June 2008 -- A poor fourth quarter was offset by a fine year overall for this Dallas-based refiner and
marketer of petroleum products. Said Jeff Morris, president and CEO in a statement that
accompanied year-end results:
"The fourth quarter was a challenging quarter as earnings were negatively affected by record
crude oil prices, which resulted in the worst quarter in the history of the company. However,
2007 was the second best year in the history of the company. In 2007 we set throughput records
at each of our refineries and reached new sales levels in both our asphalt and convenience
retail segments. We believe that the overall increase in sales by almost 50% year over year is a
reflection of the potential and the future growth of our company."
Net sales for the year were $4.54 billion compared with $3.09 billion in 2006. Net income for
the year ended Dec. 31, 2007, was $103.9 million, or $2.22 per share, compared to $157.4
million, or $3.37 per share, for the same period last year.
