earnings.SAN ANTONIO San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , Texas--(BUSINESS WIRE)--April 21, 1995--Diamond Shamrock, Inc. today reported first quarter earnings of $5.4 million or $0.15 per share, compared to $12.2 million or $0.38 per share for the first quarter of 1994. Revenues were $676.7 million for the quarter compared to $583.8 million for the first quarter last year. Diamond Shamrock Chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and President Roger Hemminghaus commented on the first quarter results: "Industry refining margins during the first quarter were the weakest we have seen since 1987. There has been a surplus of heating oil because of the extremely mild winter and confusion in the new reformulated gasoline (RFG RFG Reformulated Gasoline RFG Raddon Financial Group RFG Refinery Fuel Gas RFG Ricoh Family Group RFG Radio Frequency Gateway RFG Resource Focus Group RFG Revalidated Force Goal RFG Rainform Gold ) market as several geographical areas opted out or attempted to opt out of the RFG requirements. "Depressed refining results were partially offset at Diamond Shamrock by the strong performance of our retail Corner Stores and allied businesses, especially the propylene propylene /pro·pyl·ene/ (pro´pi-len) a gaseous hydrocarbon, CH3CHdbondCH2. propylene glycol a colorless viscous liquid used as a humectant and solvent in pharmaceutical preparations. splitter and ammonia plant," Hemminghaus continued. Operating profits from Diamond Shamrock's Corner Store retail business, propylene splitter, and Nitromite ammonia fertilizer division improved $6.9 million, $6.1 million, and $3.3 million, respectively, versus first quarter 1994 results. A general rise in petroleum prices during the first quarter positively impacted net income for the first quarter by an estimated $1.8 million or $0.06 per share. Underlying earnings from operations, assuming there had been no change in price levels, are estimated at $0.09 per share for the quarter, compared to an estimated $0.55 per share for the first quarter 1994. Early in the quarter, the company's new crude oil receipt terminal in Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. , was placed into service to reduce the cost of shipping crude to the Three Rivers Three Rivers, Que., Canada: see Trois Rivières. refinery. Later in the quarter, Diamond Shamrock announced plans to increase the capacity and efficiency of the Three Rivers refinery with the construction of a demetalized oil hydrotreater, a hydrogen plant, and a sulfur recovery plant. Three Rivers will be able to process at least 85,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. of crude after these facilities are completed in the second quarter of 1996. Diamond Shamrock also completed the acquisition of 21 stores in New Mexico, bringing the total number of Corner Stores to 840 at quarter end, compared with 777 at the end of the first quarter of 1994. Field construction was begun on the new products terminal in El Paso and the refined products pipeline that will run from the McKee refinery to El Paso. Completion of the project is expected in the fall of this year. Looking ahead, Hemminghaus noted that Diamond Shamrock's refining margins have improved significantly in April and that other business areas remain strong. Diamond Shamrock, Inc. (NYSE NYSE See: New York Stock Exchange :DRM (1) (Digital Radio Mondiale) A digital audio broadcasting (DAB) system for AM radio in Europe. See HD Radio. (2) (Digital Rights M ), headquartered in San Antonio, is a regional refiner and marketer of petroleum products. Diamond Shamrock, with annual sales of over $2.6 billion, has two Texas refineries with a throughput capacity of over 205,000 barrels per day and markets gasoline through over 2,000 Diamond Shamrock branded outlets in eight states. -0- DIAMOND SHAMROCK, INC. (dollars in millions, except per share)
Preliminary Results Three Months Ended(unaudited)
March 31,
1995 1994
Sales and Operating Revenues $676.7 $583.8 Income Before Tax Provision 9.1 20.7
Net Income $ 5.4 $12.2
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Primary Earnings Per Common Share $0.15 $0.38
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Fully Diluted Earnings Per Common Share $0.15 $0.38
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Weighted Average Common Shares Outstanding (millions)
Primary 29.0 29.1
Fully Diluted 32.3 32.4
CONTACT: Diamond Shamrock, Inc. Katherine Hughes, Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most , 210/641-8846 Peggy Gowans, Investor Relations Investor relations The process by which the corporation communicates with its investors. , 210/641-8708 |
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