Now I will turn the call over to Tom O'Brien.
Thomas M. O'Brien
Good morning, and thank you for joining our call today. I'm here to report our results for the 2011 third quarter.
We achieved net income of $21 million or $0.74 a share, pushing our year-to-date net income to $26 million or $1.13 a share. Overall fuel volume for the 2011 third quarter increased 4.8% versus the 2010 third quarter and 1.8% on a same-store basis.Third quarter 2011 freight volumes were somewhat larger than in the same period in 2010, and we believe our marketing and sales efforts have also had positive impacts on our business as have our gasoline pricing and branding strategies. Fuel margin per gallon during the 2011 third quarter was $0.15 versus $0.14.4 for the 2010 period. Falling somewhat volatile fuel prices during the 2011 quarter generally helped fuel margins throughout that quarter. Our nonfuel sales increased 10.2% for the 2011 third quarter as compared to the 2010 quarter, and our nonfuel sales during the last 12 months at $1.24 billion are higher than they have ever been at any point in company history. Third quarter 2011 EBITDAR increased 4% compared to the 2010 third quarter. We've now posted improvement in EBITDAR in each of the last 6 conservative quarters. Increased EBITDAR and the reduction in rent and interest payments that was effective January 2011 were the 2 factors principally responsible for the $16 million improvement in net income in the third quarter of 2011 versus the prior year. Net income year-to-date, September 30, 2011, was $26 million, a marked improvement over the 2010 year-to-date period. In a moment, Andy will take you through our same-store results, which we're again positive in the third quarter and a significant factor in our EBITDAR growth. Another factor in our improving financial results were the results from the sites we have added to our business this year. As we've discussed previously, during the second quarter this year, we acquired 8 properties that we now operate as travel centers or as ancillary operations to preexisting travel centers.
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 + 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