A Message from TravelCenters of America Inc.
March 20 2020 - 8:00AM
Business Wire
TA and Petro Stopping Centers Are Open and
Remain Committed to Serving Drivers across the U.S. as the COVID-19
Situation Continues to Evolve
TA is Experiencing Elevated Year-Over-Year
Diesel Fuel Sales Volumes Thus Far in March
Jonathan M. Pertchik, Managing Director and Chief Executive
Officer of TravelCenters of America Inc. (Nasdaq: TA), today made
the following statement regarding TA and its operations in the
rapidly evolving current environment:
“At TA, we are working hard to keep our travel centers open for
business to support the critical work of professional drivers as
they transport vital goods around the U.S. and all of our customers
who need our goods and who utilize our services. It is important to
note that our business is an exception to some of the general
stay-in-residence and retail/restaurant closing requirements.
Federal, state and local governments are so far allowing our travel
centers to remain open as ‘Essential Services’ to support commerce,
the local backfilling of shelves with essentials and ensuring that
goods reach those in need throughout the U.S. Although it is too
early to quantify the business and financial impact the COVID-19
crisis will have on TA, so far in March, we have seen elevated
year-over-year diesel fuel sales volumes, indicating to us that the
U.S. supply chain remains intact and functioning under these
unprecedented circumstances. We value our customers, employees and
investors and are confident we have the right team in place to
navigate TA through these challenging times.”
Updates regarding TA’s available services and amenities can be
found on TA’s website at
https://www.ta-petro.com/newsroom/covid-19-response.
About TravelCenters of America Inc.:
TravelCenters of America Inc. (Nasdaq: TA) is the nation's
largest publicly traded full-service travel center network. Founded
in 1972 and headquartered in Westlake, Ohio, its more than 21,000
employees serve customers in over 260 locations in 44 states and
Canada, principally under the TA®, Petro Stopping Centers® and TA
Express® brands. Offerings include diesel and gasoline fuel, truck
maintenance and repair, full-service and quick-service restaurants,
car and truck parking and other services and amenities dedicated to
providing great experiences for professional drivers and the
general motoring public. TravelCenters of America operates nearly
650 full-service and quick-service restaurants and 10 proprietary
brands, including Quaker Steak and Lube®, Iron Skillet® and Country
Pride®. For more information, visit www.ta-petro.com.
Warning Concerning Forward-Looking
Statements
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities laws.
Also, whenever TA uses words such as “believe”, “expect”,
“anticipate”, “intend”, “plan”, “estimate”, "will", “may” and
negatives or derivatives of these or similar expressions, TA is
making forward-looking statements. These forward-looking statements
are based upon TA’s present intent, beliefs or expectations, but
forward-looking statements are not guaranteed to occur and may not
occur. Actual results may differ materially from those contained in
or implied by TA’s forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors, some of which are beyond TA’s control. For example:
- TA may cease to be viewed as an “Essential Service” despite its
attempts otherwise. If so, TA may need to close or reduce
operations at certain or all its travel centers for an indefinite
period.
- The elevated year-over-year increase in diesel fuel sales
volumes experienced so far in March 2020 may not continue and may
reverse, particularly if the current economic conditions further
decline or fail to improve.
- Further, the market price for oil has recently been at
historically low levels due to decreased global economic activity
in response to the COVID-19 pandemic and as a result of
geopolitical and supply factors, including the current
disagreements regarding oil production levels between the large oil
producing nations, Saudi Arabia and Russia. As a result, even if
TA’s diesel fuel sales volume increases over prior year levels, TA
may not realize increased fuel revenues or fuel margins. In
addition, benefits TA may realize from any increased level of
diesel fuel sales volumes may be offset by declines in its other
businesses, such as its restaurant businesses, or increases in its
costs, as a result of the COVID-19 pandemic or otherwise.
The information contained in TA’s filings with the Securities
and Exchange Commission, or SEC, including under “Risk Factors” in
TA’s periodic reports, or incorporated therein, identifies other
important factors that could cause TA’s actual results to differ
materially from those stated in or implied by TA’s forward-looking
statements. TA’s filings with the SEC are available on the SEC’s
website at www.sec.gov.
You should not place undue reliance upon forward-looking
statements.
Except as required by law, TA does not intend to update or
change any forward-looking statements as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200320005117/en/
Kristin Brown, Director, Investor Relations (617) 796-8251
TravelCenters of America (NASDAQ:TA)
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