8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): May 13, 2003

STATER BROS. HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Commission file number 001-13222

Delaware	33-0350671
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
21700 Barton Road
Colton, California	92324
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (909) 783-5000

TABLE OF CONTENTS

	Item 7. Financial Statements and Exhibits.
	Item 9. REGULATION FD DISLOSURE
Signatures
EXHIBIT INDEX
EXHIBIT 99.4

Item 7. Financial Statements and Exhibits.

(c) Exhibits

99.4 Text of press release, dated May 12, 2003, entitled “Stater Bros. Holdings Announces Record Sales - Second Quarter Results Released”.

Item 9. REGULATION FD DISCLOSURE

The following information, which is intended to be furnished under Item 12, “Results of Operations and Financial Condition,” is instead being furnished under Item 9, “Regulation FD Disclosures.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise incorporated by reference in any filing pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such a filing.

On May 12, 2003, Stater Bros. Holdings Inc. issued a press release entitled “Stater Bros. Holdings Announces Record Sales — Second Quarter Results Released”. A copy of this press release is attached hereto and incorporate by reference as exhibit 99.4.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Stater Bros. Holdings Inc.
		/s/ Phillip J. Smith
	By:	Phillip J. Smith
		Senior Vice President and Chief Financial Officer
Date: May 13, 2003

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.4	Text of press release, dated May 12, 2003, entitled “Stater Bros. Holdings Announces Record Sales — Second Quarter Results Released”

EX-99.4 3 a90228exv99w4.htm EXHIBIT 99.4

Exhibit 99.4

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
Monday, May 12, 2003

STATER BROS. HOLDINGS INC. ANNOUNCES RECORD SALES
SECOND QUARTER RESULTS RELEASED

Colton, California. May 12, 2003; 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 30, 2003.

Sales for the thirteen week second quarter ended March 30, 2003 increased 3.5% to $677.2 million compared to $654.2 million for the thirteen weeks ended March 31, 2002. Total sales for the twenty-six weeks ended March 30, 2003, increased 3.2% and amounted to $1.359 billion compared to $1.317 billion for the same period in the prior year. Like store sales increased 3.0% and 2.6% for the thirteen week and twenty-six week periods ended March 30, 2003, respectively.

Operating profit for the thirteen week second quarter of 2003 amounted to $19.4 million compared to $19.5 million for the second quarter of 2002. Operating profit for the fiscal year to date of 2003 amounted to $36.8 million compared to $38.2 million for the like period in fiscal 2002.

The Company reported net income for the thirteen week second quarter ended March 30, 2003 of $3.8 million compared to $4.3 million for the thirteen weeks ended March 31, 2002. Net income for the fiscal year to date periods amounted to $6.8 million in 2003 and $8.2 million in 2002.

Operating cash flow (EBITDA) is defined as earnings before interest expense, income taxes and depreciation and amortization. The Company has presented EBITDA information as it is relevant to certain investors and analysts as a measure of a company’s ability to service debt. EBITDA is not a measure of financial performance under generally accepted accounting principles and it should not be used as an alternative to, or be construed as more meaningful than, operating profit or cash flows as an indicator of the Company’s operating performance. EBITDA amounted to $27.9 million in the second quarter of fiscal 2003 and compares to $28.2 million for the like period of last year. EBITDA for the twenty-six week comparable periods were $54.2 million in fiscal 2003 and $55.1 million in fiscal 2002. The following table reconciles EBITDA to net income.

	Q2 2003		Q2 2002		YTD 2003		YTD 2002
(in 000's)
Net Income	$	3,831	$	4,294	$	6,759	$	8,226
Income Taxes		2,531		2,983		4,404		5,716
Interest Expense		13,301		13,201		26,559		25,997
Depreciation and Amortization		8,285		7,680		16,449		15,184
EBITDA	$	27,948	$	28,158	$	54,171	$	55,123

Brown said; “Our continued steady performance reflects the abilities of our management team and the members of our Stater Bros. Family to stay focused on serving our “Valued Customers” on each and every shopping trip.”

Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in Southern California and operates 156 supermarkets through its wholly owned subsidiary, Stater Bros. Markets.

For information contact: Jack H. Brown, Chairman, President and Chief Executive Officer at (909) 783-5000.

Stater Bros. Markets operates 156 Supermarket locations, with 47 in San Bernardino County, 40 in Riverside County, 30 in Orange County, 27 in Los Angeles County, 10 in Northern San Diego County, and 2 in Kern County. There are over 14,000 members of the Stater Bros. “Family” of Employees. Stater Bros. is the largest private employer in the Inland Empire of Southern California, which is one of the fastest growing areas in the United States. Headquartered in Colton, California, Stater Bros. has been serving Southern California customers since 1936. In the spring of 2003, Stater Bros. will open its 157th Supermarket in Corona, California.

STATER BROS. MARKETS...SERVING SOUTHERN CALIFORNIA FOR 66 GOLDEN YEARS

# # #

STATER BROS. HOLDINGS INC.
Condensed Balance Sheets

(In thousands)

Unaudited

			9/29/2002			03/30/03
Assets
	Current Assets
		Cash and cash equivalents	$	81,043		$	98,874
		Receivables		33,561			24,563
		Inventories		175,404			169,715
		Other current assets		23,141			24,706
	Total current assets			313,149			317,858
	Investment in unconsolidated affiliate			15,580			16,559
	Property and equipment, net			285,816			293,397
	Deferred debt issuance costs, net			13,936			12,211
	Other long-term assets			5,649			5,704
Total Assets			$	634,130		$	645,729
Liabilities and Stockholders’ Deficit
	Current Liabilities
		Accounts payable	$	104,166		$	103,255
		Accrued expenses and other liabilities		88,223			89,679
		Current portion of capital lease obligations		1,117			1,064
	Total current liabilities			193,506			193,998
	Long-term debt			458,750			458,750
	Capital lease obligations, less current portion			10,981			10,454
	Other long-term liabilities			45,014			49,889
	Common stockholders’ deficit			(74,121	)		(67,362	)
Total Liabilities and Stockholders’ Deficit			$	634,130		$	645,729

STATER BROS. HOLDINGS INC.

Condensed Results of Operations

(In thousands)

Unaudited

		13 Weeks Ended
		03/31/02			03/30/03
Sales		$	654,213		$	677,196
Gross profit			172,813			186,772
Operating Expenses:
	Selling, general and administrative expenses		145,657			159,072
	Depreciation and amortization		7,680			8,285
Total operating expenses			153,337			167,357
Operating profit			19,476			19,415
Interest income			322			254
Interest expense			(13,201	)		(13,301	)
Equity in earnings from unconsolidated affiliate			1,375			233
Other, net			(695	)		(239	)
Income before income taxes			7,277			6,362
Income taxes			2,983			2,531
Net income		$	4,294		$	3,831

STATER BROS. HOLDINGS INC.

Condensed Results of Operations

(In thousands)

Unaudited

		26 Weeks Ended
		03/31/02			03/30/03
Sales		$	1,316,800		$	1,358,705
Gross profit			348,976			370,388
Operating Expenses:
	Selling, general and administrative expenses		295,593			317,095
	Depreciation and amortization		15,184			16,449
Total operating expenses			310,777			333,544
Operating profit			38,199			36,844
Interest income			1,026			526
Interest expense			(25,997	)		(26,559	)
Equity in earnings from unconsolidated affiliate			2,023			979
Other, net			(1,309	)		(627	)
Income before income taxes			13,942			11,163
Income taxes			5,716			4,404
Net income		$	8,226		$	6,759

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EX-99.4

exv99w4