Attached files

file filename
8-K - FORM 8-K - STATER BROS HOLDINGS INCv59488e8vk.htm
EXHIBIT 99.1
(NEWS RELEASE LOGO)
STATER BROS. HOLDINGS INC. ANNOUNCES
SALES AND CUSTOMER COUNT INCREASES IN THE SECOND QUARTER OF 2011
SAN BERNARDINO, CALIFORNIA (May 10, 2011)- Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the thirteen week and twenty-six week periods ended March 27, 2011.
The Company’s consolidated sales in the thirteen weeks ended March 27, 2011 were $913.4 million up $27.9 million or 3.15% from the thirteen weeks ended March 28, 2010 consolidated sales of $885.5 million.
At $1.81 billion, the Company’s twenty-six weeks ended March 27, 2011 supermarket sales were up $6.6 million over the same period of fiscal 2010.
Like store sales increased 3.15% or $27.9 million for the thirteen weeks ended March 27, 2011 compared to the thirteen weeks ended March 28, 2010. Like store sales increased 0.37% or $6.6 million for the twenty-six weeks of fiscal 2011 compared to the same period of the prior year.
The Company reported net income for the thirteen week second quarter ended March 27, 2011 of $8.8 million compared to net income of $6.0 million for the thirteen week second quarter ended March 28, 2010. Net income for the twenty-six week period of fiscal 2011 was $10.0 million compared to $12.7 million for the twenty-six week period of fiscal 2010. Fiscal 2010 year-to-date net income included an after-tax gain of $5.6 million from the sale of the Company’s dairy assets. Excluding the after-tax gain in fiscal 2010, year-to-date net income for fiscal 2011 increased $2.9 million over net income from the prior year.
Brown said, “These results are due to the dedication of the Stater Bros. ‘Family’ and the loyalty of our customers many of those whom we have served for over three generations.”
“I am especially proud of our increases in the second quarter of nearly one million customers who appreciate our commitment to help their families during these ‘tough times’ by keeping our low prices and sharing their pain.”
Stater Bros. is the largest privately owned Supermarket Chain in Southern California and the largest private employer in both San Bernardino County and Riverside County, with annual sales in 2010 of $3.6 billion. The Company currently operates 167 Supermarkets, and there are over 18,000 members of the Stater Bros. Supermarket Family.
STATER BROS ... PROUDLY SERVING SOUTHERN CALIFORNIA FAMILIES FOR 75 YEARS
# # #


 

STATER BROS. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
                 
    09/26/10     03/27/11  
Assets
               
Current assets
               
Cash and cash equivalents
  $ 325,005     $ 172,888  
Restricted cash
    3,121       3,121  
Receivables, net
    35,614       42,549  
Inventories
    203,702       235,608  
Other
    56,107       53,330  
 
           
 
               
Total current assets
    623,549       507,496  
 
               
Property and equipment, net
    644,064       628,173  
 
               
Deferred debt issuance costs, net
    8,074       11,729  
Other
    47,100       49,390  
 
           
 
               
Total assets
  $ 1,322,787     $ 1,196,788  
 
           
 
               
Liabilities and stockholder’s equity
               
Current liabilities
               
Accounts payable
  $ 135,642     $ 139,659  
Accrued expenses and other liabilities
    147,972       141,374  
Current portion of long-term debt
    133,812       8,819  
 
           
 
               
Total current liabilities
    417,426       289,852  
 
               
Long-term debt, less current portion
    677,750       677,750  
Capital lease obligations, less current portion
    2,206       1,449  
Other long-term liabilities
    152,272       159,106  
 
               
Total stockholder’s equity
    73,133       68,631  
 
           
 
               
Total liabilities and stockholder’s equity
  $ 1,322,787     $ 1,196,788  
 
           


 

STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
                                 
    13 Weeks     13 Weeks     26 Weeks     26 Weeks  
    Ended     Ended     Ended     Ended  
    03/28/10     03/27/11     03/28/10     03/27/11  
Sales
  $ 885,537     $ 913,397     $ 1,809,401     $ 1,812,434  
 
                               
Gross profit
    236,445       245,137       474,595       483,910  
 
                               
Operating expenses:
                               
Selling, general and administrative expenses
    198,018       205,959       403,306       409,477  
Gain on sale of dairy assets
    (1,446 )           (9,396 )      
Depreciation and amortization
    12,788       12,071       25,454       24,515  
 
                       
Total operating expenses
    209,360       218,030       419,364       433,992  
 
                       
 
                               
Operating profit
    27,085       27,107       55,231       49,918  
 
                               
Interest income
    26       216       85       475  
Interest expense
    (17,374 )     (12,637 )     (34,563 )     (33,610 )
Other income (expenses), net
    16       2       5       (90 )
 
                       
 
                               
Income before income taxes
    9,753       14,688       20,758       16,693  
 
                               
Income taxes
    3,786       5,914       8,080       6,655  
 
                       
 
                               
Net income
  $ 5,967     $ 8,774     $ 12,678     $ 10,038