Petro Stopping Centers L.P., one of the nation's leading operators of full-service travel plazas, said revenues for the first quarter 2003 of $270.7 million were $61.1 million higher
than the same period last year.
The increase in revenue was primarily due to a 38% increase in the average selling price per fuel gallon and the addition of new sites. Net income for the quarter was $225,000 as compared to a net loss of $886,000 in 2002. The increase in net income was mainly due to a continued focus on improving efficiencies in our operations, and lower depreciation and interest expense.
Jack Cardwell, Petro's chairman and chief executive officer, said "By continuing to execute our operating plans, we managed to improve our operating results in spite of the many ongoing challenges in our industry."
Petro Stopping Centers has a nationwide network of 37 company operated and 23 franchised locations. The company provides multi-service facilities, with most sites featuring separate diesel and gasoline fueling facilities, Iron Skillet restaurants, travel and convenience stores and PetroLube preventative maintenance and repair centers.