Report Information

SIC Code 2911

SIC Title Manufacturing - Petroleum refining
Sales Range $1,000,000 - $2,499,999
Business Counts 168

SIC Code Description:

Establishments primarily engaged in producing gasoline, kerosene, distillate fuel oils, residual fuel oils, and lubricants, through fractionation or
straight distillation of crude oil, redistillation of unfinished petroleum derivatives, cracking or other processes. Establishments of this industry
also produce aliphatic and aromatic chemicals as byproducts. Establishments primarily engaged in producing natural gasoline from natural gas
are classified in mining industries. Those manufacturing ...

(Dollars in Thousands)

Income Statement 2002 % of Sales 2003 % of Sales 2004 % of Sales

Total Revenue 968 100.0% 1,230 100.0% 1,578 100.0%

Cost of Sales 798 82.4% 1,013 82.4% 1,300 82.4%
Gross Margin 171 17.6% 217 17.6% 278 17.6%
Operating Expenses 134 13.9% 169 13.7% 215 13.6%
Operating Income 37 3.8% 48 3.9% 63 4.0%
Pre-Tax Income 33 3.4% 43 3.5% 57 3.6%

Balance Sheet 2002 % of Assets 2003 % of Assets 2004 % of Assets

Assets
Current Assets 196 50.3% 226 49.8% 263 49.3%
Fixed Assets 189 48.7% 224 49.2% 264 49.6%
All Other Assets 4 1.1% 5 1.1% 6 1.1%
Total Assets 389 100.0% 455 100.0% 534 100.0%

Liabilities
Current Liabilities 134 34.3% 163 35.7% 195 36.4%
Long Term Debt 51 13.2% 66 14.5% 85 15.9%
All Other Liabilities 7 1.7% 5 1.1% 0 0.1%
Total Liabilities 191 49.2% 233 51.3% 280 52.4%
Net Worth 198 50.8% 221 48.7% 254 47.6%

Key Ratios 2002 % Change 2003 % Change 2004 % Change

Industry Growth (entire industry) -3.3% N.A. 27.0% N.A. 28.4% N.A.
ROE (after-tax) 10.4% -9.6% 12.1% 16.3% 13.9% 14.9%
ROA (after-tax) 5.3% 1.9% 5.9% 11.3% 6.6% 11.9%
EBITDA to Sales 5.8% 1.8% 5.9% 1.7% 5.9% 0.0%
Current Ratio 1.47 11.7% 1.39 -5.0% 1.35 -2.7%
Receivables Turnover x8.86 2.0% x10.55 19.1% x11.61 10.0%
Inventory Turnover x23.70 1.0% x28.22 19.1% x31.09 10.2%
Interest Coverage x5.32 5.2% x5.53 4.0% x5.78 4.5%
Total Debt to Equity x0.97 -21.6% x1.05 8.8% x1.10 4.5%
LT Debt to Total Assets 13.2% -7.7% 14.5% 9.8% 15.9% 9.7%
Total Debt to Assets 49.2% -10.9% 51.3% 4.3% 52.4% 2.1%

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