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TOSCO CORPORATION REPORTS RESULTS

 STAMFORD, Conn., April 22 /PRNewswire/ -- Tosco Corporation (NYSE: TOS) reported today net income of $14.8 million, or $0.42 per share, on sales of $416.1 million for the first quarter of 1993. This compares to 1992 first quarter net income of $13.3 million (restated) or $0.36 per share, on sales of $332.0 million. The 1993 results cover continuing operations of Tosco Corporation which do not include the operating results of its wholly-owned subsidiary Seminole Fertilizer Corporation, a discontinued operation.
 Thomas D. O'Malley, Tosco's Chairman and Chief Executive Officer stated, "We are generally pleased with the financial results for the first quarter particularly since they were achieved during a period of weak margins on the West Coast. Tosco's Avon Refinery, located in California, continued to perform well, processing over 163,000 barrels per day of crude oil with high clean product yields."
 As previously announced, Tosco completed the acquisition of the Bayway Refinery, located in Linden, New Jersey, from Exxon on April 8. The combined operations of the two refineries will be reported in Tosco's second quarter results. The sale of the bulk of the assets of Seminole Fertilizer Corporation is expected to close early in the second quarter of this year.
 Tosco Corporation is a large independent refiner and wholesale marketer of petroleum products and now produces approximately 400,000 barrels per day or slightly less than 3 percent of the petroleum products produced in the United States.
 TOSCO CORPORATION AND SUBSIDIARIES
 Financial Summary
 (Unaudited, In Thousands Except Per Share Data)
 Three Months Ended March 31, 1993 1992
 Sales (A) $ 416,136 $ 332,014
 Selling, general and
 administrative expense (B) 8,826 7,037
 Interest expense, net (C) 7,973 5,428
 Income (loss) from continuing
 operations before income taxes
 and cumulative effect of
 accounting changes 24,789 (1,998)
 Provision (credit) for income taxes 9,987 (718)
 Income (loss) from continuing
 operations before cumulative
 effect of accounting changes 14,802 (1,280)
 Loss from discontinued operations (D) -- (1,620)
 Cumulative effect of changes in
 accounting for income taxes and
 turnarounds (E) 16,203
 Net income 14,802 13,303
 Preferred stock dividend
 requirements (2,516) (2,516)
 Income attributable to common
 shareholders $ 12,286 $ 10,787
 Earnings per common and
 common equivalent share
 Primary $ .42 $ .36
 Fully diluted $ .42 $ .36
 Shares used in the computation
 of earnings per common and
 common equivalent share:
 Primary (F) 29,360 29,887
 Fully diluted (F) 29,360 29,887
 NOTES:
 (A) The increase in sales for the first quarter of 1993 is primarily attributable to higher sales volumes. Production of clean products for the first quarter of 1992 was reduced due to extensive scheduled maintenance and refurbishment of a major gasoline production unit. The Avon Refinery's main crude oil processing unit was also brought down during the first quarter of 1992 for scheduled maintenance and an upgrade of its crude processing capacity.
 (B) The increase in selling, general, and administrative expense for the first quarter of 1993 is primarily due to higher costs of professional services ($.8 million) (primarily legal fees and expenses related to Tosco's lawsuit against the former owners of the Avon Refinery relating to environmental costs) and costs related to the acquisition of the Bayway Refinery ($1.0 million).
 (C) Net interest expense for the three months ended March 31, 1992 includes intercompany interest income of $2.8 million from Seminole Fertilizer Corporation (Seminole). Intercompany interest income for the first quarter of 1993 was not recorded due to the discontinued status of Seminole (Note D). Interest expense for the three months ended March 31, 1992 also includes the write-off of approximately $3.6 million of deferred financing costs related to previously outstanding Bank indebtedness retired in March 1992 from the proceeds of the public sale of $300 million of First Mortgage Bonds. Excluding the above items, the increase in net interest expense for 1993 is primarily due to higher levels of outstanding debt.
 (D) On March 1, 1993, Seminole entered into an agreement to sell substantially all of its operating assets to Cargill Fertilizer Inc. (Cargill) for $125 million plus inventory, less adjustments for certain liabilities that Cargill will assume. A fourth quarter 1992 loss of $105,000,000 was recorded to reflect the estimated loss on disposition (including estimated future costs and operating results until the expected second quarter 1993 date of disposition). Prior year financial statements have accordingly been restated to reflect the operating results of the discontinued fertilizer operations separately from Tosco's continuing operations.
 (E) Effective retroactive to January 1, 1992, Tosco adopted Statement of Financial Accounting Standards (SFAS) No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," and SFAS No. 109, "Accounting for Income Taxes", and changed its accounting policy for turnaround costs. Accordingly, earnings for the first three quarters of 1992 were restated. The cumulative effect of the change in accounting for income taxes and turnarounds costs was $13 million ($.44 per share) and $3.2 million ($.11 per share), respectively.
 (F) The computation of primary and fully diluted earnings per share for the first quarter of 1993 and 1992 is based upon the weighted average shares outstanding of approximately 29.4 and 29.9 million, respectively. The computation of fully diluted earnings per share does not reflect the conversion of the Series F Cumulative Convertible Preferred Stock because the effect would be antidilutive (i.e. would result in higher earnings per share).
 A quarterly dividend of $.15 per common share was paid on March 31, 1993 to shareholders of record on March 19, 1993.
 TOSCO REFINING DATA SUMMARY
 (Thousands of Barrels Per Day)
 Three Months Ended March 31, 1993 1992
 Crude oil refined 163.1 112.7
 Add'l refinery feed & blending stock 5.2 10.9
 Total input 168.3 123.6
 Petroleum products produced:
 Gasoline 106.4 73.2
 Diesel 32.5 20.1
 Jet fuel -- 1.5
 Residuals 13.5 17.2
 Petroleum coke 8.0 6.5
 Propane 4.6 3.2
 Other 1.7 2.1
 Total petroleum products produced 166.7 123.8
 Purchased products 32.8 36.8
 Total petroleum products available
 for sale 199.5 160.6
 Total petroleum products sold 196.5 170.3
 Sales value of refined products
 produced for sale (G) $ 22.55 $ 20.37
 Cost per barrel of crude oil processed 14.66 12.36
 Refining Margin $ 7.89 $ 8.01
 (G) Sales value of finished petroleum products refined at the Avon Refinery.
 TOSCO CORPORATION AND SUBSIDIARIES
 Summarized Consolidated Balance Sheet
 (Thousands of Dollars, Unaudited)
 Cash, cash equivalents and short-term March 31, 1993
 investments $ 66,537
 Other current assets (H) 377,132
 Current liabilities 137,235
 Working capital 306,434
 Property, plant and equipment, net 394,802
 Other long term assets 104,448
 Long-term debt (I) 356,848
 Long-term liabilities 59,500
 Total shareholders' equity $389,336
 (H) Includes the net assets of discontinued fertilizer operations of approximately $131 million and inventories of $84 million valued on the last-in, first out (LIFO) basis. At March 31, 1993 the excess of current cost over the LIFO stated inventory amount was approximately $34 million.
 (I) There were no cash borrowings outstanding under Tosco's Working Capital Facility at March 31, 1993.
 -0- 4/22/93
 /CONTACT: Jefferson F. Allen, or Daniel P. Mulderry Tosco Corporation, 203-977-1000/
 (TOS)


CO: Tosco Corporation ST: Connecticut IN: OIL SU: ERN

LD -- NY010 -- 9192 04/22/93 08:47 EDT
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