Strong First Quarter for United Refining

United Refining Co. the Warren, Pa.-based operator of 371 Kwik Fill/Red Apple and Country Fair convenience stores in western New York and western Pennsylvania, reported net sales for the three months ending Nov. 30, 2007 jumped $109 million to $693.6 million, an increase of 18.6% over the same quarter for 2006.

The company, which also operates a 70,000 barrels per day (bpd) refinery, said increases in net sales for the quarter were due primarily to increases in selling prices.

Operating income for the quarter was $29.1 million, an increase of $29.6 million from an operating loss of $.5 million for the quarter ended Nov. 30, 2006. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the same period increased $32.2 million to $37.2 million from $5 million for the first quarter of 2006.

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