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TOSCO CORPORATION REPORTS THIRD QUARTER RESULTS

 TOSCO CORPORATION REPORTS THIRD QUARTER RESULTS
 STAMFORD, Conn., Oct. 23 /PRNewswire/ -- Tosco Corporation


(NYSE: TOS) reported today net income of $6.1 million, or $0.12 per fully diluted share, on sales of $580.4 million for the third quarter ended Sept. 30, 1992. This compares to net income of $2.1 million, or $0.03 per fully diluted share, on revenues of $493.5 million, during the same period of 1991. For the first nine months of 1992, Tosco earned $47.1 million, or $1.32 per fully diluted share, on sales of $1,554.4 million compared to $41.9 million, or $1.36 per fully diluted share, on sales of $1,495 million in the same period of 1991.
 Thomas D. O'Malley, Tosco Corporation's chairman and chief executive officer, said, "Third quarter results reflect the lackluster markets in Tosco Corporation's two main businesses. The recession in California continues to negatively impact the demand for gasoline in Tosco Refining's main market. Diammonium Phosphate (DAP), Seminole Fertilizer's principal product, is selling at its lowest price since 1986. We do not expect to see the DAP market improve in 1992."
 Seminole completed construction of its new 37 megawatt capacity cogeneration plant during the third quarter. The plant started up ahead of schedule and under budget. It will allow Seminole to further reduce production costs to what we believe are the lowest in the U.S. industry for converting phosphate rock into DAP.
 Construction of an MTBE plant for Tosco Refining, capable of producing up to 2,600 B/D, is expected to begin in the first quarter of 1993. The completion of this plant, slated for the spring of 1994, will provide Tosco Refining with about 40 percent of its total oxygenates requirement. The project should also have a favorable impact on Tosco's earnings.
 Continental - Tosco Limited Partnership, jointly owned by Continental Grain Company and Tosco Corporation, has commenced business. This venture will enable Tosco to expand its commercial presence in other domestic and international markets. The partnership will also manage the East Coast terminalling assets.
 Tosco Corporation is a large independent refiner and wholesale marketer of petroleum products on the West Coast of the United States and internationally, and is also one of the largest U.S. manufacturers and international wholesale distributors of phosphate-based fertilizer products.
 TOSCO CORPORATION AND SUBSIDIARIES
 Financial Summary
 (In thousands except per share data, unaudited)
 Three Months Nine Months
 1992 1991 1992 1991
 Sales $580,393 $493,533 $1,554,366 $1,495,004
 Selling, general and
 administrative
 expenses (a) $ 10,305 $ 6,097 $ 30,713 $ 21,380
 Interest expense,
 net (b) $ 8,026 $ 8,744 $ 24,736 $ 29,391
 Income (loss) before
 provision (credit)
 for income taxes 6,935 (4,176) 53,125 40,788
 Provision (credit) for
 income taxes (c) 840 (6,266) 6,003 (1,104)
 Net income 6,095 2,090 47,122 41,892
 Preferred stock dividend
 requirements 2,516 1,258 7,547 1,258
 Income attributable to
 common shareholders for
 earnings per share 3,579 832 39,575 40,634
 Earnings per common and
 common equivalent share:
 Primary $.12 $.03 $1.32 $1.36
 Fully diluted .12 .03 1.32 1.36
 Shares used in the
 computation of earnings
 per common and common
 equivalent share (d):
 Primary 29,481 29,948 29,910 29,951
 Fully diluted 29,481 29,982 29,910 29,982
 (a) The increase in selling, general, and administrative expenses for the three and nine months ended Sept. 30, 1992 is attributable to a higher provision for incentive compensation of $.8 and $2.4 million, supplemental executive retirement and insurance benefits of $.2 and $1.3 million and professional services (primarily legal fees) of $.7 and $1.4 million, respectively. A substantial portion of incentive compensation and supplemental incentive and retirement benefits for 1991 were not recognizable until the fourth quarter. Selling, general and administrative expenses also increased because of costs associated with Tosco's expanded commercial activities and with the evaluation of potential business ventures.
 Selling, general, and administrative expenses for the nine months ended Sept. 30, 1991 were reduced by a pre-tax gain of $1.5 million from the early retirement of $50 million of Seminole's subordinated debt in August 1991.
 (b) The decrease in net interest expense for 1992 from the comparable periods in 1991 is primarily due to lower interest rates on debt which was partially offset by interest expense on higher levels of debt.
 Interest expense for the nine months ended Sept. 30, 1992 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.
 (c) The provision for federal income taxes for the three and nine months ended Sept. 30, 1992 and the nine months ended Sept. 30, 1991 reflects the tax benefit arising from the utilization of Tosco's available net operating loss (NOL) carryforwards.
 The credit for income taxes for the three months ended Sept. 30, 1991 is attributable to the pre-tax operating loss for the quarter as well as the reversal of approximately $5.8 million of previously accrued state income taxes for 1990. Prior year state income tax accruals were based upon estimates of book/tax temporary differences, filing status and apportionment data which were further reviewed and refined in the actual tax returns filed in September and October of 1991.
 (d) In August 1991, Tosco issued 2,300,000 shares of Series F Cumulative Convertible Preferred Stock (Series F Stock) for an aggregate value of $115 million. The Series F stock is convertible at a rate of 2.0833 shares of common stock for each share of Series F stock, equivalent to a conversion price of $24.00 per share. For the three and nine months ended Sept. 30, 1992, dividends of approximately $2.5 million and $7.5 million, respectively, were accrued and paid on the Series F stock.
 TOSCO REFINING DATA SUMMARY
 (Thousands of barrels per day)
 Period ended Sept. 30 Three Months Nine Months
 1992 1991 1992 1991
 Crude oil refined 159.1 108.8 142.6 128.4
 Add'l refinery feed
 & blending stock 6.2 12.8 6.6 7.3
 Total input 165.3 121.6 149.2 135.7
 Petroleum products produced:
 Gasoline 100.7 76.4 91.7 76.6
 Diesel 38.1 16.1 31.3 24.3
 Jet fuel -- 3.4 .4 3.6
 Residuals 11.1 22.9 12.7 13.7
 Petroleum coke 6.8 2.9 6.8 5.5
 Other 5.3 2.3 5.6 11.0
 Total petroleum products
 Produced 162.0 124.0 148.5 134.7
 Purchased products 68.3 60.2 52.3 47.3
 Total petroleum
 Products available
 for sale 230.3 184.2 200.8 182.0
 Total petroleum
 products sold 224.3 181.2 200.1 180.1
 Sales value of refined
 products produced
 for sale $25.00 $24.06 $23.60 $24.86
 Per barrel cost of
 crude oil processed $17.83 $15.58 $15.40 $15.89
 SEMINOLE FERTILIZER DATA SUMMARY
 (In Thousands of Short Tons)
 Periods ended Sept. 30 Three Months Nine Months
 1992 1991 1992 1991
 Phosphate rock mined 883.0 748.8 2,516.9 2,104.2
 Products produced
 for sale:
 Diammonium phosphate
 fertilizer 342.9 508.1 1,212.8 1,387.0
 Triple superphosphate
 fertilizer 74.2 53.4 217.5 155.1
 Monammonium phosphate
 fertilizer -- -- -- 40.4
 Acid products 18.0 8.1 34.7 22.5
 Total products produced
 for sale 435.1 569.6 1,465.0 1,605.0
 Total products purchased 9.4 10.9 172.8 45.0
 Total products available
 for sale 444.4 580.5 1,637.9 1,650.0
 Total products sold 491.1 543.5 1,623.9 1,652.7
 TOSCO CORPORATION AND SUBSIDIARIES
 Summarized Balance Sheet
 (Thousands of dollars, unaudited)
 Period ended Sept. 30
 Cash, equivalents and short-term
 investments $ 101,206
 Other current assets (a) 303,043
 Current liabilities (166,656)
 Working capital 237,593
 Property, plant and equipment (net) 675,976
 Other long term assets 68,094
 Long-term debt (b) (426,764)
 Long-term liabilities (43,937)
 Total shareholders' equity $ 510,962
 (a) Includes inventories valued on the last-in, first out (LIFO) basis. At Sept. 30, 1992, the excess of current cost over the LIFO stated inventory amount was approximately $51 million.
 (b) Includes cash borrowings of approximately $35 million under Seminole's Revolving Credit Facility. There were no cash borrowings outstanding under Tosco's Working Capital Facility at Sept. 30, 1992.
 -0- 10/23/92
 /CONTACT: Jefferson F. Allen or Daniel P. Mulberry, 203-977-1000, both of Tosco investors relations, 203-977-1000/
 (TOS) CO: Tosco Corporation ST: Connecticut IN: OIL SU: ERN


TM -- NYF002 -- 4012 10/23/92 09:08 EDT
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