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.
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