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GETTY PETROLEUM CORP. ANNOUNCES FINANCIAL RESULTS AND OMISSION OF CASH DIVIDEND FOR THE QUARTER ENDED JULY 31, 1992

 GETTY PETROLEUM CORP. ANNOUNCES FINANCIAL RESULTS AND
 OMISSION OF CASH DIVIDEND FOR THE QUARTER ENDED JULY 31, 1992
 JERICHO, N.Y., Sept. 9 /PRNewswire/ -- Getty Petroleum Corp. (NYSE: GTY) today reported results for the second quarter and six months ended July 31, 1992.
 Total revenues for the quarter and the six month period ended July 31, 1992, were $252.8 million and $499.4 million, respectively, as compared with $292.0 million and $568.3 million for the comparable periods last year.
 The company's net loss for the second quarter ended July 31, 1992, was $3.8 million or $.30 per share as compared with a net loss of $4.9 million or $.39 per share for the comparable period in 1991. For the six months ended July 31, 1992, the company incurred a net loss of $6.6 million or $.53 per share as compared with a net loss of $14.4 million or $1.14 per share for the comparable period last year.
 Leo Liebowitz, Getty's president and chief executive officer, reported, "Although we are disappointed with the losses incurred during this quarter and year to date, I'm optimistic that the supply agreement with Phibro Energy USA, Inc., which became effective mid-July, will assist in improving results in the near future. In addition, we have taken many steps to more closely manage costs and expenses while continuing to look at a variety of income improvement opportunities. We have much to do and we're committed to doing it. I am confident that the actions we are taking will offset the negative business conditions which continue to afflict the petroleum industry, including our company."
 Liebowitz further stated, "In light of current financial results, the board of directors, at a meeting held today, elected to omit the cash dividend for this quarter."
 Getty Petroleum Corp., one of the nation's largest independent marketers of gasoline and petroleum products, markets in a 13 state area, Maine through Virginia. The company is also a major distributor of heating oil and handles wholesale distribution of petroleum products through its east coast petroleum storage and distribution network.
 GETTY PETROLEUM CORP.
 Condensed Consolidated Summary of Operations
 (Unaudited -- In thousands, except per share data)
 Periods Ended Three Months Six Months
 July 31 1992 1991 1992 1991
 Revenues $252,825 $292,002 $499,394 $568,308
 Loss before credit for
 income taxes (5,854) (7,495) (10,071) (21,945)
 Credit for income taxes (2,036) (2,558) (3,442) (7,541)
 Net loss (3,818) (4,937) (6,629) (14,404)
 Net loss per share $(.30) $(.39) $(.53) $(1.14)
 Weighted avg. shares
 outstanding 12,606 12,598 12,606 12,597
 -0- 9/9/92
 /CONTACT: Stephen Salzman of Getty Petroleum, 516-338-1212/
 (GTY) CO: Getty Petroleum Corp. ST: New York IN: OIL SU: ERN


PS -- NY065 -- 7624 09/09/92 15:30 EDT
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Publication:PR Newswire
Date:Sep 9, 1992
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