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GETTY PETROLEUM CORP. REPORTS SIGNIFICANTLY IMPROVED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED JAN. 31, 1993

 JERICHO, N.Y., March 25 /PRNewswire/ -- Getty Petroleum Corp., (NYSE: GTY), today reported significantly improved financial results for the quarter and fiscal year ended Jan. 31, 1993.
 Leo Liebowitz, president and chief executive officer is pleased to report that for the three month period ended Jan. 31, 1993 net income more than doubled to $6.8 million or $.54 per share as compared with $3.2 million or $.26 per share for the comparable period last year. The significantly improved financial results for the fourth quarter were attributable to the various initiatives previously reported, including a new product supply contract, organizational restructuring, various cost saving measures and improved profit margins resulting from a less competitive retail marketplace.
 For the fiscal year ended Jan. 31, 1993, the company incurred a net loss of $3.7 million or $.29 per share as compared with a net loss of $12.3 million or $.98 per share for the prior fiscal year. The reduction in the net loss was attributable principally to the aforementioned activities which occurred in the second half of fiscal 1993.
 Revenues for the quarter and fiscal year ended Jan. 31, 1993, were approximately $223 million and $937 million, as compared to $292 million and $1.15 billion, respectively, during the same periods last year. The decrease in revenues was due principally to the company's decision during the latter half of the year to substantially reduce bulk wholesale activities, and the leasing, in December 1991, of 141 company operated convenience food stores.
 Mr. Liebowitz also said that the company is entering the new fiscal year with optimism and believes the strides made this past year will benefit future results.
 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 major 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
 (In thousands, except per share amounts, unaudited)
 Period ended Three months Fiscal year
 Jan. 31 1993 1992 1993 1992
 Revenues $222,561 $291,718 $937,086 $1,154,244
 Income (loss) before
 provision (credit) for
 income taxes 10,134 4,868 (5,741) (18,995)
 Provision (credit) for
 income taxes 3,331 1,625 (2,038) (6,658)
 Net income (loss) 6,803 3,243 (3,703) (12,337)
 Earnings (loss) per share $ .54 $ .26 $ (.29) $ (.98)
 Weighted average shares
 outstanding 12,607 12,598 12,606 12,597
 -0- 3/25/93
 /CONTACT: Stephen Salzman of Getty Petroleum Corp., 516-338-1212/
 (GTY)


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

SH-LR -- NY013 -- 9411 03/25/93 09:06 EST
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Publication:PR Newswire
Date:Mar 25, 1993
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