Global Partners' Pipeline for the Future
WALTHAM, Mass. -- Global Partners LP expanded its convenience store and gas station portfolio last year and has a strong real estate "pipeline for the future" to build more new stores, President and CEO Eric Slifka said during the company's 2013 fiscal fourth-quarter earnings call.
The master limited partnership (MLP) currently operates more than 900 convenience stores under the Fast Freddie's, Mr. Mike's and Alltown banners in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont.
Eleven new stores were opened last year and according to Slifka, Global Partners' gasoline distribution and station operations segment has been performing extremely well.
"Our gasoline distribution and station operations segment contributed 50 percent of product margin for the year, reflecting a full year of results from our acquisition of Alliance Energy in March 2012," Slifka stated during yesterday's earnings call. "We also continued the rollout of new retail gas stations and convenience stores under our Alltown brand."
Companywide, the Waltham-Mass.-based MLP earned a net profit of $34 million for its fourth quarter ended Dec. 31, compared to $22.7 million during the same quarter in 2012.
"Looking ahead, we will continue to develop and enhance our system of product terminals, rail distribution facilities and gas station sites," said Slifka. "The flexibility of these assets diversifies our cash flows, expands our income streams and provides us opportunities to optimize within our network."
At the beginning of the earnings call, Global Partners read a prepared statement in memory of company founder Alfred A. "Fred" Slifka, father to Eric Slifka, who passed away March 9.