Exhibit 99.1

 

CrossAmerica Partners LP Reports First Quarter 2019 Results

 

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Reported First Quarter 2019 Operating Income of $7.6 million and Net Income of $0.2 million

 

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Generated First Quarter 2019 Adjusted EBITDA of $21.4 million and Distributable Cash Flow of $13.3 million, respectively

 

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Reported First Quarter 2019 Gross Profit for the Wholesale Segment of $29.0 million

 

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The Distribution Coverage Ratio for the current quarter was 0.73 times. The Distribution Coverage Ratio was 1.03 times for the trailing twelve months ended March 31, 2019, as compared to 0.96 times for the trailing twelve months ended March 31, 2018

 

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The Board of Directors of CrossAmerica’s General Partner declared a quarterly distribution of $0.5250 per limited partner unit attributable to the First Quarter 2019  

 

Allentown, PA May 6, 2019 – 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 first quarter ended March 31, 2019.

 

"Our Operating income increased 3% for the first quarter, while our Wholesale segment also generated a 3% year-over-year increase in motor fuel gross profit," said Gerardo Valencia, CEO and President of CrossAmerica. "While we did experience some challenges during the quarter, including unfavorable weather across several of our regions, our team did a good job in what has historically been our seasonally weakest quarter. We are in a good position as our strategic initiatives progress provides us with strong momentum as we move into the spring and summer driving season." Valencia went on to say, "We have made great progress with the first tranche of our asset exchange with our General Partner and are pleased with the strength of the dealer contracts that we have signed. We expect to close this first tranche in the second quarter and anticipate closing the entire asset exchange transaction ahead of plan.”

First Quarter Results

Consolidated Results

Operating income was $7.6 million for the first quarter 2019 compared to $7.4 million achieved in the first quarter 2018, representing an increase of 3%, and Net income was $0.2 million for the first quarter 2019 compared to a Net loss of $0.8 million for the first quarter 2018. EBITDA was $20.6 million for the three-month period ended March 31, 2019 compared to $21.8 million for the same period in 2018, representing a 6% decrease. Adjusted EBITDA was $21.4 million for the first quarter 2019 compared to $26.0 million for the same period in 2018, representing a decrease of 18%. The decline in EBITDA and Adjusted EBITDA was primarily as a result of the new lease accounting guidance (ASU 2016-02-Leases). Lease payments on the Partnership’s previous sale-leaseback transactions totaling $1.8 million were characterized as principal and interest expense in periods prior to 2019. However, beginning with the first quarter 2019 this is now characterized as rent expense, thus reducing these non-GAAP measures. Also contributing to the decline was a decrease in gross profit in the Retail segment. Additionally, CrossAmerica settled $3.3 million of omnibus charges in common units in the first quarter 2018. This was partially offset by a reduction in both operating and general and administrative expenses (Non-GAAP measures, including EBITDA, as described are reconciled to the corresponding GAAP measures in the Supplemental Disclosure section of this release).


The following information was filed by Crossamerica Partners Lp (CAPL) on Tuesday, May 7, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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