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TravelCenters Of America LLC's CEO Discusses Q4 2011 Results - Earnings Call Transcript

We continue to believe that the attention we've shown to customer service, improving our facilities and controlling our operating costs allowed us to turn profitable in a slowly improving economy in 2011 and has positioned TA for continued profitability in 2012. Our focus for 2012 includes: One, the continuation of prudent, selective acquisition of additional operating travel centers. Indeed, last week, we acquired a travel center on I-85 in Georgia for $5 million. Two, the continuation of internal growth capital investment. For example during 2011 at the travel centers we operated all year, we added 8 quick service restaurants, rebranded dozens of gasoline stations and installed both diesel exhaust fluid dispensers at 42 travel centers. And three, continued improvement in operating metrics and customer service delivery. I believe that the TA and Petro brands have clearly lead the industry in delivery of service, efficiency and convenience for drivers. And now, Andy Rebholz, our Chief Financial Officer, will review our fourth quarter and full year results in more detail. And after Andy's comments, I'll make some closing remarks and then we'll try to answer questions.

Andrew J. Rebholz

Thanks, Tom. Good morning, everybody. I'll discuss some of our key financial results for the 2011 fourth quarter and full year. In this discussion, I will refer to same-site results, which are the results that only those sites that we have continuously operated since January 1, 2010. First, I'll cover our fourth quarter results. In the fourth quarter of 2011, TA generated a net loss of $2.5 million or $0.09 per share, a $27.5-million improvement over the prior year quarter when we had posted a net loss of $30 million. Approximately $15 million of this improvement related to lower rent and interest expense that largely resulted from the amendment agreement we entered with HPT effective January 2011. As a reminder, I want to point out that TA's business is impacted by seasonal changes. The first and fourth quarters of each calendar year generally produce our weakest financial results. And the second and third calendar quarters generally produce our best financial results.

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