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    United Refining Co.'s 2008 Starts Strong

    The company begins the fiscal year with $13.4 million in net income.

    WARREN, Pa. -- Regional refining and marketing company United Refining Co., which also operates 371 Kwik Fill/Red Apple and Country Fair convenience stores, began fiscal 2008 with gains in all aspects of its financial operations.

    For the first quarter ended Nov. 30, 2007, net sales jumped 18.6 percent, or $109 million, to $693.6 million, compared to $584.6 million seen in the comparable quarter of fiscal 2007, according to the company, which attributed the gains to increases in selling prices.

    Meanwhile, operating income in the first quarter of 2008 reached $29.1 million, an increase of $29.6 million compared to the operating loss of $.5 million for the first quarter in fiscal 2007, the company stated.

    In addition, net income for the first quarter reached $13.4 million, jumping $16.6 million from a net loss of $3.2 million seen in the first quarter of 2007. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased $32.2 million to $37.2 million, from $5 million achieved in the year-ago period.

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