EL PASO, Texas -- Petro Stopping Centers LP has announced its operating results for the first quarter ended March 31, 2006.
Net revenue for the first quarter of 2006 of $517 million was $155.8 million, or 43.1% higher than the same period in 2005, with comparable unit revenues increasing $115.8 million, or 32.5%. A Petro Stopping Center is considered a comparable unit in 2006 if it was operated 12 months in 2005. The increase in revenue was driven primarily by a 22.2% increase in the average retail selling price per fuel gallon and increased fuel gallons sold, as well as improved nonfuel [image-nocss] sales and the addition of new sites.
Compared to the same period last year, EBITDA decreased 4% to $10.1 million. Net loss of approximately $484,000 was $1.3 million below the same period in 2005 primarily due to lower net fuel margins per gallon and increased operating expenses.
Additional depreciation and interest expense related to new sites also contributed to the decrease.
El Paso, Texas-based Petro Stopping Centers is a major owner and operator of large, multi-service truckstops. Since opening the first Petro Stopping Center in 1975, the nationwide network has grown to 64 facilities located in 31 states. Of these locations, 42 are company-operated facilities and 22 are franchised facilities.
Petro Stopping Centers offer 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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