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HOLLY CORPORATION REPORTS RESULTS FOR THIRD QUARTER

 HOLLY CORPORATION REPORTS RESULTS FOR THIRD QUARTER
 DALLAS, June 12 /PRNewswire/ -- Holly Corporation (AMEX: HOC) today


reported results for the company's third quarter and first nine months ended April 20, 1992.
 Holly's net income was $2.3 million for the third quarter of fiscal 1992, compared to $3.6 million for the third quarter of the prior year. For the nine months ended April 30, 1992, a loss of $6.8 million was incurred, compared to net income of $9.1 million for the same period of the prior year. Per share net income for the third quarter of fiscal 1992 was $.27, compared to $.43 per share in the prior year. For the nine months, net loss per share was $.83, compared to net income of $1.10 per share in the prior year.
 While we are pleased to report that the third quarter ended April 30, 1992 improves substantially from the record loss experienced during the immediately preceding second quarter, current quarter refining margins are still below historical levels.
 The decrease in net income for the three months ended April 30, 1992, as compared to the three months ended April 30, 1991 is principally due to a higher level of interest expense of $1.7 million as a result of the $80 million private placement of Senior Notes in June 1991 to repay the then outstanding bank debt, cover the remaining costs of expansion of the company's Artesia, N.M. refinery and for general corporate purposes. Income from operations was essentially the same in both comparable periods, primarily resulting from offsetting items. Although refinery margins in the current period were slightly below last year's level the effect of such was offset by a 21 percent increase in volumes sold, resulting from the expansion. Increases in the current period in depreciation, depletion and amortization, attributable to the expansion, were partially offset by a lower level of exploration expenses, including dry holes, as such program has been curtailed.
 The loss incurred for the nine months ended April 30, 1992 in contrast to the net income in the prior year's nine month period, was a result of poor refining margins, particularly in the second quarter. Refining margins in the current nine month period were poor for the industry as a whole, and in contrast to prior years, particularly poor for refiners such as the company which are influenced by West Coast product price movements. In addition to generally poor market conditions, the company's margins were adversely affected in the first six months of the nine month period by the delayed start-up of the expansion, resulting in additional losses associated with inventory build up in a declining market and substantial start-up costs.
 Holly Corporation, through its affiliates, Navajo Refining Company and Montana Refining Company, is engaged in the refining of petroleum products.
 HOLLY CORPORATION AND SUBSIDIARIES
 Summary of Financial Information
 Period ended Three months Nine months
 April 30 1992 1991 1992 1991
 Total revenues $123,531,000 $112,327,000 $350,717,000 $373,028,000
 Net income
 (loss) $ 2,273,000 $ 3,584,000 $ (6,812,000)$ 9,111,000
 Number of
 common shares
 outstanding 8,254,000 8,254,000 8,254,000 8,254,000
 Income (loss) per
 common share: $ .27 $ .43 $ (.83)$ 1.10
 -0- 6/12/92
 /CONTACT: Henry A. Teichholz of Holly Corporation, 214-871-3555, or Lee Sneath of Dalton, Sneath & Company, 214-855-5155 for Holly Corporation/
 (HOC) CO: Holly Corporation ST: Texas IN: OIL SU: ERN


LR -- NY054 -- 9723 06/12/92 13:43 EDT
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Publication:PR Newswire
Date:Jun 12, 1992
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