Petro Stopping Centers L.P. Announces First Quarter 1999 Operating Results
10 May 1999
Petro Stopping Centers L.P. Announces First Quarter 1999 Operating Results
EL PASO, Texas--May 10, 1999--Petro Stopping Centers L.P., one of the nation's leading operators of full-service travel plazas and truck stops with 50 locations in 29 states, today announced its operating results for the first quarter ended March 31, 1999.Revenues for the quarter ended March 31 were $153.6 million as compared to $162.9 million for the same period last year. EBITDA for the quarter ended March 31 was $9.0 million as compared to $8.9 million for the same period last year. Net income for the quarter ended March 31 was $775,000, as compared to $202,000 for the same period last year.
Revenues were effected by the lower retail price of fuel this year as compared to last year offset by increases in non-fuel revenues. No provision for income taxes is reflected in the company's financial statements because of its organization as a partnership.
"We are pleased with the results of the first quarter, even though revenues were off from last year, largely due to a decline in fuel prices," said Chairman and Chief Executive Officer Jack Cardwell. "Our results reflect the benefits of having a diversified income stream."
Petro Stopping Centers L.P. is an El Paso, Texas-based national leader of full-service travel plazas and truck stops. The company's network currently offers 28 company-operated and 22 franchised locations. These locations are one-stop, multi-service facilities featuring separate diesel and gasoline fueling facilities, Iron Skillet restaurants, travel & convenience stores, and Petro:Lube preventative maintenance and repair centers.
The company was recapitalized in January 1997 in partnership with Chartwell Investments Inc., New York, and Mobil Oil Corporation, Fairfax, Va.
Petro Stopping Centers L.P.
Unaudited Consolidated Statement of Operations
(in thousands)
Three Months Ended
March 31, 1998 March 31, 1999
-------------- --------------
Net Revenues
(including motor fuel taxes)
Fuel $ 119,032 $ 106,881
Non-fuel 30,933 33,556
Restaurant 12,967 13,136
-------------- ----------------
Total net revenues 162,932 153,573
-------------- ----------------
Costs & expenses:
Cost of sales
(including motor fuel taxes) 126,771 116,341
Operating Expenses 22,610 23,405
General & administrative 4,626 4,823
Depreciation & amortization 3,706 3,267
-------------- ----------------
Total costs and expenses 157,713 147,836
-------------- ----------------
Operating income 5,219 5,737
Interest expense, net 5,017 4,962
-------------- ----------------
Net income $ 202 $ 775
============== ================