United Refining has reported a decrease in net sales of $228.9 million or 34.5% over the previous year period. The decrease was mainly due to lower quarter to quarter retail and wholesale petroleum selling prices, reflecting the overall market decline in petroleum products, while volumes stayed relatively constant. Retail merchandise sales raised $3 million and although retail petroleum sales gallons increased 3.6 million gallons for the period, retail petroleum sales dollars decreased $103.3 million. Wholesale sales revenues reduced $128.6 million for the quarter ended February 28, 2009 compared with the comparable year-ago quarter. Although wholesale sales volume decreased slightly, the decline in sales revenue was mainly due to a 35.3% decrease in wholesale average sales prices for all wholesale products.
The company has reported operating income for the second quarter fiscal 2009 increased $34.9 million, compared with the operating loss of $30.7 million in the year-ago quarter to operating income of $4.2 million for the quarter ended February 28, 2009. It also reported that the operating income for the six months ended February 28, 2009 increased $38.4 million from a loss of $19.1 million for the six months ended February 29, 2008 to operating income of $19.3 for the six months ended February 28, 2009.
United Refining has reported net loss for the six months ended February 28, 2009 decreased $19.8 from a net loss of $19.8 million for the six months ended February 29, 2008 to net income of twelve thousand dollars for the six month ended February 28, 2009.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of fiscal 2009 increased $33.9 million compared with the EBITDA of $9.7 million to a negative $24.2 million in the year-ago quarter. EBITDA increased $35 million for the six months ended February 28, 2009 to $30.6 million from a negative $4.4 million for the six months ended February 29, 2008.
United Refining operates a 70,000 bpd refinery in Warren, Pennsylvania. In addition to its wholesale markets, the company also operates 369 Kwik Fill (R) / Red Apple (R) and Country Fair (R) retail gasoline and convenience stores situated mainly in western New York and western Pennsylvania.
