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GETTY PETROLEUM CORP. ANNOUNCES IMPROVED RESULTS FOR THE THIRD QUARTER AND THE MINE MONTHS ENDED OCT. 31, 1993

 JERICHO, N.Y., Dec. 14 /PRNewswire/ -- Getty Petroleum Corp. (NYSE: GTY) today reported significantly improved results for the third quarter and nine months ended Oct. 31, 1993 as compared with the prior year periods.
 Total revenues for the quarter and the nine month period ended Oct. 31, 1993 were $191.1 million and $611.5 million, respectively, as compared with $215.1 million and $714.5 million for the comparable periods last year.
 The decrease in revenues continued to reflect the company's decision in July 1992 to substantially reduce its bulk wholesale activities, which resulted in lower sales of $15.3 million and $122.9 million for the quarter and nine month period, respectively, as compared with the prior year. In addition during the third quarter, lower selling prices were partially offset by a 3.3% increase in retail gallonage sold through fewer outlets. The current nine month period benefited from higher average selling prices and a 5.1% increase in retail gallonage sold.
 Net income for the quarter ended Oct. 31, 1993 was $0.9 million or $.07 per share as compared with a net loss of $3.9 million or $.31 per share for the comparable period in 1992. For the nine months ended Oct. 31, 1993, net income was $3.3 million or $.26 per share as compared with a net loss of $10.5 million or $.83 per share for the comparable period last year. The 1993 nine month period included a credit of $0.9 million or $.07 per share from the cumulative effect of adopting FASB Statement No. 109, "Accounting for Income Taxes." The 1992 three and nine month periods included $3.4 million of non-recurring or unusual pre-tax charges principally incurred as a result of the July 1992 product supply contract.
 Mr. Leo Liebowitz, Getty's President and Chief Executive Officer, reported that while revenues were lower this year, pre-tax income improved by $7.4 million for the quarter and $20.1 million for the nine months as compared with the comparable periods last year. The improved financial results are the result of improved gross margins, increased retail gallonage, expense reduction programs and reduced inventory exposure to product price volatility.
 Getty Petroleum Corp., one of the nation's largest independent marketers of gasoline and petroleum products, markets in a thirteen state area, Maine
through Virginia. The company is also a major distributor of heating oil and handles wholesale distribution of petroleum products through its east coast petroleum storage and distribution network.
 GETTY PETROLEUM CORP.
 Condensed Consolidated Summary of Operations
 (Unaudited, In Thousands Except Per Share Data)
 Period ended Three months Nine months
 Oct. 31, 1993 1992 1993 1992
 Revenues $191,102 $215,131 $611,510 $714,525
 Income (loss) before
 income taxes and
 cumulative effect of
 accounting change 1,599 (5,804) 4,245 (15,875)
 Provision (credit)
 for income taxes 717 (1,927) 1,796 (5,369)
 Income (loss) before
 cumulative effect of
 accounting change 882 (3,877) 2,449 (10,506)
 Cumulative effect of
 accounting change --- --- 860 ---
 Net income (loss) $882 ($3,877) $3,309 ($10,506)
 Per share data:
 Income (loss) before
 cumulative effect of
 accounting change $.07 ($.31) $.19 ($.83)
 Cumulative effect of
 accounting change --- --- .07 ---
 Net income (loss)
 per share $.07 ($.31) $.26 ($.83)
 Weighted Average Shares
 Outstanding 12,618 12,606 12,617 12,606
 -0- 12/14/93
 /CONTACT: Stephen Salzman of Getty, 516-338-1212/
 (GTY)


CO: Getty Petroleum Corp. ST: New York IN: OIL SU: ERN

JG-MP -- NY033 -- 3595 12/14/93 11:08 EST
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Publication:PR Newswire
Date:Dec 14, 1993
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