WARREN, Pa. -- United Refining Co., a leading regional refiner and marketer of petroleum products, has announced operating results for the second fiscal quarter and six-month period ended Feb. 28, 2010. Net sales for the three months ended Feb. 28, 2010, and 2009 were $594.7 million and $434.8 million, respectively. This was an increase of $159.9 million or 36.8% over the prior-year period.
The increase was primarily due to higher retail and wholesale petroleum selling prices for the comparable period, reflecting overall market conditions. Net sales for the six months [image-nocss] ended Feb. 28, 2010, and 2009 were $1,215.7 million and $1,205.3 million, respectively. This was an increase of $10.4 million or .9% over the prior year period.
The increase for the six month period was primarily due to higher retail petroleum selling prices, offset by slightly lower wholesale selling prices and volumes. Combined retail and wholesale volumes increased slightly between the two periods and retail merchandise sales for the quarter and six months ended Feb. 28, 2010, increased $5.7 million and $11.4 million, respectively.
Operating income for the second quarter ended Feb. 28, 2010, decreased $38.2 million from operating income of $4.2 million for the quarter ended Feb. 28, 2009, to an operating loss of $34 million for the quarter ended Feb. 28, 2010. Operating income for the six months ended Feb. 28, 2010, decreased $77 million from operating income of $19.3 million for the six months ended Feb. 28, 2009, to an operating loss of $57.7 for the six months ended Feb. 28, 2010.
Net loss for the second quarter ended Feb. 28, 2010, increased $22.2 million from a net loss of $3.1 million for the quarter ended Feb. 28, 2009 to net loss of $25.3 million for the quarter ended Feb. 28, 2010. Net loss for the six months ended Feb. 28, 2010, increased $44.7 million from a net loss of $12,000 for the six months ended Feb. 28, 2009 to a net loss of $44.7 million for the six month ended Feb. 28, 2010.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months ended Feb. 28, 2010, decreased $38.2 million to negative $28.5 million compared to $9.7 million for the three months ended Feb. 28, 2009. EBITDA decreased $77.6 million for the six months ended Feb. 28, 2010, to a negative $47 million from $30.6 million for the six months ended Feb. 28, 2009.
United Refining operates a 70,000 bpd refinery in Warren, Pa. In addition to its wholesale markets, the company also operates 367 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.