TravelCenters of America Reports 2Q Loss
Truck stop chain TravelCenters of America lost $9.7 million, or 69 cents per share, in the second quarter, compared with a loss of $6.3 million, or 72 cents, a year ago.
Revenue rose to $2.3 billion, from $1.5 billion a year ago, the company said late Monday.
The Westlake, Ohio, truck stop management chain also said it negotiated a rental deferment agreement with Hospitality Properties real estate investment trust, which owns 185 of the chains’ 236 facilities.
The deferment is worth $5 million a month from last month through the end of 2010, but T/A will have to issue 1.54 million of its common stock — a 9.6% stake — to Hospitality.
TravelCenters became public on Jan. 31, 2007, and last May acquired Petro Stopping Centers L.P. It operates 167 facilities under the TravelCenters of America or “TA” names, and 69 under the Petro name.
The slow economy and high fuel prices continued to present TA with numerous operating challenges, the company said in a statement, as on a same site basis, total fuel volumes declined 16% in the quarter compared with a year ago.
