United Refining: first fiscal quarter results

United Refining Company has announced results for the first fiscal quarter ended November 30 2014. NYMEX crude prices for the first quarter ended that day also and decreased from US$96 /bbl at the beginning of the quarter to US$66 /bbl at the end. This decrease in crude price was the primary reason for the decrease in sales for the quarter.

Net sales for the fiscal quarter were US$824.7 million, a decrease of US$67 million from US$891.7 million for the fiscal quarter ended November 30 2013. This was primarily due to petroleum price decreases. Retail sales decreased by US$34.6 million or 8.4% compared to the comparable period in fiscal 2014 from US$413.7 million – US$ 379.1 million reflecting decreases in retail petroleum selling prices, and a decrease in retail petroleum volume. Merchandise sales remained constant. Wholesale sales decreased during the fiscal quarter by US$32.4 million or 6.8% compared to the comparable prior period from US$477.9 million to US$445.5 million reflecting a decrease in wholesale selling prices while sales volumes remained relatively constant.

Net income was US$17.6 million, an increase of US$18.7 million from net loss of US$1.1 million for the first quarter ended November 30 2013. EBITDA for the three months ended November 30 2014 was US$46.2 million, an increase of US$34. Million from US$12.2 million for the three months ended November 30 2013. As of November 30 2014, the company’s liquidity position included US$67.7 million of cash and there were no borrowings against the US$175 million Revolving Credit Facility.

Edited from press release by Claira Lloyd

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