Printer Friendly

HOLLY ANNOUNCES RESULTS

 HOLLY ANNOUNCES RESULTS
 DALLAS, Dec. 12 /PRNewswire/ -- Holly Corporation (AMEX: HOC), today


reported results for the company's first quarter ended Oct. 31, 1991.
 Holly's net income for the company's first fiscal quarter ended Oct. 31, 1991 was $.4 million, as compared to $2.8 million for the first quarter of the prior year. Net income per share for the first quarter of fiscal 1992 was $.05, compared to $.34 in the prior year's first quarter.
 Earnings for both the current and prior year's quarters were disappointing, as refined product margins were low, essentially the same in both periods. While a number of factors have contributed and continue to contribute to these low margins, extremely competitive gasoline pricing is a principal contributor. Also, adversely affecting the current year earnings was $2.3 million in maintenance costs incurred in connection with the startup of the Lovington, N.M. refining facility. Interest expense also increased $1.7 million as a result of the private placement of senior notes in June 1991 to repay the then outstanding bank debt, cover the remaining costs of expansion of the company's Artesia, N.M. refinery and for general corporate purposes.
 Additionally contributing to the decline in earnings were increases of $.6 million each in both general and administrative expense and depreciation, depletion and amortization, the latter attributable to the expansion.
 Somewhat mitigating the earnings decline in the current period was an 11 percent increase in produced refined products sold. Last year's planned shutdown at the Artesia facility caused the decline in volumes sold as compared to the current year and also decreased earnings by increased costs resulting from the shutdown.
 The decrease in revenues is attributable to higher prices of refined products sold last year, in large part due to sharp increases in crude oil costs resulting from the Middle East crisis, which was partially offset by this year's increased sales.
 Holly Corporation, through its affiliates, Navajo Refining Company and Montana Refining Company, is engaged in the refining of petroleum products.
 HOLLY CORPORATION AND SUBSIDIARIES
 FINANCIAL SUMMARY
 Three Months Ended Oct. 31; 1991 1990
 Total revenues $117,178,000 $137,270,000
 Net income $ 397,000 $ 2,831,000
 Average number of common
 shares outstanding 8,254,000 8,254,000
 Income per common share $ .05 $ .34
 -0- 12/12/91
 /CONTACT: E.I. Parsons, vice chairman of Holly, 214-871-3555, or Lee Sneath of Dalton, Sneath & Company, 214-979-0090, for Holly/
 (HOC) CO: Holly Corporation ST: Texas IN: OIL SU: ERN


JT -- NY045 -- 1940 12/12/91 12:11 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 12, 1991
Words:422
Previous Article:CRAY OFFICIALS SAY T91 FINANCIAL PERFORMANCE ON TRACK, T92 OUTLOOK SIMILAR
Next Article:STATESWEST ANNOUNCES STRONG NOVEMBER OPERATING RESULTS
Topics:


Related Articles
HOLLY CORPORATION ANNOUNCES REDUCED QUARTERLY DIVIDEND
Holly Corporation Reports Third Quarter Earnings
Jack P. Reid, Executive Vice President of Holly Corporation, to Retire.
PR Newswire Southwest Summary, Friday, Sept. 22, to 6:30 p.m. EDT.
Holly Corporation Announces Environmental Agreement.
Holly Corporation Second Quarter 2004 Earnings Release and Conference Call.
Holly Energy Partners to Acquire Pipelines from Holly Corporation.
Holly Corporation Announces $200 Million Increase to Stock Repurchase Program.
Holly Corporation Announces Management and Organizational Changes.
Holly Energy Partners Announces Acquisition of Loading Facilities at Holly Corporation's Tulsa Refinery.

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