February 15, 1994
Huntway Partners L.P., a Valencia limited partnership that operates oil refineries used to produce liquid asphalt for road construction, reported a $1.09-million fourth-quarter profit. The results reflected improved operating margins and reduced costs due to its debt restructuring and shutdown of its Arizona refinery, it said. A year before, Huntway lost $3.36 million. The profit turnaround in the quarter that ended Dec. 31 was despite a 26% decline in revenue, to $20.2 million from $27.
November 2, 1993
Huntway Partners L.P., a Valencia-based oil and gas company, said improved operating margins, higher asphalt prices and reduced costs from restructuring debt boosted its third-quarter profit to a record $3.4 million despite a 6% drop in revenue. In last year's third quarter, Huntway posted a $6-million net loss. Revenue in the three months ended Sept. 30 fell to $29.5 million from $31.4 million in the year-earlier period. For the nine months, Huntway's loss widened, to $19.8 million from $10.
July 6, 1993
Huntway Partners L.P., a Valencia-based maker of liquid asphalt, said it will indefinitely idle operations at its Sunbelt Refining subsidiary in Arizona, because of poor margins and an environmental lawsuit that accused the company of pollution violations. Huntway said it will take a $6.6-million charge in the second quarter to close its Sunbelt facility and will lay off 43 workers. Sunbelt will cease operations by Aug. 1, and will not resume until market conditions improve, Huntway said.
June 29, 1993
Huntway Partners L.P., struggling after big losses last year and the termination of its chief financial officer, said it reached an agreement with its secured lenders to restructure $75.3 million of debts. The agreement calls for Huntway, based in Valencia, to repay the debt in full over a 15-year period through Dec. 31, 2008, and it provides the lenders with warrants to buy common units of Huntway equal to 25% of the company's outstanding common units as well as preference units.
April 9, 1993 |
Stating that its former chief financial officer misstated inventories, accounts payable and other assets, Huntway Partners L.P. dramatically revised its loss for the first nine months of last year, to a $10.9-million loss, compared with $1.9 million it had previously reported. Huntway said in its annual filing with the Securities and Exchange Commission that it was trying to restructure its debt and if it fails to do so, the company warned it may file for bankruptcy protection.
April 6, 1993 |
Stating that its former chief financial officer misstated inventories, accounts payable and various other assets, Huntway Partners L.P. dramatically revised its loss for the first nine months of last year, to a $10.9-million loss, compared to $1.9 million it had previously reported.
March 26, 1993 |
Huntway Partners L.P., trying to get its operations in order after uncovering irregularities in its books, has hired a new chief financial officer and said it would shortly issue a new report addressing previous quarterly statements that apparently contained inaccuracies. Huntway, a Valencia-based producer of liquid asphalt for road construction, said Warren Nelson, a former accountant with Price Waterhouse, was named to replace Douglas C. Hansen.