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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