PASO, Texas -- Western Refining Inc. has reported for the fourth quarter of 2010 a net loss, excluding special items, of $3.5 million, or 4 cents per diluted share. This compares to a fourth-quarter 2009 net loss, excluding special items, of $51.1 million, or 58 cents per diluted share. On a GAAP basis, the company reported a fourth-quarter 2010 net loss of $7.6 million, or 9 cents per diluted share, compared to the fourth-quarter 2009 net loss of $97.5 million, or $1.11 per diluted share.
The quarter-over-quarter improvement was due in large part to higher refining margins [image-nocss] and continued benefits generated from the company's cost savings initiatives.
For the year ended December 31, 2010, the company reported a net loss, excluding special items, of $10.1 million, or 11 cents per diluted share. This compares to full-year 2009 net loss, excluding special items, of $44.5 million, or 56 cents per diluted share. The company reported on a GAAP basis a net loss of $17 million, or 19 cents per diluted share, for the full-year 2010, compared to a net loss of $350.6 million, or $4.43 per diluted share, for the full-year 2009.
The company reported a fourth-quarter adjusted EBITDA, as defined and calculated in the accompanying financial tables, of $63.5 million compared to ($24.7) million for the same quarter in 2009. Adjusted EBITDA for the full-year 2010 was $288.1 million compared to $191.4 million for 2009.
Jeff Stevens, Western Refining's president and CEO, said, "Throughout 2010, we took a number of steps to improve our financial and operating performance. We believe the actions we took, coupled with the strength of refining margins in our markets, position Western well for 2011."
Commenting on current market conditions, Stevens said, "We are currently seeing an extraordinary refining margin environment during a time of year when we traditionally experience seasonally weaker margins.... We are encouraged by the very strong refining margins as we start 2011 and are optimistic that Western is well positioned as we move into the higher demand driving season."
Western Refining Inc. is an independent refining and marketing company headquartered in El Paso, Texas. It operates refineries in El Paso, and Gallup, N.M.. Its asset portfolio also includes refined products terminals in Albuquerque and Bloomfield, N.M., and Yorktown, Va.; retail service stations and convenience stores in Arizona, Colorado and New Mexico; a fleet of crude oil and finished product truck transports; and wholesale petroleum products operations in Arizona, California, Colorado, Nevada, New Mexico, Texas and Utah.
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