Penn Octane Corp. Announces Results for the First Quarter FY 1999

Business Wire, Dec 21, 1998

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Dec. 18, 1998--Penn Octane Corp. ((Nasdaq/Amex) SmallCap market:POCC) today reported a net loss for the three months ended Oct. 31, 1998 of $(141,271).

The Company recorded a net loss of $(124,448) for the same period one year earlier. The Company's (loss) per common share, based on 10.0 million weighted average common shares outstanding was $(.01) per share.

Revenues for the three months ended Oct. 31, 1998 and 1997 were $6.5 million and $8.2 million, respectively. The volume of LPG gallons sold during the three months ended Oct. 31, 1998 increased 48% over the same period one year earlier.

Penn Octane is a leading supplier of Liquefied Petroleum Gas to Mexico. Penn Octane operates a 132-mile, six-inch pipeline from an inter-connecting pipeline in Kleberg County, Texas to its terminal in Brownsville, Texas, which acts as a trans-shipment point for delivery to Mexico.

For more information on Penn Octane Corp., visit the Company's homepage at http://www.pennwilsoncng.com.