EXHIBIT 13.b
Crown Central Petroleum Corporation And Subsidiaries
OPERATING RESULTS
Twelve Months Ended December 31
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Dollars in thousands, except per share
data 1998 1997 1996
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Sales and operating revenues (1) $ 1,264,317 $ 1,609,083 $ 1,641,875
(Loss) income before income taxes (45,745) 31,358 (3,423)
Net (loss) income (29,380) 19,235 (2,767)
Net (loss) income per share (2.99) 1.97 (.28)
Net (loss) income per share
assuming dilution (2.99) 1.94 (.28)
Weighted average shares used in the
computation of (loss) income
Per share - Basic 9,832,705 9,752,011 9,721,693
Weighted average shares used in the
computation of (loss) income
Per share - assuming diluation 9,832,705 9,898,904 9,721,693
KEY FINANCIAL STATISTICS
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1998 1997 1996
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Working capital (in millions) $ 18.6 $ 81.3 $ 52.9
Working capital ratio 1.12 : 1 1.47 : 1 1.29 : 1
Liquid assets as a percentage of
Current liabilities (2) 49.7% 80.4% 83.2%
Long-term debt as a percentage of
total capitalization (3) 44.1% 38.4% 40.7%
Equity ratio (4) 34.3% 34.9% 32.8%
Return on average shareholders' equity (15.2%) 9.3 (1.5%)
Gross profit margin (1) 8.6% 10.8% 8.7%
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(1) Sales and operating revenues and Gross profit margin for 1997 and 1996
have been adjusted to reflect certain reclassifications as Discussed in Note
A of Notes to Consolidated Financial Statements.
(2) Liquid assets defined as cash, cash equivalents and trade accounts
receivable.
(3) Total capitalization defined as long-term debt and common stockholders'
equity.
(4) Common stockholders' equity divided by total assets.