Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!americast.com!americast.com!americast-post Newsgroups: americast.wpost From: americast-post@AmeriCast.Com Organization: American Cybercasting Approved: americast-post@AmeriCast.com Subject: Crown Central Petroleum Reports Third-Quarter Loss of $3.8 Million< Date: Fri, 30 Oct 92 04:28:31 EST Message-ID: <52.1992Oct30.042831@AmeriCast.com> Crown Central Petroleum Reports Third-Quarter Loss of $3.8 Mil- lion< Crown Central Petroleum Corp. of Baltimore blamed the state of the economy for a loss of $3.8 million in the third quarter. In last year's third quarter, the company had a $1.6 million profit. "The disappointing third-quarter operating results continue to reflect the impact" of the recession, Chairman Henry A. Rosenberg Jr. said in a prepared statement. "Slack demand and weak margins for petroleum products are being experienced industry-wide. The market has not allowed us to pass through any of the costs asso- ciated in complying with new environmental laws and regulations." Revenue in the quarter was $475.3 million, up 3 percent from $463.3 million in the same period last year. The third-quarter loss wiped out most of the company's profit from the earlier part of the year, leaving it with a nine-month profit of $8,000 (less than 1 cent a share), compared with a profit of $4 million (41 cents) in the first nine months of last year. Revenue was $1.3 billion, compared with $1.4 billion. GRC International Inc., a Vienna technical and professional ser- vices firm, reported that profit in its first quarter ended Sept. 30 rose 44 percent, to $1.2 million (13 cents a share) from $834,000 (9 cents) in the quarter last year. "As long as our backlog (of orders) remains strong, we should continue to make strides in improving our revenue and earnings levels for 1993," President Jim Roth said in a statement. Revenue for the quarter was $31.04 million, up 21 percent from $25.59 million in the same period last year.<02:35 10-30C9999--- -- Copyright 1992, The Washington Post. This story is from the Washington Post's Capitol Edition On-Line and is not to be ar- chived or redistributed. For more information, send-email to American Cybercasting Cor- poration (usa@AmeriCast.COM)