precisely! Although I put the site count at about 24 right now...
The fact the with 2% reduction in fuel sales we still beat by 17% is amazing in the strength of the new TA. This management is doing the right things as far as growth strategy but they are not paying too much attention in the stock price. I was in the que to ask a question as to why we are still trading as such low multiples to the industry but they didn't get to me. I know that there is a lot of shaking the tree going on but also it could be that a large number of the investor that came in on the secondary have lost patient and want out. The head wind has always been around the secondary price if you noticed. Thoughts??
Yes the offering was at $5.69 and investors said BYE BYE all the way down to $2.79..a 50% total correction! I wish my crystal ball had told me where the bottom was going to be!
But what TA wanted to do was what any management would want to do. To buy truck stops at bargain prices that would be immediately accretive to the bottom line. There are bargains around; still are in places.
The market SEEMS to be improving. If it does we belong at $10.
What we need is a major acquisition of sites at one time...like about 20 sites or about from a love or other independents. As we increase our holy owned sites we can greatly improve the overall bottom line EPS even in difficult times as it shows this Q. The economy has slowed last Q but our numbers still doing well.....this is highly accreditive to the new sites that were operative within entirety of the 2nd quarter. As I have said before...TA will be a cash cow IF it wasn't for the continuous purchases of the sites.