WARREN, Pa. -- United Refining Co. has reported results for the company's fiscal year ended Aug. 31, 2006. Net sales for the year ended Aug. 31, 2006, and Aug. 31, 2005, were $2.4371 billion and $1.8902 billion, respectively, which was an increase of $546.9 million or 28.9% over the prior year.
Increases in net sales for the year ended Aug. 31, 2006, were due primarily to increases in selling prices attributed to increased worldwide crude oil prices. Also contributing to the increase in net sales for the year was increased retail petroleum volume and [image-nocss] merchandise sales and an increase in refinery crude throughput runs.
Operating income for the year ended Aug. 31, 2006, was $132.1 million, an increase of $88.6 million from the $43.5 million in operating income for the year ended Aug. 31, 2005. Net Income for the year ended Aug. 31, 2006, was $64 million, an increase of $54.1 million from net income of $9.9 million for the year ended Aug. 31, 2005.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fiscal year ended Aug. 31, 2006, increased $92.3 million to $150.3 million from $58 million for the fiscal year ended Aug. 31, 2005. EBITDA before Last In First Out (LIFO) inventory adjustment for the fiscal year ended Aug. 31, 2006, increased $108.3 million to $185.1 million from $76.8 million for the fiscal year ended Aug. 31, 2005.
United Refining operates a 65,000-barrel-per-day (bpd) refinery in its home base of Warren, Pa. In addition to its wholesale markets, the company also operates 372 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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