Petro Stopping Centers L.P. Fourth Quarter 2001 Results and Conference Call
EL PASO, Texas--March 6, 2002--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 fourth quarter ended December 31, 2001.Revenues for the fourth quarter 2001 were $202.5 million as compared to $270 million for the fourth quarter of 2000. The sharp decline in revenues was primarily due to a 23.7% decrease in the average retail selling price per gallon of diesel fuel related to declining fuel costs. Net loss for the quarter was $983,000 as compared to net loss of $788,000 for the same period last year, due primarily to increased employee-related costs partially offset by additional operating income generated from our new sites. Same store EBITDA for the period decreased to $7.5 million, while overall EBITDA decreased to $8.9 million. 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 the economy begins to emerge from the slowdown, we believe we have positioned ourselves to take advantage of the recovery by operating as efficiently as possible and continuing to provide quality products and services to our customers."
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.
EBITDA, or operating income plus depreciation and amortization, is not a measure of financial performance under generally accepted accounting principles, but is presented because such data is used by certain investors to determine a company's ability to meet historical debt service requirements. Such data should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flows as a measure of liquidity.
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.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
Year Ended Year Ended Year Ended
Dec. 31, Dec. 31, Dec. 31,
1999 2000 2001
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Net revenues:
Fuel (including motor fuel taxes) $520,512 $763,413 $684,262
Non-fuel 199,235 217,384 229,881 (a)
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Total net revenues 719,747 980,797 914,143
Costs and expenses:
Cost of sales
Fuel (including motor fuel taxes) 481,483 720,335 643,162
Non-fuel 80,491 91,771 95,014
Operating expenses 99,978 108,367 116,535
General and administrative 19,154 16,856 18,751
Depreciation and amortization 13,951 16,270 17,683
Gain on disposition of fixed assets (836) (59) (63)
---------- --------- ----------
Total costs and expenses 694,221 953,540 891,082
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Operating income 25,526 27,257 23,061
Recapitalization costs (1,163) -- --
Equity in income (loss) of affiliate (593) (307) 122
Interest income 596 317 174
Interest expense, net (20,250) (20,853) (23,856)
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Income (loss) before extraordinary
item 4,116 6,414 (499)
Extraordinary item - write-off of
debt restructuring costs associated
with retired debt (2,016) -- --
---------- --------- ----------
Net income (loss) $2,100 $6,414 $(499)
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(a) Includes $5.0 million early franchise termination fee, offset by
direct expenses related to the transaction.
Petro Stopping Centers L.P. Fourth Quarter and Year Ended 2001 Results Conference Call
Petro Stopping Centers L.P. will host a conference call on
Thursday, March 7, 2002, at 11:00 A.M. EST
for a discussion of the results for the fourth quarter and year
ended December 31, 2001.
Those wishing to participate should call:
1-800-553-0327
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 Vice President of
Finance.