EX-99.1 2 a30154exv99w1.htm EXHIBIT 99.1 exv99w1
 

Exhibit 99.1
STATER BROS. HOLDINGS INC. ANNOUNCES SECOND QUARTER RESULTS
SALES AND NET INCOME INCREASE AT STATER BROS.
Colton, California. May 8, 2007; Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the thirteen week second quarter and twenty-six week year-to-date period ended on March 25, 2007.
Sales for the thirteen week second quarter ended March 25, 2007, increased 0.27% to $866.1 million compared to $863.8 million for the thirteen weeks ended March 26, 2006. The timing of Christmas Day resulted in one less sales day in the second quarter of 2007 compared to the second quarter of fiscal 2006. Christmas Day, the only day the Company’s stores are closed, fell in second quarter fiscal 2007 and the first quarter of fiscal 2006. After taking into consideration the effect of Christmas Day, like store sales increased 1.5% for the thirteen weeks ended March 25, 2007.
Total sales for the twenty-six weeks ended March 25, 2007, increased $39.5 million or 2.28% and amounted to $1.77 billion compared to $1.73 billion for the same period in fiscal 2006. Year-to-date like store sales increased 1.45% in fiscal 2007 compared to the same period in fiscal 2006.
The Company reported net income for the thirteen week second quarter ended March 25, 2007 of $13.5 million compared to net income of $6.2 million for the thirteen weeks ended March 26, 2006. Net income for the fiscal year-to-date periods amounted to $23.4 million in 2007 and $9.5 million in 2006.
Brown said; “We were pleased with our operating results for the quarter and the first twenty-six weeks of our fiscal year. While we look forward to the challenges of a changing marketplace, all of our “Valued Customers” will continue to have the Stater Bros. Family’s commitment to provide a friendly and satisfying shopping experience on each and every one of their visits to our Supermarkets and our commitment to being the low price leader.”
Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in Southern California and operates 162 supermarkets through its wholly owned subsidiary, Stater Bros. Markets. Stater Bros. Markets also owns and operates Santee Dairies, manufacturer of quality “Heartland Farms” dairy products.
For information contact: Jack H. Brown, Chairman, President and Chief Executive Officer at (909) 783-5000.
STATER BROS. MARKETS...SERVING SOUTHERN CALIFORNIA FOR 70 GOLDEN YEARS
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STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
                                 
    13 Weeks Ended     26 Weeks Ended  
    03/26/06     03/25/07     03/26/06     03/25/07  
Sales
   $ 863,751     $ 866,062     $ 1,730,917     $ 1,770,416  
 
                                
Gross profit
     232,512       249,444       459,227       491,334  
 
                                
Operating expenses
                                
Selling, general and administrative expenses
     198,011       203,685       396,776       405,486  
Depreciation and amortization
     11,059       12,085       21,417       23,969  
 
                        
Total operating expenses
     209,070       215,770       418,193       429,455  
 
                        
Operating profit
     23,442       33,674       41,034       61,879  
 
                                
Interest income
     2,378       2,719       4,888       5,545  
Interest expense
     (14,964 )     (13,749 )     (29,540 )     (28,034 )
Other income (expenses), net
     (617 )     3       (693 )     (168 )
 
                        
Income before income taxes
     10,239       22,647       15,689       39,222  
 
                                
Income taxes
     4,063       9,187       6,181       15,860  
 
                        
 
                                
Net income
   $ 6,176     $ 13,460     $ 9,508     $ 23,362  
 
                        

 

 

STATER BROS. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
                 
    9/24/06     03/25/07  
Assets
                
Current assets
                
Cash
   $ 198,545     $ 228,169  
Restricted cash
     24,121       8,121  
Short-term investments
     26,849       —  
Receivables, net
     39,173       40,718  
Inventories
     196,031       194,688  
Other
     30,122       31,278  
 
            
Total current assets
     514,841       502,974  
 
                
Property and equipment, net
     497,073       529,046  
 
                
Deferred debt issuance costs, net
     15,972       14,444  
Other assets
     30,206       40,875  
 
            
 
                
Total assets
   $ 1,058,092     $ 1,087,339  
 
            
 
                
Liabilities and stockholder’s equity (deficit)
                
Current liabilities
                
Accounts payable
   $ 155,827     $ 153,431  
Accrued expenses and other liabilities
     124,680       125,225  
Current portion of capital lease obligations
     1,054       940  
 
            
Total current liabilities
     281,561       279,596  
 
                
Long-term debt
     700,000       700,000  
Capital lease obligations, less current portion
     7,294       6,807  
Other long-term liabilities
     80,316       88,653  
 
                
Total stockholder’s equity (deficit)
     (11,079 )     12,283  
 
            
 
                
Total liabilities and stockholder’s equity (deficit)
   $ 1,058,092     $ 1,087,339