EX-99.1 2 a32891exv99w1.htm EXHIBIT 99.1 exv99w1
 

Exhibit 99.1
 
         
(STATER BROS LOGO)   21700 Barton Road
P.O. Box 150
Colton, California 92324 		  Contact:
Phil Smith
Stater Bros. Holdings Inc.
(909)783-5287
     
P R E S S  R E L E A S E
For Immediate Release
Tuesday, August 7, 2007
STATER BROS. HOLDINGS INC. ANNOUNCES THIRD QUARTER RESULTS
SALES AND NET INCOME INCREASE AT STATER BROS.
Colton, California (August 7, 2007)- Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the thirteen week third quarter and thirty-nine week year-to-date period ended on June 24, 2007.
Sales for the thirteen week third quarter ended June 24, 2007, increased 2.71% to $910.2 million compared to $886.2 million for the third quarter ended June 25, 2006. Like store sales increased 1.73% or $14.7 million for the thirteen weeks ended June 24, 2007. These are record sales for the third quarter.
Total sales for the thirty-nine weeks ended June 24, 2007, increased $63.5 million or 2.43% and amounted to $2.68 billion compared to $2.62 billion for the same period in fiscal 2006. Year-to-date like store sales increased 1.55% in fiscal 2007 compared to the same period in fiscal 2006.
The Company reported net income for the thirteen week third quarter ended June 24, 2007 of $15.6 million compared to net income of $5.7 million for the thirteen weeks ended June 25, 2006. Net income for the fiscal year-to-date periods amounted to $39.0 million in 2007 and $15.3 million in 2006.
Brown said; “We are pleased with our operating results for the quarter and the first thirty-nine weeks of our fiscal year. Our sales and earnings trends continue to reflect positively on our operations. I’m especially pleased with our expense control and continued improvement in shrink management. We remain committed to our ‘Valued Customers’ and to providing them a friendly and satisfying shopping experience on each and every one of their visits to our Supermarkets. Our continued commitment to being the low price leader is even more important to the families we serve during these tight economic conditions.”
Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in Southern California and operates 163 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     39 Weeks Ended  
    06/25/06     06/24/07     06/25/06     06/24/07  
 
                                
Sales
   $ 886,221     $ 910,229     $ 2,617,138     $ 2,680,645  
 
                                
Gross profit
     229,700       253,787       688,927       745,121  
 
                                
Operating expenses
                                
Selling, general and administrative expenses
     193,451       199,849       590,227       605,335  
Depreciation and amortization
     11,898       12,313       33,315       36,282  
 
                        
 
                                
Total operating expenses
     205,349       212,162       623,542       641,617  
 
                        
 
                                
Operating profit
     24,351       41,625       65,385       103,504  
 
                                
Interest income
     2,627       4,930       7,515       10,475  
Interest expense
     (14,731 )     (20,782 )     (44,271 )     (48,816 )
Other income (expenses), net
     (702 )     159       (1,395 )     (9 )
 
                        
 
                                
Income before income taxes
     11,545       25,932       27,234       65,154  
 
                                
Income taxes
     5,803       10,330       11,984       26,190  
 
                        
 
                                
Net income
   $ 5,742     $ 15,602     $ 15,250     $ 38,964  
 
                        

 

 

STATER BROS. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
                 
    9/24/06     06/24/07  
Assets
                
Current assets
                
Cash
   $ 198,545     $ 274,096  
Restricted cash
     24,121       8,121  
Short-term investments
     26,849       —  
Receivables, net
     39,173       48,352  
Inventories
     196,031       199,328  
Other
     30,122       30,751  
 
            
 
                
Total current assets
     514,841       560,648  
 
                
Property and equipment, net
     497,073       564,268  
 
                
Deferred debt issuance costs, net
     15,972       17,828  
Other assets
     30,206       44,624  
 
            
 
                
Total assets
   $ 1,058,092     $ 1,187,368  
 
            
 
                
Liabilities and stockholder’s equity (deficit)
                
Current liabilities
                
Accounts payable
   $ 155,827     $ 153,635  
Accrued expenses and other liabilities
     124,680       115,594  
Current portion of capital lease obligations
     1,054       974  
 
            
 
                
Total current liabilities
     281,561       270,203  
 
                
Long-term debt
     700,000       810,000  
Capital lease obligations, less current portion
     7,294       6,551  
Other long-term liabilities
     80,316       92,729  
 
                
Total stockholder’s equity (deficit)
     (11,079 )     7,885  
 
            
 
                
Total liabilities and stockholder’s equity (deficit)
   $ 1,058,092     $ 1,187,368