WARREN, Pa. -- United Refining Co. has reported results for the third fiscal quarter and nine- month period ended May 31, 2008. Net sales for the three months ended May 31, 2008, were a record high for the company at $788.9 million, compared to $587.3 million for the prior year quarter. This was an increase of $201.6 million or 34.3% from the prior year quarter. This record revenue for the quarter was primarily attributed to the increase in selling prices of petroleum products coupled with an increase in both wholesale and retail petroleum sales volumes as well as an increase in retail merchandise [image-nocss] sales.
Net sales for the nine months ended May 31, 2008 and 2007, were $2,146.2 million and $1,664.7 million, respectively, which was an increase of $481.5 million or 28.9% from the prior year period.
Net income for the nine months ended May 31, 2008 and 2007, was $7.9 million and $28.5 million respectively. This was a decrease of $20.6 million from the prior nine month period. Net income for the three months ended May 31, 2008 and 2007, was $4.3 million and $32.4 million respectively. This was a decrease of $28.1 million from the prior year quarter.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the nine months ended May 31, 2008 and 2007, were $57.3 million and $80.4 million respectively. This was a decrease of $23.1 million from the prior year nine month period. EBITDA for the three months ended May 31, 2008 and 2007, were $21.9 million and $66.2 million respectively. This was a decrease of $44.3 million from the prior year quarter.
United Refining operates a 70,000 bpd refinery in its home base of Warren, Pa. In addition to its wholesale markets, the company also operates 369 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.