Crown Central posts fourth straight loss

July 30, 1993|By Kim Clark | Kim Clark,Staff Writer

Crown Central Petroleum Corp. announced yesterday that it posted its fourth consecutive quarterly loss because of continuing slack demand and a drop in crude oil prices in June.

The Baltimore-based refiner and marketer said that during the second quarter it lost $2.3 million on sales of $448 million, down from a $2.6 million profit on sales of $459 million in the same period of 1992.

Crown spokesman Joseph M. Coale said that although refinery operations have been hurt by the poor economy, advertising and promotion programs boosted sales at Crown's gas stations and convenience stores by 8 percent over last year.

He said the company's recent offer to regular customers of certificates for free oil changes at Jiffy Lube outlets was the most successful promotion in company history.

Crown Central

Petroleum Corp.

Ticker .. .. .. .. Yesterday's Symbol .. .. .. .. Cls. .. .. Chg.

CNP/A .. .. .. .. 16 1/2 .. .. - 1/4

CNP/B .. .. .. .. 13 3/4 .. .. -

Period ended

June 30 . .. .. .. 2nd qtr. .. .. Year ago .. .. Chg.

Revenue . .. .. .. $447,777 .. .. $458,546 .. .. -2.3%

Net Income . .. .. ($2,266) .. .. $2,560 . .. .. --

Primary EPS .. .. $(0.23) .. .. $0.26 .. .. .. --

.. .. .. .. .. .. 6 mos. . .. .. Year ago .. .. Chg.

Revenue . .. .. .. $861,079 .. .. $830,432 .. .. +3.7%

Net Income . .. .. ($7,986) .. .. $3,762 . .. .. --

Primary EPS .. .. ($0.81) .. .. $0.38 .. .. .. --

Figures in thousands (except per share data.)

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