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CROWN SUSPENDS REGULAR DIVIDEND ON COMMON STOCK

 CROWN SUSPENDS REGULAR DIVIDEND ON COMMON STOCK
 BALTIMORE, July 30 /PRNewswire/ -- The board of directors of Crown


Central Petroleum Corporation (AMEX: CNP) at today's meeting voted to discontinue its regular quarterly cash dividend on its Class A and Class B common stock.
 Henry A. Rosenberg Jr., chairman, said, "The board's decision to suspend dividends was based, in large part, on the fact that the management of Crown anticipates, as typical of the refining industry, the need to make significant additional future capital expenditures to insure compliance with new requirements under the Clean Air Act and with other new environmental laws and regulations." This decision also reflects the company's net loss from operations for the first six months of 1992, which was a period when margins were poor and market conditions were generally most unsatisfactory.
 Rosenberg noted that the board of directors had reluctantly taken this action for sound business reasons. He also stated, "The board agreed to consider the resumption of the payment of regular quarterly dividends as earnings improve."
 -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: DIV


MK-CC -- PH013 -- 5204 07/30/92 15:06 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jul 30, 1992
Words:205
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