Petro Stopping Centers Announces 2006 Annual Results and Conference Call

EL PASO, Texas--Petro Stopping Centers, L.P. today announced its operating results for the year ended December 31, 2006.

FINANCIAL HIGHLIGHTS

Net revenue for 2006 of $2.15 billion was $303.6 million, or 16.5%, higher than 2005. The increase in revenue was driven primarily by a 12.6% increase in the average retail selling price per fuel gallon and increased fuel gallons sold, as well as improved non-fuel sales and the addition of new sites. Net income for the year ended December 31, 2006 of $20.6 million was $4.5 million higher than 2005. Compared to last year, EBITDA increased $7.3 million or 13.1%, to $63.4 million for the year ended December 31, 2006. No provision for income taxes is reflected in the Company’s consolidated financial statements because of its organization as a partnership.

ABOUT PETRO

Petro Stopping Centers, L.P. is a leading owner and operator of large, multi-service truck stops. Since opening the first Petro Stopping Center in 1975, the nationwide network has grown to 67 facilities located in 32 states. Of these locations, 44 are company-operated facilities and 23 are franchised facilities. Petro Stopping Centers are situated at convenient locations with easy highway access and target the unique needs of professional truck drivers. Petro offers a broad range of products, services, and amenities, including diesel fuel, gasoline, home-style Iron Skillet^® restaurants, Petro:Lube^® truck service centers, and travel and convenience stores.

PETRO STOPPING CENTERS, L.P. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (in thousands)     Year Ended December 31, 2005  2006    Net revenues: Fuel (including motor fuel taxes) $ 1,552,574  $ 1,831,043  Non-fuel 290,985  316,075  Total net revenues 1,843,559  2,147,118    Costs and expenses: Cost of sales Fuel (including motor fuel taxes) 1,490,980  1,762,811  Non-fuel 119,198  129,600  Operating expenses 156,747  170,131  General and administrative 20,567  21,174  Depreciation and amortization 16,691  18,383  Loss on disposition of fixed assets 50  46  Total costs and expenses 1,804,233  2,102,145    Operating income 39,326  44,973    Write-down of land held for sale -  (16) Settlement of insurance recovery 660  -  Equity in income of affiliate 647  1,168  Interest income 321  775  Interest expense (24,848) (26,343)   Net income $ 16,106  $ 20,557 

RECONCILIATION OF NET INCOME TO EBITDA
(in thousands)
	Year Ended
	December 31,
	2005		2006
Net income	$ 16,106		$ 20,557
Add:
Write-down of land held for sale	-		16
Interest expense	24,848		26,343
Depreciation and amortization	16,691		18,383
Less:
Settlement of insurance recovery	(660)		-
Equity in income of affiliate	(647)		(1,168)
Interest income	(321)		(775)
EBITDA	$ 56,017		$ 63,356