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CrossAmerica Partners LP Reports Year-End and Fourth Quarter 2016 Results
 
 
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Reported Full Year 2016 Operating Income and Net Income of $32.2 million and $10.7 million, respectively
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Generated Full Year 2016 Adjusted EBITDA of $103.6 million and Distributable Cash Flow of $81.6 million, respectively, while reducing expenses (operating and G&A) 21% from 2015 to 2016
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Reported Fourth Quarter 2016 Operating Income and Net Income of $6.9 million and $2.3 million, respectively
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Generated Fourth Quarter 2016 Adjusted EBITDA of $27.2 million and Distributable Cash Flow of $21.9 million, respectively
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Delivered annual distribution growth of 6.1% per limited partner unit attributable to 2016 compared to distributions per limited partner unit attributable to 2015
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Executed a $25 million sale-leaseback transaction and amended the Partnership's credit facility, enabling CrossAmerica to strengthen its balance sheet and further position it for future growth

Allentown, PA, February 27, 2017 – CrossAmerica Partners LP (NYSE: CAPL) (“CrossAmerica” or the “Partnership”), a leading wholesale fuels distributor and owner and lessor of real estate used in the retail distribution of motor fuels, today reported financial results for the
fourth quarter and year ended December 31, 2016.
Review of 2016
CrossAmerica continued to execute on its growth strategy by successfully completing two acquisitions during 2016. The Partnership made the acquisition of thirty-one Franchised Holiday Stores located in Wisconsin and Minnesota from S/S/G Corporation during the first quarter 2016 for $52.4 million. The purchase included the land associated with 27 of the sites.
In September, the Partnership closed on the purchase of certain assets of State Oil Company in the Chicago, IL market that consisted of 57 controlled sites (56 fee sites and 1 leased site) being operated as 55 Lessee Dealer accounts and 2 Non-Fuel tenant locations, as well as 25 Independent Dealer accounts and certain other assets for $41.9 million. This transaction expanded the Partnership’s annual wholesale supply in the Chicago market to approximately 140 million gallons.
In August, CST Brands, Inc., the indirect owner of CrossAmerica's general partner, entered into a merger agreement with a U.S. subsidiary of Alimentation Couche-Tard Inc. Upon completion of the CST and Couche-Tard merger, CrossAmerica will become part of one of North America's largest convenience and fuel retailing networks. Together with Couche-Tard's U.S. dealer network of approximately 700 sites and CrossAmerica's network of more than 1,000 locations, the consolidated organization will also be one of the largest wholesale fuel distributors in the United States. The transaction is currently expected to close in the second quarter of 2017.
In December, CrossAmerica amended certain key terms of its $550 million revolving credit facility. The amended agreement provides the Partnership with additional borrowing flexibility, including increased capacity to execute sale-leaseback transactions of future acquired real property, and excepting the pending merger between CST Brands, Inc. and a U.S. subsidiary of Alimentation Couche-Tard Inc. from the facility's change in control provisions.
In January 2017, the Board of Directors of the general partner of CrossAmerica approved a quarterly distribution of $0.6125 per limited partner unit attributable to the fourth quarter of 2016. The distribution was paid on February 13, 2017 to all unitholders of record as of February 6, 2017. This distribution increase results in year-over-year growth of 6.1% per limited partner unit attributable to 2016 compared to distributions per limited partner unit attributable to 2015.
“Despite the comparison to a very strong fuel margin in 2015, we generated solid cash flow in 2016 thanks to our sustained focus on accretive acquisitions, integration and expense control,” said Jeremy Bergeron, President of CrossAmerica. “Even with a

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The following information was filed by Crossamerica Partners Lp (CAPL) on Tuesday, February 28, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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