Chevron Corp. has reported earnings of $4.55 billion ($2.27 per share – diluted) for the first quarter 2010, compared with $1.84 billion ($0.92 per share -diluted) in the 2009 first quarter. Results in the 2009 period included gains of approximately $400 million ($0.20 per share) from downstream asset sales. Foreign-currency effects reduced earnings in the…
Finding Financing in a Tight Market
Money is tight, but some convenience store operators are finding the means to finance remodels or even acquisitions. Generally speaking, the availability of money depends on the size of the operator, according to Mark Radosevich, president of PetroProperties & Finance LLC in Miami. “The guys who are moderate size to large generally have relationships with…
Could A Value-Added Tax Be Next?
President Barack Obama in an interview with CNBC Wednesday noted the possibility of a new value-added tax (VAT) is still on the table, although White House spokesmen insist it’s no longer being considered, the Associated Press reported. A VAT is normal in many European countries, which tax the value added at each stage of production…
Lending Outlook 2010
At the NACS Sumitt in Chicago this week, a panel of experts spoke to the c-store industry on today’s lending environment. “It is clear to me this would be a hot topic for many people in this room,” said Joseph Sheetz, executive vice president of finance for Sheetz Inc., who moderated the session. Panel participants…
Law Office Conducts Investigation On Behalf of Casey’s Shareholders
The Law Offices of Howard G. Smith announced it is looking into potential claims against the board of directors of Casey’s General Stores Inc. related to the unsolicited purchase offer the company received from Alimentation Couche-Tard Inc. Couche-Tard is looking to acquire all outstanding shares of Casey’s for $36 per share in cash. The proposed…
NACS Spends $770K Lobbying For Industry
The National Association of Convenience Stores (NACS) had a busy fourth quarter in 2009, lobbying the federal government on fuel issues and other business that affects c-stores. The association spent $770,000 in both the third and fourth quarter to fight for the interests of the industry, Business Week reported. The amount spent lobbying in the…
High’s Dairy Stores Re-Aligns Upper Level Management
High’s of Baltimore Inc. has announced four management promotions it is making in order to aid the achievement of organizational goals and objectives. “The challenges that our whole industry have faced over the last two years has made us a stronger operator and taught us what it’s going to take to continue to be successful…