WARREN, Pa. -- United Refining Co., a regional refiner and marketer of petroleum products, has announced that its operating income for the second fiscal quarter ended Feb. 28, 2006, increased $19.5 million from a loss of $19.6 million for the quarter ended Feb. 28, 2005 to a loss of $100,000 for the quarter ended Feb. 29, 2006; with operating income for the six months increasing $20.7 million from a $3.4 million operating loss for the six months ended Feb. 28, 2005, to operating income of $17.3 million for the six months ended Feb. 28, 2006.
Net sales [image-nocss] for the three months ended Feb. 28, 2006, and Feb. 28, 2005, were $506.5 million and $384.8 million, respectively. This was an increase of $121.7 million or 31.6% over the prior year period. Net sales for the six months ended Feb. 28, 2006, and Feb. 28, 2005, were $1.0805 billion and $810.8 million, respectively, which was an increase of $269.7 million or 33.3% over the prior year period. Increases in net sales for both the quarter and six months were primarily due to increases in selling prices attributed to increased worldwide crude oil prices.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months ended Feb. 28, 2006 increased $19.6 million to $4.2 million compared to a negative $15.4 million for three months ended Feb. 28, 2005. EBITDA increased $22.6 million for the six months ended Feb. 28, 2006, to $27.3 million from $4.7 million for the six months ended Feb. 28, 2005.
United Refining operates a 65,000-barrels-per-day (bpd) refinery in its home base of Warren, Pa. In addition to its wholesale markets, the company also operates 373 Kwik Fill/ Red Apple and Country Fair retail gasoline and convenience stores located primarily in western New York and western Pennsylvania.Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.