EX-99.1 2 v51387exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
         
(STATER 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
Tuesday, February 10, 2009
STATER BROS. HOLDINGS INC. ANNOUNCES FIRST QUARTER RESULTS –
SALES AND CUSTOMER COUNT INCREASES OVER SAME PERIOD OF PRIOR YEAR
SAN BERNARDINO, CALIFORNIA - February 10, 2009: Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the first quarter of fiscal 2009, which ended December 28, 2008.
Sales for the first quarter of fiscal 2009 increased 1.72% to $959.3 million compared to $943.0 million for the first quarter of fiscal 2008. Like store sales increased 1.40% or $12.7 million for the first quarter of fiscal 2009 compared to the first quarter of fiscal 2008.
The Company reported net income for first quarter of fiscal 2009 of $3.5 million compared to net income of $10.8 million for the first quarter of fiscal 2008.
Brown said, “Our plan is to assist our customers during these very tough economic times...and the plan is working. By holding back on price increases, which affected our profits, we served approximately one million more customers in the first quarter of fiscal 2009 than in the first quarter of fiscal 2008. Our financial performance in the first quarter of fiscal 2009 reflects the overall impact of the current economic downturn. The tough economy has hit our marketing area of the Inland Empire especially hard as we have seen business closures, layoffs and increases in unemployment. The uncertain economic future has caused our customers to tighten their family budgets and we have responded by giving even more value for their shopping dollar while continuing to provide a friendly and satisfying shopping experience on each and every one of their visits to our Supermarkets. We remain committed to controlling costs and keeping our valued customer base 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.
For information contact: Jack H. Brown, Chairman, President and Chief Executive Officer at (909) 733-5000.
STATER BROS. MARKETS...SERVING SOUTHERN CALIFORNIA FOR OVER 73 GOLDEN YEARS
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STATER BROS. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
                 
    09/28/08     12/28/08  
Assets
               
Current assets
               
Cash and cash equivalents
  $ 144,942     $ 122,503  
Restricted cash
    5,621       3,121  
Receivables, net
    56,993       61,496  
Inventories
    233,719       242,186  
Other
    36,174       34,185  
 
           
 
               
Total current assets
    477,449       463,491  
 
               
Property and equipment, net
    732,326       735,536  
 
               
Deferred debt issuance costs, net
    14,478       13,675  
Other
    52,622       54,068  
 
           
 
               
Total assets
  $ 1,276,875     $ 1,266,770  
 
           
 
               
Liabilities and stockholder’s equity
               
Current liabilities
               
Accounts payable
  $ 167,647     $ 172,747  
Accrued expenses and other liabilities
    139,311       113,737  
Current portion of capital lease obligations
    1,162       1,206  
 
           
 
               
Total current liabilities
    308,120       287,690  
 
               
Long-term debt
    810,000       810,000  
Capital lease obligations, less current portion
    5,124       4,805  
Other long-term liabilities
    113,125       120,228  
 
               
Total stockholder’s equity
    40,506       44,047  
 
           
 
               
Total liabilities and stockholder’s equity
  $ 1,276,875     $ 1,266,770  
 
           

 


 

STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
                 
    13 Weeks     13 Weeks  
    Ended     Ended  
    12/30/07     12/28/08  
Sales
  $ 943,030     $ 959,253  
 
               
Gross profit
    244,429       246,862  
 
               
Operating expenses:
               
Selling, general and administrative expenses
    204,318       211,004  
Depreciation and amortization
    12,908       13,360  
 
           
 
Total operating expenses
    217,226       224,364  
 
           
 
Operating profit
    27,203       22,498  
 
               
Interest income
    2,391       205  
Interest expense
    (13,581 )     (17,100 )
Other income, net
    1,875       149  
 
           
 
               
Income before income taxes
    17,888       5,752  
 
               
Income taxes
    7,137       2,211  
 
           
 
               
Net income
  $ 10,751     $ 3,541