<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 1
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _______ to _________
Commission File Number 1-1059
CROWN CENTRAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
MARYLAND 52-0550682
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
ONE NORTH CHARLES STREET
BALTIMORE, MARYLAND 21201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410)
539-7400
Securities registered pursuant to Section 12(b) of the Act:
<PAGE>
Name of Each Exchange
Title of Each Class on which Registered
Class A Common Stock - $5 Par Value American Stock Exchange
Class B Common Stock - $5 Par Value American Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained
herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K. [X]
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, and (2) has been subject to such filing requirements
for the past 90 days. YES ___
X NO ___
The aggregate market value of the voting stock held by
nonaffiliates as of December 31, 1995 was $96,954,000.
The number of shares outstanding at January 31, 1996 of the
registrant's $5 par value Class A and Class B Common Stock
was 4,817,392 shares and 5,135,558 shares, respectively.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Proxy Statement for the Annual Meeting of
Stockholders on April 25, 1996 are incorporated by reference
into Items 10 through 13, Part III.
<PAGE>
This Amendment to the Annual Report on Form 10-K for the
fiscal year ended December 31, 1995 is being filed by Crown
Central Petroleum Corporation in order to amend the
following:
Item 14 Exhibits, Financial Statement Schedules, and
Reports on Form 8-K (a)(3) and (c) List of Exhibits
Exhibit
Number
99 FORM 11-K
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this Amendment to be
signed on its behalf by the undersigned thereunto duly
authorized.
<PAGE>
CROWN CENTRAL PETROLEUM CORPORATION
Patrick D. McCafferty
Patrick D. McCafferty
Controller, Chief Accounting Officer
and Duly Authorized Officer
Date : June 27, 1996
<PAGE>
EXHIBIT 99
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE,
SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to ___________
Commission File Number 1-1059
CROWN CENTRAL EMPLOYEES SAVINGS PLAN
(Title of Plan)
CROWN CENTRAL PETROLEUM CORPORATION
One North Charles Street
Baltimore, Maryland 21201
(Name and address of principal executive offices of issuer of
the securities)
<PAGE>
Audited Financial Statements
and Schedules
<PAGE>
Crown Central Employees Savings Plan
Years ended December 31, 1995 and 1994
with Report of Independent Auditors
<PAGE>
Crown Central Employees Savings Plan
Audited Financial Statements
and Schedules
Years ended December 31, 1995 and 1994
Contents
Report of Independent Auditors.....................1
Audited Financial Statements
Statements of Net Assets Available for Benefits....2
Statements of Changes in Net Assets Available
for Benefits......................................3
Notes to Financial
Statements.........................................4
Department of Labor Schedules
Item 27a--Schedule of Assets Held for Investment
Purposes.........................................11
Item 27d--Schedule of Reportable
Transactions.....................................12
<PAGE>
Report of Independent Auditors
Crown Central Employees Savings Plan
Baltimore, Maryland
We have audited the accompanying statements of net assets
available for benefits of the Crown Central Employees Savings
Plan as of December 31, 1995 and 1994, and the related
statements of changes in net assets available for benefits
for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
<PAGE>
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits of the Crown Central Employees Savings
Plan at December 31, 1995 and 1994, and the changes in its
net assets available for benefits for the years then ended,
in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the financial statements taken as a whole. The accompanying
supplemental schedules of assets held for investment purposes
as of December 31, 1995 and reportable transactions for the
year then ended, are presented for purposes of complying with
the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security
Act of 1974, and are not a required part of the financial
statements. These supplemental schedules have been subjected
to the auditing procedures applied in our audit of the 1995
financial statements and, in our opinion, are fairly stated
in all material respects in relation to the 1995 financial
statements taken as a whole.
Ernst & Young LLP
May 24, 1996
-1-
<PAGE>
<TABLE>
<CAPTION>
Crown Central Employees Savings Plan
Statements of Net Assets Available for Benefits
December 31
1994
1995
---------- ----------
<S> <C> <C>
Assets
Investments, at fair value:
U.S. Savings Bonds--Series E
and EE $ 1,187,921 $1,221,894
<PAGE>
Crown Central Petroleum
Corporation Class A
and Class B Common Stock 5,981,252 4,515,261
T. Rowe Price Funds:
International Stock Fund 2,641,902 2,396,591
U.S. Treasury Money Fund 15,568,033 10,168,310
U.S. Treasury Intermediate
Bond Fund 1,991,381 2,006,742
Equity Income Fund 14,331,732 9,047,909
Spectrum Income Fund 3,716,669 2,199,690
Spectrum Growth Fund 5,937,811 3,729,284
Guaranteed Fixed Income Funds --- 6,267,120
Participant loans 2,224,628 2,160,873
---------
-- ----------
Total investments 53,581,329 43,713,674
Contributions receivable 487,289 504,971
Interest and dividends receivable 14,734 12,409
Cash 7,275 2,914
----------- ----------
Net assets available for benefits $54,090,627 $44,233,968
=========== ===========
<FN>
See accompanying notes.
</TABLE>
-2-
<PAGE>
<TABLE>
<CAPTION>
Crown Central Employees Savings Plan
Statements of Changes in Net Assets Available for Benefits
Year ended December 31
1995 1994
-----------------
-----------
<S> <C> <C>
Net investment income:
Interest $ 575,015 $ 1,126,368
Dividends 2,210,030 1,430,974
------------ ------------
Net investment income 2,785,045 2,557,342
Contributions 5,145,388 5,494,168
------------ ------------
Total additions 7,930,433 8,051,510
Withdrawals (2,849,418 (3,136,658
) )
Net realized gain on sale of 23,958
1 50,654
investments
Net unrealized appreciation
<PAGE>
(depreciation) in 4,651,686 (1,974,551)
aggregate fair value of
investments
------------ ------------
Net increase in net assets 9,856,659 2,990,955
available for benefits
Net assets available for benefits
at beginning
of year 44,233,968 41,243,013
------------ ------------
Net assets available for benefits $54,,090,627 $ 44,233,968
at end of year
============ ============
<FN>
See accompanying notes.
</TABLE>
-3-
<PAGE>
Crown Central Employees Savings Plan
Notes to Financial Statements
1. Summary of Accounting Policies
Investments in Crown Central Petroleum Corporation Class A
and Class B Common Stock are reported at fair value, based on
published market prices. U.S. Savings Bonds, T. Rowe Price
Funds, and Guaranteed Fixed Income Funds are reported at
current redemption value.
The change in the difference between cost and market value is
reflected in the statements of changes in net assets
available for benefits as unrealized appreciation
(depreciation) in the aggregate fair value of investments.
The realized gain or loss on investments is the difference
between the proceeds and the specific cost of the
investments.
Benefits are recorded when paid.
The preparation of financial statements in conformity with
generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the
financial statements and the reported amounts of increases
and decreases in net assets during the period. Actual
results could differ from those estimates.
2. Plan Description
<PAGE>
The Plan was adopted on January 1, 1955 by Crown Central
Petroleum Corporation (the "Corporation"). The participating
companies (``
participating companies'') in the Plan are Crown
Central Petroleum Corporation, La Gloria Oil & Gas Company,
McMurrey Pipeline Company, Crown Central Pipe Line Company,
Crown-Rancho Pipe Line Corporation and Coronet Security
Systems, Inc., including service station and convenience
store employees. The purpose of the Plan is to encourage
employees to save regularly and to provide additional funds
upon retirement. An employee is eligible to participate in
the Plan upon attaining 21 years of age and having completed
one year of service with at least 1,000 hours worked.
Employees contribute to the Plan through payroll deduction,
up to a maximum of 12% of their base pay. The Corporation's
contribution for all participating companies is equal to 50%
of the employees' contributions up to a maximum of 8% (7%
during the first five years of service) of their base pay.
Contributions to the Plan are invested in the available
investment options in accordance with the participants'
election. A terminating member of the Plan is paid the
current value of their contributions to the Plan reduced by
any outstanding loan balances, but unless the member is fully
vested, as defined, they must forfeit the current value of
the employer's contribution to their account. In accordance
with the terms of the Plan, such forfeitures are applied to
reduce future contributions required of the employers.
-4-
<PAGE>
Crown Central Employees Savings Plan
Notes to Financial Statements (continued)
2. Plan Description (continued)
At December 31, 1995, the available investment options
offered were Crown Class B Common Stock, T. Rowe Price U.S.
Treasury Money Fund, T. Rowe Price Equity Income Fund, T.
Rowe Price Spectrum Growth Fund, T. Rowe Price Spectrum
Income Fund, and T. Rowe Price International Stock Fund.
Those investments in Crown Class A Common Stock, U.S. Savings
Bonds, and T. Rowe Price U.S. Treasury Intermediate Bond Fund
remain in the Plan as frozen options which can be liquidated
at the participant's discretion.
Participants have the option to borrow from the vested
portion of their account. The maximum loan permitted is the
lesser of (1) $50,000 or (2) 50% of the nonforfeitable value
of the account determined on the most recent valuation
available to the Administrator prior to the date of the loan,
<PAGE>
as adjusted for distributions or contributions. The minimum
loan permitted is $1,000. The term of each loan shall be for
a minimum of one year and a maximum of five years and shall
bear interest equal to the prime rate on the last day of the
prior month in which the loan request is signed.
The participating companies have the right to terminate the
Plan at any time. In the event of termination of the Plan,
the individual participants and the beneficiaries and legal
representatives of deceased participants are to be paid, at
their option, the balance in their accounts including non-
vested employer contributions, reduced by any outstanding
loan balances, in cash or in kind.
All costs and expenses incurred in connection with the
administration of the Plan are paid by the participating
companies.
Information about the Plan Agreement is contained in the
pamphlets Summary Plan Description and Prospectus and
Description of Available Investments. Copies of these
pamphlets are available from the Corporation's Human
Resources Department.
-5-
<PAGE>
Crown Central Employees Savings Plan
Notes to Financial Statements (continued)
3. Investments
The fair value of individual investments that represent 5% or
more of the Plan's net assets available for benefits is as
follows:
<TABLE>
<CAPTION>
December 31
1995 1994
-----------------------
<S> <C> <C>
Crown Central Petroleum Corporation
Class A $ 4,181,204 $ 3,904,906
Common Stock
T. Rowe Price Funds:
U.S. Treasury Money Fund 15,568,033 10,168,310
Equity Income Fund 14,331,732 9,047,909
<PAGE>
Spectrum Income Fund 3,716,669 ----
Spectrum Growth Fund 5,937,811 3,729,284
International Stock Fund ---- 2,396,591
Guaranteed Investment Contracts:
Travelers Insurance Company #GR15543$ ---- $ 4,476,068
</TABLE>
4. Employee and Company Contributions
Employee and Company contributions made to the Plan for the years ended
December 31 were as follows:
1995 1994
---------------------- ----------------------
Employee Company Employee Company
---------- ---------- ---------- ----------
$3,605,744 $1,539,644 $3,898,664 $1,595,504
========== ========== ========== ==========
5. Federal Income Taxes
The Internal Revenue Service has determined and informed the
Corporation, that the Plan is qualified and the trust
established under the Plan is tax-exempt, under appropriate
sections of the Internal Revenue Code. The Plan has been
amended since receiving the determination letter. In 1995,
the Plan filed with the IRS a request for a new determination
of the Plan, incorporating all amenndments since the prior
determination, and has received acknowledgment from the IRS
that the Plan is currently being reviewed. The Plan
administrator believes that the Plan is currently designed
and being operated in compliance with the applicable
requirements of the Code. Therefore, they believe that the
Plan was qualified and the related trust was tax-exempt as of
the financial statement date.
-6-
<PAGE>
Crown Central Employees Savings Plan
Notes to Financial Statements (continued)
Note 6. Statement of Net Assets Available for Benefits With Fund
Information
<TABLE>
<CAPTION>
<PAGE>
December 31, 1995
-------------------------------------------------------------
---------------------------
T. Rowe
GuaranteedPrice T. Rowe Price
Fixed U.S. U.S. Treasury
Crown Savings Income Treasury Intermediate
Stock Bonds Funds Money Fund Bond Fund
----------- ------------ -------------------- ------------
<S> <C> <C> <C> <C> <C>
Assets
Investments, at
fair value $ 5,981,252 $ 1,187,921 $ 0 $15,568,033 $ 1,991,381
Contributions
receivable 64,271 0 0 87,676
Interest and 0
dividends
receivable 0 0 0 0
Cash 0
0 0 0 7,275 0
----------- ------------ ----- -----------
---- ------------
Net assets
available for
benefits $ 6,045,523 $ 1,187,921 $ 0 $15,662,984 $ 1,991,381
=========== =========== ========= =========== ==========
</TABLE>
<TABLE>
<CAPTION>
December 31, 1995
-------------------------------------------------------
T. Rowe T. Rowe T. Rowe T. Rowe
Price Price Price Price
Equity Spectrum Spectrum Internatio
Income Growth Income nal
Fund Fund Funds Stock Fund Loan Fund Total
----------- --------- ---------- ---------- --------------------
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments, at
fair value $14,331,732 $5,937,811$3,716,669 $2,641,902 $2,224,628$53,581,329
Contributions
receivable 144,789 70,611 85,336 34,606 0 487,289
Interest and
dividends
receivable 0 0 0 0 14,734 14,734
Cash 0 0 0 0 0 7,275
---------- --------- --------- --------
-- --------- ----------
<PAGE>
Net assets
available for
benefits $14,476,521 $6,008,422$3,802,005 $2,676,508 $2,239,362$54,090,627
=========== ==================== ========== ========= ==========
</TABLE>
<TABLE>
<CAPTION>
December 31, 1994
------------------------------------------------------
T. Rowe
Price
T. Rowe U.S.
Guaranteed Price Treasury
Fixed U.S. Intermedia
Crown Savings Income Treasury te Bond
Stock Bonds Funds Money Fund Fund
--------- -------------------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Assets
Investments, at
fair value $4,515,261 $1,221,894$6,267,120 $10,168,310 $2,006,742
Contributions
receivable 67,513 0 89,400
0 0
Interest and
dividends
receivable 0 0 0 0 0
Cash 0 0 0 2,914 0
--------- -------------------- ----------- ----------
Net assets
available for
benefits $4,582,774 $1,221,894$6,267,120 $10,260,624 $2,006,742
========= ==================== =========== ==========
</TABLE>
<TABLE>
<CAPTION>
December 31, 1994
-------------------------------------------------------
T. Rowe T. Rowe T. Rowe
Price T. Rowe Price Price
Equity Price Spectrum Internatio
Income Spectrum Income nal
Fund Growth FundFund Stock Fund Loan Fund Total
------------------------------- ---------- ---------------------
<S> <C> <C> <C> <C> <C> <C>
<PAGE>
Assets
Investments, at
fair value $9,047,909 $3,729,284 $2,199,690 $2,396,591 $2,160,873 $43,713,674
Contributions
receivable 144,346 67,694 89,989 46,029 504,971
0
Interest and
dividends
receivable 0 0 0 12,409
0 12,409
Cash 0 0 0 0 0 2,914
---------- ---------- ---------- ---------- --------- -----------
Net assets
available for
benefits $9,192,255 6,978
$3,79 $2,289,679 $2,442,620 $2,173,282 $44,233,968
========== ========== ========== ========== ========== ===========
</TABLE>
-7-
<PAGE>
Crown Central Employees Savings Plan
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
Note 7. Statement of Changes in Net Assets Available for Benefits With
Fund Information
Year ended December 31, 1995
-------------------------------------------------------
T. Rowe
Guaranteed T. Rowe Price U.S.
Crown Savings Fixed Price Treasury
Stock Bonds Income U.S. Intermedia
Funds Treasury te Bond
Money Fund Fund
--------------------- ----------- ---------------------
--- ----- ------ -------- -------
<S> <C> <C> <C> <C> <C>
Net investment income:
Interest $ 54,142 $ 387,054
Dividends $ 2,704 0 0 $ 625,577 $ 124,458
--------- -------- --------- --------- --------
Net investment income 2,704 54,142 387,054 625,577 124,458
Contributions 652,650 0 0 918,937 0
--------- --------- --------- ---------- ---------
Total additions 655,354 54,142 387,054 1,544,514 124,458
Withdrawals (245,461) (7,057 (197,702
) (1,065,605
) ) )
(146,324
<PAGE>
Net realized (loss)
gain on sale
of investments (4,412) 0 0 0 )
(9,913
Unrealized
appreciation
(depreciation) in
fair value of
investments 872,899 0 0 0 179,645
Interfund transfers 184,369 (81,058 (6,456,472
) 4,92
) 3,451 )
(163,227
--------- --------- ----------- ---------- ---------
Net increase
(decrease)
in net assets
available for
benefits 1,462,749 (33,973 (6,267,120
) 5,402,360
) )
(15,361
Net assets available
for benefits
at beginning of year4,582,774 1,221,894 6,267,120 10,260,624 2,006,742
--------- --------- ---------- ---------- ---------
Net assets available
for benefits at end of
year $6,045,523 $1,187,921 $ $15,662,984
0 $1,991,381
========== ========== =========== =====================
</TABLE>
<TABLE>
<CAPTION>
Year Ended December 31, 1995
---------------------------------------------------------------
T. Rowe T. Rowe T. Rowe
T. Rowe Price Price Price
Price Spectrum Spectrum Internation
Equity Growth Income al Stock
Income FundFund Fund Fund Loan Fund Total
--------------------- ---------- --------------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net Investment
Income:
Interest $ 133,819 $ 575,01
Dividends $ 768,734 $ 399,438 $ 209,263 $ 79,856 2,210,03
0
---------- --------- --------- ---------- --------- --------
Net investment
income 768,734 399,438 209,263 79,856 133,819 2,785,04
Contributions 1,492,909 717,167 940,768 422,957 0 5,145,38
--------- --------- --------- ---------- --------- --------
Total additions 2,261,643 1,116,605 1,150,031 502,813 133,819 7,930,43
Withdrawals (628,256 (195,553
) ) (162,146) (66,498) (134,816 (2,849,41
)
Net realized
(loss) gain on
sale
of investments 163,763 38,374 (3,637) (60,217) 123,95
0
<PAGE>
Unrealized
appreciation
(depreciation)
in fair value of
investments 2,326,178 769,679 293,329 209,956 4,651,68
0
Interfund
transfers 1,160,938 482,339 234,749 (352,166 67,077
)
--------- --------- --------- ---------- --------- ---------
Net increase
(decrease) in net
assets available
for benefits 5,284,266 2,211,444 1,512,326 233,888 66,080 9,856,65
Net assets
available for
benefits
at beginning of
year 9,192,255 3,796,978 2,289,679 2,442,620 2,173,282 44,233,96
--------- --------- --------- --------- --------- ---------
Net assets
available for
benefits
at end of year $14,476,521 422
$6,008, $3,802,005 $2,676,508 $2,239,362 $54,090,6
========== ========== ========== ========== ========== =========
</TABLE>
-8-
<PAGE>
Note 7. Statement of Changes in Net Assets Available for Benefits With
Fund Information (continued)
<TABLE>
<CAPTION>
Year ended December 31, 1994
-------------------------------------------------------
-------------------------------
T. Rowe T. Rowe
GuaranteedPrice Price U.S.
Fixed U.S. Treasury
Crown Savings Income Treasury Intermediat
Stock Bonds Funds Money Fund e Bond Fund
---------- ---------- --------------------- -----------
<S> <C> <C> <C> <C> <C>
Net investment income:
Interest $ 98,972 $ 545,637 $ 352,115
Dividends $ 152,537
---------- --------- --------- ---------- ---------
Net investment income 98,972 545,637 352,115 152,537
Contributions $ 711,552 964,115
---------- --------- -------- ----------
- ---------
Total additions 711,552 98,972 545,637 1,316,230 152,537
<PAGE>
Withdrawals (307,520) (15,062 (334,134
) )(1,286,487) )
(227,686
Net realized (loss)
gain on sale
of investments 54,595 0 0 0 )
(31,754
Unrealized
appreciation
(depreciation) in
fair value of
investments (813,167) 0 0 0 (177,075)
Interfund transfers (465,038 (77,811
) (201,595
) (516,570
) ) )
(881,506
--------- --------- --------- ----- ---------
-----
Net (decrease)
increase
in net assets
available for
benefits (819,578 6,099
) (486,827
9,908 (1,165,484
) )
Net assets available
for benefits
at beginning of year5,402,352 1,215,795 6,257,212 10,747,451 3,172,226
--------- --------- --------- ---------- ----------
Net assets available
for benefits at end of
year $4,582,774 $1,221,894 6,267,120
$ $10,260,624 $2,006,742
========== ========== ===================== ==========
</TABLE>
<TABLE>
<CAPTION>
Year Ended December 31, 1994
------------------------------------------------------------------
T. Rowe T. Rowe T. Rowe T. Rowe
Price Price Price Price
Equity Spectrum Spectrum Internatio Loan Fund Total
Income Growth Income nal Stock
Fund Fund Fund Fund
------------------------------ ---------- ---------------------
<S> <C> <C> <C> <C> <C> <C>
Net Investment
Income:
Interest $ 129,644 $1,126,368
Dividends $ 720,487 $ 278,867 $ 131,946 $ 147,137 0 1,430,974
--------- --------- --------- --------- --------- ----------
Net investment
income 720,487 278,867 131,946 147,137 129,644 2,557,342
Contributions 1,569,823 726,488 1,074,056 448,134 0 5,494,168
--------- --------- --------- --------- -------- ----------
Total additions 2,290,310 1,005,355 1,206,002 595,271 129,644 8,051,510
<PAGE>
Withdrawals (515,502) (188,570) (90,222) (70,166) (101,309) (3,136,658)
Net realized
(loss) gain on
sale
of investments 31,806 13,841 (17,070) (764) 0 50,654
Unrealized
appreciation
(depreciation)
in fair value of
investments (393,624) (255,724) (138,104) (196,857) 0 (1,974,551)
Interfund
transfers 185,907 584,419 211,684 1,222,414 (61,904) 0
--------- --------- --------- --------- -------- ----------
Net increase
(decrease) in net
assets available
for benefits 1,598,897 1,159,321 1,172,290 1,549,898 (33,569) 2,990,955
Net assets
available for
benefits
at beginning of
year 7,593,358 2,637,657 1,117,389 892,722 2,206,851 41,243,013
--------- --------- --------- --------- --------- ----------
Net assets
available for
benefits
at end of year $9,192,255$3,796,978 $2,289,679$2,442,620 $2,173,282$44,233,968
==================== ==================== =====================
</TABLE>
-9-
<PAGE>
Crown Central Employees Savings Plan
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
8. Reconciliation to Form 5500
The following differences were noted in comparing the Form 5500 for the
year ended December 31, 1995 to the accompanying financial statements:
Amount Per
Form 5500 Amount Per Financial
Line Number Description Form 5500 Statements Difference
------------ ------------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
32 b (1)(H) Total interest $ 187,961 $ 575,015 $ (387,054)
<PAGE>
32 b (2)(C) Total dividends 2,704 2,210,030 (2,207,326)
32 b (4)(C) Net gain (loss) on
sale of assets 171,368 123,958 47,410
32 b (5) Unrealized
appreciation
(depreciation) of
assets 697,119 4,651,686 (3,954,567)
32 b (7) Net investment gain
(loss)
from pooled
separate
accounts 387,054 ---- 387,054
32 b (10) Net investment gain
(loss)
from registered
investment
companies 6,114,483 6,114,483
----
---------- ----------- -----------
$7,560,689 $ 7,560,689 $ ----
========== =========== ===========
</TABLE>
-10-
<PAGE>
Crown Central Employees Savings Plan
Item 27a--Schedule of Assets Held for Investment Purposes
December 31, 1995
<TABLE>
<CAPTION>
Description of
Investment
Identity of Issue, Including Maturity
Borrower, Date, Rate of Current
Lessor or Similar Interest, Par or
Party Maturity Value Cost Value
---------------------- -------------------- ------------- -------------
<S> <C> <C> <C>
United States Savings Various Maturities
Bonds-- $ 709,950 $ 1,187,921
Series E and EE
=========== ===========
<PAGE>
Crown Central 283,471 shares of
Petroleum Class A and
Corporation Common 123,080 shares of
Stock Class B $ 7,138,093 $ 5,981,252
=========== ===========
T. Rowe Price Funds:
U.S. Treasury Money 15,568,033 shares $ 15,568,033
Fund $15,568,033
U.S. Treasury
Intermediate 370,145 shares
Bond Fund 1,967,146 1,991,381
International Stock 216,018 shares
Fund 2,568,394 2,641,902
Spectrum Income Fund 330,664 shares 3,577,169 3,716,669
Equity Income Fund 716,228 shares 12,103,580 14,331,732
Spectrum Growth Fund 440,164 shares 5,304,596 5,937,811
------------ ------------
$41,118,918 $ 44,187,528
=========== ===========
Participant Loans $2,224,628 principal
balance
interest rates from
6% to
10.50%; maturities
to 1/31/01 $ 2,224,628 $ 2,224,628
=========== ===========
Total Investments $51,191,589 $ 53,581,329
=========== ===========
</TABLE>
-11-
<PAGE>
Crown Central Employees Savings Plan
Item 27d--Schedule of Reportable Transactions
Year Ended December 31, 1995
<TABLE>
<CAPTION>
Current
Value
of
Cost of Asset on
Identity of Purchase Selling Asset Transactio Net G
Party n
<PAGE>
Involved Description Price Price Sold Date or (L
of
Assets
------------ ----------- ---------- ---------- ---------- ---------- -----
--------- --------- -- -- -- ---- --
Category (i) -- individual transactions in excess of 5% of plan assets
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Travelers Guaranteed
Insurance Fixed
Company Income
Fund $4,585,317 $4,585,317 $4,585,317 $
Category (iii) -- series of securities transactions in excess of 5% of plan asse
--------------------------------------------------------------------------------
T. Rowe Spectrum
Price Growth
Fund $2,166,474 $2,166,474
T. Rowe Spectrum
Price Growth
Fund $ 761,985 $ 723,611 761,985 $ 38,
T. Rowe Equity
Price Income
Fund 4,493,693 4,493,693
T. Rowe Equity
Price Income
Fund 1,681,400 1,517,637 1,681,400 163,
T. Rowe U.S.
Price Treasury
Money
Fund 9,290,606 9,290,606
T. Rowe U.S.
Price Treasury
Money
Fund 3,850,141 3,850,141 3,850,141
Travelers Guaranteed
Insurance Fixed
Company Income
Fund 298,100 298,100
Travelers Guaranteed
Insurance Fixed
Company Income
Fund 4,774,168 4,774,168 4,774,168
** Crown
Central
Petroleum
Corporation
Class B
<PAGE>
Common
Stock 1,580,378 1,580,378
** Crown
Central
Petroleum
Corporation
Class B
Common
Stock 640,302 551,216 640,302 89,
<FN>
** Transaction made on the market.
There were no category (ii) or (iv) reportable transactions during 1995.
</TABLE>
-12-
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the
Registration Statement (Form S-8 No. 33-53457) pertaining to
the 1994 Long Term Incentive Plan and Employees Savings Plan
and the Registration Statement (Form S-8 No. 33-57847)
pertaining to the Employees Supplemental Savings Plan of
Crown Central Petroleum Corporation and Subsidiaries of our
report dated May 24, 1996, with respect to the financial
statements and schedules of the Crown Central Employees
Savings Plan, included in this Form 10-K/A, amending Crown
Central Petroleum Corporation and Subsidiaries Annual Report
(Form 10-K) for the year ended December 31, 1995.
Ernst & Young LLP
Baltimore, Maryland
June 24, 1996
