Petro Stopping Centers L.P. Announces Third Quarter 2001 Results and Conference Call
EL PASO, Texas--Nov. 12, 2001--Petro Stopping Centers L.P., one of the nation's leading operators of high quality, full-service travel plazas with 55 locations, today announced its operating results for the third quarter ended Sept. 30, 2001.Revenues for the third quarter 2001 were $237.4 million as compared to $256.8 million for the third quarter of 2000. Net income for the quarter was $4.5 million as compared to net income of $2.7 million for the same period last year, due to higher operating income resulting from a payment for the early termination of four franchise agreements as previously reported. Same store EBITDA for the period increased to $13.2 million, while overall EBITDA increased to $14.8 million, due primarily to the franchise termination fee, partially offset by a continued slow down in trucking activity and the economy. No provision for income taxes is reflected in the Company's financial statements because of its organization as a partnership.
Petro's Chairman and Chief Executive Officer, Jack Cardwell said, "As our nation and economy continue to face many challenges in the shadow of the tragic events on September 11, 2001, we remain focused on ensuring that the Company operates as efficiently as possible so we are prepared to capitalize on a rebound in the economy."
Petro Stopping Centers L.P. is a leading travel plaza operator, with a nationwide network of 35 company-operated and 20 franchised locations. The Company provides the highest quality one-stop, multi-service facilities in the industry. Most sites feature separate diesel and gasoline fueling facilities, Iron Skillet(R) restaurants, travel & convenience stores, and Petro:Lube(R) preventative maintenance and repair centers.
All statements contained in this press release that are not historical facts are forward-looking statements under the federal securities laws. These forward-looking statements are not guarantees of future performance and inherently involve certain risks, uncertainties and assumptions that are difficult to predict. While these statements are based on the Company's best estimates, actual outcomes and results may differ materially from what is expressed in, or implied by, such forward-looking statements. Petro Stopping Centers L.P. assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Petro Stopping Centers L.P.
Third Quarter Results Conference Call
Petro Stopping Centers L.P. will host a conference call on
Tuesday, Nov. 13, 2001, at 11:30 a.m. EST
for a discussion of the results for the third quarter
ended Sept. 30, 2001.
Those wishing to participate should call:
800/230-1766
on the above referenced date and time.
The conference call will be hosted by Jim Cardwell, Petro's Chief Operating Officer, and Edward Escudero, Petro's Executive Director of Finance.
PETRO STOPPING CENTERS L.P.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 2001 2000 2001
--------- --------- --------- ---------
Net revenues:
Fuel (including motor
fuel taxes) $ 198,519 $ 172,312 $ 548,779 $ 538,550
Non-fuel 58,266 65,059(a) 163,636 175,052(a)
--------- --------- --------- ---------
Total net revenues 256,785 237,371 712,415 713,602
Costs and expenses:
Cost of sales
Fuel (including motor
fuel taxes) 186,390 160,462 514,018 505,172
Non-fuel 24,710 25,439 68,025 71,619
Operating expenses 28,787 31,784 82,335 90,520
General and
administrative 4,641 4,946 13,691 14,524
Depreciation and
amortization 4,197 4,439 11,961 13,219
Gain on disposition of
fixed assets -- (59) (59) (59)
--------- --------- --------- ---------
Total costs and
expenses 248,725 227,011 689,971 694,995
--------- --------- --------- ---------
Operating income 8,060 10,360 22,444 18,607
Equity in income (loss)
of affiliate (22) 111 (111) 68
Interest income 74 33 255 159
Interest expense, net (5,419) (5,991) (15,386) (18,350)
--------- --------- --------- ---------
Net income $ 2,693 $ 4,513 $ 7,202 $ 484
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(a) Includes $5.0 million early franchise termination fee, offset by
direct expenses related to the transaction.