Travel Ports of America (http://www.tpoa.com) reported an increase in net income of more than 580% from last year's third quarter. Earnings reached an all-time high for the quarter and nine months.
Increases were primarily due to increases in nonfuel sales, which provide for significantly higher profit margins than fuel.
Earnings for the three-month and nine-month periods ending Jan. 31 rose 21% and 20%, respectively, from the same periods last year.
"Our new and refurbished facilities have been significant factors in our bottom-line growth during the past nine months, justifying the investments made last year," says President John M. Holahan. "Generally, the number of services and facilities, such as restaurants, offered at each of our travel plazas has a direct impact on the profitability of each."
Travel Ports of America Inc. operates full-service travel plazas in seven states, with operations in fueling (diesel and gasoline), truck repair, restaurants, lodging and other travel services. The company has operations in New York, New Jersey, Pennsylvania, New Hampshire, North Carolina, Maryland and Indiana.
Travel Ports recently announced a merger agreement with TravelCenters of America.