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TravelCenters Of America LLC Announces Fourth Quarter And Year End 2012 Results

TravelCenters of America LLC (NYSE MKT: TA) today announced financial results for the fourth quarter and year ended December 31, 2012.

At December 31, 2012, TA’s business included 243 sites, 171 of which were operated under the “TravelCenters of America” or “TA” brand names and 72 of which were operated under the “Petro” brand name. TA’s results were:

Three Months Ended

December 31,

Year Ended

December 31,

2012   2011 2012   2011
(in thousands, except per share amounts)
Revenues $ 1,925,195 $ 1,924,501 $ 7,995,724 $ 7,888,857
Net income (loss) $ (2,459 ) $ (2,475 ) $ 32,198 $ 23,574
Net income (loss) per share:
Basic and diluted $ (0.08 ) $ (0.09 ) $ 1.12 $ 0.98
Supplemental Data:
Total fuel sales volume (gallons) 486,963 513,023 2,039,960 2,087,416
Total fuel revenues $ 1,597,287 $ 1,613,402 $ 6,636,297 $ 6,603,329
Fuel gross margin $ 76,484 $ 73,398 $ 326,047 $ 301,382
Total nonfuel sales $ 324,456 $ 307,409 $ 1,344,755 $ 1,271,085
Nonfuel gross margin $ 180,183 $ 174,665 $ 745,281 $ 722,993
Nonfuel gross margin percentage 55.5 % 56.8 % 55.4 % 56.9 %
EBITDAR (1) $ 65,598 $ 61,857 $ 293,023 $ 272,387




A reconciliation that shows the calculation of earnings before interest, taxes, depreciation, amortization and rent, or EBITDAR, from net income (loss) determined in accordance with generally accepted accounting principles, or GAAP, appears in the supplemental data below.

Business Commentary

TA’s net loss of $2.5 million for the fourth quarter of 2012 was essentially unchanged from its net loss for the fourth quarter of 2011. TA’s results for the fourth quarter of 2012 included improvement in fuel gross margin, nonfuel revenues, nonfuel gross margin and EBITDAR, the latter of which increased by $3.7 million, or 6.0%, over the 2011 fourth quarter to $65.6 million, despite a decline in fuel sales volume. Nonfuel revenues for the 2012 fourth quarter increased $17.0 million, or 5.5%, over the 2011 fourth quarter. Despite a 5.1% decline in gallons sold, fuel gross margin increased $3.1 million, or 4.2%, nonfuel gross margin increased $5.5 million, or 3.2%, and total gross margin increased $8.4 million, or 3.3%, each in the 2012 fourth quarter as compared to the 2011 fourth quarter. Approximately 27% of the 5.1% decline in fuel gallons sold was attributable to TA’s ceasing to supply fuel on a wholesale basis to certain of its franchisees during 2012. In addition, during the 2012 fourth quarter TA replaced 234 diesel dispensers, or about 12% of its total, adversely affecting diesel fueling capacity at its travel centers. The improvements in nonfuel revenues and gross margin in the fourth quarter of 2012 resulted, in large part, from the travel centers acquired during 2011 and 2012, increased fuel gross margin per gallon and increased customer spending for nonfuel products and services in TA’s travel centers.

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