Crown posts first profit in any quarter since '91

February 25, 1994|By Ted Shelsby | Ted Shelsby,Sun Staff Writer

Crown Central Petroleum Corp. ended 1993 with a profitable fourth quarter, its first profitable quarter, excluding accounting adjustments, since the last quarter of 1991.

For the full year, Crown posted a loss of $4.3 million, or 44 cents a share.

The Baltimore-based company attributed much of the improvement during the most recent quarter to its adoption of a marketing strategy that included locking in the future price at which it would sell its gasoline as a hedge against declining margins.

"Although overall refinery margins weakened in the fourth quarter of 1993 vs. 1992, successful management of inventory price volatility improved company results," said Chairman Henry A. Rosenberg Jr.

Mr. Rosenberg said that the company's use of a last in, first out inventory system also helped the company cope with rapidly falling prices in the fourth quarter by reducing the cost of replacing inventory.

Crown Central ... ... ... ... Ticker ... ... ... ... Yesterday's

Petroleum Corp .. ... ... ... Symbol ... ... ... ... Cls ... Chg.

... ... ... ... ... .. .. ... CNP/A ... ... .. .. .. 18 1/2 + 1/2

.. .. .. .. .. .. .. .. .. .. CNP/B ... ... .. .. .. 16 3/4 unch.

Period ended

12/31/93 ... ... ... ... ... 4th qtr ... ... Year ago ... .. Chg.

Revenue ... ... ... ... ... $430,641 ... ... $489,528 ... .. 12.0%

Net Income ... .. .. ... ... $6,942 .. .. ... $(5,514) ... .. --

Primary EPS .. .. .. .. .. .. $0.70 .. .. ... $(0.56) ... ... --

... ... ... ... ... ... ... Year ... ... ... Year ago ... ... Chg.

Revenue ... ... ... ... ... $1,747,411 .. .. $1,795,259 .. .. 2.7%

Net Income ... ... .. .. .. $(4,300).. .. .. $(5,506) ... ... --

Primary EPS .. ... .. .. .. $(0.44) .. .. .. $(0.56) .. .. .. --

Figures in thousands (except per share data.)

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