Decreases in net sales for the year ended Aug. 31, 2009, were due primarily to a 25% decrease in wholesale prices and a corresponding 29% decrease in retail selling prices reflecting the overall price decline in world oil markets.
Gross [image-nocss] profit for the year ended Aug. 31, 2009, was $252.7 million, an increase of $143.8 million from $108.9 million for the year ended Aug. 31, 2008. The gross profit of the company was favorably impacted by a 31% decrease in the cost of purchased crude and a 45% increase in retail petroleum margins.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fiscal year ended Aug. 31, 2009, was $114.1 million, an increase of $139.6 million from a loss of $25.5 million for the year ended Aug. 31, 2008.
Warren, Pa.-based United Refining operates a 70,000-barrels-per-day refinery in Warren. 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.
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