EARNINGS
TravelCenters of America sees second-quarter loss widen
9:14 am, August 5, 2009
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TravelCenters of America LLC continues to bleed red ink as its loss in this year's second quarter increased significantly from the deficit it posted a year earlier.
The operator of highway travel centers said its net loss in the quarter totaled $15 million, or 90 cents a share, which was larger than its loss of $9.8 million, or 67 cents a share, in the second quarter of 2008.
Revenue at TravelCenters plunged 50%, to $1.13 billion from $2.28 billion. However, the company's cost of fuel sold dropped even more, falling 59% to $781.4 million from $1.90 billion.
TravelCenters said the “continued slowing of the U.S. economy presented TA with significant operating challenges.”
The company said it saw, on a same site basis, a 10.7% decline in fuel volumes for the 2009 second quarter compared to the 2008 second quarter. TravelCenters said it believes its fuel volume declines “are consistent with declines in trucking activity and diesel fuel consumption generally.”
TravelCenters did not provide any commentary on what the road ahead might look like for the company.
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