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Petro Stopping Centers Quarterly Revenue at $338 Million

EL PASO, Texas -- Petro Stopping Centers LP, which operates 60 travel plazas in 33 states, reported third quarter revenue of $338.2 million, which was $66.5 million higher than the same period in 2003. The increase was mainly due to higher fuel revenues, as a result of increased fuel gallons sold and an increase in average retail-selling price of fuel, in addition to improved non-fuel sales.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter increased $461,000 to $13 million, while net income decreased $629,000 to $3.5 million due to increased interest expense. No provision for income taxes is reflected in the company's consolidated financial statements because of its organization as a partnership.

Revenue of $940.1 million for the nine months ended Sept. 30 was 18.3 percent higher than 2003. EBITDA for the nine-month period rose 5.9 percent to $35.2 million. The net loss for the period of $396,000 is primarily due to costs associated with the company's Feb. 9 refinancing transactions and increased interest expense.
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