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TravelCenters Of America LLC Announces Second Quarter 2012 Results

Stocks in this article: TA

TravelCenters of America LLC (NYSE MKT: TA) today announced financial results for the three and six months ended June 30, 2012.

At June 30, 2012, TA’s business included 240 sites, 170 of which were operated under the “TravelCenters of America” or “TA” brand names and 70 of which were operated under the “Petro Stopping Centers” or “Petro” brand name. TA’s results were:

  Three Months Ended   Six Months Ended
June 30, June 30,
2012   2011 2012   2011
(in thousands, except per share amounts)
Revenues $ 2,041,507 $ 2,094,957 $ 4,036,376 $ 3,877,071
Net income $ 29,852 $ 21,828 $ 15,667 $ 5,256
Net income (loss) per share:
Basic and diluted $ 1.04 $ 1.00 $ 0.54 $ 0.26
Supplemental Data:
Total fuel sales volume (gallons) 528,923 529,570 1,041,624 1,030,435
Total fuel revenues $ 1,689,007 $ 1,762,020 $ 3,372,200 $ 3,255,306
Fuel gross margin $ 96,137 $ 85,784 $ 164,583 $ 146,662
Total nonfuel revenues $ 348,743 $ 329,508 $ 656,897 $ 614,886
Nonfuel gross margin $ 194,329 $ 187,163 $ 365,713 $ 352,318
EBITDAR (1) $ 94,115 $ 82,937 $ 143,821 $ 127,461
(1)   A reconciliation that shows the calculation of earnings before interest, taxes, depreciation, amortization and rent, or EBITDAR, from net income determined in accordance with generally accepted accounting principles, or GAAP, appears in the supplemental data below.

Business Commentary

TA’s net income of $29.9 million for the second quarter of 2012 reflected an improvement of $8.0 million as compared to the net income in the 2011 second quarter. TA’s results also reflected improvement in EBITDAR, which increased by $11.2 million, or 13.5%, over the 2011 second quarter to $94.1 million in the 2012 second quarter. TA’s fuel sales volume decreased by 0.6 million gallons, or 0.1%, in the 2012 second quarter compared to the 2011 second quarter. During the second quarter of 2012, TA experienced a 2.2% decrease in same site fuel sales volume, compared with the second quarter of 2011. TA believes this decrease is a result, in part, of capital projects to replace fuel dispensers and install diesel exhaust fluid dispensers that required TA to take certain fuel dispensers out of service during the 2012 period. Nonfuel revenues for the 2012 second quarter increased $19.2 million, or 5.8%, above the 2011 second quarter. Total gross margin increased $17.5 million, or 6.4% in the 2012 second quarter above the 2011 second quarter. These improved results in the second quarter of 2012 resulted, in large part, from the travel centers acquired or opened since April 1, 2011, increased fuel margin per gallon and increased customer spending for nonfuel products and services in TA’s travel centers.

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