General

Crown Energy Corporation, headquartered in Woods Cross, Utah, manufactures and distributes asphalt paving and related products from facilities in Utah, Arizona, Nebraska and Wyoming.

For the years ended December 31, 2003, 2002 and 2001, we reported revenues, primarily from our asphalt manufacturing and distribution operations, of approximately $17.0 million, $18.0 million and $27.0 million respectively.

During 2003, we continued the manufacturing and distribution of liquid asphalt and attained a total sales volume of roughly 86,400 tons. Our sales volume and revenue for 2003 were constrained by the lack of working capital...