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TOSCO REPORTS RESULTS

 TOSCO REPORTS RESULTS
 STAMFORD, Conn., Jan. 30 /PRNewswire/ -- Tosco Corporation


(NYSE: TOS) reported today net income of $33.5 million, or $0.96 per fully diluted share, on revenues of $484.7 million for the fourth quarter ended Dec. 31, 1991. This compares to 1990 fourth quarter earnings of $13.6 million, or $0.45 per fully diluted share, on revenues of $635.8 million.
 Net income for the year ended Dec. 31, 1991 was $75.4 million on revenues of $1.98 billion with earnings per fully diluted share of $2.35. These results compare with 1990 earnings of $123.2 million on revenues of $2.16 billion with earnings per fully diluted share of $3.94.
 Thomas D. O'Malley, Tosco Corporation's chairman and chief executive officer, said, "Fourth quarter results were favorable at both Tosco Refining and Seminole Fertilizer. The good financial results at Tosco Refining are indicative of the company's ability to perform well even during a period of weak margins, absent major maintenance. Tosco Refining has an on-going program to upgrade its refinery units and this program is starting to bear fruit."
 O'Malley went on to say, "Going forward, first quarter results will be impacted by scheduled maintenance and unit upgrades at the refinery, but there is no maintenance scheduled for the remainder of 1992."
 O'Malley further stated that Tosco's subsidiary, Seminole Fertilizer Corporation, continues to perform very well. The upgrade of the Beneficiation Plant was completed on time and added to the company's earning power in the fourth quarter. Construction of Seminole's new cogeneration project is on schedule and budget and should be completed in August 1992.
 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)
 Periods Ended Three Months Year
 Dec. 31: 1991 1990 1991 1990
 Sales (A) $484,696 $635,826 $1,979,700 $2,157,928
 Selling, general &
 administrative exp. (B) 11,343 10,287 32,723 53,065
 Interest expense, net (C) 6,358 19,738 35,749 62,979
 Income before provision
 for income taxes (D) 37,586 17,375 78,374 142,166
 Provision for income
 taxes (E) 4,114 3,811 3,010 18,956
 Net income 33,472 13,564 75,364 123,210
 Income per common and
 common equivalent share
 Primary $1.03 $.45 $2.39 $5.37
 Fully diluted .96 .45 2.35 3.94
 Shares used in the computation
 of earnings per common and common
 equivalent share (F):
 Primary 30,008 30,278 29,964 21,561
 Fully diluted 34,870 30,278 32,074 31,033
 (A) -- The decrease in sales for the three months ended Dec. 31, 1991, from the comparable period in 1990 is primarily due to decreases in sales prices of refined petroleum products.
 (B) -- Selling, general and administrative expense for the three months and year ended Dec. 31, 1991, includes a provision for incentive compensation and supplemental retirement benefits of approximately $3.3 million and $4.6 million (excluding $.7 million and $1.2 million charged to operations), respectively. The three months ended Dec. 31, 1990, include provisions for incentive compensation of $1.1 million and workers compensation and other insurance benefits of $.9 million as well as $1.3 million of certain non-recurring costs.
 For the year ended Dec. 31, 1990, selling, general and administrative expense included a provision for incentive compensation and supplemental retirement benefits of $8.2 million (excluding $1.1 million charged to operations), an accrual of $4 million for potential losses on trade receivables, and a provision of $10.8 million for the estimated costs associated with the relocation of Tosco's offices in Santa Monica and Bakersfield to Concord, Calif., and related staff reductions.
 (C) -- The decrease in net interest expense for 1991 from the compretirement of $50 million of Seminole's subordinated debt in August 1991 at a pre-tax net gain of approximately $1.5 million (reflected as a reduction of selling, general, and administrative expense). Convertible subordinated debentures due May 30, 1992, of $10.6 million were also redeemed at par in November 1991. Interest expense for the three months and year ended Dec. 31, 1990, included the write-off of approximately $9.3 million of previously deferred financing costs.
 (D) -- Results of operations for the three months and year ended Dec. 31, 1991, include a LIFO credit of approximately $6.9 million ($1.2 million of which is attributable to the reduction of fertilizer inventories) and a $4.0 million charge for costs related to probable environmental remedial efforts. Results of operations for the three months and year ended Dec. 31, 1990, included a LIFO gain of approximately $13.0 million due to the reduction of petroleum inventories during the fourth quarter of 1990.
 (E) -- The provision for federal income taxes for the three months and years ended Dec. 31, 1990, and 1991, reflects the tax benefit arising from the utilization of Tosco's available net operating loss (NOL) carryforwards. The provision for income taxes for the year ended Dec. 31, 1991, also reflects the reversal of approximately $5.8 million of previously accrued federal and state income taxes for 1990. Prior year 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.
 (F) -- 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 per share. For the quarter and year ended Dec. 31, 1991, dividends of approximately $2.5 million and $3.8 million, respectively were accrued on the Series F stock which decreased earnings per share.
 There were no dividends paid or accrued on preferred stock during the fourth quarter of 1990 due to the conversion of substantially all of Tosco's then outstanding preferred stock to common stock pursuant to redemption calls by Tosco.
 A quarterly dividend of $.15 per share of common stock was paid on Dec. 30, 1991, to shareholders of record on Dec. 20, 1991.
 TOSCO REFINING DATA SUMMARY
 (Thousands of barrels per day)
 Periods Ended Three Months Year
 Dec. 31 1991 1990 1991 1990
 Crude oil refined 146.0 133.3 132.8 144.7
 Add'l refinery feed &
 blending stock 6.6 7.3 7.0 4.9
 Total input 152.6 140.6 139.8 149.6
 Petroleum products produced:
 Gasoline 90.8 89.3 80.2 94.0
 Diesel 34.5 30.0 26.9 28.6
 Jet fuel 3.2 4.0 3.5 3.9
 Residuals 4.4 9.2 11.0 9.5
 Petroleum coke 7.1 6.6 5.9 6.9
 Other 5.9 6.0 9.6 4.2
 Total petroleum products
 produced 145.9 145.1 137.1 147.1
 Purchased products 29.6 19.1 42.8 27.4
 Total petroleum products
 available for sale 175.5 164.2 179.9 174.5
 Total petroleum products sold 172.2 175.7 178.5 176.8
 Realized product price per
 barrel sold $23.86 $35.15 $24.63 $28.65
 Per barrel cost of crude
 oil processed $15.61 $26.33 $15.81 $19.00
 SEMINOLE FERTILIZER DATA SUMMARY
 (In thousands of short tons)
 Periods Ended Three Months Year
 Dec. 31 1991 1990 1991 1990
 Phosphate rock mined 719.1 675.7 2,823.3 2,879.6
 Products produced for sale:
 Diammonium phosphate fertilizer 490.5 398.8 1,877.5 1,647.6
 Triple superphosphate fertilizer 84.9 97.5 240.0 321.0
 Monammonium phosphate fertilizer -- -- 40.4 24.1
 Acid products 5.2 7.9 27.6 62.8
 Total products produced for
 sale 580.6 504.2 2,185.5 2,055.5
 Total products purchased 23.4 36.2 68.4 178.3
 Total products available for
 sale 604.0 540.4 2,253.9 2,233.8
 Total products sold 694.8 449.5 2,347.5 2,214.1
 -0- 1/30/92
 /CONTACT: Jefferson F. Allen or Daniel P. Mulderry of Tosco, 203-977-1000/
 (TOS) CO: Tosco Corporation ST: Connecticut IN: OIL SU: ERN


TS-PS -- NY009 -- 5084 01/30/92 09:03 EST
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