United Refining Operating Income Swings Up

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United Refining Operating Income Swings Up

WARREN, Pa. -- United Refining Co., a petroleum refiner and marketer and operator of the more than 360-unit Kwik Fill/Red Apple and Country Fair convenience store chain, saw its operating income rise $34.9 million to $4.2 million in the second quarter ended Feb. 28, 2009.

Net sales for the second quarter totaled $434.8 million, down 34.5 percent compared to the year ago period, primarily due to lower retail and wholesale petroleum selling prices, despite volume of the products remaining consistent.

Retail merchandise sales increased $3 million during the quarter, while retail petroleum sales gallons increased 3.6 million gallons. However, retail petroleum sales dollars decreased $103.3 million.

United Refining also saw its net loss decrease from $22.9 million in the second quarter 2008 to a net loss of $3.1 million for the second quarter 2009.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the company's second quarter 2009 increased $33.9 million, and totaled $9.7 million.

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-- United Refining Sees Operating Loss Despite Sales Increase