Petro Stopping Centers said its operating results for the second quarter ended June 30 show net revenue of $438.1 million was $122.3 million, or 38.7%, higher than the same period in 2004,
with comparable unit revenues increasing $98.7 million, or 31.3%.
The increase in revenue was driven primarily by a 29.8% increase in the average retail selling price per fuel gallon and increased fuel gallons sold, as well as improved non-fuel sales and the addition of three sites. Net income for the three months ended June 30, 2005 of $4.0 million was $318,000 higher than the same period in 2004.
Compared to the same period last year, EBITDA increased $591,000, or 4.4%, to $14.0 million for the three months ended June 30. The three truck stops, which opened at the end of the first quarter of 2005, added $513,000 to EBITDA.
Since opening the first Petro Stopping Center in 1975, the nationwide network has grown to 63 facilities located in 31 states. Of these locations, 41 are company-operated and 22 are franchised. Petro Stopping Centers are situated at convenient locations with easy highway access and target the needs of professional truck drivers. Petro offers a broad range of products, services, and amenities, including diesel fuel, gasoline, home-style Iron Skillet restaurants, Petro:Lube truck service centers, and travel and convenience stores.
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