WARREN, Pa. -- United Refining Co., a regional refiner and marketer of petroleum products announces operating results for the first fiscal quarter ended November 30.
Net sales for the three months ended Nov. 30, 2006 and Nov. 30, 2005, were $584.6 million and $574 million, respectively. This was an increase of $10.6 million or 1.8% over the comparable quarter for the prior year. Increases in net sales for the quarter were due primarily to increases in asphalt selling prices.
Operating income for the three months ended Nov. 30, 2006, [image-nocss] was $73 thousand or a decrease of $17.3 million from operating income of $17.4 million for the quarter ended Nov. 30, 2005.
Net loss for the three months ended Nov. 30, 2006, was $3.2 million, a decrease of $10.6 million from net income of $7.4 million for the quarter ended November 30, 2005. The decrease in net income and operating income for the fiscal quarter is directly related to the precipitous fall in NYMEX crude oil pricing, which declined more than $21 per barrel during the period from a high of $76.98 per barrel in August to a low of $55.81 per barrel in November.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months ended Nov. 30, 2006, decreased $18.1 million to $5 million from $23.1 million for the three months ended Nov. 30, 2005.
Warren, Pa.-based United Refining operates a 65,000-bpd refinery in Warren. In addition to its wholesale markets, it also operates 371 Kwik Fill/Red Apple and Country Fair retail gasoline and convenience stores located primarily in western New York and western Pennsylvania.
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