<PAGE> 1
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 OCTOBER 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 13,948,846 shares of Common Stock, par value $.01 per share,
outstanding as of October 31, 1999.
<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 October 31, 1999 and
January 31, 1999 1
Consolidated Statements of Operations for the three and
nine months ended October 31, 1999 and 1998 2
Consolidated Statements of Cash Flows for the
nine months ended October 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 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>
- - -------------------------------------------------------------------------------------------------
October 31, January 31,
- - -------------------------------------------------------------------------------------------------
Assets: 1999 1999
- - -------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C>
Current assets:
Cash and equivalents $ 11,670 $ 6,169
Investments 670 1,339
Accounts receivable, net 11,111 9,458
Inventories 24,455 16,475
Deferred income taxes 4,939 7,315
Prepaid expenses and other current assets 5,624 2,886
--------- ---------
Total current assets 58,469 43,642
Property and equipment, at cost, less
accumulated depreciation and amortization 111,183 101,504
Other assets 4,821 4,275
--------- ---------
Total assets $ 174,473 $ 149,421
========= =========
- - -----------------------------------------------------------------------------------------------
Liabilities and Stockholders' Equity:
- - -----------------------------------------------------------------------------------------------
Current liabilities:
Short-term borrowings $ -- $ 1,900
Accounts payable 36,204 16,781
Accrued expenses 14,813 12,836
Gasoline taxes payable 19,309 13,560
Income taxes payable -- 1,086
--------- ---------
Total current liabilities 70,326 46,163
Deferred income taxes 21,962 21,863
Other, principally deposits 21,579 21,175
--------- ---------
Total liabilities 113,867 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 13,948,846 at October 31, 1999
and 13,945,156 at January 31, 1999 139 139
Paid-in capital 60,271 60,446
Retained earnings 2,213 1,747
Unearned ESOP stock (324,461 shares at October 31, 1999 and
425,155 shares at January 31, 1999) (1,557) (2,041)
Accumulated other comprehensive loss (460) (71)
--------- ---------
Total stockholders' equity 60,606 60,220
--------- ---------
Total liabilities and stockholders' equity $ 174,473 $ 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 October 31, Nine months ended October 31,
- - -------------------------------------------------------------------------------------------------------------
1999 1998 1999 1998
- - -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sales and operating revenues $ 227,715 $ 158,729 $ 581,695 $ 501,998
Other income 130 419 652 1,291
--------- --------- --------- ---------
227,845 159,148 582,347 503,289
--------- --------- --------- ---------
Cost of sales and operating expenses
(excluding depreciation and amortization) 217,957 149,421 551,774 483,014
Selling, general and administrative expenses 5,428 5,450 16,698 16,031
Depreciation and amortization 3,972 3,889 12,294 11,390
Interest expense 247 223 742 651
--------- --------- --------- ---------
227,604 158,983 581,508 511,086
--------- --------- --------- ---------
Earnings (loss) before provision
(credit) for income taxes 241 165 839 (7,797)
Provision (credit) for income taxes 109 69 373 (3,085)
--------- --------- --------- ---------
Net earnings (loss) $ 132 $ 96 $ 466 ($ 4,712)
========= ========= ========= =========
Net earnings (loss) per share:
Basic $ .01 $ .01 $ .03 ($ .35)
Diluted $ .01 $ .01 $ .03 ($ .35)
Weighted average shares outstanding:
Basic 13,602 13,453 13,567 13,400
Diluted 13,625 13,528 13,585 13,400
</TABLE>
See accompanying notes.
-2-
<PAGE> 5
GETTY PETROLEUM MARKETING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
Nine months ended
October 31,
------------------------
1999 1998
-------- --------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) $ 466 $ (4,712)
Adjustments to reconcile net earnings (loss) to
net cash provided by operating activities:
Depreciation and amortization 12,294 11,390
Deferred income taxes 2,755 (1,348)
ESOP charge 298 530
(Gain) loss on dispositions of property and equipment 280 (338)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable (1,653) 2,657
Inventories (7,980) 1,062
Prepaid expenses and other current assets (2,743) (2,796)
Other assets (901) (137)
Accounts payable, accrued expenses and
gasoline taxes payable 27,149 3,066
Income taxes payable (1,086) (307)
Other, principally deposits 404 410
Net cash provided by operating activities 29,283 9,477
Cash flows from investing activities:
Capital expenditures (16,460) (15,703)
Acquisitions (5,342) (2,141)
Proceeds (payments) related to dispositions
of property and equipment (91) 499
Net cash used in investing activities (21,893) (17,345)
Cash flows from financing activities:
Short-term borrowings (repayments) (1,900) 3,000
Stock options and common stock 11 319
Net cash provided by (used in) financing activities (1,889) 3,319
Net increase (decrease) in cash and equivalents 5,501 (4,549)
Cash and equivalents at beginning of period 6,169 9,798
Cash and equivalents at end of period $ 11,670 $ 5,249
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest $ 572 $ 449
Income taxes, net 1,999 1,468
</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 23,000 shares and 18,000
shares for the quarter and nine months ended October 31, 1999, respectively. For
the quarter ended October 31, 1998, diluted earnings per share reflects the
potential dilution from the exercise of stock options in the amount of 75,000
shares. For the nine months ended October 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.
-4-
<PAGE> 7
3. Stockholders' equity:
A summary of the changes in stockholders' equity for the nine months ended
October 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 466 466
Net unrealized loss
on equity securities (389) (389)
--------
Total 77
--------
ESOP stock committed
to be released (186) 484 298
Issuance of
common stock 11 11
-----------------------------------------------------------------------------
Balance,
October 31, 1999 $ 139 $ 60,271 $ 2,213 $ (460) $ (1,557) $ 60,606
=============================================================================
</TABLE>
(*) Represents net unrealized loss on equity securities. For the three months
ended October 31, 1999, the Company had a net unrealized loss on equity
securities of $70. For the three and nine months ended October 31, 1998, the
Company had a net unrealized gain (loss) on equity securities of $35 and ($112),
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 1,256 Getty and other branded
retail outlets in thirteen Northeastern and Middle-Atlantic states. 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 nine months ended October 31, 1999 and 1998 are set forth
below (in thousands):
<TABLE>
<CAPTION>
Quarter ended October 31, 1999 Quarter ended October 31, 1998
------------------------------------- -------------------------------------
Petroleum Heating Petroleum Heating
Marketing Oil Total Marketing Oil Total
--------- --- ----- --------- --- -----
<S> <C> <C> <C> <C> <C> <C>
Sales and operating revenues $ 223,648 $ 4,067 $ 227,715 $ 155,189 $ 3,540 $ 158,729
Other income 124 6 130 412 7 419
---------------------------------------------------------------------------------
223,772 4,073 227,845 155,601 3,547 159,148
---------------------------------------------------------------------------------
Cost of sales and operating
expenses (excluding depreciation
and amortization) 214,117 3,840 217,957 146,227 3,194 149,421
Selling, general and
administrative expenses 4,833 595 5,428 4,877 573 5,450
Depreciation and amortization 3,777 195 3,972 3,813 76 3,889
Interest expense 247 -- 247 223 -- 223
---------------------------------------------------------------------------------
222,974 4,630 227,604 155,140 3,843 158,983
---------------------------------------------------------------------------------
Earnings (loss) before provision
(credit) for income taxes 798 (557) 241 461 (296) 165
Provision (credit) for
income taxes 354 (245) 109 186 (117) 69
---------------------------------------------------------------------------------
Net earnings (loss) $ 444 $ (312) $ 132 $ 275 $ (179) $ 96
=================================================================================
Total assets $ 166,886 $ 7,587 $ 174,473 $ 141,549 $ 7,941 $ 149,490
Capital expenditures 4,677 37 4,714 6,660 22 6,682
</TABLE>
-6-
<PAGE> 9
<TABLE>
<CAPTION>
Nine months ended October 31, 1999 Nine months ended October 31, 1998
---------------------------------- ----------------------------------
Petroleum Heating Petroleum Heating
Marketing Oil Total Marketing Oil Total
--------- --- ----- --------- --- -----
<S> <C> <C> <C> <C> <C> <C>
Sales and operating revenues $ 566,635 $ 15,060 $ 581,695 $ 488,270 $ 13,728 $ 501,998
Other income 620 32 652 1,255 36 1,291
--------------------------------------------------------------------------------
567,255 15,092 582,347 489,525 13,764 503,289
--------------------------------------------------------------------------------
Cost of sales and operating
expenses (excluding depreciation
and amortization) 539,437 12,337 551,774 471,068 11,946 483,014
Selling, general and
administrative expenses 14,837 1,861 16,698 14,269 1,762 16,031
Depreciation and amortization 11,713 581 12,294 11,173 217 11,390
Interest expense 742 - 742 650 1 651
--------------------------------------------------------------------------------
566,729 14,779 581,508 497,160 13,926 511,086
--------------------------------------------------------------------------------
Earnings (loss) before provision
(credit) for income taxes 526 313 839 (7,635) (162) (7,797)
Provision (credit) for
income taxes 234 139 373 (3,021) (64) (3,085)
--------------------------------------------------------------------------------
Net earnings (loss) $ 292 $ 174 $ 466 $ (4,614) $ (98) $ (4,712)
================================================================================
Total assets $ 166,886 $ 7,587 $ 174,473 $ 141,549 $ 7,941 $ 149,490
Capital expenditures 16,322 138 16,460 15,425 278 15,703
</TABLE>
-7-
<PAGE> 10
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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.
Results of Operations - Quarter ended October 31, 1999 compared
with quarter ended October 31, 1998
Sales and operating revenues for the third fiscal quarter ended October
31, 1999 were $227.7 million as compared with $158.7 million for the same
quarter last year, an increase of 43.5%. The increase in sales and operating
revenues was due primarily to a 33.9% increase in average selling prices and an
8.6% increase in sales volume. Gallonage sold increased by 19.9 million gallons
to 251.6 million gallons.
Gross profit before depreciation and amortization was $9.8 million for
the three months ended October 31, 1999 as compared with $9.3 million for the
three months ended October 31, 1998. The improvement of $.5 million was
principally due to increased volume, which contributed an additional $1.6
million of gross profit, partially offset by higher operating costs. The quarter
ended October 31, 1999 included a $1.7 million LIFO charge resulting from higher
products costs.
Other income was $.1 million for the three months ended October 31,
1999 as compared with $.4 million for the three months ended October 31, 1998.
The decrease was due to lower investment income, higher charges related to the
termination of leases under a master lease agreement with Getty Realty Corp.
("Realty") and lower fees charged to Realty for certain administrative and
technical services the Company has provided under a services agreement since the
March 1997 spin-off. The quarter ended October 31, 1999 included a charge of
$65,000 related to the early termination of four leases under such master lease
agreement with Realty whereas the prior year quarter included a gain of $11,000
related to the termination of one lease under such master lease agreement with
Realty. The three months ended October 31, 1999 and 1998 included $158,000 and
$240,000, respectively, of net fees received from Realty for administrative and
technical services the Company has provided under the services agreement.
Selling, general and administrative expenses were comparable for the
quarters ended October 31, 1999 and 1998.
Depreciation and amortization was $4.0 million for the three month
period ended October 31, 1999 as compared with $3.9 million for the three months
ended October 31, 1998. The increase was due to higher depreciation as a result
of capital expenditures and acquisitions.
-8-
<PAGE> 11
Results of Operations - Nine months ended October 31, 1999 compared
with nine months ended October 31, 1998
Sales and operating revenues for the nine months ended October 31, 1999
were $581.7 million as compared with $502.0 million for the nine months ended
October 31, 1998, an increase of 15.9%. The increase in sales and operating
revenues was due primarily to an 11.7% increase in average selling prices and a
4.0% increase in sales volume. Gallonage sold increased by 29.1 million gallons
to 749.3 million gallons.
Gross profit before depreciation and amortization was $29.9 million for
the nine months ended October 31, 1999 as compared with $19.0 million for the
nine months ended October 31, 1998. The improvement of $10.9 million was
principally due to higher product margins, which contributed an additional $7.7
million of gross profit, and increased volume, which contributed an additional
$2.3 million of gross profit. The nine month period ended October 31, 1999
included a $1.7 million LIFO charge resulting from higher product costs.
Other income was $.7 million for the nine months ended October 31, 1999
as compared with $1.3 million for the nine months ended October 31, 1998. The
nine months ended October 31, 1999 included a charge of $283,000 related to the
early termination of eight leases under a master lease agreement with Realty
whereas the prior year period included a gain of $398,000 related to the early
termination of three 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 nine months
ended October 31, 1999 and 1998 were $590,000 and $720,000, respectively, of net
fees received from Realty for administrative and technical services the Company
has provided under the services agreement since the spin-off.
Selling, general and administrative expenses were $16.7 million for the
nine months ended October 31, 1999 as compared with $16.0 million for the nine
months ended October 31, 1998. The increase was primarily due to higher employee
related expenses and advertising costs.
Depreciation and amortization was $12.3 million for the nine month
period ended October 31, 1999 as compared with $11.4 million for the nine months
ended October 31, 1998. The increase was due to higher depreciation as a result
of capital expenditures and acquisitions.
Liquidity and Capital Resources
As of October 31, 1999, the Company had a working capital deficit of
$11.9 million as compared with a deficit of $2.5 million as of January 31, 1999.
The decrease in working capital was primarily due to $16.5 million of capital
expenditures at existing locations and $5.3 million of capital expenditures in
connection with 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,
payment terms are received from vendors and there is a time interval in the
payment of motor fuel taxes.
-9-
<PAGE> 12
The Company's principal source of liquidity is its cash flows from
operations, which amounted to $29.3 million during the nine months ended October
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
October 31, 1999, $3.1 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.
During the nine months ended October 31, 1999, the Company experienced
product cost increases of approximately 29 cents per gallon which resulted in
higher sales prices to customers and higher accounts receivable balances as
compared to January 31, 1999. In addition, the Company's inventory and accounts
payable balances increased as of October 31, 1999, in comparison to the prior
fiscal year end, principally due to product cost increases.
As of October 31, 1999, the Company leased 1,060 retail outlets and 9
terminal facilities, of which 1,014 retail outlets and the terminal facilities
were leased from Realty under master lease agreements. Rent expense aggregated
$43.6 million for the nine months ended October 31, 1999, including $42.2
million under the master lease agreements with Realty.
During the nine months ended October 31, 1999, the Company expended
$16.5 million for capital expenditures at existing locations and $5.3 million of
capital expenditures in connection with acquisitions. 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.
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 implemented a Year 2000 program for its internal systems
and equipment relating to its information technology systems and non-information
technology systems which consisted of four phases: (1) identification; (2)
assessment; (3) remediation (including modification, upgrading and replacement);
and (4) testing. All four phases of the program have been completed.
-10-
<PAGE> 13
The Company has reviewed 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 had 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.
The Company is finalizing a contingency plan to address issues specific
to the Year 2000 problem. The Plan includes 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 material since substantially all of the
compliance costs have been 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 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.
-11-
<PAGE> 14
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 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 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: December 14, 1999 BY: /s/ Michael K. Hantman
----------------------------------
(Signature)
MICHAEL K. HANTMAN
Vice President and
Corporate Controller
(Principal Financial and
Accounting Officer)
Dated: December 14, 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 October 31, 1999 and for the nine months then ended and is
qualified in its entirety by reference to such consolidated financial
statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-31-2000
<PERIOD-END> OCT-31-1999
<CASH> 11,670
<SECURITIES> 670
<RECEIVABLES> 12,307
<ALLOWANCES> 1,196
<INVENTORY> 24,455
<CURRENT-ASSETS> 58,469
<PP&E> 233,397
<DEPRECIATION> 122,214
<TOTAL-ASSETS> 174,473
<CURRENT-LIABILITIES> 70,326
<BONDS> 0
0
0
<COMMON> 139
<OTHER-SE> 60,467
<TOTAL-LIABILITY-AND-EQUITY> 174,473
<SALES> 581,695
<TOTAL-REVENUES> 582,347
<CGS> 551,774
<TOTAL-COSTS> 564,068
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 291
<INTEREST-EXPENSE> 742
<INCOME-PRETAX> 839
<INCOME-TAX> 373
<INCOME-CONTINUING> 466
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 466
<EPS-BASIC> .03
<EPS-DILUTED> .03
</TABLE>
