Crown appoints new president, reports earnings

November 01, 1991|By David Conn

Crown Central Petroleum Corp. announced the appointment yesterday of Charles L. Dunlap as president and chief operating officer and a member of the company's board of directors.

The appointment is effective Dec. 1.

Mr. Dunlap was formerly a director and executive vice president nTC Pacific Resources Inc., an international energy company based in Honolulu. He also was president of Hawaiian Independent Refinery Inc., a subsidiary of PRI.

Prior to joining PRI in 1985, Mr. Dunlap was manager of refining supply and crude oil trading operations at Arco Petroleum Products.

Henry A. Rosenberg Jr., who will remain as chairman and chief executive officer, blamed the poor performance on maintenance and repairs to a refinery unit in Houston and on the continuing recession. "Crown's operating results have been affected by the severe and prolonged downturn in the economy," he said in a statement.

Nonetheless, the company's board of directors yesterday declared a regular quarterly cash dividend of 10 cents a share on both the Class A and Class B common stock, to be paid Nov. 27 to shareholders of record Nov. 11.

Three months ended 9/30/91

Revenue ... ... ... ... ... ... Net ... ... ... ... ... ... Share

'91 436,566,000 .. ... ... ... 1,618,000 ... ... .. .. .. 0.16

'90 501,091,000 .. ... ... ... 2,383,000 ... ... .. .. .. 0.24

% change ... -12.9 ... ... .. .. -32.1 ... ... ... .. .. .. -33.3

Nine months ended 9/30/91

Revenue ... ... ... ... ... ... Net ... ... ... ... ... ... Share

'91 1,337,653,000 ... ... .. .. 4,039,000 ... ... ... ... 0.41

'90 1,451,551,000 ... ... .. .. 18,708,000 .. ... ... ... 1.90

% change ... -7.8 ... ... .. ... -78.4 ... ... .. .. .. ... -78.4

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