Petro Stopping Centers L.P. Announces Fourth Quarter 2000 Results
EL PASO, Texas--Feb. 19, 2001--Petro Stopping Centers L.P., one of the nation's leading operators of high quality, full-service travel plazas and truck stops with 57 locations in 32 states, today announced its operating results for the fourth quarter and year ended Dec. 31, 2000.Revenues for the fourth quarter 2000 were $270.8 million as compared to $214.2 million for the fourth quarter 1999. The net loss for the quarter was $788,000 as compared to net income of $223,000 for the same period last year, due to higher interest and depreciation expense related to network expansion. EBITDA for the 4th quarter 2000 was flat to prior year, at $9.1 million, due primarily to lower per-gallon fuel margins. No provision for income taxes is reflected in the Company's financial statements because of its organization as a partnership.
Revenues for the twelve months ended Dec. 31, 2000 were $983.2 million as compared to $719.9 million for the same period last year. Net income before extraordinary items for the year was $6.4 million, up from $4.1 million in 1999. Same-store EBITDA for the period increased by $4.9 million, to $43.9 million, with overall EBITDA increasing by 10.3% to $43.5 million. Overall EBITDA reflects charges for pre-opening costs related to four new sites opened during 2000.
"While we had hoped for a better fourth quarter, we are pleased with the overall results for the year. We moved forward with our network expansion plans while generating same-store earnings growth of over 12%, all in the face of a very challenging fuel market." said Jack Cardwell, Petro's chairman & Chief Executive Officer.
PETRO STOPPING CENTERS, L.P.
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands)
Year Ended
December 31,
1998 1999 2000
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Net revenues:
Fuel (including motor
fuel taxes) $ 464,025 $ 520,680 $ 765,644
Non-fuel 189,391 199,245 217,539
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Total net revenues 653,416 719,925 983,183
Costs and expenses:
Cost of sales -
Fuel (including
motor fuel taxes) 422,945 481,483 720,335
Non-fuel 76,451 80,491 91,771
Operating expenses 93,012 100,156 110,753
General and
administrative 19,329 19,154 16,856
Depreciation and
amortization 15,953 13,951 16,270
(Gain) loss on
disposition of fixed
assets 6 (836) (59)
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Total costs and
expenses 627,696 694,399 955,926
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Operating income 25,720 25,526 27,257
Recapitalization costs -- (1,163) --
Equity in loss of
affiliate -- (593) (307)
Interest income 729 596 317
Interest expense, net (20,771) (20,250) (20,853)
--------- --------- ---------
Income before extraordinary
item and cumulative effect
of change in accounting
principle 5,678 4,116 6,414
Extraordinary item - write-off
of debt restructuring costs
associated with retired
debt -- (2,016) --
Cumulative effect of change
in accounting principle (3,250) -- --
--------- --------- ---------
Net income $ 2,428 $ 2,100 $ 6,414
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