2015 Q1 Form 10-Q Financial Statement

#000153884915000003 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $480.5M $482.0M
YoY Change -0.32% 2.15%
Cost Of Revenue $442.7M $465.4M
YoY Change -4.86% 3.21%
Gross Profit $37.73M $16.67M
YoY Change 126.36% -18.7%
Gross Profit Margin 7.85% 3.46%
Selling, General & Admin $10.45M $4.527M
YoY Change 130.75% 26.49%
% of Gross Profit 27.69% 27.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.50M $5.966M
YoY Change 92.79% 23.29%
% of Gross Profit 30.49% 35.8%
Operating Expenses $39.29M $12.66M
YoY Change 210.31% 253.76%
Operating Profit -$433.0K $5.486M
YoY Change -107.89% -26.83%
Interest Expense $4.278M $4.027M
YoY Change 6.23% 19.18%
% of Operating Profit 73.41%
Other Income/Expense, Net $59.00K $104.0K
YoY Change -43.27% -79.2%
Pretax Income -$4.652M $1.563M
YoY Change -397.63% -62.79%
Income Tax -$1.681M $135.0K
% Of Pretax Income 8.64%
Net Earnings -$2.966M $1.428M
YoY Change -307.7% -61.99%
Net Earnings / Revenue -0.62% 0.3%
Basic Earnings Per Share -$0.13 $0.07
Diluted Earnings Per Share -$0.13 $0.07
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.900M $1.400M
YoY Change 250.0%
Cash & Equivalents $4.863M $1.352M
Short-Term Investments
Other Short-Term Assets $9.485M $3.856M
YoY Change 145.98% 74.56%
Inventory $19.78M $2.625M
Prepaid Expenses
Receivables $27.12M $8.659M
Other Receivables $0.00 $0.00
Total Short-Term Assets $75.96M $37.74M
YoY Change 101.3% 30.51%
LONG-TERM ASSETS
Property, Plant & Equipment $478.2M $284.8M
YoY Change 67.94% 19.17%
Goodwill $86.03M $9.324M
YoY Change 822.66% 65.44%
Intangibles $87.84M $45.27M
YoY Change 94.04% 31.78%
Long-Term Investments
YoY Change
Other Assets $9.363M $10.82M
YoY Change -13.5% -2.49%
Total Long-Term Assets $668.0M $359.1M
YoY Change 86.01% 23.56%
TOTAL ASSETS
Total Short-Term Assets $75.96M $37.74M
Total Long-Term Assets $668.0M $359.1M
Total Assets $743.9M $396.8M
YoY Change 87.46% 24.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.81M $22.31M
YoY Change 100.86% 35.45%
Accrued Expenses $22.87M $4.412M
YoY Change 418.34% -5.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.275M $51.00K
YoY Change 16125.49% -97.96%
Total Short-Term Liabilities $87.78M $38.13M
YoY Change 130.2% 11.54%
LONG-TERM LIABILITIES
Long-Term Debt $397.9M $186.1M
YoY Change 113.85% 1.25%
Other Long-Term Liabilities $15.95M $19.09M
YoY Change -16.47% 36.19%
Total Long-Term Liabilities $413.8M $205.1M
YoY Change 101.72% 3.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $87.78M $38.13M
Total Long-Term Liabilities $413.8M $205.1M
Total Liabilities $566.4M $307.7M
YoY Change 84.04% 0.69%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $177.6M $89.10M
YoY Change
Total Liabilities & Shareholders Equity $743.9M $396.8M
YoY Change 87.46% 24.19%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$2.966M $1.428M
YoY Change -307.7% -61.99%
Depreciation, Depletion And Amortization $11.50M $5.966M
YoY Change 92.79% 23.29%
Cash From Operating Activities $10.91M $779.0K
YoY Change 1300.0% 183.27%
INVESTING ACTIVITIES
Capital Expenditures $882.0K $2.747M
YoY Change -67.89% 1030.45%
Acquisitions $125.4M $0.00
YoY Change
Other Investing Activities -$125.2M $0.00
YoY Change -100.0%
Cash From Investing Activities -$125.7M -$2.710M
YoY Change 4540.15% 1093.83%
FINANCING ACTIVITIES
Cash Dividend Paid $170.0K $9.594M
YoY Change -98.23%
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $684.0K $12.00K
YoY Change 5600.0%
Cash From Financing Activities $104.5M -$832.0K
YoY Change -12664.3% -82.7%
NET CHANGE
Cash From Operating Activities $10.91M $779.0K
Cash From Investing Activities -$125.7M -$2.710M
Cash From Financing Activities $104.5M -$832.0K
Net Change In Cash -$10.31M -$2.763M
YoY Change 273.04% -41.95%
FREE CASH FLOW
Cash From Operating Activities $10.91M $779.0K
Capital Expenditures $882.0K $2.747M
Free Cash Flow $10.02M -$1.968M
YoY Change -609.35% -6250.0%

Facts In Submission

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CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2014Q1 us-gaap Net Income Loss Allocated To General Partners
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1397000 USD
CY2015Q1 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
-3136000 USD
CY2014Q1 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
1428000 USD
CY2015Q1 us-gaap Net Income Loss Allocated To Limited Partners
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-2966000 USD
CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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0 USD
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2014Q4 us-gaap Notes Payable
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CY2015Q1 us-gaap Notes Payable
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CY2015Q1 us-gaap Number Of Reportable Segments
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2
CY2014Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
2168000 USD
CY2015Q1 us-gaap Operating Costs And Expenses
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CY2014Q1 us-gaap Operating Expenses
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12661000 USD
CY2015Q1 us-gaap Operating Expenses
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CY2014Q1 us-gaap Operating Income Loss
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5486000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2014Q1 us-gaap Operating Leases Rent Expense Net
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3815000 USD
CY2015Q1 us-gaap Operating Leases Rent Expense Net
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3522000 USD
CY2014Q4 us-gaap Other Assets Current
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7969000 USD
CY2015Q1 us-gaap Other Assets Current
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9485000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
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12034000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
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9363000 USD
CY2014Q1 us-gaap Other Increase Decrease In Environmental Liabilities
OtherIncreaseDecreaseInEnvironmentalLiabilities
-284000 USD
CY2015Q1 us-gaap Other Increase Decrease In Environmental Liabilities
OtherIncreaseDecreaseInEnvironmentalLiabilities
0 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
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16042000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
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15949000 USD
CY2014Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
26250000 USD
CY2015Q1 us-gaap Other Long Term Debt
OtherLongTermDebt
26250000 USD
CY2014Q1 us-gaap Other Noncash Expense
OtherNoncashExpense
-202000 USD
CY2015Q1 us-gaap Other Noncash Expense
OtherNoncashExpense
-1333000 USD
CY2014Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2429000 USD
CY2015Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0 USD
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
104000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
59000 USD
CY2014Q1 us-gaap Other Sales Revenue Net
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137000 USD
CY2015Q1 us-gaap Other Sales Revenue Net
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1324000 USD
CY2014Q4 us-gaap Partners Capital
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190522000 USD
CY2015Q1 us-gaap Partners Capital
PartnersCapital
177602000 USD
CY2015Q1 us-gaap Partners Capital Account Units Sale Of Units
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90671 shares
CY2014Q4 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
-31000 USD
CY2015Q1 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
-50000 USD
CY2014Q4 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
190491000 USD
CY2015Q1 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
177552000 USD
CY2015Q1 us-gaap Payments For Postemployment Benefits
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CY2014Q1 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
31000 USD
CY2015Q1 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
170000 USD
CY2014Q1 us-gaap Payments Of Dividends
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9594000 USD
CY2015Q1 us-gaap Payments Of Dividends
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13270000 USD
CY2014Q1 us-gaap Payments Of Dividends Minority Interest
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0 USD
CY2015Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
14000 USD
CY2014Q1 us-gaap Payments Of Financing Costs
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3128000 USD
CY2015Q1 us-gaap Payments Of Financing Costs
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0 USD
CY2014Q2 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
14000000 USD
CY2014Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
125791000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2747000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
520000 USD
CY2014Q4 us-gaap Postemployment Benefits Liability Current And Noncurrent
PostemploymentBenefitsLiabilityCurrentAndNoncurrent
2357000 USD
CY2015Q1 us-gaap Postemployment Benefits Liability Current And Noncurrent
PostemploymentBenefitsLiabilityCurrentAndNoncurrent
2712000 USD
CY2015Q1 us-gaap Postemployment Benefits Period Expense
PostemploymentBenefitsPeriodExpense
381000 USD
CY2014Q1 us-gaap Proceeds From Collection Of Advance To Affiliate
ProceedsFromCollectionOfAdvanceToAffiliate
0 USD
CY2015Q1 us-gaap Proceeds From Collection Of Advance To Affiliate
ProceedsFromCollectionOfAdvanceToAffiliate
873000 USD
CY2014Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
37000 USD
CY2015Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
563000 USD
CY2014Q1 us-gaap Proceeds From Repayments Of Other Long Term Debt
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CY2015Q1 us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
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CY2014Q1 us-gaap Profit Loss
ProfitLoss
1428000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
-2971000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
454838000 USD
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
548639000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
391499000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
478202000 USD
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
68000 USD
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
175000 USD
CY2014Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
623000 USD
CY2015Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
671000 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
12000 USD
CY2015Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
98924000 USD
CY2014Q1 us-gaap Revenues
Revenues
482021000 USD
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
13000 USD
CY2014Q4 us-gaap Retail Related Inventory
RetailRelatedInventory
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CY2015Q1 us-gaap Revenues
Revenues
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CY2014Q1 us-gaap Share Based Compensation
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CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11318000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
482021000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
484647000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4527000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2942000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
142000 shares
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
10042000 USD
CY2015Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
11825000 USD
CY2015Q1 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
400000 USD
CY2014Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
11115643 shares
CY2015Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
16935125 shares
CY2014Q1 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
7525000 shares
CY2015Q1 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
7525000 shares
CY2015Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration Risk</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dunne Manning Stores LLC (formerly Lehigh Gas&#8211;Ohio, LLC and referred to as &#8220;LGO&#8221; or as an &#8220;affiliated dealer&#8221;) is an operator of retail sites that purchases a significant portion of its motor fuel requirements from us on a wholesale basis and then re-sells motor fuel on a retail basis. LGO also leases motor fuel stations from us. The financial results of LGO are not consolidated with ours. For the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2015</font><font style="font-family:inherit;font-size:10pt;">, CrossAmerica distributed approximately </font><font style="font-family:inherit;font-size:10pt;">17%</font><font style="font-family:inherit;font-size:10pt;"> of its total wholesale distribution volumes to LGO. For more information regarding transactions with LGO, see Note </font><font style="font-family:inherit;font-size:10pt;">8</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CrossAmerica purchases a substantial amount of motor fuel from three suppliers. For the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2015</font><font style="font-family:inherit;font-size:10pt;">, CrossAmerica&#8217;s wholesale business purchased approximately </font><font style="font-family:inherit;font-size:10pt;">27%</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">26%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">22%</font><font style="font-family:inherit;font-size:10pt;"> of its motor fuel from ExxonMobil, BP and Motiva, respectively. </font><font style="font-family:inherit;font-size:10pt;">No</font><font style="font-family:inherit;font-size:10pt;"> other fuel suppliers accounted for </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> or more of CrossAmerica's fuel purchases in the </font><font style="font-family:inherit;font-size:10pt;">first quarter of 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The store personnel at the convenience stores we acquired from PMI are employees of Pinehurst Services LLC, to which we pay a management fee pursuant to the terms of an employee staffing agreement. Pinehurst Services LLC employs approximately </font><font style="font-family:inherit;font-size:10pt;">750</font><font style="font-family:inherit;font-size:10pt;"> people that support our convenience store operations and is owned and managed by an unrelated party.&#160;We incurred </font><font style="font-family:inherit;font-size:10pt;">$6.1 million</font><font style="font-family:inherit;font-size:10pt;"> in management fees for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2015</font><font style="font-family:inherit;font-size:10pt;"> under the employee staffing agreement, which is included in operating expenses on the statement of operations. </font></div></div>
CY2015Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The statement of operations was revised from the presentation included in our Form 10-K for the year ended December 31, 2014 to conform to that presented in the Form 10-K filed by CST. As a result, certain reclassifications were made to prior period amounts to conform to the current year presentation. These reclassifications had no impact on net income or equity for any periods.</font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results and outcomes could differ from those estimates and assumptions. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances could result in revised estimates and assumptions.</font></div></div>

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