Crown Central Petroleum stays in slump

October 29, 1993|By Kim Clark | Kim Clark,Staff Writer

Crown Central Petroleum Corp. announced yesterday that it posted its fifth consecutive quarterly loss because of slack demand and low prices.

The Baltimore-based gasoline refiner and marketer said it lost $3.3 million, on sales of $455.7 million, in the three months that ended Sept. 30, a slight improvement over last year's third-quarter loss of $3.8 million, on revenue of $475.3 million.

The company said profits from its approximately 400 gas stations and convenience stores continued to improve.

But its refineries are money losers because a glut of petroleum has depressed prices.

Company spokesman Joseph M. Coale said the company hopes that an uptick in consumer demand for gasoline is an indication of an improvement for wholesale prices.

Industry analysts, however, said other East Coast refineries were able to eke out profits in the third quarter.

Crown Central Petroleum Corp.

.. .. .. .. .. .. .. .. .. .Ticker .. .. .. .. .. .. .Yesterday's

.. .. .. .. .. .. .. .. ....Symbol .. .. .. .Cls... .. .. ...Chg.

.. .. .. .. .. .. .. .. .. .CNP/A .. .. .. ..15 3/8 .. .. .. .. ...+.. .. .. .. .. .. .. .. .. .CNP/B .. .. .. ...14.. .. .. .. ...-Period ended

Sept. 30 .. .. .. .. .. ...3rd qtr. .. .. .Year ago .. .. ..Chg.

Revenue .. .. .. .. .. .. $455,691 .. .. ..$475,299 .. .. .-4.1%

Net Income .. .. .. .. ...($3,256) .. .. ...($3,754) .. .. ..--%

Primary EPS .. .. .. .. ...($0.33) .. .. .. .($0.38) .. .. ..--%

.. .. .. .. .. .. .. ..9 mos. .. .. .. .. .Year ago .. .. ..Chg.

Revenue .. .. .. .. .$1,316,770 .. .. .. .$1,305,731 .. ...+0.8%

Net Income .. .. .. ..($11,242) .. .. .. .. ..$8 .. .. .. ...--%

Primary EPS .. .. .. ...($1.14) .. .. .. ....$0.00 .. .. .. .--%

Figures in thousands (except per share data.)

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