TA Results Reflect Slowing Economy and Fuel Volumes

August 05, 2009

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TravelCenters of America saw greater losses and decreased revenue during the second quarter, a reflection of the slowing economy and lower fuel volumes
, the company says.

Revenue during the quarter was down by half from a year earlier -- $1.13 billion, down from $2.28 billion in the second quarter of 2008. The company posted a net loss of $15 million, or 90 cents a share, worse than the year-ago quarter's loss of $9.8 million, or 67 cents a share.

The company saw a 10.7 percent decline in fuel volumes compared to the second quarter of 2008, and a 13.6 percent drop in fuel volumes for the first half of 2009 compared to the first half of 2008.

"TA believes that its fuel volume declines are consistent with declines in trucking activity and diesel fuel consumption generally," TA said in a statement.

TA's business includes 233 sites, 166 of which are operated under the "TravelCenters of America" or "TA" brand names and 67 that are operated under the "Petro" brand name.

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