EZ Energy Reports $4.66 Million Net Profit
Fuel sales up 87% in 2009
CLEVELAND -- EZ Energy Ltd. reported a net profit of $4.7 million in 2009, compared with a net loss of $1.3 million in 2008, according to a report on Globes Online.
The Cleveland-based company, which controls 92 convenience stores in Ohio and Pennsylvania, reported a 44.4% rise in revenue to $309.89 million for the full year of 2009, compared with $214.86 million in 2008, according to the report. The gain in revenue came primarily from the acquisition of 41 new stations in May and June.
In addition, the results for 15 stores bought in September 2008 were included [image-nocss] for the first full calendar year. Convenience stores in the corresponding period showed a rise of 5% in sales. The gains were offset by a drop in the price of oil.
EZ Energy, whose parent company is based in Israel, buys and operates gasoline stations in the United States. It also sells the property on which the stations are situated to REITs or other investors. This allows the company to buy as many stations as possible using a relatively low amount of equity, compared with the size of the deals.
The company's growing store count led to a rise of 87% in the quantity of fuel sold, the report stated. In 2009, the company sold 125.3 million gallons, while in 2008 it sold 67.1 million gallons. EZ Energy's share price is up 44.4% so far this year.