- Second Quarter 2016 Net Income of $27
million, or $0.36 per diluted share; an increase of 8% and 13% in
net income and earnings per diluted share, respectively, over the
Second Quarter 2015 Net Income of $25 million or $0.32 per diluted
share. Excluding special items from the Second Quarter of 2016 and
2015, earnings per diluted share increased 26% to $0.39 per share
from $0.31 per share for the same period of 2015
- Generated Second Quarter 2016 EBITDA of
$98 million, a 23% increase over Second Quarter 2015
- Compared to Second Quarter 2015, U.S.
Merchandise & Services Gross Profits grew 27% and Canada
Merchandise & Services Gross Profits grew 5% and, excluding the
foreign currency exchange impact, increased 10% over Second Quarter
2015
- Compared to Second Quarter 2015, U.S.
Motor Fuel Gross Profits grew 24% and Canada Motor Fuel Gross
Profits grew 3% and, excluding the foreign currency exchange
impact, increased 9% over Second Quarter 2015
- Grew company-operated retail store base
by 19% year-over-year through acquisitions and new-to-industry
store construction
CST Brands, Inc. (NYSE: CST), one of the largest independent
retailers of motor fuels and convenience merchandise in North
America, today reported financial results for the second quarter
ended June 30, 2016.
Kim Lubel, Chairman and CEO of CST Brands, said, “During the
second quarter of 2016, we grew the company with impressive results
both inside the stores and at the fuel pumps. This was led by
continuing and substantial improvements in the U.S. with overall
gross profits climbing to $233 million on increased sales and a 110
basis point improvement in merchandise and services margin capture
over the second quarter of 2015. Our Canadian stores grew
merchandise and services gross profits 10%, excluding the effects
of foreign currency change.” Lubel went on to say, “We closed on
the sale of our California and Wyoming properties, allowing us to
bring down our debt and position the company for continued growth.
The integration of our Flash Foods network is on target and we have
opened two new stores in Georgia and Florida. We have opened a
total of 18 new stores in 2016 with 39 additional stores under
construction. I am pleased with our continued growth, reach, and
ability to delight more customers every day."
Second Quarter Results
For the three month period ended June 30, 2016, the Company
reported net income of $27 million, or $0.36 per diluted share
compared to net income of $25 million, or $0.32 per diluted share,
for the same period in 2015. This improvement in net income was
driven by an increase in both the U.S. and Canada motor fuel and
merchandise and services gross profit during the quarter. For the
three month period ended June 30, 2016, included in net income
are certain acquisition expenses, legal expenses and professional
fees of $2 million, net of tax. For the same period in 2015,
included in net income was a gain on the sale of assets of $1
million, net of tax. Excluding these special items, net income
would have been $29 million, or $0.39 per diluted share, and $24
million, or $0.31 per diluted share, for the three month periods
ended June 30, 2016 and 2015, respectively.
EBITDA (non-GAAP measures, including EBITDA, as described are
reconciled to the corresponding GAAP measures in the Supplemental
Disclosure section of this release) was $98 million for the three
month period ended June 30, 2016 compared to $80 million for
the same period in 2015 or a 23% increase. The increase in EBITDA
was due primarily to an increase in both the U.S. and Canada motor
fuel and merchandise and services gross profits.
U.S. merchandise and services gross profit increased 27% when
compared to the second quarter of 2015, primarily driven by an
overall increase in merchandise sales and gross margins in the
Company's U.S. core and New-to-Industry (“NTI”) store sales, aided
by acquisition and organic growth, including the Company’s
acquisition of the Flash Foods stores. In addition to the
improvement in non-fuel operations, motor fuel gross profit in the
U.S. for the second quarter of 2016 grew to $73 million versus $59
million in the same quarter of 2015, which resulted from an
increase in motor fuel gallons sold related to the Company's Flash
Foods acquisition, an increase in premium fuel sales and favorable
crude oil and wholesale motor fuel price trends.
In Canada, motor fuel gross profit increased 3% and merchandise
and services gross profit increased 5% when compared to the second
quarter of 2015, primarily driven by an increase in volume of motor
fuel sold along with an improvement in merchandise and services
sales that included grocery and packaged beverages. On a same-store
basis, merchandise and services sales per site per day increased 5%
when compared to the second quarter of 2015. Excluding the effects
of foreign currency exchange, the Company’s overall gross profit in
Canada would have increased 12% for the three month period ended
June 30, 2016 when compared to the same period in 2015.
Six Months Results
For the six month period ended June 30, 2016, the Company
reported net income of $46 million, diluted earnings per common
share of $0.61 and EBITDA of $177 million. For the six month period
ended June 30, 2015, the Company reported net income of $39
million, diluted earnings per common share of $0.50 and EBITDA of
$146 million. The 21% growth in year-to-date EBITDA was driven in
part by continued improvement in the Company's merchandise and
services gross profits, including same-store sales gross profit
growth in the U.S. and Canada of 6% and 6%, respectively (non-GAAP
measures, including EBITDA, are described and are reconciled to the
corresponding GAAP measures in the Supplemental Disclosure section
of this release).
Year to date, the Company has grown its company-operated stores
by 19%; however, operating expenses have only increased 16% for the
six month period ended June 30, 2016 when compared to the same
period in 2015. The increase in company-operated stores was due to
the acquisition of Flash Foods and NTI store openings.
Liquidity and Capital
Resources
For the six months ended June 30, 2016, cash flow provided by
operating activities totaled $186 million. Cash flow used in
investing activities was $579 million, primarily related to capital
expenditures and the Flash Foods acquisition. Total capital
expenditures, excluding acquisitions, for the six months ended June
30, 2016 and 2015 were $140 million and $116 million, respectively.
Cash flow provided by financing activities was $275 million,
including net proceeds under the CST Brands' revolving credit
facility of $311 million, dividends of $10 million and payments of
$31 million on the CST Brands' term loan. The effect of foreign
currency exchange rates was a decrease in cash of $2 million.
Overall, cash decreased by $120 million. Cash, as of June 30, 2016,
was $193 million.
On July 7, 2016, CST Brands consummated the previously announced
sale of all 79 stores in the California and Wyoming markets to
7-Eleven, Inc. and its wholly-owned subsidiary, SEI Fuel Services,
Inc. The closing purchase price for the transaction was $408
million plus adjustments for inventory and working capital. With
the closing of this transaction, CST Brands expects to realize a
significant tax benefit from the completion of a like kind exchange
strategy with its acquisition of the Flash Foods properties in
Georgia and Florida that closed earlier this year. The Company used
$297 million of the cash proceeds from the sale to repay borrowings
under CST’s revolving credit facility. As of August 3, 2016,
approximately $419 million was available for future borrowings
under CST Brands' revolving credit facility.
Continued Review of Strategic
Alternatives
The Company announced on March 3, 2016 that it was commencing an
exploration of strategic alternatives to further enhance
stockholder value. This process is active and continuing. The
Company does not intend to provide updates unless or until it
determines that disclosure is appropriate or necessary.
Third Quarter 2016
Guidance
The Company is providing the following guidance for its core
store operations for the third quarter of 2016:
Ranges
Third Quarter2015
Results
U.S. Retail Segment: Gallons Per Store Per Day 5,000 to 5,200 5,226
Merchandise and Services Sales Per Store Per Day $4,400 to $4,500
$4,294
Merchandise and Services Gross Margin (%) 33.5% to 34.5% 33.4%
Canadian Retail Segment (Sales in U.S. dollars): Gallons Per
Store Per Day 3,300 to 3,400 3,270 Merchandise and Services Sales
Per Store Per Day $2,550 to $2,650
$2,603
Merchandise and Services Gross Margin (%)
30.5% to 31.5%
30.4%
Basis of Presentation
The CST Brands Statements of Income are presented on a
consolidated basis; however, the amounts presented account for
CST’s investment in CrossAmerica under the equity method of
accounting. CrossAmerica is a consolidated variable interest
entity; however, management reviews the results of operations of
CrossAmerica under the equity method of accounting because of CST’s
limited ownership interest of CrossAmerica’s outstanding units. Net
income and earnings per share attributable to CST are unchanged
under the equity method of accounting from consolidating
CrossAmerica. CST’s operating segments on the following pages are
presented before intercompany eliminations with CrossAmerica and
therefore include wholesale fuel sales from CrossAmerica to certain
retail sites in the U.S. Retail segment. Consolidated financial
statements that include CrossAmerica are provided in CST Brands’
2016 Form 10-Q (June 30, 2016 report).
Conference Call
The Company will host a conference call on August 5, 2016
at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) to discuss 2016
second quarter earnings results. The conference call numbers are
800-774-6070 or 630-691-2753 and the passcode for both is 5854571#.
A live audio webcast of the conference call and the related
earnings materials, including reconciliations of any non-GAAP
financial measures to GAAP financial measures and any other
applicable disclosures, will be available on that same day on the
investor section of the CST Brands website (www.cstbrands.com). A
slide presentation for the conference call will also be available
on the investor section of the Company’s website. To listen to the
audio webcast, go to
http://www.cstbrands.com/en-us/investors/eventsandpresentations.
After the live conference call, a replay will be available for a
period of thirty days. The replay numbers are 888-843-7419 or
630-652-3042 and the passcode for both is 5854571#. An archive of
the webcast will be available on the investor section of the CST
Brands website at
http://www.cstbrands.com/en-us/investors/eventsandpresentations
within 24 hours after the call for a period of sixty days.
CST BRANDS, INC.
CONSOLIDATED STATEMENTS OF
INCOME(a)
(Millions of Dollars, Except per Share Amounts)
(Unaudited) Three Months Ended Six Months
Ended June 30, June 30, 2016
2015 2016 2015 Operating
revenues $ 2,518 $ 2,547 $ 4,552 $ 4,762 Cost of sales 2,189
2,270 3,923 4,216
Gross profit 329 277 629
546 Operating expenses: Operating expenses 202 170
395 341 General and administrative expenses 32 30 71 69
Depreciation, amortization and accretion expense 45
33 84 66 Total operating
expenses 279 233 550
476 Gain on the sale of assets, net —
2 1 7 Operating income 50
46 80 77 Other income, net 4 2 15 4 Interest expense (12 ) (9 ) (23
) (20 ) Equity in earnings (loss) of CrossAmerica (1 )
(1 ) (2 ) (1 ) Income before income tax
expense 41 38 70 60 Income tax expense 14 13
24 21 Net income $ 27 $
25 $ 46 $ 39
Earnings per common
share Basic earnings per common share $ 0.36 $ 0.32 $ 0.61 $
0.50 Weighted-average common shares outstanding (in thousands)
75,624 76,705 75,561 76,800
Earnings per common share - assuming
dilution Diluted earnings per common share $ 0.36 $ 0.32 $ 0.61
$ 0.50 Weighted-average common shares outstanding - assuming
dilution (in thousands) 76,005 77,071 75,977 77,157
Dividends declared per common share $ 0.0625 $ 0.0625 $ 0.1250 $
0.1250 (a) The CST Brands, Inc. Statements of Income are
presented on a consolidated basis; however, the amounts presented
in the table above account for CST’s investment in CrossAmerica
under the equity method of accounting. CrossAmerica is a
consolidated variable interest entity; however, management reviews
the results of operations of CrossAmerica under the equity method
of accounting because of CST’s limited ownership interest of
CrossAmerica’s outstanding units. Net income and earnings per share
attributable to CST are unchanged under the equity method of
accounting from consolidating CrossAmerica. CST’s operating
segments on the following pages are presented before intercompany
eliminations with CrossAmerica and therefore include wholesale fuel
sales from CrossAmerica to certain retail sites in the U.S. Retail
segment.
Segment Results
U.S. Retail
The following tables highlight the results of operations and
certain operating metrics of the Company’s U.S. Retail segment
(millions of dollars, except number of convenience stores, per site
per day and per gallon amounts):
Three Months Ended Six Months
Ended June 30, June 30, 2016
2015 2016 2015 Operating
revenues: Motor fuel $ 1,233 $ 1,246 $ 2,179 $ 2,263
Merchandise and services(a) 474 391 887 736 Other(b) —
1 1 1 Total
operating revenues $ 1,707 $ 1,638 $ 3,067 $
3,000
Gross profit:
Motor fuel–before amounts attributable to
CrossAmerica
$ 77 $ 61 $ 159 $ 126 Motor fuel–amounts attributable to
CrossAmerica (4 ) (2 ) (11 ) (4 )
Motor fuel–after amounts attributable to
CrossAmerica
73 59 148 122 Merchandise and services(a) 160 126 301 239 Other(b)
— 1 1 1
Total gross profit 233 186 450
362 Operating expenses: Operating expenses 146
117 288 232 Depreciation, amortization and accretion expense
35 23 64 47 Total
operating expenses 181 140 352
279 Gain on sale of assets, net —
2 — 7 Operating
income $ 52 $ 48 $ 98 $ 90
Core store operating statistics:(c) End of period
core stores 1,225 993 1,225 993 Motor fuel sales (gallons per store
per day) 5,245 5,246 5,156 5,105 Motor fuel sales (per store per
day) $ 11,034 $ 13,325 $ 10,060 $ 12,153
Motor fuel gross profit per gallon, net of
credit card fees
$ 0.132 $ 0.126 $ 0.142 $ 0.132
CST Fuel Supply wholesale profit
attributable to CrossAmerica(e)
(0.007 ) (0.003 ) (0.008 ) (0.003 )
Motor fuel gross profit per gallon, net of
credit card fees(d), (e)
$ 0.125 $ 0.123 $ 0.134 $ 0.129
Merchandise and services sales (per store per day)(a) $ 4,261 $
4,070 $ 4,081 $ 3,864
Merchandise and services gross profit
percentage, net of credit card fees(a)
33.8 % 32.7 % 33.9 % 32.6 %
U.S. Retail (continued) Three Months Ended Six
Months Ended June 30, June 30, 2016
2015 2016 2015
Company-operated retail stores: Beginning of period 1,219
1,035 1,049 1,021 NTIs opened 7 5 13 6 Acquisitions — — 165 22
Closed or divested (1 ) (15 ) (2 ) (24
) End of period 1,225 1,025 1,225 1,025 End of period non-core
retail stores — 32 —
32 End of period core retail stores 1,225
993 1,225 993
Core store same-store
information(c),(f): Company-operated retail
stores(g) 1,013 1,013 1,001 1,001 NTIs included in core same-store
information(f) 78 78 76 76 Motor fuel sales (gallons per store per
day) 5,224 5,248 5,098 5,116 Merchandise and services sales (per
store per day)(a) $ 4,152 $ 4,192 $ 3,995 $ 3,979
Merchandise and services gross profit
percent, net of credit card fees(a)
33.7 % 32.6 % 33.9 % 32.5 % Merchandise and services sales, ex.
cigarettes (per store per day)(a) $ 3,069 $ 3,072 $ 2,936 $ 2,899
Merchandise and services gross profit
percent, net of credit card fees and ex. cigarettes(a)
39.9 % 38.7 % 40.2 % 38.8 % Merchandise and services gross profit
dollars(a) $ 129 $ 126 $ 247 $ 234
Notes to U.S. Retail Segment
Results
(a) Includes the results from car wash sales and commissions
from lottery, money orders, air/water/vacuum services, video and
game rentals and ATM fees. (b) Primarily consists of rental income.
(c) Represents the portfolio of core retail stores and excludes
recently acquired retail stores that are being integrated or are
under performance evaluation to determine if they are: (a) to be
fully integrated into the existing core retail operations of CST,
(b) to be converted into a dealer, or (c) other strategic
alternatives, including divestiture or longer term operation by
CrossAmerica. All NTIs are core stores and accordingly are included
in the core system operating statistics. For the period of February
1 to March 31, 2016, Flash Foods stores were classified as
non-core. Effective April 1, 2016, the Flash Foods stores are
included in the U.S. Retail Segment’s core-store operations.
Accordingly, their operations are excluded from the core system
operating statics for a portion of the six-month period ended June
30, 2016, but are included in full for the three months ended June
30, 2016. (d) Includes $0.05 per gallon of wholesale fuel
distribution profit. (e) CrossAmerica owns 17.5% of the Company's
U.S. Retail segment’s wholesale fuel distribution profit as a
result of its 17.5% limited partner equity interest in CST Fuel
Supply. A separate entity, Fuel South LLC, distributes motor fuel
to the Flash Foods retail operations. (f) The same-store
information consists of aggregated individual store results for all
stores in operation substantially throughout both periods
presented. Stores that were temporarily closed for a brief period
of time during the periods being compared remain in the same-store
sales comparison. If a store is replaced, either at the same
location or relocated to a new location, it is removed from the
comparison until the new store has been in operation for
substantially all of the periods being compared. NTIs are included
in the core same-store metrics when they meet this criteria. (g)
Includes 7 sites that do not sell motor fuel that were acquired in
the Nice N Easy acquisition.
Canadian Retail
The following tables highlight the results of operations and
certain operating metrics of the Canadian Retail segment (millions
of U.S. dollars, except number of retail sites, per site per day
and per gallon amounts):
Three Months Ended Six Months
Ended June 30, June 30, 2016
2015 2016 2015 Operating
revenues: Motor fuel $ 667 $ 768 $ 1,197 $ 1,444 Merchandise
and services(a) 70 67 127 124 Other(b) 74 74
161 194 Total operating revenues
$ 811 $ 909 $ 1,485 $ 1,762
Gross
profit: Motor fuel $ 61 $ 59 $ 106 $ 109 Merchandise and
services(a) 22 21 41 40 Other(b) 13 11
32 35 Total gross profit 96
91 179 184
Operating expenses: Operating expenses 56 53 107 109 Depreciation,
amortization and accretion expense 10 10
20 19 Total operating expenses
66 63 127 128
Gain on sale of assets, net — —
1 — Operating income $ 30 $ 28
$ 53 $ 56
Total retail sites (end of
period): Company-operated (fuel and merchandise) 305 292 305
292 Commission agents (fuel only) 496 495 496 495 Cardlock (fuel
only) 72 72 72 72
Total retail sites (end of period) 873
859 873 859
Average
retail sites during the period: Company-operated (fuel and
merchandise) 306 292 305 293 Commission agents (fuel only) 495 495
495 495 Cardlock (fuel only) 72 72
72 72 Average retail sites during the
period 873 859 872
860
Total system operating statistics: Motor
fuel sales (gallons per site per day) 3,217 3,201 3,078 3,147 Motor
fuel sales (per site per day) $ 8,389 $ 9,832 $ 7,539 $ 9,282
Motor fuel gross profit per gallon, net of
credit card fees
$ 0.239 $ 0.234 $ 0.218 $ 0.222
Company-operated retail
site statistics: Merchandise and services sales (per site per
day)(a) $ 2,510 $ 2,551 $ 2,291 $ 2,348
Merchandise and services gross profit
percentage, net credit card fees(a)
31.4 % 31.1 % 32.1 % 32.1 %
Canadian Retail (continued) Three Months Ended Six
Months Ended June 30, June 30,
Company-operated statistics(c) 2016
2015 2016 2015 Retail
sites: Beginning of period 306 294 303 293 NTIs opened 1 1 3 2
Acquisitions — — — — Conversions, net(d) — — 1 — Closed or divested
(2 ) (3 ) (2 ) (3 ) End of period
305 292 305 292
Average foreign exchange rate for $1 CAD to
USD 0.75118 0.81023 0.75420 0.80933
Same store
information ($ amounts in CAD):(e),(f) Company-operated
retail sites 287 287 287 287 NTIs included in same store
information 34 34 34 34 Motor fuel sales (gallons per site per day)
3,437 3,397 3,334 3,383 Merchandise and services sales (per site
per day)(a) $ 3,304 $ 3,149 $ 3,085 $ 2,936
Merchandise and services gross profit
percent, net of credit card fees(a)
31.4 % 31.3 % 32.1 % 32.0 % Merchandise and services sales, ex.
cigarettes (per site per day)(a) $ 1,798 $ 1,730 $ 1,669 $ 1,615
Merchandise and services gross profit
percent, net of credit card fees and ex. cigarettes(a)
43.3 % 42.9 % 44.1 % 43.8 % Merchandise and services gross profit
dollars(a) $ 27 $ 26 $ 52 $ 49
Commission agent
statistics(c) Retail sites: Beginning of period
495 495 494 495 New dealers 4 1 7 3 Conversions, net(d) — — (1 ) —
Closed or de-branded (3 ) (1 ) (4 ) (3
) End of period 496 495 496
495
Same Site
Information(f): Commission agent retail sites 472
472 469 469 Motor fuel sales (gallons per site per day) 2,717 2,731
2,568 2,641
Notes to Canadian Retail Segment
Results
(a) Includes the results from car wash sales and commissions
from lottery and ATM fees. (b) Primarily consists of the Company's
business and home energy operations. (c) Company-operated retail
sites sell motor fuel and merchandise. The Company sells only motor
fuel at commission agent sites. CST Brands does not currently
distinguish between core and non-core stores in the Canadian Retail
segment. All sites in the Canadian Retail segment are core stores.
(d) Conversions represent stores that have changed their
classification from commission agents to company-owned and operated
or vice versa. Changes in classification result when the Company
either takes over the operations of commission agents or convert an
existing company owned and operated store to commission agents. (e)
All amounts presented are stated in Canadian dollars to remove the
impact of foreign exchange and all fuel information excludes
amounts related to cardlock operations. (f) The same-store
information consists of aggregated individual store results for all
sites in operation substantially throughout both periods presented.
Stores that were temporarily closed for a brief period of time
during the periods being compared remain in the same-store sales
comparison. If a store is replaced, either at the same location or
relocated to a new location, it is removed from the comparison
until the new store has been in operation for substantially all of
the periods being compared. NTIs are included in the same-store
metrics when they meet this criteria.
Supplemental Disclosure Regarding Non-GAAP Financial
Information
EBITDA is a non-U.S. GAAP financial measure that represents net
income before income taxes, interest expense and depreciation,
amortization and accretion expense. EBITDAR is a non-U.S. GAAP
financial measure that further adjusts EBITDA by excluding minimum
rent expense. The Company believes that EBITDA and EBITDAR are
useful to investors and creditors in evaluating its operating
performance because (a) they facilitate management’s ability to
measure the operating performance of the Company's business on a
consistent basis by excluding the impact of items not directly
resulting from its retail operations; and (b) securities analysts
and other interested parties use such calculations as a measure of
financial performance. EBITDA, EBITDAR, adjusted net income and
adjusted diluted earnings per share do not purport to be
alternatives to net income as a measure of operating performance or
to cash flows from operating activities as a measure of liquidity.
EBITDA, EBITDAR, adjusted net income and adjusted diluted earnings
per share have limitations as analytical tools and should not be
considered in isolation or as a substitute for analysis of the
Company’s results of operations as reported under U.S. GAAP.
The following table presents a reconciliation of CST’s net
income to EBITDA, EBITDAR, adjusted net income and adjusted diluted
earnings per common share for the three and six months ended
June 30, 2016 and 2015 (in millions except per share data or
as otherwise noted):
Three Months Ended June 30,
Six Months Ended June 30, 2016
2015 2016 2015 EBITDA and
EBITDAR: CST net income(a) $ 27 $ 25 $ 46 $ 39 Interest expense 12
9 23 20 Income tax expense 14 13 24 21 Depreciation, amortization
and accretion 45 33 84
66 EBITDA 98 80 177 146 Minimum rent expense(b) 12
9 23 17 EBITDAR $ 110
$ 89 $ 200 $ 163 CST net income $ 27 $
25 Acquisition and discrete professional fees 3 — Gain on sale of
assets — (2 ) Tax expense (benefit) (1 ) 1
Adjusted net income $ 29 $ 24 Diluted earnings
per common share $ 0.36 $ 0.32 Acquisition and discrete
professional fees 0.04 — Gain on sale of assets — (0.02 ) Tax
expense (benefit) $ (0.01 ) $ 0.01 Diluted earnings per
common share - adjusted $ 0.39 $ 0.31
Weighted-average common shares outstanding - assuming dilution (in
thousands) 76,005 77,071
% Change Canadian Retail
segment gross profit in CAD $ 125 $ 112 12% Loss related to foreign
exchange 29 21 Canadian Retail segment
gross profit in USD 96 91 U.S. Retail segment gross profit
233 186 Consolidated gross profit $ 329
$ 277 (a) The CST Brands, Inc. Statements of Income
are presented on a consolidated basis; however, the amounts
presented in the table above account for CST’s investment in
CrossAmerica under the equity method of accounting. CrossAmerica is
a consolidated variable interest entity; however, management
reviews the results of operations of CrossAmerica under the equity
method of accounting because of CST’s limited ownership interest of
CrossAmerica’s outstanding units. Net income and earnings per share
attributable to CST are unchanged under the equity method of
accounting from consolidating CrossAmerica. CST’s operating
segments on the previous pages are presented before intercompany
eliminations with CrossAmerica and therefore include wholesale fuel
sales from CrossAmerica to certain retail sites in the U.S. Retail
segment. (b) Minimum rent expense is defined in the CST Credit
Facility as rent expense accrued during the period in accordance
with U.S. GAAP, less contingent rentals.
About CST Brands, Inc.
CST Brands, Inc. (NYSE: CST), a Fortune 500 Company, is one of
the largest independent retailers of motor fuels and convenience
merchandise in North America. Based in San Antonio, Texas, CST
employs over 14,000 Team Members at over 2,000 locations throughout
the Southwestern United States, Georgia, Florida, New York and
Eastern Canada offering a broad array of convenience merchandise,
beverages, snacks and fresh food. In the U.S., CST Corner Stores
proudly sell fuel and signature products such as Fresh Choices
baked and packaged goods, U Force energy and sport drinks, Cibolo
Mountain coffee, FC Soda and Flavors2Go fountain drinks. In Canada,
CST is the exclusive provider of Ultramar fuel and its Dépanneur du
Coin and Corner Stores sell signature Transit Café coffee and
pastries. CST also owns the general partner of CrossAmerica
Partners LP, a master limited partnership and wholesale distributor
of fuels, based in Allentown, Pennsylvania. For more information
about CST, please visit www.cstbrands.com.
Safe Harbor Statement
Statements contained in this release that state the Company’s or
management’s expectations or predictions of the future are
forward-looking statements intended to be covered by the safe
harbor provisions of the Securities Act of 1933 and the Securities
Exchange Act of 1934. The words “believe,” “expect,” “should,”
“intends,” “estimates,” and other similar expressions identify
forward-looking statements. It is important to note that actual
results could differ materially from those projected in such
forward-looking statements. For more information concerning factors
that could cause actual results to differ from those expressed or
forecasted, see CST Brand’s Forms 10-Q or Form 10-K filed with the
Securities and Exchange Commission, and available on the CST
Brand’s website at www.cstbrands.com. The Company undertakes no
obligation to publicly update or revise any statements in this
release, whether as a result of new information, future events or
otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160805005119/en/
CST Brands, Inc.Investors:Randy Palmer,
210-692-2160Executive Director – Investor
RelationsorMedia:Lisa Koenig, 210-692-2659Director of
CommunicationsorThe DeBerry Group,Melissa Ludwig or Trish DeBerry,
210-223-2772
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