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TravelCenters Of America LLC Announces Third Quarter 2012 Results

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

At September 30, 2012, TA’s business included 242 sites, 171 of which were operated under the “TravelCenters of America” or “TA” brand names and 71 of which were operated under the “Petro Stopping Centers” or “Petro” brand name.

       
 
Three Months Ended

September 30,

Nine Months Ended

September 30,

2012   2011 2012   2011
 
(in thousands, except per share amounts)
Revenues $ 2,034,153 $ 2,087,285 $ 6,070,529 $ 5,964,356
Net income $ 18,990 $ 20,793 $ 34,657 $ 26,049
 
Net income per share:
Basic and diluted $ 0.66 $ 0.74 $ 1.20 $ 1.15
 
Supplemental Data:
Total fuel sales volume (gallons) 511,373 543,959 1,552,998 1,574,394
Total fuel revenues $ 1,666,810 $ 1,734,621 $ 5,039,010 $ 4,989,927
Fuel gross margin $ 84,980 $ 81,322 $ 249,563 $ 227,984
 
Total nonfuel revenues $ 363,402 $ 348,790 $ 1,020,299 $ 963,676
Nonfuel gross margin $ 199,385 $ 196,010 $ 565,098 $ 548,328
 
EBITDAR (1) $ 83,604 $ 83,069 $ 227,425 $ 210,530
(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 $19.0 million for the third quarter of 2012 decreased by $1.8 million as compared to the net income in the 2011 third quarter. TA’s results included improvement in fuel margin, nonfuel revenues, nonfuel gross margin and EBITDAR, which increased by $0.5 million, or 0.6%, over the 2011 third quarter to $83.6 million in the 2012 third quarter, despite a decline in fuel sales volume. Nonfuel revenues for the 2012 third quarter increased $14.6 million, or 4.2%, above the 2011 third quarter. Fuel gross margin increased $3.7 million, or 4.5%, nonfuel gross margin increased $3.4 million, or 1.7%, and total gross margin increased $7.1 million, or 2.5%, each in the 2012 third quarter as compared to the 2011 third quarter. The improvements in nonfuel revenues and gross margin in the third quarter of 2012 resulted, in large part, from the travel centers acquired or opened since July 1, 2011, increased fuel gross margin per gallon and increased customer spending for nonfuel products and services in TA’s travel centers.

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