Petro Stopping Centers L.P. Announces First Quarter Results
EL PASO, Texas--May 8, 2002--Petro Stopping Centers L.P., one of the leading operators of full-service travel plazas in the United States, today announced its operating results for the first quarter ended March 31, 2002.The net loss for the first quarter 2002 was $886,000 as compared to net loss of $3.1 million for the same period last year. Revenue for the quarter was $208.6 million as compared to $236.2 million for the first quarter of 2001. The decline in revenues was primarily due to a 19.2% decrease in the average retail selling price per fuel gallon related to declining fuel costs. EBITDA for the period increased 23.2% to $8.9 million, while same-store EBITDA increased 16.1% to $8.5 million.
The improvement in earnings was due primarily to higher non-fuel profit, lower interest expense and lower general and administrative costs. No provision for income taxes is reflected in the Company's financial statements because of its organization as a partnership.
Jack Cardwell, Petro's chairman and chief executive officer, said, "We are pleased with our improved results over the first quarter of last year and believe that earnings should continue to improve as the economy gains momentum."
Jim Cardwell, chief operating officer, and Edward Escudero, vice president of finance and treasurer, will host an investor conference call on Thursday, May 9, 2002, at 11:00 a.m. Eastern time to discuss the quarterly results. The phone number to access the conference call is 800/450-0788.
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.
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.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
Three Months Ended
March 31,
2001 2002
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Net revenues:
Fuel (including motor fuel taxes) $ 183,883 $ 154,091
Non-fuel 52,331 54,549
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Total net revenues 236,214 208,640
Costs and expenses:
Cost of sales
Fuel (including motor fuel taxes) 174,210 145,354
Non-fuel 22,050 22,229
Operating expenses 28,187 28,160
General and administrative 4,553 4,011
Depreciation and amortization 4,433 4,458
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Total costs and expenses 233,433 204,212
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Operating income 2,781 4,428
Equity in income (loss) of affiliate (94) 26
Interest income 58 10
Interest expense, net (5,875) (5,350)
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Net loss $ (3,130) $ (886)
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