During the nine months ended September 30, 2011, changes in market conditions, principally the changes in the market prices of petroleum products, caused TA to make significant investments in working capital. Inventory at September 30, 2011, was $16.8 million higher than at December 31, 2010, due to increases in fuel prices, nonfuel wholesale purchase prices and the increased amounts of inventories required to respond to increased sales levels. Accounts receivable and accounts payable both also increased as a result of higher fuel prices and sales levels.
During the nine months ended September 30, 2011, TA entered into four new franchise agreements with operators of travel centers, including one in Alabama and one in Virginia during the third quarter. TA currently expects that these two franchisee owned and operated sites will begin to operate under the Petro Stopping Centers and TA brands during December 2011.
As previously announced, TA entered an amended and restated revolving credit facility with a group of commercial banks in October 2011. Under the new credit facility $200 million may be borrowed, repaid and reborrowed until its maturity date in 2016. The new credit facility replaced TA’s prior $100 million revolving credit facility, which had a maturity date in 2012.
Conference Call:On November 7, 2011, at 10:00 a.m. Eastern Time, TA will host a conference call to discuss its financial results and other activities for the periods ended September 30, 2011. Following management’s remarks, there will be a question and answer period. The conference call telephone number is (877) 777-1967. Participants calling from outside the United States and Canada should dial (612) 332-0637. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available for about a week after the call. To hear the replay, dial (320) 365-3844. The replay pass code is 218260.
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