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, 1997
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)
AUDITED FINANCIAL STATEMENTS
AND SCHEDULES
Crown Central Employees
Savings Plan
Years ended December 31, 1997 and 1996
with Report of Independent Auditors
Disk to Kate Hill 5/5/97
Crown Central Employees Savings Plan
Audited Financial Statements
and Schedules
Years ended December 31, 1997 and 1996
Contents
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
Report of Independent Auditors
Crown Central Employees Savings Plan
Baltimore, Maryland
We have audited the accompanying statements of net assets available for benefits
of the Crown Central Employees Savings Plan as of DecemberE31, 1997 and 1996,
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 DecemberE31, 1997 and 1996, 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 DecemberE31, 1997 and reportable transactions
for the year then ended, are presented for purposes of complying with the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974, and are not a required part
of the financial statements. These supplemental schedules have been subjected to
the auditing procedures applied in our audit of the 1997 financial statements
and, in our opinion, are fairly stated in all material respects in relation to
the 1997 financial statements taken as a whole.
/s/--- Ernst & Young LLP
May 29, 1998
Baltimore, Maryland
Crown Central Employees Savings Plan
Statements of Net Assets Available for Benefits
December 31
1997 1996
------------ ------------
Assets
Investments, at fair value:
U.S. Savings Bonds--Series E and EE $ 939,562 $ 951,676
Crown Central Petroleum Corporation:
Class A Common Stock 4,440,531 3,051,988
Class B Common Stock 2,462,079 1,745,497
T. Rowe Price Funds:
International Stock Fund 2,808,422 3,106,586
U.S. Treasury Money Fund 13,235,645 14,509,462
U.S. Treasury Intermediate Fund 1,462,664 1,677,754
Equity Income Fund 24,012,090 18,228,829
Spectrum Income Fund 5,093,778 4,281,539
Spectrum Growth Fund 8,710,523 7,619,897
Stable Value Fund 232,339 44,612
New Horizons Fund 654,507 329,058
Mid Cap Growth Fund 1,405,155 606,600
Participant loans 1,934,331 2,001,985
------------ ------------
Total investments 67,391,626 58,155,483
Contributions receivable 329,807 340,302
Interest receivable 11,573 11,860
Cash 34,353
------------ ------------
Net assets available for benefits $ 67,733,006 $ 58,541,998
============ ============
<FN>
See accompanying notes.
</FN>
Crown Central Employees Savings Plan
Statements of Changes in Net Assets Available for Benefits
Year ended December 31
1997 1996
------------- -------------
Additions
Net investment income:
Interest $ 859,972 $ 928,642
Dividends 3,864,232 2,212,258
------------- -------------
Total net investment income 4,724,204 3,140,900
------------- -------------
Contributions 4,070,773 4,145,580
------------- -------------
Total additions 8,794,977 7,286,480
Deductions
Benefit Payments (6,642,088) (4,922,304)
Net realized and unrealized appreciation
in aggregate fair value of investments 7,038,119 2,087,195
------------- -------------
Net increase 9,191,008 4,451,371
Net assets available for benefits at
beginning of year 58,541,998 54,090,627
------------- -------------
Net assets available for benefits at
end of year $ 67,733,006 $ 58,541,998
============= =============
<FN>
See accompanying notes.
</FN>
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 ClassEA and ClassEB 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.
Subsequent to December 31, 1997, the price of Crown Central Petroleum
Corporation Common Stock has declined from approximately $21 per share to
approximately $13 per share causing a decrease in net assets available for
benefits of approximately $2,600,000 from that reported at December 31, 1997.
BENEFIT PAYMENTS
Benefits are recorded when paid.
2. PLAN DESCRIPTION
GENERAL
The Crown Central Employees Savings Plan (the "Plan") was adopted on JanuaryE1,
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, Crown-Rancho Pipe Line Corporation and
Coronet Security Systems, Inc., 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.
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%
(7% during first five years of service) 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, 1997, 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. Those
investments in Crown Class A Common Stock, U.S. Savings Bonds, and T. Rowe Price
U.S. Treasury Intermediate Fund remain in the Plan as frozen options which can
be liquidated at the participant's discretion.
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.
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 Company contributions made to the Plan for the years ended December
31 were as follows:
1997 1996
----------- -----------
Employee $ 2,889,925 $ 2,914,612
Company 1,180,848 1,230,968
----------- -----------
$ 4,070,773 $ 4,145,580
=========== ===========
Crown Central Employees Savings Plan
Notes to Financial Statements (continued)
4. FEDERAL INCOME TAXES
The Internal Revenue Service ruled May 5, 1997 that the Plan, as amended, is
qualified and the trust established under the Plan is exempt from Federal income
tax under the appropriate sections of the Internal Revenue Code (IRC). Once
qualified, the Plan is required to operate in conformity with the IRC to
maintain its qualification. The Retirement Plan Committee believes that the Plan
is designed and is currently being operated in compliance with the applicable
provisions of the IRC.
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.
Crown Central Employees Savings Plan
Notes to Financial Statements (continued)
Note 6. Statement of Net Assets Available for Benefits With Fund Information
Crown Central Employees Savings Plan
Notes to Financial Statements (continued)
Note 7. Statement of Changes in Net Assets Available for Benefits With Fund
Information
Crown Central Employees Savings Plan
Notes to Financial Statements (continued)
Note 7. Statement of Changes in Net Assets Available for Benefits With Fund
Information
Crown Central Employee Savings Plan
Notes to Financial Statements (continued)
Note 6. Statement of Net Assets Available for Benefits With Fund Information
December 31, 1997
-------------------------------------------------
T. Rowe
Price
Internat-
Crown Crown ional
Stock Stock Savings Stock
Class A Class B Bonds Fund
----------- ----------- ---------- -----------
ASSETS
Investments, at fair value $ 4,440,531 $ 2,462,079 $ 939,562 $ 2,808,422
Contributions receivable 20,998 19,162
Interest receivable
----------- ----------- ---------- -----------
Net assets available
for benefits $ 4,440,531 $ 2,483,077 $ 939,562 $ 2,827,584
=========== =========== ========== ===========
December 31, 1997
--------------------------------------------------
T. Rowe T. Rowe
Price Price T. Rowe T. Rowe
U.S. U.S. Price Price
Treasury Treasury Equity Spectrum
Money Intermediate Income Income
Fund Fund Fund Fund
----------- ----------- ----------- -----------
ASSETS
Investments, at fair value $13,235,645 $ 1,462,664 $24,012,090 $ 5,093,778
Contributions receivable 45,899 115,644 46,762
Interest receivable
----------- ----------- ----------- -----------
Net assets available
for benefits $13,281,544 $ 1,462,664 $24,127,734 $ 5,140,540
=========== =========== =========== ===========
December 31, 1997
----------------------------------------------------
T. Rowe T. Rowe T. Rowe T. Rowe
Price Price Price Price
Spectrum Stable New Mid Cap
Growth Value Horizons Growth
Fund Fund Fund Fund
----------- ------------ ------------ -----------
ASSETS
Investments, at fair value $ 8,710,523 $ 232,339 $ 654,507 $ 1,405,155
Contributions receivable 52,189 1,848 10,357 16,948
Interest receivable
----------- ------------ ------------ -----------
Net assets available
for benefits $ 8,762,712 $ 234,187 $ 664,864 $ 1,422,103
=========== ============ ============ ===========
December 31, 1997
------------------------
Loan
Fund Total
----------- -----------
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
=========== ===========
December 31, 1996
-------------------------------------------------
T. Rowe
Price
Internat-
Crown Crown ional
Stock Stock Savings Stock
Class A Class B Bonds Fund
----------- ----------- ---------- -----------
ASSETS
Investments, at fair value $ 3,051,988 $ 1,745,497 $ 951,676 $ 3,106,586
Contributions receivable 28,036 25,226
Interest receivable
Cash
----------- ----------- ---------- -----------
Net assets available
for benefits $ 3,051,988 $ 1,773,533 $ 951,676 $ 3,131,812
=========== =========== ========== ===========
December 31, 1996
--------------------------------------------------
T. Rowe T. Rowe
Price Price T. Rowe T. Rowe
U.S. U.S. Price Price
Treasury Treasury Equity Spectrum
Money Intermediate Income Income
Fund Fund Fund Fund
----------- ----------- ----------- -----------
ASSETS
Investments, at fair value $14,509,462 $ 1,677,754 $18,228,829 $ 4,281,539
Contributions receivable 55,568 104,251 55,377
Interest receivable
Cash 34,353
----------- ----------- ----------- -----------
Net assets available
for benefits $14,599,383 $ 1,677,754 $18,333,080 $ 4,336,916
=========== =========== =========== ===========
December 31, 1996
----------------------------------------------------
T. Rowe T. Rowe T. Rowe T. Rowe
Price Price Price Price
Spectrum Stable New Mid Cap
Growth Value Horizons Growth
Fund Fund Fund Fund
----------- ------------ ------------ -----------
ASSETS
Investments, at fair value $ 7,619,897 $ 44,612 $ 329,058 $ 606,600
Contributions receivable 55,303 496 6,284 9,761
Interest receivable
Cash
----------- ------------ ------------ -----------
Net assets available
for benefits $ 7,675,200 $ 45,108 $ 335,342 $ 616,361
=========== ============ ============ ===========
December 31, 1996
------------------------
Loan
Fund Total
----------- -----------
ASSETS
Investments, at fair value $ 2,001,985 $58,155,483
Contributions receivable 340,302
Interest receivable 11,860 11,860
Cash 34,353
----------- -----------
Net assets available
for benefits $ 2,013,845 $58,541,998
=========== ===========
Crown Central Employee Savings Plan
Notes to Financial Statements (continued)
Note 7. Statement of Changes in Net Assets Available for Benefits With Fund
Information
Year Ended December 31, 1997
-------------------------------------
Crown Crown
Stock Stock Savings
Class A Class B Bonds
----------- ----------- -----------
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
appreciation (depreciation)in
fair value of investments 2,185,188 1,338,506
Interfund transfers (558,865) (739,898) (59,369)
----------- ----------- -----------
Net increase (decrease) 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
=========== =========== ===========
Year Ended December 31, 1997
-------------------------------------
T. Rowe T. Rowe T. Rowe
Price Price Price
Internat- U.S. U.S.
ional Treasury Treasury
Stock Money Intermediate
Fund Fund Fund
----------- ----------- -----------
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
appreciation (depreciation)in
fair value of investments (78,039) 27,420
Interfund transfers (354,940) (741,338) (204,522)
----------- ----------- -----------
Net increase (decrease) (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 $ 1,462,664
=========== =========== ===========
Year Ended December 31, 1997
-------------------------------------
T. Rowe T. Rowe T. Rowe
Price Price Price
Equity Spectrum Spectrum
Income Income Growth
Fund Fund Fund
----------- ----------- -----------
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
appreciation (depreciation)in
fair value of investments 2,822,254 185,653 374,849
Interfund transfers 1,602,692 85,320 28,582
----------- ----------- -----------
Net increase (decrease) 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
=========== =========== ===========
Year Ended December 31, 1997
-------------------------------------
T. Rowe T. Rowe T. Rowe
Price Price Price
Stable New Mid Cap
Value Horizons Growth
Fund Fund Fund
----------- ----------- -----------
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
appreciation (depreciation)in
fair value of investments 26,991 155,297
Interfund transfers 158,119 199,532 612,846
----------- ----------- -----------
Net increase (decrease) 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
=========== =========== ===========
Year Ended December 31, 1997
-------------------------------------
Loan
Fund Total
----------- -----------
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
appreciation (depreciation)in
fair value of investments 7,038,119
Interfund transfers (28,159)
----------- -----------
Net increase (decrease) (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
=========== ===========
Year Ended December 31, 1996
-------------------------------------
Crown Crown
Stock Stock Savings
Class A Class B Bonds
----------- ----------- -----------
Net investment income:
Interest $ 80,861
Dividends
----------- ----------- -----------
Net investment income 80,861
Contributions 369,691
----------- ----------- -----------
Total Additions 369,691 80,861
Benefit Payments (275,097) (173,516) (2,888)
Net realized and unrealized
(depreciation) appreciation in
fair value of investments (901,031) 99,263
Interfund transfers (332,989) (5,423) (314,218)
----------- ----------- -----------
Net (decrease) increase (1,510,017) 290,015 (236,245)
Net assets available for
benefits at beginning
of year 4,562,005 1,483,518 1,187,921
----------- ----------- -----------
Net assets available for
benefits at end of year $ 3,051,988 $ 1,773,533 $ 951,676
=========== =========== ===========
Year Ended December 31, 1996
-------------------------------------
T. Rowe T. Rowe T. Rowe
Price Price Price
Internat- U.S. U.S.
ional Treasury Treasury
Stock Money Intermediate
Fund Fund Bond Fund
----------- ----------- -----------
Net investment income:
Interest $ 700,650
Dividends $ 80,594 $ 111,837
----------- ----------- -----------
Net investment income 80,594 700,650 111,837
Contributions 318,196 718,600
----------- ----------- -----------
Total Additions 398,790 1,419,250 111,837
Benefit Payments (256,803) (2,248,705) (91,179)
Net realized and unrealized
(depreciation) appreciation in
fair value of investments 356,209 (74,047)
Interfund transfers (42,892) (234,146) (260,238)
----------- ----------- -----------
Net (decrease) increase 455,304 (1,063,601) (313,627)
Net assets available for
benefits at beginning
of year 2,676,508 15,662,984 1,991,381
----------- ----------- -----------
Net assets available for
benefits at end of year $ 3,131,812 $14,599,383 $ 1,677,754
=========== =========== ===========
Year Ended December 31, 1996
-------------------------------------
T. Rowe T. Rowe T. Rowe
Price Price Price
Equity Spectrum Spectrum
Income Income Growth
Fund Fund Fund
----------- ----------- -----------
Net investment income:
Interest
Dividends $ 1,136,181 $ 312,711 $ 523,829
----------- ----------- -----------
Net investment income 1,136,181 312,711 523,829
Contributions 1,272,152 744,445 664,706
----------- ----------- -----------
Total Additions 2,408,333 1,057,168 1,188,535
Benefit Payments (724,035) (248,234) (493,190)
Net realized and unrealized
(depreciation) appreciation in
fair value of investments 1,889,852 (11,243) 735,360
Interfund transfers 282,409 (262,780) 236,073
----------- ----------- -----------
Net (decrease) increase 3,856,559 534,911 1,666,778
Net assets available for
benefits at beginning
of year 14,476,521 3,802,005 6,008,422
----------- ----------- -----------
Net assets available for
benefits at end of year $18,333,080 $ 4,336,916 $ 7,675,200
=========== =========== ===========
Year Ended December 31, 1996
-------------------------------------
T. Rowe T. Rowe T. Rowe
Price Price Price
Stable New Mid Cap
Value Horizons Growth
Fund Fund Fund
----------- ----------- -----------
Net investment income:
Interest
Dividends $ 413 $ 30,037 $ 16,656
----------- ----------- -----------
Net investment income 413 30,037 16,656
Contributions 1,743 23,059 32,976
----------- ----------- -----------
Total Additions 2,156 53,096 49,632
Benefit Payments (31) (31) (63)
Net realized and unrealized
(depreciation) appreciation in
fair value of investments (23,313) 17,045
Interfund transfers 42,983 305,590 549,747
----------- ----------- -----------
Net (decrease) increase 45,108 335,342 616,361
Net assets available for
benefits at beginning
of year
----------- ----------- -----------
Net assets available for
benefits at end of year $ 45,108 $ 335,342 $ 616,361
=========== =========== ===========
Year Ended December 31, 1996
-------------------------------------
Loan
Fund Total
----------- -----------
Net investment income:
Interest $ 147,131 $ 928,642
Dividends 2,212,258
----------- -----------
Net investment income 147,131 3,140,900
Contributions 4,145,580
----------- -----------
Total Additions 147,131 7,286,480
Benefit Payments (408,532) (4,922,304)
Net realized and unrealized
(depreciation) appreciation in
fair value of investments 2,087,195
Interfund transfers 35,884
----------- -----------
Net (decrease) increase (225,517) 4,451,371
Net assets available for
benefits at beginning
of year 2,239,362 54,090,627
----------- -----------
Net assets available for
benefits at end of year $ 2,013,845 $58,541,998
=========== ===========
Supplemental Schedules
Crown Central Employees Savings Plan
EIN: 52-0550682
Plan # 002
Line 27a--Schedule of Assets Held for Investment Purposes
December 31, 1997
Description of
Investment
Including
Maturity Date
Rate of Interest,
Identity of Issue, Borrower, Par or Maturity
Lessor or Similar Party Value Current
Cost Value
- -----------------------------------------------------------------------------
United States Savings Bonds Various
- -- Series E and EE maturities $ 537,794 $ 939,562
Crown Central Petroleum Corp.
Class A Common Stock* 202,996 shares 3,845,360 4,440,531
Crown Central Petroleum Corp.
Class B Common Stock* 121,210 shares 1,822,996 2,462,079
----------- ------------
5,668,356 6,902,610
T. Rowe Price Funds*:
International Stock Fund 209,271 shares 2,656,133 2,808,422
U.S. Treasury Money Fund 13,235,645 shares 13,235,645 13,235,645
U.S. Treasury Intermediate Fund 277,020 shares 1,468,300 1,462,664
Equity Income Fund 921,062 shares 18,294,676 24,012,090
Spectrum Income Fund 436,859 shares 4,831,861 5,093,778
Spectrum Growth Fund 546,800 shares 7,430,613 8,710,523
Stable Value Fund 232,339 shares 232,339 232,339
New Horizons Fund 28,090 shares 644,833 654,507
Mid Cap Growth Fund 49,131 shares 1,258,843 1,405,155
----------- -----------
50,053,243 57,615,123
Participant Loans Interest rates from
6.0% to 9.0%;
maturities to
11/30/02 1,934,331
----------- -----------
Total Investments $56,259,393 $ 67,391,626
=========== ============
*Party in interest as defined by ERISA.
Crown Central Employees Savings Plan
EIN: 52-0550682
Plan # 002
Line 27d--Schedule of Reportable Transactions
Year ended December 31, 1997
Current
Value of
Identity Asset on
of Party Description Purchase Selling Cost of Transaction Net Gain
Involved of Assets Price Price Asset Date of (Loss)
- --------------------------------------------------------------------------------
Category (iii)--series of securities transactions in excess of 5% of plan assets
T. Rowe Spectrum Growth
Price* Fund $2,269,230 $2,269,230 $2,269,230-
T. Rowe Spectrum Growth
Price* Fund $1,553,452 1,275,845 1,553,452 $277,607
T. Rowe Equity Income
Price* Fund 6,430,436 6,430,436 6,430,436
T. Rowe Equity Income
Price* Fund 3,469,429 2,699,138 3,469,429 770,291
T. Rowe U.S. Treasury
Price* Money Fund 2,771,929 2,771,929 2,771,929
T. Rowe U.S. Treasury
Price* Money Fund 4,045,746 4,045,746 4,045,746
* Party in interest as defined by ERISA.
There were no category (i), (ii) or (iv) reportable transactions during 1997.
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 29, 1998, 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, 1997.
/s/--- Ernst & Young LLP
Baltimore, Maryland
June 23, 1998