EX-99.1 2 v50888exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
         
(STATER BROS LOGO)
  301 S. Tippecanoe Avenue
San Bernardino, California 92408 		  Contact:
Phil Smith
Stater Bros. Holdings Inc.
(909)733-5287
P R E S S  R E L E A S E
For Immediate Release
Thursday, December 18, 2008
Stater Bros. Holdings Inc.
STATER BROS. ANNOUNCES RECORD SALES FOR FISCAL 2008
SAN BERNARDINO, CALIFORNIA. — December 18, 2008: 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 28, 2008.
Sales for fiscal 2008 were $3.74 billion, an increase of 1.8% when compared to sales of $3.67 billion for the 2007 fiscal year. Fiscal 2007, a fifty-three week year, had an extra week of sales when compared to fiscal 2008, a fifty-two week year. After excluding the additional week in fiscal 2007, sales for fiscal 2008 increased 3.8%.
Sales for the fourth quarter of fiscal 2008 were $940.2 million compared to $993.8 million for the fiscal fourth quarter of 2007. The fourth quarter of 2007 had one additional week of sales. After adjusting fourth quarter sales for comparable weeks, sales increased 1.7% in the fourth quarter of fiscal 2008 versus the fourth quarter of fiscal 2007. Like store sales for 2008 increased 2.4% for the fiscal year and 1.1% for the quarter.
The Company reported net income of $40.6 million for the fiscal year 2008 compared to $49.4 million in fiscal year 2007. The results for the fourth quarters of fiscal 2008 and fiscal 2007 were net income of $7.2 million and $10.4 million, respectively.
Brown said, “Our financial results in both the fourth quarter and fiscal year of 2008 were affected by the downturn in the economy and the negative effect the economy has had on the family budgets of our “Valued Customers”. We are even more focused in these hard economic times of giving our “Valued Customers” the best value for their shopping dollars while providing a friendly and satisfying shopping 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 165 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 including Knudsen Gold Label Milk.
For information contact: Jack H. Brown, Chairman, President and Chief Executive Officer at (909) 733-5000.
STATER BROS. MARKETS...SERVING SOUTHERN CALIFORNIA FOR 72 GOLDEN YEARS
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STATER BROS. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
                 
    09/30/07     09/28/08  
Assets
                
Current assets
                
Cash and cash equivalents
   $ 277,062     $ 144,942  
Restricted cash
     8,121       5,621  
Receivables, net
     46,391       56,993  
Inventories
     202,073       233,719  
Other
     34,965       36,174  
 
            
 
                
Total current assets
     568,612       477,449  
 
                
Property and equipment, net
     629,644       732,326  
 
                
Deferred debt issuance costs, net
     17,671       14,478  
Other
     54,351       52,622  
 
            
 
                
Total assets
   $ 1,270,278     $ 1,276,875  
 
            
 
                
Liabilities and stockholder’s equity
                
Current liabilities
                
Accounts payable
   $ 187,978     $ 167,647  
Accrued expenses and other liabilities
     142,597       139,311  
Current portion of capital lease obligations
     1,008       1,162  
 
            
 
                
Total current liabilities
     331,583       308,120  
 
                
Long-term debt
     810,000       810,000  
Capital lease obligations, less current portion
     6,285       5,124  
Other long-term liabilities
     113,131       113,125  
 
                
Total stockholder’s equity
     9,279       40,506  
 
            
 
                
Total liabilities and stockholder’s equity
   $ 1,270,278     $ 1,276,875  
 
            

 

 

STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
                                 
    14 Weeks     13 Weeks     53 Weeks     52 Weeks  
    Ended     Ended     Ended     Ended  
    09/30/07     09/28/08     09/30/07     09/28/08  
Sales
   $ 993,782     $ 940,195     $ 3,674,427     $ 3,741,254  
 
                                
Gross profit
     254,743       248,252       999,864       998,180  
 
                                
Operating expenses:
                                
Selling, general and administrative expenses
     213,528       208,994       818,863       829,697  
Depreciation and amortization
     12,433       13,918       48,715       52,987  
 
                        
 
                                
Total operating expenses
     225,961       222,912       867,578       882,684  
 
                        
 
                                
Operating profit
     28,782       25,340       132,286       115,496  
 
                                
Interest income
     3,676       760       14,151       5,735  
Interest expense
     (14,723 )     (14,557 )     (63,539 )     (57,464 )
Other expenses, net
     (215 )     24       (224 )     2,863  
 
                        
 
                                
Income before income taxes
     17,520       11,567       82,674       66,630  
 
                                
Income taxes
     7,089       4,398       33,279       26,000  
 
                        
 
                                
Net income
   $ 10,431     $ 7,169     $ 49,395     $ 40,630