Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.

2008 West
DIAMOND SPONSOR:
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
PLATINUM SPONSORS:
Red Hat
The Opening of Virtualization
GOLD SPONSORS:
Appsense
User Environment Management – The Third Layer of the Desktop
Cordys
Cloud Computing for Business Agility
EMC
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Intel
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Sensedia
Return on Assests: Bringing Visibility to your SOA Strategy
Symantec
Managing Hybrid Endpoint Environments
VMWare
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
PLATINUM SPONSORS:
Appcelerator
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
GOLD SPONSORS:
ICEsoft
How Can AJAX Improve Homeland Security?
Isomorphic
Beyond Widgets: What a RIA Platform Should Offer
Oracle
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
SYS-CON.TV
Today's Top SOA Links


United Refining Company Reports Record Year End Fiscal 2012 Results

WARREN, Pa., Nov. 19, 2012 /PRNewswire/ -- United Refining Company, a leading regional refiner and marketer of petroleum products announces results for the Company's fiscal year ended August 31, 2012.

EBITDA1 increased $348.2 million for the fiscal year ended August 31, 2012 to a record $401.3 million from $53.1 million for the fiscal year ended August 31, 2011. 

Net income for the fiscal year ended August 31, 2012 was $190.8 million, an improvement of $198.9 million from net loss of $8.1 million for the year ended August 31, 2011.

Net income and EBITDA includes $43.8 million of unrealized gains on derivative contracts for the fiscal year ended August 31, 2012.

Net sales for the fiscal year ended August 31, 2012 were $3.7 billion as compared to $3.2 billion for the fiscal year ended August 31, 2011.  Wholesale sales increased during fiscal 2012 by $461.8 million or 29.9% for the comparable period in fiscal 2011 from $1,543.1 million to $2,004.9 million.  The increase was due to a 6.2% increase in wholesale selling prices and a 22.3% increase in wholesale volume.  Retail sales increased during fiscal 2012 by $102.2 million or 6.3% for the comparable period in fiscal 2011 from $1,623.8 million to $1,726.0 million.  The retail sales increase was primarily due to increases in petroleum selling prices and merchandise sales.

United Refining Company uses the term EBITDA or earnings before interest, income taxes, depreciation and amortization, which is a term not defined under United States Generally Accepted Accounting Principles.  The Company uses the term EBITDA because it is a widely accepted financial indicator utilized to analyze and compare companies on the basis of operating performance and is used to calculate certain debt coverage ratios included in several of the Company's debt agreements.  The Company's calculation of EBITDA includes an adjustment for a gain that resulted from an extinguishment of its debt since the gain was not a result of the normal operations of the Company.  See reconciliation of EBITDA to Net Income in Footnote (1) in table set forth below.  The Company's method of computing EBITDA may or may not be comparable to other similarly titled measures used by other companies.

                                                           




Year Ended August 31,




2012



2011




(dollars in thousands)








Net Sales


$

3,730,925


$

3,166,876

Operating Income (Loss)


$

358,350


$

33,332

Net Income (Loss)


$

190,816


$

(8,119)

Income Tax Expense  (Benefit)


$

121,954


$

(3,619)

EBITDA  (1)


$

401,282


$

53,118





(1) EBITDA Reconciliation




 

EBITDA Reconciliation











Year Ended August 31,




2012



2011




(dollars in thousands)















Net (Loss) Income


$

190,816


$

(8,119)

Interest Expense



40,913



40,567

Income Tax Expense / (Benefit)



121,954



(3,619)

Gain on Early Extinguishment of Debt



-



1,245

Depreciation



38,718



17,332

Amortization



8,881



5,712

EBITDA – LIFO Basis


$

401,282


$

53,118








EBITDA – LIFO Basis


$

401,282


$

53,118

Non cash Losses(Gains) on Derivative       



(43,826)



51,414

    Contracts







Adjusted EBITDA – LIFO Basis



357,456



104,532

LIFO Inventory Adjustment



(14,332)



41,794

Adjusted EBITDA – FIFO Basis


$

343,124


$

146,326

 

United operates a 70,000 bpd refinery in Warren, Pennsylvania.  In addition to its wholesale markets, the Company also operates 361 Kwik Fill® / Red Apple® and Country Fair® retail gasoline and convenience stores located primarily in western New York and northwestern Pennsylvania.

Certain statements contained in this release are forward looking, such as statements regarding the Company's plans and strategies or future financial performance.  Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge, investors and prospective investors are cautioned that such statements are only projections and that actual events or results may differ materially from those expressed in any such forward-looking statements.  In addition, the Company's actual consolidated quarterly or annual operating results have been affected in the past, or could be affected in the future, by additional factors, including, without limitation, general economic, business and market conditions; environmental, tax and tobacco legislation or regulation; volatility of gasoline prices, margins and supplies; merchandising margins; customer traffic, weather conditions; labor costs and the level of capital expenditures.

SOURCE United Refining Company

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Web 2.0 Latest News
My daughter is taking a class on entrepreneurship in her senior year of high school (yep, that’s the Silicon Valley for you). She loves the class, the energy of the teacher, and the creativity associated with the subject. As a result, we have had several conversations about what does i...
These days attacks are becoming more sophisticated and more common. Mobile devices, cloud computing and the Internet of Things have increased the number of access points that must be secured. To complicate matters, CISOs are been directed to secure system without compromising the seaml...
The origins of SAP GRC software goes back decades, but adoption has been slow. But with the rigor of modern compliance regimes like SOX, coupled with the sheer volume and complexity of online transactions, there’s been an accelerating movement away from document-centric review processe...
Satisfying customers and winning their loyalty is the foundation that every successful business is built upon. Delivering a consistently excellent experience builds a level of customer intimacy that will set your business apart from the competition. Consider that 80% of your company’s ...
In 2017, word-of-mouth marketing will be a lucrative strategy and should allow small businesses and startups to carve out powerful niches in a marketplace that's noisier than ever. When was the last time you paused to consider the noise on the internet? If you really take a look, it’s...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021




SYS-CON Featured Whitepapers
ADS BY GOOGLE