Petro Stopping Centers L.P. Announces Second Quarter 2000 Results
7 August 2000
Petro Stopping Centers L.P. Announces Second Quarter 2000 Results
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 55 locations in 31 states, today announced its operating results for the second quarter ended June 30, 2000.Revenues for the second quarter 2000 were $231.1 million as compared to $168.4 million for the second quarter 1999. Net Income for the quarter was $3.5 million as compared to $1.9 million for the same period last year. EBITDA for the 2nd quarter 2000 increased by 9.3%, to $12.2 million, from $11.2 million for the 2nd quarter 1999. No provision for income taxes is reflected in the Company's financial statements because of its organization as a partnership.
Revenues for the six months ended June 30, 2000 were $455.6 million as compared to $322.0 million for the same period last year. Net income for the six-month period was $4.5 million, up from $2.7 million in 1999. Same-store EBITDA for the six-month period increased by $3.3 million, to $22.9 million, with overall EBITDA increasing by 9.6%, to $22.1 million. Overall EBITDA reflects charges for pre-opening costs related to new sites opened during the second quarter.
"We are pleased with the results for the year thus far, particularly on a same-store basis. We are also excited to have opened two new Stopping Centers during the quarter," said Jack Cardwell, Petro's Chairman & Chief Executive Officer.
Petro Stopping Centers L.P. is a leading travel plaza and truck stop operator, with a nationwide network of 32 company-operated and 23 franchised locations. The Company is celebrating its 25th year of providing 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.
PETRO STOPPING CENTERS, L.P.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
Three Months Ended
June 30,
1999 2000
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Net revenues:
Fuel (including motor fuel taxes) $ 118,017 $ 175,868
Non-fuel 50,423 55,272
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Total net revenues 168,440 231,140
Costs and expenses:
Cost of sales --
Fuel (including motor fuel taxes) 108,292 164,005
Non-fuel 20,482 23,080
Operating expenses 24,382 27,573
General and administrative 4,953 4,231
Depreciation and amortization 3,403 3,949
(Gain) loss on disposition of fixed
assets (865) 10
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Total costs and expenses 160,647 222,848
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Operating income 7,793 8,292
Recapitalization costs (623) -
Equity in income (loss) of affiliate (230) 18
Interest income 101 58
Interest expense, net (5,166) (4,907)
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Net income $ 1,875 $ 3,461
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Six Months Ended
June 30,
1999 2000
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Net revenues:
Fuel (including motor fuel taxes) $ 224,898 $ 350,260
Non-fuel 97,115 105,370
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Total net revenues 322,013 455,630
Costs and expenses:
Cost of sales --
Fuel (including motor fuel taxes) 205,915 327,628
Non-fuel 39,200 43,315
Operating expenses 47,787 53,548
General and administrative 9,760 9,050
Depreciation and amortization 6,670 7,764
(Gain) loss on disposition of fixed
assets (849) (59)
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Total costs and expenses 308,483 441,246
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Operating income 13,530 14,384
Recapitalization costs (623) -
Equity in income (loss) of affiliate (230) (89)
Interest income 199 181
Interest expense, net (10,226) (9,967)
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Net income $ 2,650 $ 4,509
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