Welcome!

Wearables Authors: Yeshim Deniz, Elizabeth White, Pat Romanski, Liz McMillan, Zakia Bouachraoui

News Feed Item

United Refining Company Reports Record Year End Fiscal 2012 Results

WARREN, Pa., Nov. 19, 2012 /PRNewswire/ -- United Refining Company, a leading regional refiner and marketer of petroleum products announces results for the Company's fiscal year ended August 31, 2012.

EBITDA1 increased $348.2 million for the fiscal year ended August 31, 2012 to a record $401.3 million from $53.1 million for the fiscal year ended August 31, 2011. 

Net income for the fiscal year ended August 31, 2012 was $190.8 million, an improvement of $198.9 million from net loss of $8.1 million for the year ended August 31, 2011.

Net income and EBITDA includes $43.8 million of unrealized gains on derivative contracts for the fiscal year ended August 31, 2012.

Net sales for the fiscal year ended August 31, 2012 were $3.7 billion as compared to $3.2 billion for the fiscal year ended August 31, 2011.  Wholesale sales increased during fiscal 2012 by $461.8 million or 29.9% for the comparable period in fiscal 2011 from $1,543.1 million to $2,004.9 million.  The increase was due to a 6.2% increase in wholesale selling prices and a 22.3% increase in wholesale volume.  Retail sales increased during fiscal 2012 by $102.2 million or 6.3% for the comparable period in fiscal 2011 from $1,623.8 million to $1,726.0 million.  The retail sales increase was primarily due to increases in petroleum selling prices and merchandise sales.

United Refining Company uses the term EBITDA or earnings before interest, income taxes, depreciation and amortization, which is a term not defined under United States Generally Accepted Accounting Principles.  The Company uses the term EBITDA because it is a widely accepted financial indicator utilized to analyze and compare companies on the basis of operating performance and is used to calculate certain debt coverage ratios included in several of the Company's debt agreements.  The Company's calculation of EBITDA includes an adjustment for a gain that resulted from an extinguishment of its debt since the gain was not a result of the normal operations of the Company.  See reconciliation of EBITDA to Net Income in Footnote (1) in table set forth below.  The Company's method of computing EBITDA may or may not be comparable to other similarly titled measures used by other companies.

                                                           




Year Ended August 31,




2012



2011




(dollars in thousands)








Net Sales


$

3,730,925


$

3,166,876

Operating Income (Loss)


$

358,350


$

33,332

Net Income (Loss)


$

190,816


$

(8,119)

Income Tax Expense  (Benefit)


$

121,954


$

(3,619)

EBITDA  (1)


$

401,282


$

53,118





(1) EBITDA Reconciliation




 

EBITDA Reconciliation











Year Ended August 31,




2012



2011




(dollars in thousands)















Net (Loss) Income


$

190,816


$

(8,119)

Interest Expense



40,913



40,567

Income Tax Expense / (Benefit)



121,954



(3,619)

Gain on Early Extinguishment of Debt



-



1,245

Depreciation



38,718



17,332

Amortization



8,881



5,712

EBITDA – LIFO Basis


$

401,282


$

53,118








EBITDA – LIFO Basis


$

401,282


$

53,118

Non cash Losses(Gains) on Derivative       



(43,826)



51,414

    Contracts







Adjusted EBITDA – LIFO Basis



357,456



104,532

LIFO Inventory Adjustment



(14,332)



41,794

Adjusted EBITDA – FIFO Basis


$

343,124


$

146,326

 

United operates a 70,000 bpd refinery in Warren, Pennsylvania.  In addition to its wholesale markets, the Company also operates 361 Kwik Fill® / Red Apple® and Country Fair® retail gasoline and convenience stores located primarily in western New York and northwestern Pennsylvania.

Certain statements contained in this release are forward looking, such as statements regarding the Company's plans and strategies or future financial performance.  Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge, investors and prospective investors are cautioned that such statements are only projections and that actual events or results may differ materially from those expressed in any such forward-looking statements.  In addition, the Company's actual consolidated quarterly or annual operating results have been affected in the past, or could be affected in the future, by additional factors, including, without limitation, general economic, business and market conditions; environmental, tax and tobacco legislation or regulation; volatility of gasoline prices, margins and supplies; merchandising margins; customer traffic, weather conditions; labor costs and the level of capital expenditures.

SOURCE United Refining Company

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

IoT & Smart Cities Stories
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
SYS-CON Events announced today that IoT Global Network has been named “Media Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. The IoT Global Network is a platform where you can connect with industry experts and network across the IoT community to build the successful IoT business of the future.
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...