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CROWN CENTRAL ANNOUNCES $2.6 MILLION IN NET INCOME FOR SECOND QUARTER

CROWN CENTRAL ANNOUNCES $2.6 MILLION IN NET INCOME FOR SECOND QUARTER
 BALTIMORE, July 30 /PRNewswire/ -- Crown Central Petroleum Corporation (AMEX: CNP) announced today net income of $2.6 million ($.26 per share) for the second quarter of 1992 on revenues of $459 million.
 This compares to a net income of $8.4 million ($.85 per share) on revenues of $503 million in the second quarter of 1991. For the first six months of 1992, Crown had a net loss -- before the combined effect of changes in accounting principles -- of $4.0 million ($.41 per share) on revenues of $830 million compared to a net income of $2.4 million ($.25 per share) on revenues of $930 million for the same period in 1991.
 During the quarter, Crown adopted two new Statements of Financial Accounting Standards which reduced net income in the second quarter of 1992 by $278,000, while for the first half of the year the combined effect of the accounting changes increased net income by $6.7 million to a reported net income of $3.8 million ($.38 per share).
 Henry A. Rosenberg Jr., chairman, said, "Our second quarter operating results were generally disappointing. The lingering recession dampened demand for petroleum products, reduced retail sales in our marketing area and weakened refining margins. We continue to strive for improved operational efficiency. We have lowered our selling and administrative expenses through management reorganization, staff reductions and the consolidation of our marketing areas. Our two Texas refineries operated at near capacity throughout the second quarter. Refinery yields were improved by the scheduled maintenance turnarounds that were completed during the first quarter."
 Rosenberg noted that the company's results continue to be impacted by environmental-related projects which totaled $2.7 million in operating expenses and $15.4 million in capital expenditures during the first six months of the year.
 CROWN CENTRAL PETROLEUM CORPORATION AND SUBSIDIARIES
 (Unaudited; dollars in thousands, except per-share data)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Sales and operating
 revenues(A) $458,546 $503,176 $830,432 $930,310
 Income (loss) before
 cumulative effect of
 changes in accounting
 principles(B) 2,560 8,370 (4,010) 2,421
 Net income 2,560 8,370 3,762 2,421
 Income (loss) per share
 before cumulative effect
 of changes in accounting
 principle $.26 $.85 $(.41) $.25
 Net income per common share .26 .85 .38 .25
 Shares used in the
 computation of
 income (loss) per
 share: 9,832,598 9,832,598 9,832,598 9,832,598
 (A) Sales and operating revenues for 1991 have been restated to record La Gloria Oil and Gas Company's finished product Buy/Sell transactions net of 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- 7/30/92
 /CONTACT: Joseph M. Coale III of Crown Central Petroleum,


410-659-4856/
 (CNP) CO: Crown Central Petroleum Corporation ST: Maryland IN: OIL SU: ERN


MJ-MK -- PH014 -- 5203 07/30/92 15:03 EDT
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Date:Jul 30, 1992
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