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TRAVEL PORTS OF AMERICA, INC.'S NET INCOME DOUBLED IN SECOND QUARTER

 ROCHESTER, N.Y., Dec. 7 /PRNewswire/ -- Travel Ports of America, Inc. (NASDAQ: TPOA) reported second quarter earnings that were double those of last year.
 The company earned a profit of $523,361, or ten cents a share, for the quarter ended Oct. 31, 1993, compared with earnings of $252,105 or five cents per share, for last year's second quarter.
 Sales for the quarter were $34,574,038, down slightly from last year's figure of $35,161,794. Diesel gallons were up over the second quarter of last year, but diesel sales dollars declined due to lower prices at the pump.
 For the first six months, Travel Ports reported earnings of $978,903, or nineteen cents per share, compared with a profit of $352,112, or seven cents per share, for last year. Actual earnings were two cents per share higher, but a charge was taken in the first quarter to meet new requirements of the Financial Accounting Standards Board. Year-to-date sales were $68,954,372, a one percent increase over the previous year's sales of $67,834,803.
 Travel Ports President John Holahan said that margins on diesel fuel have improved over the past year. Holahan also cited improved margins in the company's store and shop operations coupled with lower interest rates on less debt as contributors to profits.
 Another promising development for Travel Ports, Holahan said, is the requirement in the new federal tax package for diesel fuel taxes that goes into effect on Jan. 1. It requires that wholesalers who sell to retail outlets like Travel Ports must now pay fuel taxes to the federal government, rather than the retailers, as it is done now. This will make it more difficult for the "tax cheat" operators, who have used various schemes to avoid paying the taxes, thus enabling them to increase their profits while significantly undercutting the prices legitimate truck stops must charge.
 Travel Ports, headquartered in Rochester, operates 14 truck and motor plazas in six states (New York, New Jersey, Pennsylvania, North Carolina, South Carolina and Indiana).
 TRAVEL PORTS OF AMERICA, INC.
 SUMMARY OF RESULTS
 Quarter ended Oct. 31
 1993 1992
 REVENUE $ 34,574,038 $ 35,161,794
 NET INCOME $ 523,361 $ 252,105
 NET INCOME PER SHARE $ .10 $ .05
 AVERAGE NUMBER OF COMMON AND
 COMMON EQUIVALENT SHARES 5,225,311 5,184,038
 Six Months ended Oct. 31
 1993 1992
 REVENUE $ 68,954,372 $ 67,834,803
 INCOME BEFORE CUMULATIVE EFFECT
 OF AN ACCOUNTING CHANGE $ 1,078,638 $ 352,112
 NET INCOME $ 978,903 $ 352,112
 INCOME PER SHARE BEFORE
 CUMULATIVE EFFECT OF AN
 ACCOUNTING CHANGE $ .21 $ .07
 NET INCOME PER SHARE $ .19 $ .07
 AVERAGE NUMBER OF COMMON AND
 COMMON EQUIVALENT SHARES 5,204,675 5,184,038
 -0- 12/7/93
 /CONTACT: John M. Holahan or William Burslem III of Travel Ports of America, Inc., 716-272-1810/
 (TPOA)


CO: Travel Ports of America, Inc. ST: New York IN: TRN REA SU: ERN

BM-KL -- CL009 -- 1241 12/07/93 11:28 EST
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Publication:PR Newswire
Date:Dec 7, 1993
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