Attached files
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| 8-K - FORM 8-K - STATER BROS HOLDINGS INC | v58165e8vk.htm |
Exhibit 99.1
STATER BROS. ANNOUNCES FINANCIAL RESULTS FOR 2010
SAN BERNARDINO, CALIFORNIA — December 15, 2010: 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 26, 2010.
Sales for the 2010 fiscal year were $3.61 billion, a decrease of 4.23% when compared to sales of
$3.77 billion for the 2009 fiscal year. Excluding the effect of the Dairy Transaction, sales
decreased $66.0 million or 1.75%. Sales for the fourth quarter of fiscal 2010 were $897.4 million
compared to $947.2 million for the fourth quarter of 2009. Sales for the quarter decreased $29.1
million or 3.15% after taking into account the effect of the Dairy Transaction. Like store sales
for the fiscal year and the fourth quarter of 2010 decreased 2.45% and 3.29%, respectively.
The Company reported net income of $24.6 million for the 2010 fiscal year compared to $34.8 million
in the 2009 fiscal year. The results for the fourth quarters of fiscal 2010 and fiscal 2009 were
net income of $5.9 million and $5.0 million, respectively.
Brown said, “We continue to face some of the toughest economic and competitive pressures in our
Company’s history. We continue to focus on the values we can pass on to our “Valued Customers” so
they get the most out of their shopping dollars and assisting them and their families during these
difficult times. We still provide a friendly and satisfying experience on each and every one of
their visits to our Supermarkets. We remain committed to controlling costs as we weather the
effect of these 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: Phillip J. Smith, Executive Vice President and Chief Financial
Officer at (909) 733-5287.
STATER BROS. MARKETS...SERVING SOUTHERN CALIFORNIA FOR 74 GOLDEN YEARS
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STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
| 13 Weeks | 13 Weeks | 52 Weeks | 52 Weeks | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| 09/27/09 | 09/26/10 | 09/27/09 | 09/26/10 | |||||||||||||
Sales |
$ | 947,150 | $ | 897,394 | $ | 3,766,040 | $ | 3,606,839 | ||||||||
Gross profit |
245,132 | 249,696 | 1,002,036 | 969,948 | ||||||||||||
Operating expenses: |
||||||||||||||||
Selling, general and
administrative expenses |
206,599 | 210,828 | 827,192 | 819,698 | ||||||||||||
Gain on sale of dairy assets |
(9,396 | ) | ||||||||||||||
Depreciation and amortization |
13,478 | 12,749 | 53,536 | 50,822 | ||||||||||||
Total operating expenses |
220,077 | 223,577 | 880,728 | 861,124 | ||||||||||||
Operating profit |
25,055 | 26,119 | 121,308 | 108,824 | ||||||||||||
Interest income |
55 | 254 | 471 | 366 | ||||||||||||
Interest expense |
(16,881 | ) | (16,970 | ) | (68,252 | ) | (68,516 | ) | ||||||||
Other income, net |
16 | 475 | 723 | 497 | ||||||||||||
Income before income taxes |
8,245 | 9,878 | 54,250 | 41,171 | ||||||||||||
Income taxes |
3,280 | 3,954 | 19,481 | 16,587 | ||||||||||||
Net income |
$ | 4,965 | $ | 5,924 | $ | 34,769 | $ | 24,584 | ||||||||
STATER BROS. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
| 09/27/09 | 09/26/10 | |||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 196,914 | $ | 325,005 | ||||
Restricted cash |
3,121 | 3,121 | ||||||
Receivables, net |
40,720 | 35,614 | ||||||
Inventories |
212,856 | 203,702 | ||||||
Assets held for sale |
83,617 | — | ||||||
Other |
30,109 | 56,107 | ||||||
Total current assets |
567,337 | 623,549 | ||||||
Property and equipment, net |
671,493 | 644,064 | ||||||
Deferred debt issuance costs, net |
11,276 | 8,074 | ||||||
Other |
64,629 | 47,100 | ||||||
Total assets |
$ | 1,314,735 | $ | 1,322,787 | ||||
Liabilities and stockholder’s equity |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ | 153,083 | $ | 135,642 | ||||
Liabilities held for sale |
5,634 | — | ||||||
Accrued expenses and other liabilities |
132,931 | 147,972 | ||||||
Current portion of capital lease obligations |
1,336 | 1,562 | ||||||
Current portion of long-term debt |
— | 132,250 | ||||||
Total current liabilities |
292,984 | 417,426 | ||||||
Long-term debt, less current portion |
810,000 | 677,750 | ||||||
Capital lease obligations, less current portion |
3,768 | 2,206 | ||||||
Other long-term liabilities |
144,228 | 152,272 | ||||||
Total stockholder’s equity |
63,755 | 73,133 | ||||||
Total liabilities and stockholder’s equity |
$ | 1,314,735 | $ | 1,322,787 | ||||