Petro Stopping Centers L.P. Announces Third Quarter 2000 Results
8 November 2000
Petro Stopping Centers L.P. Announces Third Quarter 2000 Results
EL PASO, Texas--Nov. 7, 2000--Petro Stopping Centers L.P., one of the nation's leading operators of high quality, full-service travel plazas and truck stops with 57 locations in 31 states, today announced its operating results for the third quarter ended Sept. 30, 2000.Revenues for the third quarter 2000 were $256.8 million as compared to $183.7 million for the third quarter 1999. Net income for the quarter was $2.7 million as compared to a net loss of $773,000 for the same period last year. EBITDA for the 3rd quarter 2000 increased by 21.2%, to $12.3 million overall, and by 19.2% to $11.8 million, on a same-store basis. No provision for income taxes is reflected in the Company's financial statements because of its organization as a partnership.
Revenues for the nine months ended Sept. 30, 2000 were $712.4 million as compared to $505.8 million for the same period last year. Net income for the nine-month period was $7.2 million, up from $1.9 million in 1999. Same-store EBITDA for the nine-month period increased by $5.3 million, to $34.7 million, with overall EBITDA increasing by 13.5%, to $34.4 million. Overall EBITDA reflects charges for pre-opening costs related to new sites opened during 2000.
"We are pleased with the results for the year thus far. We have been able to continue to expand our network while maintaining same-store earnings growth in the face of challenging fuel market conditions," said Jack Cardwell, Petro's Chairman & Chief Executive Officer.
Petro Stopping Centers L.P.
Unaudited Consolidated Statements of Operations
(in thousands)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1999 2000 1999 2000
--------- -------- --------- ----------
Net revenues:
Fuel (including motor
fuel taxes) $ 132,256 $ 198,519 $ 357,154 $ 548,779
Non-fuel 51,492 58,266 148,607 163,636
--------- -------- --------- ----------
Total net revenues 183,748 256,785 505,761 712,415
Costs and expenses:
Cost of sales --
Fuel (including
motor fuel taxes) 122,512 186,390 328,427 514,018
Non-fuel 20,617 24,710 59,817 68,025
Operating expenses 25,843 28,787 73,630 82,335
General and
administrative 4,663 4,641 14,423 13,691
Depreciation and
amortization 3,415 4,197 10,085 11,961
Gain on disposition
of fixed assets - - (849) (59)
--------- -------- --------- ----------
Total costs and
expenses 177,050 248,725 485,533 689,971
--------- -------- --------- ----------
Operating income 6,698 8,060 20,228 22,444
Recapitalization costs (326) - (949) -
Equity in loss of
affiliate (221) (22) (451) (111)
Interest income 180 74 379 255
Interest expense, net (5,088) (5,419) (15,314) (15,386)
--------- -------- --------- ----------
Income before
extraordinary item 1,243 2,693 3,893 7,202
--------- -------- --------- ----------
Extraordinary item --
write-off of debt
restructuring costs
associated with
retired debt (2,016) - (2,016) -
--------- -------- --------- ----------
Net income (loss) $ (773)$ 2,693 $ 1,877 $ 7,202
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Tuesday, Nov. 7, 2000
Petro Stopping Centers L.P.
Third Quarter Results Conference Call
Petro Stopping Centers, L.P. will host a conference call on Tuesday, Nov. 14, 2000, at 11:00 A.M. EST for discussion of the results for the third quarter and nine months ended Sept. 30, 2000.
Those wishing to participate should call 800/260-0719 on the above referenced date and time.
The conference call will be hosted by Evan Brudahl, Petro's Senior Vice President of Operations, and David Appleby, Petro's Vice President of Finance.