Tosco Corp. reported first-quarter net income of...

Tosco Corp. reported first-quarter net income of $13.5 million on revenue of $263.1 million. A year ago, the Santa Monica-based independent oil refiner earned $11.2 million on revenue of $243.8 million. The firm said: “Tosco has been profitable in every month since the company completed its major refinancing in December, 1986. Although this year’s first quarter was affected by routine maintenance at our Avon refinery, that maintenance is now complete and we anticipate higher operating rates for the second quarter.”

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