WARREN, Pa. -- United Refining Co., a regional refiner and marketer of petroleum products, has reported operating results for the first fiscal quarter ended Nov. 30, 2005. Net income for the three months was $7.4 million, an increase of $1.3 million or 21.3% over net income of $6.1 million for the quarter ended Nov. 30, 2004.
Net sales for the three months ended Nov. 30, 2005, and Nov. 30, 2004, were $574 million and $426.1 million, respectively. This was an increase of $147.9 million, or 34.7%. Increases in net sales for the quarter were due primarily [image-nocss] to increases in selling prices attributed to higher worldwide crude oil prices.
Operating income for the three months ended Nov. 30, 2005, was $17.4 million, or an increase of $1.3 million from operating income of $16.1 million for the comparable 2004 period.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months increased $3 million to $23.1 million from $20.1 million as of Nov. 30, 2004
United Refining operates a 65,000-barrels-per-day refinery in Warren, Pa. In addition to its wholesale markets, the company also operates 375 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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