Petro Stopping Centers, L.P. Announces Q1 2000 Results
9 May 2000
EL PASO, Texas--Petro Stopping Centers L.P., one of the nation's leading operators of high quality, full-service travel plazas and truck stops with 54 locations in 31 states, today announced its operating results for the first quarter ended March 31, 2000.
Revenues for the 1st quarter, 2000, were $224.5 million as compared to $153.6 million for the first quarter ended March 31, 1999. EBITDA for the 1st quarter 2000 increased by 10%, to $9.9 million, from $9.0 million for the 1st quarter 1999. Net Income for the quarter was $1 million as compared to $.8 million for the same period last year. On a same-store basis, revenues for the first quarter were $214.6 million, an increase of $65.7 million or 44% over the same period last year. Overall fuel gallons sold increased 10.9% while same-store gallons for the 1st quarter rose 8.8%. No provision for income taxes is reflected in the Company's financial statements, due to its organization as a partnership.
"We are very pleased with our results for the quarter, especially in light of the historically high cost of fuel and related fuel margin pressures," said Petro's Chairman & Chief Executive Officer, Jack Cardwell.
Cardwell further noted, "We are looking forward to continued growth in same-store operations, while simultaneously positioning ourselves for the future through our planned network expansion."
Petro Stopping Centers L.P. is an El Paso, Texas-based national leader of high quality full-service travel plazas and truck stops. The Company is celebrating its 25th anniversary this year. Petro's network currently includes 31 company-operated and 23 franchised locations with 3 additional company sites scheduled to open this year. Most locations are one-stop, multi-service facilities featuring separate diesel and gasoline fueling facilities, Iron Skillet(R) restaurants, travel & convenience stores, and Petro:Lube(R) preventative maintenance and repair centers.
Petro Stopping Centers L.P.
Unaudited Consolidated Statements of Operations
(in thousands)
Three Months Ended
March 31,
1999 2000
------------- -------------
Net revenues:
Fuel (including motor
fuel taxes): $ 106,881 $ 174,392
Non-fuel 46,692 50,098
------------- -------------
Total net revenues 153,573 224,490
Costs and expenses:
Cost of sales --
Fuel (including motor fuel
taxes) 97,623 163,623
Non-fuel 18,718 20,235
Operating expenses 23,405 25,975
General and administrative 4,808 4,819
Depreciation and amortization 3,267 3,815
(Gain) loss on disposition
of fixed assets 15 (69)
------------- -------------
Total costs and expenses 147,836 218,398
------------- -------------
Operating income 5,737 6,092
Equity in loss of affiliate - (107)
Interest income 98 123
Interest expense (5,060) (5,060)
------------- -------------
Net income $ 775 $ 1,048
============= =============