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WARREN, Pa. -- Regional refiner and marketer United Refining Co. saw net sales decline $800,000 for its fiscal year ended Aug. 31, 2009.
The company reported net sales of $2.4 billion, down from $3.2 billion the previous year. Decreases in net sales for the year were due primarily to a 25-percent decrease in wholesale prices and a corresponding 29-percent decrease in retail selling prices, reflecting the overall price decline in world oil markets, the company said in a statement.
Gross profit for the year was $252.7 million, an increase of $143.8 million from $108.9 million for the year prior. The gross profit was favorably impacted by a 31-percent decrease in the cost of purchased crude and a 45-percent increase in retail petroleum margins.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fiscal year were $114.1 million, an increase of $139.6 million from a $25.5 million loss for the year ended Aug. 31, 2008.
The company operates a 70,000-barrel-per-day refinery in Warren, Pa. In addition to its wholesale markets, the company operates 367 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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