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TravelCenters Of America LLC Announces Third Quarter 2012 Results

Stocks in this article: TA

These financial statements should be read in conjunction with TA’s Quarterly Report on Form 10-Q for the quarter ended September 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 September 30, 2011, that TA determined are not material.

(in thousands, except per share data)
Nine Months Ended September 30,
2012   2011
Fuel $ 5,039,010 $ 4,989,927
Nonfuel 1,020,299 963,676
Rent and royalties   11,220   10,753
Total revenues 6,070,529 5,964,356
Cost of goods sold (excluding depreciation):
Fuel 4,789,447 4,761,943
Nonfuel   455,201   415,348
Total cost of goods sold (excluding depreciation) 5,244,648 5,177,291
Operating expenses:
Site level operating 525,962 511,035
Selling, general & administrative 73,110 65,768
Real estate rent 148,030 143,339
Depreciation and amortization   37,138   34,399
Total operating expenses   784,240   754,541
Income from operations 41,641 32,524
Equity in income of equity investees 1,263 714
Acquisition costs (647 ) (446 )
Interest income 1,094 655
Interest expense (7,632 ) (6,688 )
Income before income taxes 35,719 26,759
Provision for income taxes   1,062   710
Net income $ 34,657 $ 26,049
Net income per share:
Basic and diluted $ 1.20 $ 1.15
Weighted average shares outstanding:
Basic and diluted (1)   28,793   22,687

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

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