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| 8-K - FORM 8-K - STATER BROS HOLDINGS INC | d271659d8k.htm |
Exhibit 99.1
STATER BROS. ANNOUNCES FINANCIAL RESULTS FOR 2011
SAN BERNARDINO, CALIFORNIA (December 13, 2011)- Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced sales and earnings for the fifty-two week fiscal year ended September 25, 2011.
Sales for the 2011 fiscal year were $3.7 billion, an increase of 2.4% when compared to sales of $3.6 billion for the 2010 fiscal year. Sales for the fourth quarter of fiscal 2011 were $941.9 million compared to $897.4 million for the fourth quarter of 2010. Sales for the quarter increased $44.5 million or 5.0%. Like store sales for the fiscal year and the fourth quarter of 2011 increased 2.5% and 5.0%, respectively.
The Company reported net income of $26.3 million for the 2011 fiscal year compared to $24.6 million in the 2010 fiscal year. The results for the fourth quarters of fiscal 2011 and fiscal 2010 were net income of $6.5 million and $5.9 million, respectively.
Brown said, “The economy in our marketing area remains challenging, and we continue to focus on the value we can pass on to our ‘Valued Customers’ to assist them and their families during these difficult times, so they can get the most out of their shopping dollars. Our ‘Valued Customers’ deserve a friendly and satisfying experience on each and every one of their visits to our Supermarkets. It is our mission to control costs where we are able as we weather the effect of these tough economic times.”
Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in Southern California and operates 167 supermarkets through its wholly owned subsidiary, Stater Bros. Markets.
For information contact: Jack H. Brown, Chairman, President and Chief Executive Officer at (909) 733-5000
STATER BROS ... PROUDLY SERVING SOUTHERN CALIFORNIA FAMILIES FOR 75 YEARS
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STATER BROS. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
| 09/26/10 | 09/25/11 | |||||||
| Assets |
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| Current assets |
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| Cash and cash equivalents |
$ | 325,005 | $ | 235,784 | ||||
| Restricted cash |
3,121 | 3,121 | ||||||
| Receivables, net |
35,614 | 32,166 | ||||||
| Inventories |
203,702 | 231,121 | ||||||
| Other |
56,107 | 43,299 | ||||||
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| Total current assets |
623,549 | 545,491 | ||||||
| Property and equipment, net |
644,064 | 625,423 | ||||||
| Deferred debt issuance costs, net |
8,074 | 10,690 | ||||||
| Other |
47,100 | 51,163 | ||||||
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| Total assets |
$ | 1,322,787 | $ | 1,232,767 | ||||
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| Liabilities and stockholder’s equity |
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| Current liabilities |
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| Accounts payable |
$ | 135,642 | $ | 141,030 | ||||
| Accrued expenses and other liabilities |
147,972 | 164,527 | ||||||
| Current portion of capital lease obligations |
1,562 | 1,107 | ||||||
| Current portion of long-term debt |
132,250 | 38,798 | ||||||
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| Total current liabilities |
417,426 | 345,462 | ||||||
| Long-term debt, less current portion |
677,750 | 642,577 | ||||||
| Capital lease obligations, less current portion |
2,206 | 1,099 | ||||||
| Other long-term liabilities |
152,272 | 162,865 | ||||||
| Total stockholder’s equity |
73,133 | 80,764 | ||||||
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| Total liabilities and stockholder’s equity |
$ | 1,322,787 | $ | 1,232,767 | ||||
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STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
| 13 Weeks Ended 09/26/10 |
13 Weeks Ended 09/25/11 |
52 Weeks Ended 09/26/10 |
52 Weeks Ended 09/25/11 |
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| Sales |
$ | 897,394 | $ | 941,846 | $ | 3,606,839 | $ | 3,693,306 | ||||||||
| Gross profit |
249,696 | 255,666 | 969,948 | 990,892 | ||||||||||||
| Operating expenses: |
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| Selling, general and administrative expenses |
210,828 | 220,615 | 819,698 | 841,527 | ||||||||||||
| Gain on sale of dairy assets |
— | — | (9,396 | ) | — | |||||||||||
| Depreciation and amortization |
12,749 | 12,067 | 50,822 | 48,413 | ||||||||||||
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| Total operating expenses |
223,577 | 232,682 | 861,124 | 889,940 | ||||||||||||
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| Operating profit |
26,119 | 22,984 | 108,824 | 100,952 | ||||||||||||
| Interest income |
254 | 20 | 366 | 708 | ||||||||||||
| Interest expense |
(16,970 | ) | (11,859 | ) | (68,516 | ) | (57,296 | ) | ||||||||
| Other income (loss), net |
475 | (11 | ) | 497 | 82 | |||||||||||
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| Income before income taxes |
9,878 | 11,134 | 41,171 | 44,446 | ||||||||||||
| Income taxes |
3,954 | 4,668 | 16,587 | 18,156 | ||||||||||||
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| Net income |
$ | 5,924 | $ | 6,466 | $ | 24,584 | $ | 26,290 | ||||||||
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