June 2009 -- Stronger refined product margins helped Holly Corp. more than double its first-quarter net income in 2009 compared with the same quarter in the previous year. Net income attributable to Holly Corp. stockholders grew nearly 154%, from $8.6 million, or 17 cents per diluted share, in the first quarter of 2008 to $21.9 million, or 44 cents per diluted share, in the first quarter of 2009. This gain came even as sales and other revenues decreased by 56%, from $1.48 billion the in the quarter ended March 31, 2008, to $650.8 million in the same time period of 2009. The decline was attributed in part to a 46% decline in year-over-year prices of produced refined products, the petroleum refiner and market stated. Refining production during 2009's first quarter also declined 28% in the first quarter of 2009 due to planned major maintenance at a refinery. However, sulfur credit sales of $4.5 million compare to $900,000 in sales in the year-ago period.
EBITDA for the first quarter of 2009 was $58.4 million, an increase of nearly 133% over the same time period in the previous year.
