<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 [NO FEE REQUIRED]
For the fiscal year ended DECEMBER 31, 1998
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 principle executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 539-7400
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
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, 1998 was $48,195,847.
The number of shares outstanding at January 31, 1999 of the
registrant's $5 par value Class A and Class B Common Stock
was 4,817,394 shares and 5,236,217 shares, respectively.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Proxy Statement for the Annual Meeting of
Stockholders on April 22, 1999 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, 1998 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.
CROWN CENTRAL PETROLEUM CORPORATION
/s/---Jan L. Ries
Jan L. Ries
Controller, Chief Accounting Officer
and Duly Authorized Officer
Date: June 30, 1999
<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, 1998
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
Crown Central Employees
Savings Plan
Years ended December 31, 1998 and 1997
with Report of Independent Auditors
<PAGE>
Crown Central Employees Savings Plan
Audited Financial Statements
and Schedules
Years ended December 31, 1998 and 1997
<TABLE>
<CAPTION>
Contents
<S> <C>
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
Supplemental Schedules
Line 27a -- Schedule of Assets Held for Investment Purposes 11
Line 27d -- Schedule of Reportable Transactions 12
</TABLE>
<PAGE>
REPORT OF INDEPENDENT AUDITORS
TO THE RETIREMENT PLAN COMMITTEE
CROWN CENTRAL EMPLOYEES SAVINGS PLAN
We have audited the accompanying statements of net assets
available for benefits of the Crown Central Employees
Savings Plan as of December 31, 1998 and 1997, 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,
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, 1998 and 1997, 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, 1998, and reportable
transactions for the year then ended, are presented for
purposes of additional analysis and are not a required part
of the financial statements but are supplementary
information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. These supplemental
schedules are the responsibility of the Plan's management.
The supplemental schedules have been subjected to the
auditing procedures applied in our audits of the financial
statements and, in our opinion, are fairly stated in all
material respects in relation to the financial statements
taken as a whole.
/s/ - - - ERNST & YOUNG LLP
May 23, 1999
Baltimore, Maryland
<PAGE>
<TABLE>
<CAPTION>
CROWN CENTRAL EMPLOYEES SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31
1998 1997
----------- ----------
<S> <C> <C>
ASSETS
Investments, at fair value:
Crown Central Petroleum Corporation:
Class A Common Stock $1,332,441 $ 4,440,531
Class B Common Stock 2,265,231 2,462,079
U.S. Savings Bonds--Series E and EE 898,784 939,562
T. Rowe Price Funds:
International Stock Fund 3,183,066 2,808,422
U.S. Treasury Money Fund 13,393,463 13,235,645
U.S. Treasury Intermediate Fund 1,426,499 1,462,664
Equity Income Fund 23,388,837 24,012,090
Spectrum Income Fund 5,517,892 5,093,778
Spectrum Growth Fund 8,870,964 8,710,523
Stable Value Fund 926,870 232,339
New Horizons Fund 817,982 654,507
Mid Cap Growth 2,371,547 1,405,155
Participant loans 1,887,321 1,934,331
----------- -----------
Total investments 66,280,897 67,391,626
Contributions receivable 385,693 329,807
Interest receivable 13,688 11,573
----------- -----------
Net assets available for benefits $66,680,278 $67,733,006
=========== ===========
<FN>
See accompanying notes.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CROWN CENTRAL EMPLOYEES SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31
1998 1997
---------- ----------
<S> <C> <C>
ADDITIONS
Net investment income:
Interest 804,064 859,972
Dividends 3,348,840 3,864,232
---------- ----------
Total net investment income 4,152,904 4,724,204
Contributions 4,224,649 4,070,773
---------- ----------
Total additions 8,377,553 8,794,977
DEDUCTIONS
Benefit payments (5,284,974) (6,642,088)
Net realized and unrealized
(depreciation) appreciation in
aggregate fair value of
investments (4,145,307) 7,038,119
----------- -----------
Net (decrease) increase (1,052,728) 9,191,008
Net assets available for benefits
at beginning of year 67,733,006 58,541,998
Net assets available for benefits ----------- -----------
at end of year $66,680,278 $67,733,006
=========== ===========
<FN>
See accompanying notes.
</FN>
</TABLE>
<PAGE>
CROWN CENTRAL EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF ACCOUNTING POLICIES
USE OF ESTIMATES
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.
INVESTMENTS
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 and T. Rowe
Price Funds are reported at current redemption value.
Participant loans represent the outstanding principal
balances of the loans, which approximate fair value.
The change in the difference between the fair value and cost
of investments held during the year and the difference
between the proceeds received and the cost of investments
sold is reflected as net realized and unrealized
appreciation (depreciation) in aggregate fair value of
investments in the statements of changes in net assets
available for benefits.
BENEFIT PAYMENTS
Benefits are recorded when paid.
2. PLAN DESCRIPTION
GENERAL
The Crown Central Employees Savings Plan (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 and Crown-
Rancho Pipe Line Corporation; 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.
<PAGE>
CROWN CENTRAL EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. PLAN DESCRIPTION (CONTINUED)
CONTRIBUTIONS
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% (prior
to 1998, this limit was 7% during the first five years of
service. This provision was amended in the Plan year 1998 to
establish a maximum of 8% for all participants) 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 employer.
INVESTMENT OPTIONS
At December 31, 1998, 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, T. Rowe Price International Stock Fund, T. Rowe
Price Stable Value Fund, T. Rowe Price New Horizons Fund,
and T. Rowe Price Mid Cap Growth Fund. Investments
previously made in Crown Class A Common Stock, U.S. Savings
Bonds, and the T. Rowe Price U.S. Treasury Intermediate Fund
will remain in these funds until liquidated at the
participant's discretion. No further contributions are
permitted in these investment options.
PARTICIPANT LOANS
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, 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.
<PAGE>
CROWN CENTRAL EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. PLAN DESCRIPTION (CONTINUED)
PLAN TERMINATION
The participating companies have the right to terminate the
Plan at any time. In the event of termination of the Plan,
the individual participants, beneficiaries or 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.
ADMINISTRATIVE EXPENSES
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.
3. EMPLOYEE AND COMPANY CONTRIBUTIONS
Employee and Corporation contributions made to the Plan for
the years ended December 31 were as follows:
<TABLE>
<CAPTION>
1998 1997
---------- ----------
<S> <C> <C>
Employee $2,994,575 $2,889,925
Corporation 1,230,074 1,180,848
---------- ----------
$4,224,649 $4,070,773
========== ==========
</TABLE>
4. FEDERAL INCOME TAXES
The Plan has received a determination letter from the
Internal Revenue Service dated May 5, 1997, stating that the
Plan is qualified under Section 401(a) of the Internal
Revenue Code (the "Code") and, therefore, the related trust
is exempt from taxation. Once qualified, the Plan is
required to operate in conformity with the Code to maintain
its qualification. The Retirement Plan Committee believes
the Plan is being operated in compliance with the applicable
requirements of the Code and, therefore, believes that the
Plan is qualified and the related trust is tax exempt.
<PAGE>
CROWN CENTRAL EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
5. RECONCILIATION TO FORM 5500
Total investment income, as reported on lines 32 b (1)
through (10) of Form 5500, is reported as net investment
income and net realized and unrealized appreciation
(depreciation) in aggregate fair value of investments on the
financial statements.
6. YEAR 2000 (UNAUDITED)
The Year 2000 issue is the result of computer programs being
written using two digits rather than four to define the
applicable year. Any of the computer programs that have
time-sensitive software may recognize a date using "00"
rather than the year 2000. This could result in system
failure or miscalculations causing disruptions of
operations, including, among other things, a temporary
inability to process transactions or engage in similar,
normal business activities.
The Corporation has essentially completed an assessment of
its business software and equipment from a year 2000
compliance standpoint. The Corporation is in the process of
completing the modification or replacement of its materially
important business software and equipment that are not year
2000 compliant so that its computer systems will function
properly with respect to dates in the year 2000. The Plan's
service providers have indicated that they are presently
taking steps to ensure that their systems and operations
that impact Plan information will be Year 2000 compliant.
<PAGE>
<TABLE>
<CAPTION>
CROWN CENTRAL EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
7. STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND
INFORMATION
DECEMBER 31, 1998
-------------------------------
Crown Crown
Stock Stock Savings
Class A Class B Bonds
-------- -------- -------
<S> <C> <C> <C>
ASSETS
Investments, at fair value $1,332,441 $2,265,231 $898,784
Contributions receivable - 27,320 -
Interest receivable - - -
---------- ---------- --------
Net assets available for benefits $1,332,441 $2,292,551 $898,784
========== ========== ========
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1998
-------------------------------------------
T. Rowe Price
T. Rowe Price T. Rowe Price U.S. Treasury
International U.S. Treasury Intermediate
Stock Fund Money Fund Fund
------------- ------------- -------------
<S> <C> <C> <C>
ASSETS
Investments, at fair value $3,183,066 $13,393,463 $1,426,499
Contributions receivable 22,620 53,971 -
Interest receivable - - -
---------- ------------ -----------
Net assets available for benefits $3,205,686 $13,447,434 $1,426,499
========== ============ ===========
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1998
-------------------------------------------
T. Rowe Price T. Rowe Price T. Rowe Price
Equity Income Spectrum Spectrum
Fund Income Fund Growth Fund
------------ ------------ -----------
<S> <C> <C> <C>
ASSETS
Investments, at fair value $23,388,837 $5,517,892 $8,870,964
Contributions receivable 126,281 51,603 60,492
Interest receivable - - -
----------- ---------- ----------
Net assets available for
Benefits $23,515,118 $5,569,495 $8,931,456
=========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1998
---------------------------------
T. Rowe T. Rowe
T. Rowe Price Price
Price New Mid Cap
Stable Horizons Growth
Value Fund Fund Fund
---------- --------- ---------
<S> <C> <C> <C>
ASSETS
Investments, at fair value $926,870 $817,982 $2,371,547
Contributions receivable 3,495 13,524 26,387
Interest receivable - - -
-------- --------- ----------
Net assets available for benefits $930,365 $831,506 $2,397,934
======== ========= ==========
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1998
-----------------------
Participant
Loans Total
---------- -----------
<S> <C> <C>
ASSETS
Investments, at fair value $1,887,321 $66,280,897
Contributions receivable - 385,693
Interest receivable 13,688 13,688
---------- -----------
Net assets available for benefits $1,901,009 $66,680,278
========== ===========
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1997
----------------------------------
Crown Crown
Stock Stock Savings
Class A Class B Bonds
----------- ---------- --------
<S> <C> <C> <C>
ASSETS
Investments, at fair value $4,440,531 $2,462,079 $939,562
Contributions receivable - 20,998 -
Interest receivable - - -
---------- ---------- --------
Net assets available for benefits $4,440,531 $2,483,077 $939,562
========== ========== ========
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1997
----------------------------------------
T. Rowe Price
T. Rowe Price T. Rowe Price U.S. Treasury
International U.S. Treasury Intermediate
Stock Fund Money Fund Fund
------------- ------------- ------------
<S> <C> <C> <C>
ASSETS
Investments, at fair value $2,808,422 $13,235,645 $1,426,664
Contributions receivable 19,162 45,899 -
Interest receivable - - -
---------- ----------- ----------
Net assets available for benefits $2,827,584 $13,281,544 $1,426,664
========== =========== ==========
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1997
----------------------------------------
T. Rowe Price T. Rowe Price T. Rowe Price
Equity Income Spectrum Spectrum
Fund Income Fund Growth Fund
-------------- -------------- -------------
<S> <C> <C> <C>
ASSETS
Investments, at fair value $24,012,090 $5,093,778 $8,710,523
Contributions receivable 115,644 46,762 52,189
Interest receivable - - -
----------- ---------- ---------
Net assets available for benefits $24,127,734 $5,140,540 $8,862,712
=========== ========== =========
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1997
---------------------------------
T. Rowe T. Rowe
T. Rowe Price Price
Price New Mid Cap
Stable Horizons Growth
Value Fund Fund Fund
---------- --------- ---------
<S> <C> <C> <C>
ASSETS
Investments, at fair value $232,339 $654,507 $1,405,155
Contributions receivable 1,848 10,357 16,948
Interest receivable - - -
-------- -------- ----------
Net assets available for benefits $234,187 $664,864 $1,422,103
======== ======== ==========
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1997
-----------------------
Participant
Loans Total
----------- ----------
<S> <C> <C>
ASSETS
Investments, at fair value $1,934,331 $67,391,626
Contributions receivable - 329,807
Interest receivable 11,573 11,573
---------- -----------
Net assets available for benefits $1,945,904 $67,733,006
========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CROWN CENTRAL EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
8. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH
FUND INFORMATION
YEAR ENDED DECEMBER 31, 1998
-------------------------------------
Crown Crown
Stock Stock Savings
Class A Class B Bonds
--------- -------- ---------
<S> <C> <C> <C>
Net investment income:
Interest $ - $ - $ 40,107
Dividends - - -
---------- ---------- ---------
Net investment income - - 40,107
Contributions - 274,016 -
---------- ---------- ---------
Total additions - 274,016 40,107
Benefit payments (142,088) (113,754) -
Net realized and unrealized
(depreciation) appreciation
in fair value of investments (2,881,513) (2,293,819) -
Interfund transfers (84,489) 1,943,031 (80,885)
---------- ---------- ---------
Net (decrease) increase (3,108,090) (190,526) (40,778)
Net assets available for benefits
at beginning of year 4,440,531 2,483,077 939,562
---------- ---------- ---------
Net assets available for benefits
at end of year $1,332,441 $2,292,551 $ 898,784
========== ========== =========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1998
-----------------------------------------
T. Rowe Price
T. Rowe Price T. Rowe Price U.S. Treasury
International U.S. Treasury Intermediate
Stock Fund Money Fund Fund
------------ ------------- -------------
<S> <C> <C> <C>
Net investment income:
Interest $ - $ 612,804 $ -
Dividends 117,309 - 94,823
--------- ---------- ----------
Net investment income 117,309 612,804 94,823
Contributions 238,741 571,712 -
--------- ---------- ----------
Total additions 356,050 1,184,516 94,823
Benefit payments (112,267) (1,732,989) (119,078)
Net realized and unrealized
(depreciation) appreciation
in fair value of investments 302,578 - 46,905
Interfund transfers (168,259) 714,363 (58,815)
---------- ---------- ----------
Net (decrease) increase 378,102 165,890 (36,165)
Net assets available for
benefits at beginning
of year 2,827,584 13,281,544 1,462,664
---------- ----------- ----------
Net assets available for
benefits at end of year $3,205,686 $13,447,434 $1,426,499
========== =========== ==========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1998
--------------------------------------
T. Rowe Price T. Rowe Price T. Rowe Price
Equity Income Spectrum Spectrum
Fund Income Fund Growth Fund
------------- -------------- --------------
<S> <C> <C> <C>
Net investment income:
Interest $ - $ - $ -
Dividends 1,826,467 422,128 762,193
----------- ---------- ----------
Net investment income 1,826,467 422,128 762,193
Contributions 1,440,869 580,582 670,005
----------- ---------- ----------
Total additions 3,267,336 1,002,710 1,432,198
Benefit payments (1,844,684) (446,888) (519,204)
Net realized and unrealized
(depreciation) appreciation in
fair value of investments 224,476 (85,785) 288,118
Interfund transfers (2,259,744) (41,082) (1,032,368)
----------- ---------- -----------
Net (decrease) increase (612,616) 428,955 168,744
Net assets available for benefits
at beginning of year 24,127,734 5,140,540 8,762,712
----------- ---------- ----------
Net assets available for benefits
at end of year $23,515,118 $5,569,495 $8,931,456
=========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1998
--------------------------------------
T. Rowe Price T. Rowe Price T. Rowe Price
Stable Value New Horizons Mid Cap
Fund Fund Growth
------------- -------------- --------------
<S> <C> <C> <C>
Net investment income:
Interest $ - $ - $ -
Dividends 33,628 41,967 50,325
----------- ---------- ----------
Net investment income 33,628 41,967 50,325
Contributions 38,629 147,984 62,111
----------- ---------- ----------
Total additions 72,257 189,951 312,436
Benefit payments (30,728) (49,875) (75,088)
Net realized and unrealized
(depreciation) appreciation in
fair value of investments - (8,586) 262,319
Interfund transfers 654,649 35,152 476,164
----------- ---------- -----------
Net (decrease) increase 696,178 166,642 975,831
Net assets available for benefits
at beginning of year 234,187 664,864 1,422,103
----------- ---------- ----------
Net assets available for benefits
at end of year $ 930,365 $ 831,506 $2,397,934
=========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1998
--------------------------------
Participant
Loans Total
------------- -------------
<S> <C> <C>
Net investment income:
Interest $ 151,153 $ 804,064
Dividends - 3,348,840
----------- -----------
Net investment income 151,153 4,152,904
Contributions - 4,224,649
----------- -----------
Total additions 151,153 8,377,553
Benefit payments (98,331) (5,284,974)
Net realized and unrealized
(depreciation) appreciation in
fair value of investments - (4,145,307)
Interfund transfers (97,717) -
----------- -----------
Net (decrease) increase (44,895) (1,052,728)
Net assets available for benefits
at beginning of year 1,945,904 67,733,006
----------- -----------
Net assets available for benefits
at end of year $ 1,901,009 $66,680,278
=========== ===========
</TABLE>
<PAGE>
CROWN CENTRAL EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
<TABLE>
<CAPTION>
8. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH
FUND INFORMATION (CONTINUED)
YEAR ENDED DECEMBER 31, 1997
-------------------------------------
Crown Crown
Stock Stock Savings
Class A Class B Bonds
--------- --------- ---------
<S> <C> <C> <C>
Net investment income:
Interest $ - $ - $ 53,234
Dividends - - -
---------- ---------- ---------
Net investment income - - 53,234
Contributions - 281,421 -
---------- ---------- ---------
Total additions - 281,421 53,234
Benefit payments (237,780) (170,485) (5,979)
Net realized and unrealized
(depreciation) appreciation
in fair value of investments 2,185,188 1,338,506 -
Interfund transfers (558,865) (739,898) (59,369)
---------- ---------- ---------
Net (decrease) increase 1,388,543 709,544 (12,114)
Net assets available for benefits
at beginning of year 3,051,988 1,773,533 951,676
---------- ---------- ---------
Net assets available for benefits
at end of year $4,440,531 $2,483,077 $ 939,562
========== ========== =========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1997
-----------------------------------------
T. Rowe Price
T. Rowe Price T. Rowe Price U.S. Treasury
International U.S. Treasury Intermediate
Stock Fund Money Fund Fund
------------ ------------- -------------
<S> <C> <C> <C>
Net investment income:
Interest $ - $ 661,352 $ -
Dividends 148,619 - 91,061
--------- ---------- ---------
Net investment income 148,619 661,352 91,061
Contributions 266,428 618,380 -
---------- ---------- ---------
Total additions 415,047 1,279,732 91,061
Benefit payments (286,296) (1,856,233) (129,049)
Net realized and unrealized
(depreciation) appreciation
in fair value of investments (78,039) - 27,420
Interfund transfers (354,940) (741,338) (204,522)
---------- ----------- ----------
Net (decrease) increase 304,228 (1,317,839) (215,090)
Net assets available for
benefits at beginning
of year 3,131,812 14,599,383 1,677,754
---------- ----------- ----------
Net assets available for
benefits at end of year $2,827,584 $13,281,544 $1,426,664
========== =========== ==========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1997
--------------------------------------
T. Rowe Price T. Rowe Price T. Rowe Price
Equity Income Spectrum Spectrum
Fund Income Fund Growth Fund
------------- -------------- ------------
<S> <C> <C> <C>
Net investment income:
Interest $ - $ - $ -
Dividends 2,344,551 352,513 881,083
----------- ---------- ----------
Net investment income 2,344,551 352,513 881,083
Contributions 1,362,058 612,278 636,773
----------- ---------- ----------
Total additions 3,706,609 964,791 1,517,856
Benefit payments (2,336,901) (432,140) (833,775)
Net realized and unrealized
(depreciation) appreciation in
fair value of investments 2,822,254 185,653 374,849
Interfund transfers 1,602,692 85,320 28,582
----------- ---------- ----------
Net (decrease) increase 5,794,654 803,624 1,087,512
Net assets available for benefits
at beginning of year 18,333,080 4,336,916 7,675,200
----------- ---------- ----------
Net assets available for benefits
at end of year $24,127,734 $5,140,540 $8,762,712
=========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1997
--------------------------------------
T. Rowe Price T. Rowe Price T. Rowe Price
Stable Value New Horizons Mid Cap
Fund Fund Growth
------------- -------------- --------------
<S> <C> <C> <C>
Net investment income:
Interest $ - $ - $ -
Dividends 16,465 15,491 14,449
----------- ---------- ----------
Net investment income 16,465 15,491 14,449
Contributions 19,033 103,460 170,942
----------- ---------- ----------
Total additions 35,498 118,951 185,391
Benefit payments (4,538) (15,952) (147,792)
Net realized and unrealized
(depreciation) appreciation in
fair value of investments - 26,991 155,297
Interfund transfers 158,119 199,532 612,846
----------- ---------- -----------
Net (decrease) increase 189,079 329,522 805,742
Net assets available for benefits
at beginning of year 45,108 335,342 616,361
----------- ---------- ----------
Net assets available for benefits
at end of year $ 234,187 $ 664,864 $1,422,103
=========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1997
------------------------------
Participant
Loans Total
------------- -------------
<S> <C> <C>
Net investment income:
Interest $ 145,386 $ 859,972
Dividends - 3,864,232
----------- -----------
Net investment income 145,386 4,724,204
Contributions - 4,070,773
----------- -----------
Total additions 145,386 8,794,977
Benefit payments (185,168) (6,642,088)
Net realized and unrealized
(depreciation) appreciation in
fair value of investments - 7,038,119
Interfund transfers (28,159) -
----------- -----------
Net (decrease) increase (67,941) 9,191,008
Net assets available for benefits
at beginning of year 2,013,845 58,541,998
----------- -----------
Net assets available for benefits
at end of year $ 1,945,904 $67,733,006
=========== ===========
</TABLE>
<PAGE>
SUPPLEMENTAL SCHEDULES
<PAGE>
CROWN CENTRAL EMPLOYEES SAVINGS PLAN
EIN: 52-0550682
PLAN # 002
LINE 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1998
<TABLE>
<CAPTION>
Description of Investment
Including Maturity Date,
Identity of Issue, Borrower, Rate of Interest, Par or Current
Lessor or Similar Party Maturity Value Cost Value
- ---------------------------- ------------------------- --------- ----------
<S> <C> <C> <C>
Crown Central Petroleum Corp.
Class A Common Stock* 187,009 shares $3,546,506 $ 1,332,441
Crown Central Petroleum Corp.
Class B Common Stock* 323,604 shares 3,864,781 2,265,231
----------- ----------
7,411,287 3,597,672
United States Savings Bonds -
Series E and EE Various maturities 487,619 898,784
T. Rowe Price Funds*:
International Stock Fund 212,346 shares 2,755,354 3,183,066
U.S. Treasury Money Fund 13,393,463 shares 13,393,463 13,393,463
U.S. Treasury Intermediate Fund 261,743 shares 1,389,119 1,426,499
Equity Income Fund 888,634 shares 18,461,879 23,388,837
Spectrum Income Fund 479,817 shares 5,371,521 5,517,892
Spectrum Growth Fund 539,268 shares 7,550,924 8,870,964
Stable Value Fund 926,870 shares 926,870 926,870
New Horizons Fund 35,046 shares 810,254 817,982
Mid Cap Growth Fund 69,588 shares 1,951,357 2,371,547
----------- -----------
52,610,741 59,897,120
Participant Loans* Interest rates from 6.0% to
9.0%; maturities to 12/31/03
- 1,887,321
----------- -----------
Total investments $60,509,647 $66,280,897
=========== ===========
<FN>
* PARTY IN INTEREST AS DEFINED BY ERISA.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CROWN CENTRAL EMPLOYEES SAVINGS PLAN
EIN: 52-0550682
PLAN # 002
LINE 27D--SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1998
IDENTITY OF PARTY DESCRIPTION OF PURCHASE SELLING
INVOLVED ASSETS PRICE PRICE
- ----------------- -------------- ----------- -----------
CATEGORY (III) - SERIES OF SECURITIES TRANSACTIONS IN EXCESS OF 5% OF PLAN
ASSETS
- ------------------------------------------------------------------------
<S> <C> <C> <C>
T. Rowe Price Stable Value Fund
49 Purchases $ 3,794,530 $ -
37 Sales - 3,100,000
T. Rowe Price Equity Income Fund
65 Purchases 7,320,396 -
96 Sales - 8,168,124
</TABLE>
<TABLE>
<CAPTION>
COST OF CURRENT VALUE OF
IDENTITY OF DESCRIPTION OF ASSET ASSET ON NET GAIN OR
PARTY INVOLVED ASSETS SOLD TRANSACTION DATE (LOSS)
- -------------- --------------- ------- ---------------- ----------
CATEGORY (III) - SERIES OF SECURITIES TRANSACTIONS IN EXCESS OF 5% OF PLAN
ASSETS
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
T. Rowe Price Stable Value Fund
49 Purchases $ - $3,794,530 $ -
37 Sales 3,100,000 3,100,000 -
T. Rowe Price Equity Income Fund
65 Purchases - 7,320,396 -
96 Sales 7,252,307 8,168,124 915,817
<FN>
There were no category (i), (ii) or (iv) reportable
transactions during 1998.
</FN>
</TABLE>
<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 23, 1999, 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, 1998.
/s/ - - ERNST & YOUNG LLP
Baltimore, Maryland
June 23, 1999
