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WARREN, Pa. -- United Refining Co., operator of the Kwik Fill/Red Apple and Country Fair convenience store brands, yesterday reported results for the third quarter of fiscal 2009, as well as the nine-month period that ended May 31, 2009.
Net income for the three months ended May 31, 2009 totaled $17.3 million, compared to a net loss of $20.6 million for the three months ended May 31, 2008—an increase in net income of $37.9 million. Net income for the nine months ended May 31, 2009 was $17.3 million, compared to a net loss of $40.3 million for the nine months ended May 31, 2008—an increase of $57.6 million in net income, according to the company.
Net sales for the three months ended May 31, 2009 were $498.3 million, compared to $788.9 million for the prior year quarter. This was a decrease of $290.6 million or 36.8 percent from the prior year quarter. The drop was offset by an increase in retail petroleum sales volumes, as well as an increase in retail merchandise sales.
Net sales for the nine months ended May 31, 2009 were $1,703.6 million, vs. $2,146.2 million for the prior year period—a decrease of $442.6 million or 20.6 percent.
The decreases experienced for both the quarter and nine months was primarily attributed to the decrease in selling prices of petroleum products, which generally reflected the decline in worldwide petroleum prices from period to period, the chain stated.
United Refining operates a refinery in Warren, Pa. In addition to its wholesale markets, the company operates 367 Kwik Fill/Red Apple and Country Fair retail gasoline and c-stores located primarily in western New York and western Pennsylvania.
United Refining Operating Income Swings Up