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    United Refining Q2 Sales Up, Income Down

    Retail volumes and merchandise sales increase.

    WARREN, Pa. -- United Refining Co., a refiner, petroleum marketer and convenience store operator, saw mixed results in its second fiscal quarter and six month period ended Feb. 28, 2010, as sales and volume increased, but income fell.

    Net sales for the quarter totaled $594.7 million, a 36.8 percent jump over the comparable period's $434.8 million a year ago. The increase was primarily due to higher retail and wholesale petroleum selling prices that reflected overall market conditions, according to the company.

    For the first six months of fiscal 2010, net sales reached $1.21 billion, a slight increase over the $1.20 billion seen in the first half of fiscal 2009. This uptick was primarily due to higher retail petroleum selling prices, which were offset by slightly lower wholesale selling prices and volumes, the company stated.

    Combined retail and wholesale volumes also increased slightly for the quarter and six months periods of 2010, while retail merchandise sales at the company's 367 Kwik Fill/Red Apple and Country Fair gas stations and convenience stores increased $5.7 million in the second quarter 2010, and $11.4 million in the first half of fiscal 2010.

    United Refining saw an operating loss of $34.0 million for the second quarter 2010, compared to operating income of $4.2 million for the comparable quarter. Operating loss for the first six months of fiscal 2010 totaled $57.7 million, compared to an operating income of $19.3 million in the first half of fiscal 2009.

    Net loss for the second quarter widened by $22.2 million in the second quarter 2010, from a net loss of $3.1 million for the year-ago quarter to net loss of $25.3 million for the 2010 second quarter. Net loss for the first six months of fiscal 2010 also increased $44.7 million, from a net loss of $12,000 for the first half of fiscal 2009.

    Earnings before interest, taxes, depreciation and amortization (EBITDA) also fell into the negative territory, declining $38.2 million during the second quarter to a loss of $28.5 million, compared to $9.7 million a year ago. EBITDA also decreased $77.6 million in the six months ended Feb. 28, 2010, to a loss of $47.0 million, from $30.6 million for the six months ended Feb. 28, 2009.

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