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CROWN CENTRAL PETROLEUM CORPORATION ANNOUNCES RESULTS FOR 1993 SECOND QUARTER

 BALTIMORE, July 29 /PRNewswire/ -- Crown Central Petroleum Corporation (AMEX: CNP) announced today a net loss of $2.3 million ($.23 per share) in the second quarter of 1993, compared to a net income of $2.6 million ($.26 per share) in the second quarter of 1992. Sales and operating revenues for the second quarter were $448 million compared to revenues of $459 million in the second quarter of 1992.
 For the first six months of 1993, the company had a net loss of $8.0 million ($.81 per share) on revenues of $861 million compared to a loss, before the cumulative effect of changes in accounting principles, of $4.0 million ($.41 per share) on revenues of $830 million in the first half of 1992. The company said that while the second quarter results are again disappointing, Crown successfully maintained cash flow from operating activities to support its refinery and service station capital program.
 Henry A. Rosenberg Jr., chairman, said, "Refining margins and general market conditions, although improved from the first quarter, continued to be weak in the most recent period. Year-to-date refinery runs and production of gasoline and distillates all exceeded the same period in 1991 and 1992." The company further reported results for the quarter were negatively impacted by volatile price fluctuations of crude in the international market. In response to normal seasonality in its operations, the company began building inventory levels during the second quarter. A precipitous decrease of $3 per barrel in crude and product prices late in the second quarter, caused in part by the market's response to OPEC's disappointing meeting in early June, resulted in a negative overall impact on margins for the quarter.
 The Tyler refinery successfully completed a scheduled maintenance turnaround of the reformer and coker units. Both refineries are operating at near maximum capacity while continuing to seek opportunities to reduce operating expenses in response to extreme competitive pressures.
 Rosenberg also noted that for the third consecutive quarter, Marketing continued its progress in restoring long-term profitability. For retail gasoline volume on a comparable unit basis, the year-to-date figure showed nearly an 8 percent improvement despite temporary closure of high volume units for Stage II Vapor Recovery construction.
 CROWN CENTRAL PETROLEUM CORPORATION AND SUBSIDIARIES
 (Unaudited; dollars in thousands, except per-share data)
 Three months ended June 30 1993 1992
 Sales and operating revenues $447,777 $458,546
 (Loss) income before cumulative
 effect of changes in accounting
 principles (2,266) 2,560
 Cumulative effect of changes in
 accounting principles(A) --- ---
 Net (loss) income (2,266) 2,560
 (Loss) income per share before
 cumulative effect of changes in
 accounting principles (.23) .26
 Cumulative effect of changes in
 accounting principles --- ---
 Net (loss) income per share (.23) .26
 Shares used in the computation
 of (loss) income per share 9,832,598 9,832,598
 Six months ended June 30 1993 1992
 Sales and operating revenues $861,079 $830,432
 (Loss) income before cumulative
 effect of changes in accounting
 principles (7,986) (4,010)
 Cumulative effect of changes
 in accounting principles(A) --- 7,772
 Net (loss) income (7,986) 3,762
 (Loss) income per share before
 cumulative effect of changes in
 accounting principles (.81) (.41)
 Cumulative effect of changes in
 accounting principles --- .79
 Net (loss) income per share (.81) .38
 Shares used in the computation
 of (loss) income per share 9,832,598 9,832,598
 (A) Effective Jan. 1, 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."
 -0- 7/29/93
 /CONTACT: Joseph M. Coale, director, corporate communications of Crown Central, 410-659-4856/


CO: Crown Central Petroleum Corporation ST: Maryland IN: OIL SU: ERN

MJ-CC -- PH017 -- 7302 07/29/93 14:35 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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