United Refining reports
By CHUCK HAYES chayes@timesobserver.comUnited Refining Company's net sales during the third quarter of the current fiscal year jumped by 34.3 percent.
Net sales during the most recent quarter represented a record for the Warren-based company, according to United.
The company's net sales for the quarter were more than $200 million higher than the comparable period of the previous fiscal year.
United's net sales for the three months ending on May 31, 2008 were $788.9 million compared to $587.3 million during the third quarter of fiscal 2007 - an increase of $201.6 million.
For the first nine months of fiscal 2008, United's net sales have increased by $481.5 million, or 28.9 percent, from the first three quarters of the last fiscal year.
Despite the record net sales, the company said that net income decreased.
Net income for the nine months ending on May 31, 2008 was $7.9 million compared to $28.5 million during the first three quarters of 2007.
Net income during the third quarter of 2008 was $4.3 million compared to $32.4 million during the third quarter of 2007, according to United.
The company said the record revenues were primarily due to the increased selling price of petroleum products coupled with an increase in both wholesale and retail petroleum sales volume an an increase in retail merchandise sales at the company's 369 Kwik Fill/Red Apple and Country Fair retail gas and convenience stores.
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trythis
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07-26-08 9:33 AM
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Time for United to buy the OGM rights under Rimrock and donate them to the county so that the recreation area can be protected!
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