Stater Bros. Holdings Inc. - Form 8-K (12/22/03)


Delaware		33-0350671
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

21700 Barton Road
Colton, California		92324
(Address of principal executive offices)		(Zip Code)

On December 18, 2003, Stater Bros. Holdings Inc. issued a press release entitled “Stater Bros. Holdings Announces Record Sales”. A copy of this press release is attached hereto and incorporate by reference as exhibit 99.4. The information contained in this press release 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.

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.

Colton, California. December 18, 2003: Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced record sales for the fifty-two week fiscal year ended September 28, 2003.

The Company set new a sales record in the 2003 fiscal year. Sales for fiscal 2003 were $2.754 billion, an increase of 3.3% when compared to sales of $2.666 billion for the 2002 fiscal year. Sales for the fiscal fourth quarter of 2003 ended September 28, 2003 were $707.0 million, an increase of 4.5% when compared to $676.8 million for the fiscal fourth quarter of 2002 ended September 29, 2002. Like store sales for fiscal 2003 increased 2.8% over fiscal 2002. For the fourth quarter of 2003, like stores sales increased 3.7% over fourth quarter 2002.

The Company reported a net income of $10.1 million for the fiscal year 2003 compared to $11.8 million in fiscal year 2002. The results for the fourth quarters of 2003 and 2002 reflected net incomes of $2.6 million and $652,000, respectively.

Brown said, “The results of the fourth quarter reflect an increasing like store sales growth and positive direction for earnings potential in the future. We were pleased with the fiscal year results and see positive momentum going forward. We have been able to protect our sales base by focusing our efforts on serving our ‘Valued Customers’ one at a time.”

Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in Southern California and operates 157 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 157 Full Service Supermarket locations, with 47 in San Bernardino County, 41 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.


			09/28/03			09/29/02

Assets
	Current Assets
		Cash	$	111,152		$	81,043
		Receivables		27,571			33,561
		Inventories		172,267			175,404
		Other		21,755			23,141

	Total current assets			332,745			313,149
	Investment in unconsolidated affiliate			16,910			15,580
	Property and equipment, net			302,145			285,816
	Deferred debt issuance costs, net			10,486			13,936
	Other			5,540			5,649

Total Assets			$	667,826		$	634,130

Liabilities and Stockholders’ Deficit
	Current Liabilities
		Accounts payable	$	112,458		$	104,166
		Accrued expenses and other liabilities		94,714			88,223
		Current portion of capital lease obligations and long-term debt		1,056			1,117

	Total current liabilities			208,228			193,506
	Long-term debt, less current portion			458,750			458,750
	Capital lease obligations, less current portion			9,926			10,981
	Other long-term liabilities			54,916			45,014
	Common stockholders’ deficit			(63,994	)		(74,121	)

Total Liabilities and Stockholders’ Deficit			$	667,826		$	634,130

STATER BROS. HOLDINGS INC.
Condensed Statements of Income
(In thousands)
Unaudited


		13 Weeks			13 Weeks			52 Weeks			52 Weeks
		Ended			Ended			Ended			Ended
		09/28/03			09/29/02			09/28/03			09/29/02

Sales		$	706,998		$	676,767		$	2,753,774		$	2,666,346
Gross profit			199,137			182,702			754,413			708,820
Operating Expenses:
	Selling, general and administrative expenses		173,266			161,237			652,291			608,289
	Depreciation and amortization		9,071			8,333			34,308			31,493

Total operating expenses			182,337			169,570			686,599			639,782

Operating profit			16,800			13,132			67,814			69,038
Interest income			279			376			1,049			1,721
Interest expense			(13,356	)		(13,373	)		(53,254	)		(52,814	)
Equity in earnings from unconsolidated affiliate			134			359			1,330			2,914
Other expenses, net			(336	)		(91	)		(1,093	)		(1,579	)

Income before income taxes (benefit)			3,521			403			15,846			19,280
Income taxes (benefit)			921			(249	)		5,719			7,491

Net income		$	2,600		$	652		$	10,127		$	11,789

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	Stater Bros. Holdings Inc.

		/s/ Phillip J. Smith

	By:	Phillip J. Smith
Date: December 22, 2003		Senior Vice President and Chief Financial Officer


Exhibit No.		Description

Exhibit 99.4		Text of press release, dated December 18, 2003, entitled “Stater Bros. Holdings Announces Record Sales”.


99.4		Text of press release, dated December 18, 2003, entitled “Stater Bros. Holdings Announces Record Sales”.