Good morning, and thank you for joining our call today. I'm here to report our results for the 2011 second quarter, during which TA again posted improvement over the comparable prior year period.
For the 2011 second quarter, we achieved net income of nearly $22 million or $0.99 per share. Overall fuel volume for the 2011 second quarter increased 4.3% versus the 2010 second quarter. In addition, the second quarter 2011 freight volumes, which were somewhat larger than in the same period in 2010, and we believe our marketing and sales efforts have had positive impact on our business as have our gasoline pricing and branding strategies.
Fuel margin per gallon during the 2011 second quarter was $0.162 versus $0.147 for the 2010 period. Falling fuel prices during May and June helped these margins. Our nonfuel sales increased 9.7% for the 2011 second quarter, while 2011 second quarter total EBITDAR increased 9.4% each as compared to the 2010 period.Our increase in EBITDAR, coupled with the reduction in the rent and interest payments that was effective in January 2011 were the 2 factors principally responsible for the $20-plus million improvement in our net income in the second quarter of 2011 versus the second quarter of 2010. Net income year to date, June 30, 2011, was $5 million. We've also added a number of new sites during the second quarter of 2011. In a moment, Andy will take you through our same-store results, but I want to provide you with an update on where we stand on these new sites.The travel center in Carl's Corner, Texas that we purchased at a foreclosure auction in March was opened for business as a Petro Stopping Center on May 1, 2011. We already seen very positive results for this facility and making plans to expand it further. The travel center in Salina, Kansas that we purchased from a former franchisee, pursuant to our exercise of our rights to do so, again began to operate as a Petro in late June 2011.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV