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CROWN CENTRAL ANNOUNCES $6.2 MILLION NET LOSS FOR FIRST QUARTER

 CROWN CENTRAL ANNOUNCES $6.2 MILLION NET LOSS FOR FIRST QUARTER
 BALTIMORE, April 23 /PRNewswire/ -- Crown Central Petroleum Corporation (AMEX: CNP) announced today at the annual meeting of stockholders a net loss of $6.2 million ($.63 per share) for the first quarter of 1992 on revenues of $322 million.
 This compares to a net loss of $5.9 million ($.61 per share) on revenues of $372 million in the first quarter of 1991, and a loss of $10.1 million ($1.01 per share) on revenues of $412 million in the fourth quarter of 1991.
 Henry A. Rosenberg Jr., chairman, said, "Our operating results in the quarter were adversely affected by the loss of production during the scheduled turnarounds at our Houston and Tyler, Texas, refineries, and by the continued weak demand for petroleum products industrywide and by low refining margins. Crown's operating margins during the quarter, however, were actually better than the comparable period last year since the 1991 first quarter included a significant recovery in the replacement costs of inventory."
 Rosenberg noted that the major maintenance work at the refineries was completed on schedule with both facilities returning to normal operation before the end of the quarter. During the past 12 months, Crown has completed projects that improve the operational efficiency of all the primary production units at both of the company's refineries.
 CROWN CENTRAL PETROLEUM CORPORATION AND SUBSIDIARIES
 (Unaudited; dollars in thousands, except per-share data)
 Three months ended March 31 1992 1991
 Sales and operating revenues(A) $322,220 $372,289
 Net (loss) (6,150) (5,949)
 Net (loss) per share ($.63) ($.61)
 Shares used in the computation
 of (loss) per share 9,832,598 9,832,598
 (A) Sales and operating revenues for 1991 have been reclassified to record all finished product Buy/Sell transactions net of the applicable cost of sale. As a result of this reclassification, sales and operating revenues, and costs and operating expenses have been decreased $46,635, $33,444, $26,940 and $14,746 for the first, second, third and fourth quarters of 1991, respectively. This reclassification had no effect on net income (loss) for 1991.
 -0- 4/23/92
 /CONTACT: Joseph M. Coale III of Crown Central Petroleum, 410-659-4856/
 (CNP) CO: Crown Central Petroleum Corporation ST: Maryland IN: OIL SU: ERN


JS-KA -- PH027 -- 2012 04/23/92 14:54 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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