FOR IMMEDIATE RELEASE
Kristin Brown, Director of Investor Relations
TravelCenters of America Inc. Announces First Quarter 2021 Financial Results
Net Loss of $5.7 Million Improved $12.8 Million for the 2021 First Quarter Over Prior Year Period
Net Loss Per Share of Common Stock Attributable to Common Stockholders of $0.40 Improved $1.83 for the 2021 First Quarter Over Prior Year Period
Adjusted EBITDA Increased 106.9% for the 2021 First Quarter Over Prior Year Period
Adjusted EBITDAR Increased 19.5% for the 2021 First Quarter Over Prior Year Period
Westlake, OH (May 3, 2021): TravelCenters of America Inc. (Nasdaq: TA) today announced financial results for the quarter ended March 31, 2021.
Jonathan M. Pertchik, TA's CEO, made the following statement regarding the 2021 first quarter results:
"Our improved operating results in the first quarter demonstrate the early progress of our Transformation Plan, despite the continuing adverse impact of the pandemic on our full service restaurants and gasoline volumes. We reduced our net loss from $18.5 million to $5.7 million and more than doubled adjusted EBITDA from $13.8 million to $28.6 million compared to the prior year first quarter, with the improvement driven primarily by a $12.4 million increase in nonfuel gross margin and a $9.3 million reduction in site level operating expense. Our discipline in rationalizing and managing expenses continues to be a primary factor in delivering improved results, helping to drive a 230 basis point improvement in adjusted EBITDAR margin versus the prior year first quarter.
"While diesel fuel sales volume increased 13.6% over the prior year first quarter, overall fuel gross margin decreased 5.5% because of low volatility in the diesel fuel market that began during the fourth quarter and persisted into early March of 2021 as well as lower gasoline volume as a result of reduced four wheel traffic. Total nonfuel revenues increased 5.4% over the prior year first quarter, driven by significant growth in store and retail services, truck service and diesel exhaust fluid, or DEF. Excluding full service restaurants, many of which remain closed due to governmental mandates and our own precautions and decisions, total nonfuel revenues increased 12.0% over the prior year first quarter.
"We continue to move forward with our expansive capital plan, which focuses on improving the customer experience through remedial site improvements, reimagined restaurant offerings, information technology upgrades and increased availability of biodiesel and DEF. We also recently announced our commitment to sustainability and alternative energy with the creation of a new business division, eTA, to serve the changing needs of our customers and their energy requirements. With eTA we plan to be a leader in the area of sustainability and alternative energy in the travel center industry. We were recently awarded a California Energy Commission grant and are developing collaborative relationships with groups in both electric and hydrogen vehicles."
The following information was filed by Travelcenters Of America Llc (TA) on Monday, May 3, 2021 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.