EXHIBIT 99
[CROWN NEWS RELEASE LETTERHEAD]
Institutional Inquiries:
JOHN E. WHEELER, JR.
Executive Vice President
and Chief Financial Officer
(410) 659-4803
Press/Shareholder Inquiries:
FOR IMMEDIATE RELEASE J. STEVEN WISE, Manager,
Baltimore, Maryland-OCTOBER 27, 2000 Corporate & Government Affairs
(410) 659-4859
CROWN CENTRAL REPORTS THIRD QUARTER RESULTS
Crown Central Petroleum Corporation (CNP.A and CNP.B on the American
Stock Exchange) announced today a net loss of $5.5 million ($0.55 per
share) on revenues of $478.9 million for the third quarter 2000, compared
to a net loss of $6.0 million ($0.61 per share) on revenues of $359.9
million for the same period in 1999.
For the first nine months of 2000, the Company had a net profit of
$0.2 million ($.02 per share) on revenues of $1.38 billion compared with a
loss of $28.9 million ($2.93 per share) on revenues of $866.5 million for
the first nine months of 1999.
The Company's EBITDAAL (earnings before interest, taxes,
depreciation, amortization, abandonments, and the LIFO inventory
provision), which is a measure of the Company's cash flow from operations,
was $6.4 million for the third quarter of 2000, down from $33.0 million in
the third quarter of 1999. For the nine months just ended, however,
EBITDAAL was $73.0 million, up substantially from $43.2 million for the
same period in 1999.
The third quarter 2000 included the write-off of the failed merger
related expenses and reserves for insurance and legal matters which
negatively impacted the before tax loss for the quarter by $6.2 million.
Refining results for the quarter, while positive, were substantially
below the same 1999 quarter. Nine month refining results, however,
continue to be significantly above the 1999 performance.
The retail segment of the Company also experienced positive results
for the quarter. Gasoline gross margins on a per gallon basis increased
significantly over the third quarter of 1999, and continue to outpace last
year's levels over the 9-month period as well. While merchandise sales
remained steady on a per month per store basis, overall retail profits
improved from $0.7 million in the third quarter of 1999 to $5.3 million in
the third quarter of 2000.
Headquartered in Baltimore, Maryland since 1930, Crown operates two
Texas refineries with a total capacity of 152,000 barrels per day, 329
Crown gasoline stations and convenience stores in the Mid-Atlantic and
Southeastern U.S., and 13 product terminals along the Colonial, Plantation
and Texas Eastern Products pipelines.
*****
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EXHIBIT 99
CROWN CENTRAL PETROLEUM CORPORATION
OPERATING STATISTICS
Nine Months Ended Three Months Ended
September 30 September 30
2000 1999 2000 1999
------ ------ ------ ------
<S> <C> <C> <C> <C>
COMBINED REFINERY OPERATIONS
----------------------------
Production (BPD - M) 149 140 155 149
Production (MMbbl) 40.9 38.3 14.3 13.7
Sales (MMbbl) 39.1 33.7 13.0 12.3
Gross Margin ($/bbl) 3.99 3.41 3.25 4.54
Gross Profit ($MM) 156.0 114.7 42.2 55.7
Operating Cost ($/bbl) (2.72) (2.88) (2.99) (2.65)
Operating Cost ($MM) (106.5) (97.0) (38.9) (32.6)
Refining Operating Profit (Loss) ($MM) 49.5 17.7 3.3 23.1
RETAIL
------
Total Stores 329 345 329 345
Volume (pmps - Mgal) 118 121 118 125
Volume (MMgal) 350 377 116 130
Gasoline Gross Margin ($/gal) 0.103 0.084 0.123 0.068
Gasoline Gross Profit ($MM) 36.0 31.6 14.3 8.8
Company-Operated Stores 227 244 227 244
Merchandise Sales (pmps - $M) 38.2 36.9 40.1 39.5
Merchandise Sales ($MM) 78.1 81.0 27.3 28.9
Merchandise Gross Margin (%) 31.5 31.7 31.1 33.6
Merchandise Gross Profit ($MM) 24.6 25.7 8.5 9.7
Ancillary Income, Net ($MM) 9.2 10.6 3.0 3.6
Retail Gross Profit ($MM) 69.8 67.9 25.8 22.1
Retail Operating Costs (pmps - $M) (20.4) (21.0) (20.7) (20.6)
Retail Operating Costs ($MM) (60.4) (65.3) (20.4) (21.3)
Retail Non-Operating (Expense
Income ($MM) (0.1) 0.3 (0.1) (0.1)
Retail Operating Profit ($MM) 9.3 2.9 5.3 0.7
WHOLESALE / TERMINAL
OPERATING PROFIT (LOSS) ($MM) 10.1 13.5 (3.9) 6.6
OTHER
-----
LIFO (Provision) Recovery ($MM) (31.4) (50.6) (1.1) (29.1)
Corporate Overhead ($MM) (18.6) (18.4) (6.0) (6.2)
Net Interest (Expense) ($MM) (11.9) (10.7) (3.7) (3.8)
Other (Expense) Income ($MM) 6.0 1.0 (2.1) (0.2)
Income Tax (Expense) Benefit ($MM) (0.8) 15.7 2.7 2.9
Total Net Income (Loss) ($MM) (0.2) (28.9) (5.5) (6.0)
Depreciation & Amortization ($MM) 29.0 27.4 9.7 9.5
Net Interest Expense ($MM) 11.9 10.7 3.7 3.8
LIFO Provision (Recovery) ($MM) 31.4 50.6 1.1 29.1
(Gain) Loss from Asset Disposals ($MM) (0.3) (0.9) 0.1 (0.5)
Income Tax Expense (Benefit)($MM) (0.8) (15.7) (2.7) 2.9
EBITDAAL ($MM) 73.0 (43.2) 6.4 33.0
Capital Expenditures ($MM) 11.5 18.3 3.4 5.4
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[FN]
------------------------------------------------------------------------------
BPD = Barrels per day pmps = per month per store
bbl = barrel or barrels as applicable
gal = gallon or gallons as applicable
pmps =onth per store
M = in thousands
MM = in millions
Note: Merchandise sales consist of sales generated by Company-operated
stores, therefore, the per month (pmps) amounts are
calculated using Company-operated stores only.
</FN>
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EXHIBIT 99
CROWN CENTRAL PETROLEUM CORPORATION AND SUBSIDIARIES
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
Nine Months Ended Three Months Ended
September 30 September 30
2000 1999 2000 1999
---------- --------- --------- ---------
<S> <C> <C> <C> <C>
Sales and operating revenues $1,381,480 $ 866,478 $ 478,947 $ 359,899
Income (Loss) before income taxes 1,027 (44,542) (8,182) (8,921)
Net income (loss) 178 (28,877) (5,472) (6,018)
Net income (loss) per share:
Basic and diluted $ 0.02 $ (2.93) $ (0.55)$ (0.61)
Weighted average shares used in the
computation of net income (loss)
per share:
Basic 9,871,431 9,866,730 9,871,431 9,867,096
Diluted 9,931,455 9,866,730 9,871,431 9,867,096
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