- First Quarter Highlights:
- First Quarter 2017 Net Income of $3
million, or $0.04 per diluted share. Excluding certain
merger-related items discussed below, Net Income was $12 million or
$0.15 per diluted share
- Canadian Merchandise and Services Gross
Profit increased 11% with Same Store Merchandise and Services Sales
Per Site Per Day increasing 4% in the First Quarter 2017 when
compared to First Quarter 2016
- U.S. Merchandise and Services Gross
Profit increased 1% with Operating Expenses declining 1% or $1
million in the First Quarter 2017 when compared to the same period
in 2016
- Opened a total of 13 New-to-Industry
stores in the U.S. in the First Quarter 2017
CST Brands, Inc. (NYSE: CST), one of the largest independent
retailers of motor fuels and convenience merchandise in North
America, today reported financial results for the first quarter
ended March 31, 2017.
Kim Lubel, Chairman and CEO of CST Brands, said, "As we
anticipate the completion of the merger with Circle K Stores,
Inc., a wholly-owned subsidiary of Alimentation Couche-Tard
Inc., I am proud of what our team has accomplished since
becoming a public company four years ago. Since 2013, we have
opened 165 new stores in the U.S. and Canada, made several key
acquisitions to further support our organic growth strategy, and
amplified our proprietary fresh food and private label choices
inside our stores. Above all, we grew shareholder value by
increasing the stock price of CST by 60% over our four years of
operations, with the pending merger with Circle K expected to close
in the second quarter.”
First Quarter Results
For the three month period ended March 31, 2017, the
Company reported net income of $3 million, or $0.04 per diluted
share compared to net income of $19 million, or $0.24 per diluted
share, for the same period in 2016. The decline in net income was
primarily attributable to a decline in motor fuel gross profit in
the U.S., which was partially offset by an increase in merchandise
and services gross profit in both the U.S. and Canada and an
increase in motor fuel gross profit in Canada. Impacting net income
for the first quarter of 2017 is approximately $9 million, net of
tax, of merger-related fees. For the three month period ended March
31, 2016, included in net income are acquisition expenses, legal
expenses and professional fees of $3 million, net of tax, and a
gain on the sale of assets of $1 million, net of tax. Excluding
these items, net income would have been approximately $12 million,
or $0.15 per diluted share, and $21 million, or $0.27 per diluted
share for the three month periods ended March 31, 2017 and
2016, respectively (Non-GAAP measures, including EBITDA, Adjusted
Net Income and Adjusted Net Income Per Share, are described and are
reconciled to the corresponding GAAP measures in the Supplemental
Disclosure section of this release).
Motor fuel gross profit in the U.S. for the first quarter of
2017 was $58 million versus $75 million in the same quarter of
2016. This represented a decline of 23%, as the Company experienced
weaker fuel margins in the first quarter of 2017 when compared to
the first quarter of 2016. The decline in motor fuel gross profit
was primarily attributable to a decrease in motor fuel gross
profit, on a per gallon basis ("cents per gallon" or "CPG"),
decreasing from 15.4 CPG in the first quarter of 2016 to 12.1 CPG
in the first quarter of 2017. This was the result of higher
wholesale motor fuel prices. The decline in fuel margins was
partially offset by a 1% increase in total motor fuel gallons sold,
resulting from the Company's expanded core network. This volume
increase was achieved despite the divestment of stores in
California and Wyoming that was completed during the third quarter
2016. Core same store motor fuel sales, on a gallons per store per
day basis, declined 3% during the first quarter of 2017, primarily
as a reflection of softer demand due to economic conditions in
certain areas where the Company operates and a slight increase in
the average retail price of motor fuel per gallon compared to the
same period of last year.
U.S. merchandise and services gross profit increased 1% when
compared to the first quarter of 2016, primarily driven by an
overall increase in merchandise and services sales and gross
profits in the Company's U.S. core and New-to-Industry (“NTI”)
store sales, aided by acquisition and organic growth. Core same
store merchandise and services sales per store per day declined 2%
during the first quarter of 2017, due to a decrease in customer
count comparison, primarily early in the quarter when compared to
the high customer count created by a record setting lotto jackpot
in early 2016.
In Canada, the Company reported a strong quarter with total
gross profit of $94 million compared to $83 million for the first
quarter of 2016, representing an increase of 13%. Motor fuel gross
profit increased $9 million or 20% when compared to the first
quarter of 2016. The improvement in motor fuel gross profit was
driven by increases in motor fuel gross margin across the Company's
Canadian retail sites and in volume at the company operated and
Cardlock network, which the Company believes is reflective of solid
economic indicators in the Quebec and Ontario markets. On a
same-store basis, motor fuel gallons, on a per site per day basis,
increased 2% when compared to the first quarter of 2016.
Canadian merchandise and services gross profit increased $2
million or 11% when compared to the first quarter of 2016. The
increase in merchandise and services gross profit was driven by an
increase in store customer count as well as an increase in the
network’s car wash business. On a same-store basis, merchandise and
services sales per site per day increased 4% when compared to the
first quarter of 2016.
Liquidity and Capital
Resources
For the three months ended March 31, 2017, cash flow
provided by operating activities totaled $48 million. Cash flow
used in investing activities was $38 million, primarily related to
capital expenditures. Total capital expenditures, excluding
acquisitions, for the three months ended March 31, 2017 and
2016 were $40 million and $63 million, respectively. Cash flow
provided by financing activities was $30 million, including net
proceeds on CST Brands' revolving credit facility of $45 million
and payments of $19 million on CST Brands' term loan. Additionally,
there was no effect of foreign currency translation to cash.
Overall, cash increased by $40 million. Cash, as of March 31,
2017, was $176 million.
As of May 4, 2017, approximately $89 million was available
for future borrowings under CST Brands' revolving credit
facility.
Basis of Presentation
The CST Brands Statements of Income are presented on a
consolidated basis; however, the amounts presented account for
CST’s investment in CrossAmerica under the equity method of
accounting. CrossAmerica is a consolidated variable interest
entity; however, management reviews the results of operations of
CrossAmerica under the equity method of accounting because of CST’s
20.2% interest of CrossAmerica’s outstanding units. Net income and
earnings per share attributable to CST are unchanged under the
equity method of accounting from consolidating CrossAmerica. CST’s
operating segments on the following pages are presented before
intercompany eliminations with CrossAmerica. Therefore, the U.S.
Retail segment includes in cost of sales the wholesale fuel costs
for sites supplied by CrossAmerica and operating expenses include
rent from sites leased from CrossAmerica. Consolidated financial
statements that include CrossAmerica are provided in CST Brands’
March 31, 2017 Form 10-Q.
Withdrawal of Guidance and Conference
Call
As previously reported, on August 21, 2016, CST Brands entered
into an Agreement and Plan of Merger with Circle K Stores Inc., a
Texas corporation (“Circle K”). Under the terms of the merger
agreement, CST will be merged with a subsidiary of Circle K. Circle
K is a wholly owned subsidiary of Alimentation Couche-Tard Inc. CST
stockholders have approved the merger agreement. The closing of the
merger remains subject to the receipt of regulatory approvals. CST
and Couche-Tard have been continuing to work cooperatively with
regulators in their review of the merger and, based on what CST
considers to be the substantial progress made to date, while there
can be no assurances as to timing, CST continues to expect that it
will meet the previously stated goal of completing the merger
during the current CST calendar quarter (i.e. on or before June 30,
2017).
In light of the pending merger, CST will not be issuing
financial guidance regarding the Company’s projected financial
performance and will not be hosting a first quarter earnings
conference call.
CST BRANDS, INC.
CONSOLIDATED STATEMENTS OF
INCOME(a)
(Millions of Dollars, Except per Share Amounts)
(Unaudited) Three Months Ended March 31,
2017 2016
Operating revenues $ 2,367 $ 2,034 Cost of sales 2,071
1,734 Gross profit 296
300 Operating expenses: Operating expenses 196 193 General
and administrative expenses 44 39 Depreciation, amortization and
accretion expense 42 39 Total operating
expenses 282 271 Gain on the sale of
assets, net — 1 Operating income 14 30
Other income, net 3 11 Interest expense (11 ) (11 ) Equity in
earnings (loss) of CrossAmerica (1 ) (1 ) Income
before income tax expense 5 29 Income tax expense 2
10 Net income $ 3 $ 19
Earnings per common share Basic earnings per common share $
0.04 $ 0.24 Weighted-average common shares outstanding (in
thousands) 75,813 75,498
Earnings per common share - assuming
dilution Diluted earnings per common share $ 0.04 $ 0.24
Weighted-average common shares outstanding - assuming dilution (in
thousands) 76,468 75,965 Dividends declared per common share
$ — $ 0.0625
(a)
The CST Brands, Inc. Statements of Income
are presented on a consolidated basis; however, the amounts
presented in the table above account for CST’s investment in
CrossAmerica under the equity method of accounting. CrossAmerica is
a consolidated variable interest entity; however, management
reviews the results of operations of CrossAmerica under the equity
method of accounting because of CST’s 20.2% interest of
CrossAmerica’s outstanding units. Net income and earnings per share
attributable to CST are unchanged under the equity method of
accounting from consolidating CrossAmerica. CST’s operating
segments on the following pages are presented before intercompany
eliminations with CrossAmerica. Therefore, the U.S. Retail segment
includes in cost of sales the wholesale fuel costs for sites
supplied by CrossAmerica and operating expenses include rent from
sites leased from CrossAmerica.
Segment Results
U.S. Retail
The following tables highlight the results of operations and
certain operating metrics of the Company’s U.S. Retail segment
(millions of dollars, except number of convenience stores, per site
per day and per gallon amounts):
Three Months Ended March 31, 2017
2016 Operating revenues:
Motor fuel $ 1,121 $ 946 Merchandise and services(a) 424 413
Other(b) 1 1 Total operating revenues $
1,546 $ 1,360
Gross profit: Motor fuel–before
amounts attributable toCrossAmerica $ 63 $ 80 Motor fuel–amounts
attributable to CrossAmerica (5 ) (5 ) Motor
fuel–after amounts attributable toCrossAmerica 58 75 Merchandise
and services(a) 143 141 Other(b) 1 1
Total gross profit 202 217 Operating
expenses: Operating expenses 141 142 Depreciation, amortization and
accretion expense 33 29 Total operating
expenses 174 171 Operating income $ 28
$ 46
Core store operating
statistics:(c) End of period core stores 1,179 1,054
Motor fuel sales (gallons per store per day) 4,867 5,054 Motor fuel
sales (per store per day) $ 10,539 $ 8,927 Motor fuel gross
profit per gallon, net of credit card
fees
$ 0.121 $ 0.154 CST Fuel Supply wholesale profit attributable
toCrossAmerica(e) (0.009 ) (0.009 ) Motor fuel gross
profit per gallon, net of credit cardfees(d), (e) $ 0.112 $
0.145 Merchandise and services sales (per store per
day)(a) $ 4,012 $ 3,872 Merchandise and services gross profit
percentage, netof credit card fees(a) 33.9 % 34.1 %
U.S.
Retail (continued) Three Months Ended March 31,
2017 2016
Company-operated retail stores: Beginning of period 1,167
1,049 NTIs opened 13 6 Acquisitions — 165 Closed or divested
(1 ) (1 ) End of period 1,179 1,219 End of period non-core
retail stores — 165 End of period core
retail stores(c) 1,179 1,054
Core store same-store information(c),(f):
Company operated retail sites(g) 964 964 NTIs included in core
same-store information(f) 107 107 Motor fuel sales (gallons per
store per day) 4,783 4,948 Merchandise and services sales (per
store per day)(a) $ 3,915 $ 4,013 Merchandise and services gross
profit percent, net ofcredit card fees(a) 33.9 % 34.1 % Merchandise
and services sales, ex. cigarettes (per store per day)(a) $ 2,885 $
2,959 Merchandise and services gross profit percent, net ofcredit
card fees and ex. cigarettes(a) 40.0 % 40.3 % Merchandise and
services gross profit dollars(a) $ 115 $ 120
Notes to U.S. Retail Segment
Results
(a)
Includes the results from car wash sales and commissions from
lottery, money orders, air/water/vacuum services, video and game
rentals and ATM fees. (b) Primarily consists of rental income. (c)
Represents the portfolio of core retail stores and excludes
recently acquired retail stores that are being integrated or are
under performance evaluation to determine if they are: (a) to be
fully integrated into the existing core retail operations of CST,
(b) to be converted into a dealer operated site, or (c) other
strategic alternatives, including divestiture or longer term
operation by CrossAmerica. All NTIs are core stores and,
accordingly, are included in the core system operating statistics.
For the period of February 1 to March 31, 2016, Flash Foods stores
were classified as non-core. Effective April 1, 2016, the Flash
Foods stores are included in the U.S. Retail Segment’s core-store
operations. Accordingly, their operations are excluded from the
core system operating statistics for the first quarter of 2016. (d)
Includes $0.05 per gallon of wholesale fuel distribution profit.
(e) CrossAmerica owns a 17.5% limited partner equity interest in
CST Fuel Supply, which is the sole owner of CST Marketing &
Supply, which distributes motor fuel to our retail operations at a
net $0.05 per gallon margin. A separate entity, Fuel South LLC,
distributes motor fuel to the Flash Foods retail operations. (f)
The same-store information consists of aggregated individual store
results for all stores in operation substantially throughout both
periods presented. Stores that were temporarily closed for a brief
period of time during the periods being compared remain in the
same-store sales comparison. If a store is replaced, either at the
same location or relocated to a new location, it is removed from
the comparison until the new store has been in operation for
substantially all of the periods being compared. NTIs are included
in the core same-store metrics when they meet this criteria. (g)
Includes 6 retail sites that do not sell motor fuel, which were
acquired in the Nice N Easy acquisition.
Canadian Retail
The following tables highlight the results of operations and
certain operating metrics of the Canadian Retail segment (millions
of U.S. dollars, except number of retail sites, per site per day
and per gallon amounts):
Three Months Ended March 31, 2017
2016 Operating revenues:
Motor fuel $ 650 $ 530 Merchandise and services(a) 63 57 Other(b)
108 87 Total operating revenues $ 821
$ 674
Gross profit: Motor fuel $ 54 $ 45
Merchandise and services(a) 21 19 Other(b) 19
19 Total gross profit 94 83
Operating expenses: Operating expenses 55 51 Depreciation,
amortization and accretion expense 9 10
Total operating expenses 64 61 Gain on
sale of assets, net — 1 Operating
income $ 30 $ 23
Total retail sites (end of
period): Company operated retail sites (fuel and merchandise)
314 306 Commission sites (fuel only) 499 495 Cardlock (fuel only)
72 72 Total retail sites (end of
period) 885 873
Average
retail sites during the period: Company operated retail sites
(fuel and merchandise) 314 305 Commission sites (fuel only) 499 494
Cardlock (fuel only) 72 72 Average
retail sites during the period 885 871
Total system operating statistics: Motor fuel sales
(gallons per site per day) 3,001 2,940 Motor fuel sales (per site
per day) $ 8,165 $ 6,687 Motor fuel gross profit per gallon, net of
credit card fees $ 0.226 $ 0.194
Company operated retail
site statistics: Merchandise and services sales (per site per
day)(a) $ 2,207 $ 2,071 Merchandise and services gross profit
percentage, net
credit card fees(a)
32.9 % 32.9 %
Canadian Retail (continued) Three
Months Ended March 31, Company-operated
statistics(c) 2017
2016 Retail sites: Beginning of period 314 303
NTIs opened — 2 Conversions, net(d) 2 1 Closed or divested
(2 ) — End of period 314 306
Average foreign exchange rate for $1 CAD to
USD 0.75348 0.73635
Same store information ($ amounts
in CAD):(e),(f) Company-operated retail sites 298 298
NTIs included in same store information 44 44 Motor fuel sales
(gallons per site per day) 3,278 3,225 Merchandise and services
sales (per site per day)(a) $ 2,954 $ 2,851 Merchandise and
services gross profit percent, net of
credit card fees(a)
33.0 % 32.9 % Merchandise and services sales, ex. cigarettes (per
site per day)(a) $ 1,614 $ 1,542 Merchandise and services gross
profit percent, net of credit card fees and ex. cigarettes(a) 46.3
% 44.7 % Merchandise and services gross profit dollars(a) $ 26 $ 25
Commission agent and dealer statistics(c)
Retail sites: Beginning of period 498 494 New dealers 2 3
Conversions, net(d) — (1 ) Closed or de-branded (1 )
(1 ) End of period 499 495
Same Site Information(f): Commission agent and
dealer retail sites 475 475 Motor fuel sales (gallons per site per
day) 2,403 2,432
Notes to Canadian Retail Segment
Results
(a) Includes the results from car wash sales, commissions
from lottery and ATM fees. (b) Primarily consists of our business
and home energy operations. (c) Company operated retail sites sell
motor fuel and merchandise. The Company sells only motor fuel at
commission agent and dealer sites. We do not currently distinguish
between core and non-core stores in our Canadian Retail segment.
All sites in our Canadian Retail segment are core stores. (d)
Conversions represent stores that have changed their classification
from commission sites to company-owned and operated or vice versa.
Changes in classification result when we either take over the
operations of commission sites or convert an existing company-owned
and operated store to commission sites. (e) All amounts presented
are stated in Canadian dollars to remove the impact of foreign
exchange and all fuel information excludes amounts related to
cardlock operations. (f) The same-store and same-site information
consists of aggregated individual store results for all sites in
operation substantially throughout both periods presented. Stores
that were temporarily closed for a brief period of time during the
periods being compared remain in the same-store sales comparison.
If a store is replaced, either at the same location or relocated to
a new location, it is removed from the comparison until the new
store has been in operation for substantially all of the periods
being compared. NTIs are included in the same-store metrics when
they meet this criteria.
Supplemental Disclosure Regarding Non-GAAP Financial
Information
EBITDA is a non-U.S. GAAP financial measure that represents net
income before income taxes, interest expense and depreciation,
amortization and accretion expense. EBITDAR is a non-U.S. GAAP
financial measure that further adjusts EBITDA by excluding minimum
rent expense. Adjusted net income and adjusted earnings per share
remove certain discrete items from the U.S. GAAP calculation that
did not occur during both periods being compared. The Company
believes that EBITDA, EBITDAR, adjusted net income and adjusted
earnings per share are useful to investors and creditors in
evaluating its operating performance because (a) they facilitate
management’s ability to measure the operating performance of the
Company's business on a consistent basis by excluding the impact of
items not directly resulting from its retail operations and certain
discrete items that did not occur in both periods being compared;
and (b) securities analysts and other interested parties use such
calculations as a measure of financial performance. EBITDA,
EBITDAR, adjusted net income and adjusted diluted earnings per
share do not purport to be alternatives to net income and diluted
earnings per share as a measure of operating performance or to cash
flows from operating activities as a measure of liquidity. EBITDA,
EBITDAR, adjusted net income and adjusted diluted earnings per
share have limitations as analytical tools and should not be
considered in isolation or as a substitute for analysis of the
Company’s results of operations as reported under U.S. GAAP.
The following table presents a reconciliation of CST’s net
income to EBITDA and EBITDAR for the three months ended
March 31, 2017 and 2016 and adjusted net income and adjusted
diluted earnings per common share for the three months ended
March 31, 2017 and 2016 (in millions except per share data or
as otherwise noted):
Three Months Ended March 31, 2017
2016 EBITDA and EBITDAR: CST net
income(a) $ 3 $ 19 Interest expense 11 11 Income tax expense 2 10
Depreciation, amortization and accretion 42 39
EBITDA 58 79 Minimum rent expense(b) 11
11 EBITDAR $ 69 $ 90 CST net income $ 3
$ 19 Gain on sale of assets — (1 ) Merger, acquisition and discrete
professional fees 13 4 Severance — 1 Tax benefit (4 )
(2 ) Adjusted net income $ 12 $ 21 Diluted
earnings per common share $ 0.04 $ 0.24 Gain on sale of assets —
(0.01 ) Merger, acquisition and discrete professional fees 0.16
0.05 Severance — 0.01 Tax benefit (0.05 ) (0.02 )
Diluted earnings per common share - adjusted $ 0.15 $ 0.27
Weighted-average common shares outstanding - assuming
dilution (in thousands) 76,468 75,965 (a) The CST Brands,
Inc. Statements of Income are presented on a consolidated basis;
however, the amounts presented in the table above account for CST’s
investment in CrossAmerica under the equity method of accounting.
CrossAmerica is a consolidated variable interest entity; however,
management reviews the results of operations of CrossAmerica under
the equity method of accounting because of CST’s 20.2% interest of
CrossAmerica’s outstanding units. Net income and earnings per share
attributable to CST are unchanged under the equity method of
accounting from consolidating CrossAmerica. (b) Minimum rent
expense is defined in the CST Credit Facility as rent expense
accrued during the period in accordance with U.S. GAAP, less
contingent rentals.
About CST Brands, Inc.
CST Brands, Inc. (NYSE: CST), a Fortune 500 Company, is one of
the largest independent retailers of motor fuels and convenience
merchandise in North America. Based in San Antonio, Texas, CST
employs over 14,000 Team Members at over 2,000 locations throughout
the Southwestern United States, Georgia, Florida, New York and
Eastern Canada offering a broad array of convenience merchandise,
beverages, snacks and prepared fresh food. In the U.S., Corner
Stores, Nice N Easy Grocery Shoppes, and Flash Foods stores proudly
sell a broad offering of branded and unbranded fuel and proprietary
baked goods and fresh food, packaged private label products, U
Force energy and sport drinks, Freestyle soft drinks and signature
ICEE drinks. In Canada, CST is the exclusive provider of Ultramar
fuel and its Dépanneur du Coin and Corner Stores sell signature
Transit Café coffee, proprietary baked goods and fresh food and
private label packaged goods. CST also owns the general partner of
CrossAmerica Partners LP, a master limited partnership and
wholesale distributor of fuels, based in Allentown, Pennsylvania.
For more information about CST, please visit www.cstbrands.com.
Safe Harbor Statement
Statements made in this press release relating to future plans,
events, or financial condition or performance are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements can generally
be identified by the use of words such as "expect," "plan,"
"anticipate," "intend," "outlook," "guidance," "believes,"
"should," "target," "goal," "forecast," "will," "may" or words of
similar meaning. Forward-looking statements are likely to address
matters such as the companies’ respective or combined anticipated
sales, expenses, margins, tax rates, capital expenditures, profits,
cash flows, liquidity and debt levels, as well as their pricing and
merchandising strategies and their anticipated impact and
intentions with respect to the construction of new stores,
including additional quick service restaurants, and the remodeling
and addition of new equipment and products to existing stores.
These forward-looking statements are based on the companies’
current plans and expectations and involve a number of risks and
uncertainties that could cause actual results and events to vary
materially from the results and events anticipated or implied by
such forward-looking statements.
The following factors, among others, could cause actual results
and events to differ materially from those expressed or implied in
the forward-looking statements: (1) the occurrence of any event,
change or other circumstances that could give rise to the
termination of the merger agreement; (2) the inability to complete
the transactions contemplated by the merger agreement in a timely
manner or at all, including due to the failure to obtain the
required stockholder approval or failure to receive necessary
governmental or regulatory approvals required to complete the
transactions contemplated by the merger agreement; (3) the risk of
not fully realizing expected synergies in the timeframe expected or
at all; (4) the risk that the proposed transactions disrupt current
plans and operations, increase operating costs, result in
management distraction and the potential difficulties in
maintaining relationships with customers, suppliers and other third
parties and employee retention as a result of the announcement and
consummation of such transactions; (5) the outcome of any legal
proceedings instituted against the companies following announcement
of the merger agreement and transactions contemplated therein; and
(6) the possibility that the companies may be adversely affected by
other economic, business, and/or competitive factors.
Any number of other factors could affect actual results and
events, including, without limitation; the ability to enhance
operating performance through in-store initiatives, store remodel
programs and the addition of new equipment and products to existing
stores; fluctuations in domestic and global petroleum and fuel
markets; realizing expected benefits from fuel supply agreements;
changes in the competitive landscape of the convenience store
industry, including fuel stations and other non-traditional
retailers located in the companies’ markets; the effect of national
and regional economic conditions on the convenience store industry
and the companies’ markets; the global financial crisis and
uncertainty in global economic conditions; wholesale cost increases
of, and tax increases on, tobacco products; the effect of regional
weather conditions and climate change on customer traffic and
spending; legal, technological, political and scientific
developments regarding climate change; financial difficulties of
suppliers, including the companies’ principal suppliers of fuel and
merchandise, and their ability to continue to supply their stores;
the companies’ financial leverage and debt covenants; a disruption
of IT systems or a failure to protect sensitive customer, employee
or vendor data; the actual operating results of new or acquired
stores; environmental risks associated with selling petroleum
products; governmental laws and regulations, including those
relating to the environment and the impact of mandated health care
laws; unanticipated legal and other expenses, and other risk
factors described in the company's Definitive Proxy Statement,
filed with the SEC on October 11, 2016, the Company's latest Annual
Report on Form 10-K, the Company's Quarterly Reports on Form 10-Q
and other reports and documents the Company files with the SEC.
While the Company may elect to update these forward-looking
statements at some point in the future, it specifically disclaims
any obligation to do so.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170508006316/en/
Investors:CST Brands, Inc.Randy Palmer,
210-692-2160Executive Director – Investor
RelationsorMedia:CST Brands, Inc.Lisa Koenig,
210-692-2659Director of CommunicationsorThe DeBerry Group,Melissa
Ludwig or Trish DeBerry, 210-223-2772
Cst Brands, Inc. (NYSE:CST)
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