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GETTY PETROLEUM CORP. ANNOUNCES SIGNIFICANTLY IMPROVED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED JULY 31, 1993

 JERICHO, N.Y., Sept. 9 /PRNewswire/ --- Getty Petroleum Corp. (NYSE: GTY) today reported significantly improved results for the second quarter and six months ended July 31, 1993, as compared with the prior year periods.
 Total revenues for the quarter and six months ended July 31, 1993, were $204.3 million and $420.4 million, respectively, as compared with $252.8 million and $499.4 million for the comparable periods last year. The decrease in revenues resulted from the company's decision to substantially reduce bulk wholesale activities, partially offset by an increase in retail gallonage sold.
 Net income for the second quarter ended July 31, 1993, was $0.6 million, or 5 cents per share, as compared with a net loss of $3.8 million, or 30 cents per share, for the comparable period in 1992. For the six months ended July 31, 1993, net income was $2.4 million, or 19 cents per share, as compared with a net loss of $6.6 million, or 53 cents per share, for the comparable period last year. The six months ended July 31, 1993, included a credit of $0.9 million, or 7 cents per share, from the cumulative effect of adopting FASB Statement No. 109, "Accounting for Income Taxes".
 Leo Liebowitz, Getty's president and chief executive officer, reported that while revenues were lower this year, pre-tax income improved for the quarter and six months by $6.9 million and $12.7 million, respectively, as compared with the comparable periods last year. He further reported that this year's financial results benefited from improved gross margins, increased retail gallonage, expense reduction programs and reduced product volatility resulting from the July 1992 supply agreement.
 Getty Petroleum Corp., one of the nation's largest independent marketers of gasoline and petroleum products, markets in a 13 state area, in the Middle Atlantic and Northeastern areas of the United States. The company is also a retail marketer of heating oil and is a wholesale distributor of a variety 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)
 Three Months Ended Six Months Ended
 July 31, July 31,
 1993 1992 1993 1992
 Revenues $204,261 $252,825 $420,408 $499,394
 Income (loss) before
 income taxes and
 cumulative effect
 of accounting change 1,052 (5,854) 2,646 (10,071)
 Provision (credit) for
 income taxes 427 (2,036) 1,079 (3,442)
 Income (loss) before
 cumulative effect of
 accounting change 625 (3,818) 1,567 (6,629)
 Cumulative effect of
 accounting change -- -- 860 --
 Net income (loss) $625 $(3,818) $2,427 $(6,629)
 Per share data:
 Income (loss) before
 cumulative effect of
 accounting change $.05 $(.30) $.12 $(.53)
 Cumulative effect of
 accounting change -- -- .07 --
 Net income (loss)
 per share $.05 $(.30) $.19 $(.53)
 Weighted Average
 Shares Outstanding 12,619 12,606 12,616 12,606
 -0- 9/9/93
 /CONTACT: Stephen Salzman of Getty Petroleum Corp., 516-338-1212/
 (GTY)


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

TW -- NY027 -- 0279 09/09/93 11:25 EDT
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Publication:PR Newswire
Date:Sep 9, 1993
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