ALBUQUERQUE, N.M. -- Bowlin Travel Centers Inc. has just reported net sales increased 18% to $21.745 million for the nine-months ended Oct. 31, 2006, compared to net sales of $18.432 million for the same nine-month period in the prior fiscal year. Earnings per share, net income, for the nine-month period ended Oct. 31, 2006, was $0.081 per basic and diluted share, compared to $0.108 per basic and diluted share for the nine-months ended Oct. 31, 2005.
The decrease in basic and diluted earnings per share is primarily the result of a non-operating gain [image-nocss] of $206,000 reported in the nine-month period of fiscal year 2006.
Net sales for the third-quarter period of fiscal 2007 increased 17.1% to $6.852 million compared to $5.853 million for the third-quarter period ended Oct. 31, 2005. Earnings per share, net loss, in the third-quarter period ended Oct. 31, 2006, was ($0.002) per basic and diluted share compared to earnings per share, net income, of $0.010 per basic and diluted share in the same period of the prior year.
Michael L. Bowlin, chairman, president and CEO, said, We entered into a purchase agreement and letter of intent to sell two of our underperforming locations and expect the sale of both to close before fiscal year-end. We will continue to maintain our focus on operational improvements which includes volume buying for improved margins and maintaining our supervisory support programs."
The Albuquerque, N.M.-based company operates travel centers strategically located on major interstate highways that use cobranding agreements with national companies. Its current operations are located in the Southwestern United States.
Earlier, El Paso, Texas-based Petro Stopping Centers LP announced its operating results for the third quarter ended Sept. 30, 2006. Net revenue for third-quarter 2006 of $571.7 million was $62.6 million, or 12.3%, higher than the same period in 2005. The increase in revenue was driven primarily by a 12.5% increase in the average retail selling price per fuel gallon, improved nonfuel sales, and the addition of new sites. Compared to the same period last year, EBITDA increased 12.9% to $21.3 million. Net income of $10.9 million was $2.3 million over the same period in 2005.
Petro Stopping has 66 facilities located in 32 states. Of these locations, 43 are company-operated facilities and 23 are franchised facilities. The facilities are situated at convenient locations with easy highway access and target the unique needs of professional truck drivers. It offers a variety 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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