EX-99.1 2 a38066exv99w1.htm EXHIBIT 99.1 exv99w1
 

(STATER BROS LOGO)
Exhibit 99.1
Contact:
Phil Smith
Stater Bros. Holdings Inc.
(909)733-5287


PRESS RELEASE
For Immediate Release
Tuesday, February 12, 2008
STATER BROS. HOLDINGS INC. SALES AND PROFITS INCREASE
IN 1ST QUARTER
SAN BERNARDINO, CALIFORNIA.-February 12, 2008: Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the first quarter of fiscal 2008 ended December 30, 2007.
Sales for the thirteen week first quarter ended December 30, 2007, increased 4.3% to $943.0 million compared to $904.4 million for the thirteen weeks ended December 24, 2006. The timing of the Christmas holiday added one more sales day in first quarter of fiscal 2007 compared to the first quarter of fiscal 2008. Christmas day, the only day that the Company’s stores are closed, fell in the second quarter of fiscal 2007 and in the first quarter of fiscal 2008. After taking into consideration the effect of Christmas day, like store sales increased 3.3% for the thirteen weeks ended December 30, 2007 compared to the thirteen weeks ended December 24, 2006.
The Company reported net income for the thirteen week first quarter ended December 30, 2007 of $10.8 million compared to net income of $9.9 million for the thirteen week first quarter ended December 24, 2006.
Brown said; “The first quarter results were in line with management’s projections as we remain committed to being the low price leader while providing a friendly and satisfying shopping experience to our “Valued Customers” on each and every one of their visits to our Supermarkets. Our transition into our new Corporate Office and Distribution Center is on schedule and moving along as planned.”
Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in Southern California and operates 164 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. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
                 
    09/30/07     12/30/07  
Assets
               
Current assets
               
Cash and cash equivalents
  $ 277,062     $ 209,473  
Restricted cash
    8,121       5,621  
Receivables, net
    46,391       53,818  
Inventories
    202,073       212,875  
Other
    34,965       35,203  
 
           
 
               
Total current assets
    568,612       516,990  
 
Property and equipment, net
    629,644       665,854  
 
Deferred debt issuance costs, net
    17,671       16,869  
Other
    54,351       56,000  
 
           
 
               
Total assets
  $ 1,270,278     $ 1,255,713  
 
           
 
               
Liabilities and stockholder’s equity
               
Current liabilities
               
Accounts payable
  $ 187,978     $ 184,979  
Accrued expenses and other liabilities
    142,597       113,577  
Current portion of capital lease obligations
    1,008       1,044  
 
           
 
               
Total current liabilities
    331,583       299,600  
 
               
Long-term debt
    810,000       810,000  
Capital lease obligations, less current portion
    6,285       6,010  
Other long-term liabilities
    113,131       120,073  
 
               
Total stockholder’s equity
    9,279       20,030  
 
           
 
               
Total liabilities and stockholder’s equity
  $ 1,270,278     $ 1,255,713  
 
           

 


 

STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
                 
    13 Weeks     13 Weeks  
    Ended     Ended  
    12/24/06     12/30/07  
Sales
  $ 904,354     $ 943,030  
 
               
Gross profit
    241,890       244,429  
 
               
Operating expenses:
               
Selling, general and administrative expenses
    201,801       204,318  
Depreciation and amortization
    11,884       12,908  
 
           
Total operating expenses
    213,685       217,226  
 
           
Operating profit
    28,205       27,203  
 
               
Interest income
    2,826       2,391  
Interest expense
    (14,285 )     (13,581 )
Other income (expenses), net
    (171 )     1,875  
 
           
 
Income before income taxes
    16,575       17,888  
 
               
Income taxes
    6,673       7,137  
 
           
 
               
Net income
  $ 9,902     $ 10,751