Crown Central PetroleumAfter seeing its profits eaten...

THE BALTIMORE SUN

Crown Central Petroleum

After seeing its profits eaten up by skyrocketing oil prices last autumn, this Baltimore-based oil refiner said it benefited from the winter's oil price drops.

Crown Central, which earned $2.4 million in its third quarter, said it earned $7.3 million in the last three months of 1990 because its retail gasoline prices didn't fall as fast as crude-oil prices.

William Snyder, vice president of the company, said he expects Crown to continue to benefit from a postwar stabilizing of oil prices.

For the year, Crown said, its earnings rose by $5 million, to $26 million, because of the inclusion of the sales and profits from the La Gloria Oil and Gas Co., which Crown bought in late 1989.

William Hyler, an analyst who follows Crown's stock for Oppenheimer & Co., said the performance for the fourth quarter was "not bad" and that Crown will benefit whenever crude prices weaken.

Three months ended 12/31/90

.. .. .. .. Revenue.. .. .. Net.. .. .. .. Share

'90.. 608,434,000.. .. 7,303,000.. .. .. 0.75

'89.. 495,769,000.. .. 3,136,000.. .. .. 0.32

% change.. +22.7.. .. .. ..+132.9.. .. .. +134.4

Year ended 12/31/90

.. .. .. .. Revenue.. .. .. Net.. .. .. .. Share

'90.. .. 2,059,985,000.. 26,011,000.. .. 2.65

'89.. .. 1,402,758,000.. 21,005,000.. .. 2.09

% change.. .. +46.8.. .. .. .. +23.8.. .. +26.8

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