United Refining Co., which operates 371 Kwik Fill, Red Apple and Country Fair convenience stores in New York and Pennsylvania, posted strong net income in fiscal year 2007, but saw sales drop more than 1% over the past 12 months.
Net sales for the year ended August 31, 2007 and August 31, 2006 were $2,405.1 million and $2,437.1 million, respectively, which was a decrease of $32 million or 1.3% from the prior year. Decreases in net sales for the year ended August 31, 2007 were due primarily to a decrease in wholesale sales volume primarily as a result of scheduled refinery maintenance turnaround projects and resulting lower crude throughputs. This decrease in wholesale sales was partially offset by increased retail sales of $54.5 million.
Operating income for the year ended August 31, 2007 was $170.3 million, an increase of $38.2 million or 28.9% from the $132.1 million in operating income for the year ended August 31, 2006.
Net income for the year ended August 31, 2007 was $85.7 million, an increase of $21.7 million or 33.9% from net income of $64 million for the year ended August 31, 2006.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fiscal year ended August 31, 2007 increased $41.4 million to $191.7 million from $150.3 million for the fiscal year ended August 31, 2006.
EBITDA before Last in First Out (LIFO) inventory adjustment for the fiscal year ended August 31, 2007 decreased $3.3 million to $181.8 million from $185.1 million for the fiscal year ended August 31, 2006.
