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TravelCenters Of America LLC Announces Second Quarter 2012 Results

These financial statements should be read in conjunction with TA’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, to be filed with the Securities and Exchange Commission, including the condensed consolidated financial statements and notes thereto that describe certain revisions to the financial information for the three months ended June 30, 2011 that TA determined are not material.

(in thousands, except per share data)
Six Months Ended June 30,
2012 2011
Fuel $ 3,372,200 $ 3,255,306
Nonfuel 656,897 614,886
Rent and royalties   7,279   6,879
Total revenues 4,036,376 3,877,071
Cost of goods sold (excluding depreciation):
Fuel 3,207,617 3,108,644
Nonfuel   291,184   262,568
Total cost of goods sold (excluding depreciation) 3,498,801 3,371,212
Operating expenses:
Site level operating 346,225 334,761
Selling, general & administrative 47,533 43,408
Real estate rent 98,879 95,137
Depreciation and amortization   24,230   22,629
Total operating expenses   516,867   495,935
Income from operations 20,708 9,924
Equity in income of equity investees 462 217
Acquisition costs (458 ) (446 )
Interest income 582 336
Interest expense (4,994 ) (4,324 )
Income before income taxes 16,300 5,707
Provision for income taxes   633   451
Net income $ 15,667 $ 5,256
Net income per share:
Basic and diluted $ 0.54 $ 0.26
Weighted average shares outstanding:
Basic and diluted (1)   28,785   19,960

(1) Includes unvested shares granted under our share award plan.

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