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United Refining Company Announces First Quarter Results

26 January 2000

United Refining Company Announces First Quarter Results

    WARREN, Pa, Jan. 25 -- United Refining Company, a leading
regional refiner and marketer of petroleum products announced operating
results for the first quarter of Fiscal 2000.
    Net sales increased $58.0 million or 31.0% from $187.1 million for the
fiscal quarter ended November 30, 1998 to $245.1 million for the fiscal
quarter ended November 30, 1999. Retail sales for the quarter increased $29.9
million or 28.7% from $103.9 million to $133.8 million. This increase included
$24.3 million in retail petroleum sales and a $5.6 million increase (25.7%) in
retail merchandise sales.
    Operating income for the first quarter of fiscal 2000 increased $2.4
million or 75% from $3.2 million to $5.6 million. Earnings before interest,
taxes, depreciation and amortization (EBITDA) increased $1.2 million (15.4%)
from $7.8 million for the quarter ended November 30, 1998 to $9.0 million for
the quarter ended November 30, 1999.
    United operates a refinery in Warren, Pennsylvania. In addition to its
wholesale markets, the Company also operates 303 Kwik Fill/Red Apple retail
gasoline and convenience stores located primarily in western New York and
western Pennsylvania.

    UNITED REFINING COMPANY
    ($ In Thousands)

                                              Three Months Ended
                                                  November 30,
                                     1999                             1998

    Net Sales                    $245,084                             $187,092
    EBITDA                         $9,029                             $7,799
    Operating Income               $5,564                             $3,229
    Income Tax Expense/(Benefit)      $42                             $(284)
    Net Income/(Loss)                 $65                             $(450)

 SOURCE  United Refining Company