<PAGE> 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
For quarter ended JULY 31, 1999 Commission file number 1-14990
------------- -------
GETTY PETROLEUM MARKETING INC.
------------------------------
(Exact name of registrant as specified in its charter)
MARYLAND 11-3339235
- - ------------------------------- ----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
125 JERICHO TURNPIKE, JERICHO, NEW YORK 11753
- - ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
(516) 338 - 6000
----------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
---
Registrant has 13,948,046 shares of Common Stock, par value $.01 per share,
outstanding as of July 31, 1999.
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<PAGE> 2
GETTY PETROLEUM MARKETING INC.
INDEX
<TABLE>
<CAPTION>
Part I. FINANCIAL INFORMATION Page Number
-----------
<S> <C>
Item 1. Financial Statements
Consolidated Balance Sheets as of July 31, 1999 and
January 31, 1999 1
Consolidated Statements of Operations for the three and
six months ended July 31, 1999 and 1998 2
Consolidated Statements of Cash Flows for the
six months ended July 31, 1999 and 1998 3
Notes to Consolidated Financial Statements 4 - 7
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 8 - 12
Part II. OTHER INFORMATION
Item 5. Other Information 13
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 13
</TABLE>
<PAGE> 3
GETTY PETROLEUM MARKETING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
<TABLE>
<CAPTION>
July 31, January 31,
Assets: 1999 1999
--------- -----------
(unaudited) (unaudited)
<S> <C> <C>
Current assets:
Cash and equivalents $ 9,886 $ 6,169
Investments 791 1,339
Accounts receivable, net 11,810 9,458
Inventories 24,126 16,475
Deferred income taxes 4,619 7,315
Prepaid expenses and other current assets 5,080 2,886
--------- ---------
Total current assets 56,312 43,642
Property and equipment, at cost, less
accumulated depreciation and amortization 108,644 101,504
Other assets 4,930 4,275
--------- ---------
Total assets $ 169,886 $ 149,421
========= =========
Liabilities and Stockholders' Equity:
Current liabilities:
Short-term borrowings $ -- $ 1,900
Accounts payable 32,430 16,781
Accrued expenses 12,830 12,836
Gasoline taxes payable 21,097 13,560
Income taxes payable -- 1,086
--------- ---------
Total current liabilities 66,357 46,163
Deferred income taxes 21,727 21,863
Other, principally deposits 21,363 21,175
--------- ---------
Total liabilities 109,447 89,201
--------- ---------
Stockholders' equity:
Preferred stock, par value $.01 per share; authorized
10,000,000 shares for issuance in series (none of which is issued) -- --
Common stock, par value $.01 per share; authorized
30,000,000 shares; issued 13,948,046 at July 31, 1999
and 13,945,156 at January 31, 1999 139 139
Paid-in capital 60,328 60,446
Retained earnings 2,081 1,747
Unearned ESOP stock (358,026 shares at July 31, 1999 and
425,155 shares at January 31, 1999) (1,719) (2,041)
Accumulated other comprehensive loss (390) (71)
--------- ---------
Total stockholders' equity 60,439 60,220
--------- ---------
Total liabilities and stockholders' equity $ 169,886 $ 149,421
========= =========
</TABLE>
See accompanying notes.
-1-
<PAGE> 4
GETTY PETROLEUM MARKETING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
<TABLE>
<CAPTION>
Three months ended July 31, Six months ended July 31,
--------------------------- ------------------------
1999 1998 1999 1998
----------- --------- --------- ----------
<S> <C> <C> <C> <C>
Sales and operating revenues $ 195,010 $ 172,528 $ 353,980 $ 343,269
Other income 343 702 522 872
--------- --------- --------- ---------
195,353 173,230 354,502 344,141
--------- --------- --------- ---------
Cost of sales and operating expenses
(excluding depreciation and amortization) 184,880 166,338 333,817 333,593
Selling, general and administrative expenses 5,844 5,383 11,270 10,581
Depreciation and amortization 4,232 3,784 8,322 7,501
Interest expense 236 217 495 428
--------- --------- --------- ---------
195,192 175,722 353,904 352,103
--------- --------- --------- ---------
Earnings (loss) before provision
(credit) for income taxes 161 (2,492) 598 (7,962)
Provision (credit) for income taxes 71 (996) 264 (3,154)
--------- --------- --------- ---------
Net earnings (loss) $ 90 ($ 1,496) $ 334 ($ 4,808)
========= ========= ========= =========
Net earnings (loss) per share:
Basic $ .01 ($ .11) $ .02 ($ .36)
Diluted $ .01 ($ .11) $ .02 ($ .36)
Weighted average shares outstanding:
Basic 13,567 13,409 13,550 13,373
Diluted 13,588 13,409 13,564 13,373
</TABLE>
See accompanying notes.
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<PAGE> 5
GETTY PETROLEUM MARKETING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
Six months ended
July 31,
--------------------
1999 1998
-------- --------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) $ 334 ($ 4,808)
Adjustments to reconcile net earnings (loss) to
net cash provided by operating activities:
Depreciation and amortization 8,322 7,501
Deferred income taxes 2,789 (1,167)
ESOP charge 195 397
(Gain) loss on dispositions of property and equipment 189 (343)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable (2,352) 2,938
Inventories (7,651) 4,373
Prepaid expenses and other current assets (2,197) (2,317)
Other assets (892) (35)
Accounts payable, accrued expenses and
gasoline taxes payable 23,180 (1,578)
Income taxes payable (1,086) (307)
Other, principally deposits 188 209
-------- --------
Net cash provided by operating activities 21,019 4,863
-------- --------
Cash flows from investing activities:
Capital expenditures (11,746) (9,021)
Acquisitions (3,562) --
Proceeds (payments) related to dispositions
of property and equipment (103) 443
-------- --------
Net cash used in investing activities (15,411) (8,578)
-------- --------
Cash flows from financing activities:
Repayment of short-term borrowings (1,900) --
Stock options and common stock 9 318
-------- --------
Net cash provided by (used in) financing activities (1,891) 318
-------- --------
Net increase (decrease) in cash and equivalents 3,717 (3,397)
Cash and equivalents at beginning of period 6,169 9,798
-------- --------
Cash and equivalents at end of period $ 9,886 $ 6,401
======== ========
Supplemental disclosures of cash flow information Cash paid during the period
for:
Interest $ 381 $ 299
Income taxes, net 2,059 1,462
</TABLE>
See accompanying notes.
-3-
<PAGE> 6
GETTY PETROLEUM MARKETING INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. General:
The accompanying consolidated financial statements include the accounts of
Getty Petroleum Marketing Inc. and its wholly-owned subsidiaries (the
"Company"). The consolidated financial statements have been prepared in
conformity with generally accepted accounting principles and include amounts
that are based on management's best estimates and judgments. While all available
information has been considered, actual amounts could differ from those
estimates. The consolidated financial statements are unaudited but, in the
opinion of management, reflect all adjustments (consisting of normal recurring
accruals) necessary for a fair presentation. These statements should be read in
conjunction with the consolidated financial statements and related notes which
appear in the Company's Annual Report on Form 10-K for the fiscal year ended
January 31, 1999.
2. Earnings (loss) per share:
Basic earnings (loss) per share is computed by dividing net earnings (loss)
by the weighted average number of shares of common stock outstanding during the
periods presented. Diluted earnings per share reflects the potential dilution
from the exercise of stock options in the amounts of 21,000 shares and 14,000
shares for the quarter and six months ended July 31, 1999, respectively. For the
quarter and six months ended July 31, 1998, diluted loss per share amounts do
not reflect the potential dilution from the exercise of stock options since such
inclusion would be anti-dilutive.
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<PAGE> 7
3. Stockholders' equity:
A summary of the changes in stockholders' equity for the six months ended
July 31, 1999 is as follows (in thousands):
<TABLE>
<CAPTION>
Accumulated
Other
Common Paid-in Retained Comprehensive
Stock Capital Earnings Loss(*) ESOP Total
- - -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balance,
January 31, 1999 $139 $ 60,446 $ 1,747 $ (71) $(2,041) $60,220
Comprehensive earnings
(loss):
Net earnings 334 334
Net unrealized loss
on equity securities (319) (319)
-------
Total 15
-------
ESOP stock committed
to be released (127) 322 195
Issuance of
common stock 9 9
--------------------------------------------------------------------------------------
Balance,
July 31, 1999 $139 $ 60,328 $ 2,081 $ (390) $(1,719) $60,439
=====================================================================================
</TABLE>
(*) Represents net unrealized loss on equity securities. For the three months
ended July 31, 1999, the Company had a net unrealized gain on equity securities
of $70. For the three and six months ended July 31, 1998, the Company had a net
unrealized loss on equity securities of $319 and $147, respectively.
-5-
<PAGE> 8
4. Segment information:
The Company has two reportable segments: Petroleum Marketing and Heating
Oil. The Petroleum Marketing segment distributes, markets and sells gasoline and
diesel fuel to consumers through a network of 1,267 Getty and other branded
retail outlets. The Heating Oil segment is involved in the sale of fuel oil,
kerosene and propane, and oil burner and related services to residential and
commercial customers in the New York Mid-Hudson Valley region.
The financial results of the Petroleum Marketing and Heating Oil segments
for the quarters and six month periods ended July 31, 1999 and 1998 are set
forth below (in thousands):
<TABLE>
<CAPTION>
Quarter ended July 31, 1999 Quarter ended July 31, 1998
--------------------------- ---------------------------
Petroleum Heating Petroleum Heating
Marketing Oil Total Marketing Oil Total
--------- --------- --------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Sales and operating revenues $ 191,792 $ 3,218 $ 195,010 $ 169,589 $ 2,939 $ 172,528
Other income 331 12 343 685 17 702
------------------------------------------------------------------------
192,123 3,230 195,353 170,274 2,956 173,230
---------
Cost of sales and operating
expenses (excluding depreciation
and amortization) 181,749 3,131 184,880 163,392 2,946 166,338
Selling, general and
administrative expenses 5,255 589 5,844 4,813 570 5,383
Depreciation and amortization 4,038 194 4,232 3,713 71 3,784
Interest expense 236 -- 236 216 1 217
------------------------------------------------------------------------
191,278 3,914 195,192 172,134 3,588 175,722
------------------------------------------------------------------------
Earnings (loss) before provision
(credit) for income taxes 845 (684) 161 (1,860) (632) (2,492)
Provision (credit) for
income taxes 373 (302) 71 (747) (249) (996)
------------------------------------------------------------------------
Net earnings (loss) $ 472 $ (382) $ 90 $ (1,113) $ (383) $ (1,496)
========================================================================
Total assets $ 162,532 $ 7,354 $ 169,886 $ 135,003 $ 5,697 $ 140,700
Capital expenditures 4,893 65 4,958 4,798 133 4,931
</TABLE>
-6-
<PAGE> 9
<TABLE>
<CAPTION>
Six months ended July 31, 1999 Six months ended July 31, 1998
------------------------------ ------------------------------
Petroleum Heating Petroleum Heating
Marketing Oil Total Marketing Oil Total
--------- --------- --------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Sales and operating revenues $ 342,987 $ 10,993 $ 353,980 $ 333,081 $ 10,188 $ 343,269
Other income 496 26 522 843 29 872
-----------------------------------------------------------------------
343,483 11,019 354,502 333,924 10,217 344,141
-----------------------------------------------------------------------
Cost of sales and operating
expenses (excluding depreciation
and amortization) 325,320 8,497 333,817 324,841 8,752 333,593
Selling, general and
administrative expenses 10,004 1,266 11,270 9,392 1,189 10,581
Depreciation and amortization 7,936 386 8,322 7,360 141 7,501
Interest expense 495 -- 495 427 1 428
-----------------------------------------------------------------------
343,755 10,149 353,904 342,020 10,083 352,103
-----------------------------------------------------------------------
Earnings (loss) before provision
(credit) for income taxes (272) 870 598 (8,096) 134 (7,962)
Provision (credit) for
income taxes (120) 384 264 (3,207) 53 (3,154)
-----------------------------------------------------------------------
Net earnings (loss) $ (152) $ 486 $ 334 $ (4,889) $ 81 $ (4,808)
=======================================================================
Total assets $ 162,532 $ 7,354 $ 169,886 $ 135,003 $ 5,697 $ 140,700
Capital expenditures 11,645 101 11,746 8,765 256 9,021
</TABLE>
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<PAGE> 10
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations - Quarter ended July 31, 1999 compared
with quarter ended July 31, 1998
Sales and operating revenues for the second fiscal quarter ended July
31, 1999 were $195.0 million as compared with $172.5 million for the same
quarter last year, an increase of 13.0%. The increase in sales and operating
revenues was due primarily to a 10.4% increase in average selling prices and a
2.5% increase in volume. Gallonage sold increased by 6.2 million gallons to
256.2 million gallons.
Gross profit before depreciation and amortization was $10.1 million for
the three months ended July 31, 1999 as compared with $6.2 million for the three
months ended July 31, 1998. The improvement of $3.9 million was principally due
to higher product margins, which resulted in an additional $2.6 million of gross
profit, and increased volume, which resulted in an additional $.6 million of
gross profit.
The Company's financial results are largely dependent on retail
marketing margins and rental income from its dealers. The petroleum marketing
industry has been and continues to be volatile and highly competitive. The cost
of petroleum products purchased as well as the price of petroleum products sold
have fluctuated widely. As a result of the historic volatility of product
margins and the fact that they are affected by numerous diverse factors, it is
not possible to predict with any degree of accuracy future product margin
levels. However, the Company believes that it has only been modestly affected by
inflation since increased costs are passed along to its customers to the extent
permitted by competition.
Other income was $.3 million for the three months ended July 31, 1999
as compared with $.7 million for the three months ended July 31, 1998. The
quarter ended July 31, 1999 included a charge of $37,000 related to the early
termination of two leases under a master lease agreement with Getty Realty Corp.
("Realty") whereas the prior year quarter included a gain of $387,000 related to
the termination of two leases under such master lease agreement with Realty.
Also included in other income for the three months ended July 31, 1999 and 1998
were $205,000 and $240,000 of net fees charged to Realty for certain
administrative and technical services the Company has provided under a services
agreement since the spin-off.
Selling, general and administrative expenses were $5.8 million for the
three months ended July 31, 1999, an increase of $.5 million or 8.6% as compared
with the three months ended July 31, 1998. The increase was primarily due to
higher employee related expenses and advertising costs.
Depreciation and amortization was $4.2 million for the three month
period ended July 31, 1999 as compared with $3.8 million for the three months
ended July 31, 1998. The increase was primarily due to higher depreciation as a
result of capital expenditures and acquisitions.
-8-
<PAGE> 11
Results of Operations - Six months ended July 31, 1999 compared with six months
ended July 31, 1998
Sales and operating revenues for the six months ended July 31, 1999
were $354.0 million as compared with $343.3 million for the six months ended
July 31, 1998, an increase of 3.1%. The increase in sales and operating revenues
was due primarily to a 1.9% increase in sales volume and a 0.9% increase in
average selling prices. Gallonage sold increased by 9.2 million gallons to 497.7
million gallons.
Gross profit before depreciation and amortization was $20.2 million for
the six months ended July 31, 1999 as compared with $9.7 million for the six
months ended July 31, 1998. The improvement of $10.5 million was principally due
to higher product margins, which resulted in an additional $8.5 million of gross
profit, and increased volume, which resulted in an additional $1.2 million of
gross profit.
Other income was $.5 million for the six months ended July 31, 1999 as
compared with $.9 million for the six months ended July 31, 1998. The six months
ended July 31, 1999 included a charge of $218,000 related to the early
termination of four leases under a master lease agreement with Realty whereas
the prior year period included a gain of $387,000 related to the early
termination of two leases under such master lease agreement with Realty. The
prior year period also included a $.2 million legal charge related to the
Company's Mt. Vernon terminal. Also included in other income for the six months
ended July 31, 1999 and 1998 were $432,000 and $480,000, respectively, of net
fees charged to Realty for certain administrative and technical services the
Company has provided under a services agreement since the spin-off.
Selling, general and administrative expenses were $11.3 million for the
six months ended July 31, 1999 as compared with $10.6 million for the six months
ended July 31, 1998. The increase was primarily due to higher employee related
expenses and advertising costs.
Depreciation and amortization was $8.3 million for the six month period
ended July 31, 1999 as compared with $7.5 million for the six months ended July
31, 1998. The increase was primarily due to higher depreciation as a result of
capital expenditures and acquisitions.
Liquidity and Capital Resources
As of July 31, 1999, the Company had a working capital deficit of $10.0
million as compared with a deficit of $2.5 million as of January 31, 1999. The
decrease in working capital was primarily due to $11.7 million of capital
expenditures and $3.6 million of capital expended for acquisitions, partially
offset by working capital generated during the period from operations. The
Company is able to operate its business with negative working capital,
principally because most sales are for cash and payment terms are received for
motor fuel taxes and from vendors.
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<PAGE> 12
The Company's principal source of liquidity is its cash flows from
operations, which amounted to $21.0 million during the six months ended July 31,
1999. Management believes that cash requirements for operations, including
rental payments and capital expenditures, can be met by cash flows from
operations, cash and equivalents and credit lines. The Company has uncommitted
lines of credit with three banks in the aggregate amount of $50 million, which
may be utilized for working capital borrowings and letters of credit. As of July
31, 1999, $2.0 million of the lines of credit were utilized in connection with
outstanding letters of credit to support the Company's insurance programs.
Borrowings under the lines of credit are unsecured and principally bear interest
at the applicable bank's prime rate or, at the Company's option, 1.1% above
LIBOR. The lines of credit are subject to renewal at the discretion of the
banks.
As of July 31, 1999, the Company leased 1,016 retail outlets and 10
terminal facilities from Realty under three master lease agreements. Rent
expense aggregated $29.2 million for the six months ended July 31, 1999,
including $28.2 million under such master leases with Realty.
During the six months ended July 31, 1999, the Company expended $11.7
million for capital expenditures and $3.6 million of capital was expended for
newly leased locations. The Company's capital expenditures include discretionary
expenditures to improve the image of the retail outlets, to improve the terminal
facilities and for replacement of service station equipment at existing and
newly leased locations.
Year 2000
The Year 2000 issue has arisen because, for many years, some computer
software programs and systems have utilized only two digits to specify the year.
As a result, these programs and systems may not be able to recognize and process
dates beyond 1999, which may cause these programs to malfunction or not be able
to accurately process information.
The Company has implemented a Year 2000 program for its internal
systems and equipment relating to its information technology systems and
non-information technology systems which has four phases: (1) identification;
(2) assessment; (3) remediation (including modification, upgrading and
replacement); and (4) testing. The identification, assessment and remediation
phases for all of the Company's significant internal business systems and
equipment has been completed. Testing of systems and programs following
remediation was approximately 90% complete as of July 31, 1999 and is expected
to be completed during the Company's third fiscal quarter.
The Company is also reviewing the Year 2000 readiness of third parties
who provide goods or services which are essential to the Company's operations,
such as the parties who provide banking services, credit card processing,
environmental services and product suppliers. The Company has initiated formal
communications with significant third parties in order to determine the extent
to which the Company is vulnerable to any failure by such third parties to
remediate their respective Year 2000 problems and resolve such problems to the
extent practicable.
-10-
<PAGE> 13
The Company is developing a contingency plan to address issues specific
to the Year 2000 problem. The Plan is expected to include performing certain
processes manually, obtaining replacement systems, changing suppliers where
necessary as well as other appropriate measures.
The Company's senior management and the Board of Directors receive
regular updates on the status of the Company's Year 2000 program. The cost of
these Year 2000 efforts has not been, nor is expected to be, material since
substantially all of the compliance costs have been, and will continue to be,
funded by reallocating existing internal resources rather than incurring
incremental costs.
The Year 2000 issue presents a number of risks and uncertainties that
could affect the Company, which include, but are not limited to, the
availability of qualified personnel and other information technology resources;
the ability to identify and remediate all date sensitive lines of computer code
or to replace embedded computer chips in affected systems or equipment; and the
ability of third parties to remediate their respective systems. The failure to
correct a material Year 2000 problem could result in an interruption in, or a
failure of, certain normal business activities or operations. Such failures
could materially and adversely affect the Company's results of operations,
liquidity and financial condition. Due to the general uncertainty inherent in
the Year 2000 problem, resulting in part from the uncertainty of the Year 2000
readiness of third-party suppliers and customers, the Company is unable to
determine at this time whether the consequences of Year 2000 failures will have
a material impact on the Company's results of operations, liquidity or financial
condition.
Special Factors Regarding Forward-Looking Statements
Certain statements in this Quarterly Report on Form 10-Q may constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. When we use the words "believes", "expects",
"plans", "estimates" and similar expressions, we intend to identify
forward-looking statements. These forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance and achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
these forward-looking statements. These factors include, but are not limited to:
volatility of petroleum marketing margins; maturity of the petroleum marketing
industry; the impact of economic growth, energy efficiency and technology on
demand for petroleum products; natural and political events that may affect the
supply of petroleum products; competition; the effects of regulation; the
Company's expectations as to when it will complete the testing phases of its
Year 2000 program as well as its Year 2000 contingency plan; the estimated cost
of achieving Year 2000 readiness; and the Company's belief that its internal
systems and equipment will be Year 2000 compliant in a timely manner.
As a result of these and other factors, the Company may experience material
fluctuations in future operating results on a quarterly or annual basis, which
could materially and adversely affect its business, financial condition,
operating results and stock price. An investment in the Company
-11-
<PAGE> 14
involves various risks, including those mentioned above and elsewhere in this
report and those which are detailed from time to time in the Company's other
filings with the Securities and Exchange Commission.
Readers should not place undue reliance on forward-looking statements, which
reflect the Company's view only as of the date hereof. The Company undertakes no
obligation to publicly release revisions to these forward-looking statements
that reflect events or circumstances after the date hereof or reflect the
occurrence of unanticipated events.
-12-
<PAGE> 15
PART II. OTHER INFORMATION
Item 5. Other Information
The date by which proposals of security holders intended to be
presented at the next annual meeting, currently scheduled for
June 15, 2000, must be received by the Company for inclusion
in the proxy statement for such meeting is December 31, 1999.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
Designation of Exhibit
in this Quarterly Report
on Form 10-Q Description of Exhibit
------------------------- ----------------------
27 Financial Data Schedule
(b) Reports on Form 8-K:
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GETTY PETROLEUM MARKETING INC.
------------------------------
(Registrant)
Dated: September 10, 1999 BY: /S/ MICHAEL K. HANTMAN
-----------------------------------
(Signature)
MICHAEL K. HANTMAN
Vice President and
Corporate Controller
(Principal Financial and
Accounting Officer)
Dated: September 10, 1999 BY: /S/ LEO LIEBOWITZ
------------------------------------
(Signature)
LEO LIEBOWITZ
Chairman and Chief Executive Officer
-13-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF GETTY PETROLEUM MARKETING INC. AND
SUBSIDIARIES AS OF JULY 31, 1999 AND FOR THE SIX MONTHS THEN ENDED AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH CONSOLIDATED FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-2000
<PERIOD-END> JUL-31-1999
<CASH> 9,886
<SECURITIES> 791
<RECEIVABLES> 12,801
<ALLOWANCES> 991
<INVENTORY> 24,126
<CURRENT-ASSETS> 56,312
<PP&E> 227,240
<DEPRECIATION> 118,596
<TOTAL-ASSETS> 169,886
<CURRENT-LIABILITIES> 66,357
<BONDS> 0
139
0
<COMMON> 0
<OTHER-SE> 60,300
<TOTAL-LIABILITY-AND-EQUITY> 169,886
<SALES> 353,980
<TOTAL-REVENUES> 354,502
<CGS> 333,817
<TOTAL-COSTS> 342,139
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 88
<INTEREST-EXPENSE> 495
<INCOME-PRETAX> 598
<INCOME-TAX> 264
<INCOME-CONTINUING> 334
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 334
<EPS-BASIC> .02
<EPS-DILUTED> .02
</TABLE>
