Huntway Partners Loses $20.2 Million in Quarter

Huntway Partners L.P., a Valencia-based maker of liquid asphalt used in road construction, on Monday reported a second-quarter loss of $20.2 million, compared to a loss of $2.3 million a year earlier. For the quarter ended June 30, Huntway posted revenue of $29.3 million, virtually unchanged from last year.

The loss was the biggest in Huntway’s history, and it included charges of $16 million for the temporary shutdown of its refinery in Arizona and the write-down of that refinery’s assets. Huntway said last week that it was pursuing a processing arrangement or sale of its Arizona refinery, which has been beset by poor margins and an environmental lawsuit filed by the state of Arizona.

Huntway operates two refineries in California, and the company said revenue and margins at those operations have improved recently. But adding to Huntway’s loss in the second quarter was $1.7 million in professional fees to restructure the company’s debts. Also, Huntway said it reached a settlement in a class-action suit that was filed against the company last year, when Huntway restated its financial reports. Under the settlement Huntway will pay plaintiffs a total of $150,000 plus interest.

With the latest quarterly results, Huntway’s losses for the six months ended June 30 totaled $23.1 million, compared to a loss of $4.9 million a year earlier. Revenue for the first half of the year was $51.2 million, up 11% from $46.3 million.