EZ Energy Predicts $250 Million in Revenue from U.S. Operations

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EZ Energy Predicts $250 Million in Revenue from U.S. Operations

ISRAEL -- EZ Energy Ltd., headquartered here, predicted it will exceed NIS 1 billion (or $254 million U.S.) in revenue from its U.S. gas station and convenience store operations in 2008, Globes Online reported.

The estimate was made during a presentation to investors at a Gaon Capital Markets conference last week, according to the report.

To date, EZ Energy has acquired 25 gas stations and convenience stores in the U.S., and has six fuel delivery contracts. Most recently, the company signed agreements to acquire 14 gas stations in Atlanta from BP, and expects to close the deal during 2008, the report stated.

EZ Energy generated NIS 750 million ($190 million U.S.) in revenue in 2006 on the basis of sales data, the report stated. Since then, the company acquired additional U.S. locations and will begin recognizing their revenue in the fourth quarter, according to the Web site.

In addition, the company anticipates that the Atlanta area BP stations will generate $160 million in revenue per year, which suggests total annual revenue will possibly reach NIS 1.4 billion ($355.8 million U.S.), according to the report.