EXHIBIT 99.1
 | P.O. Box 150 San Bernardino, California 92402 | 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, August 11, 2009
For Immediate Release
Tuesday, August 11, 2009
STATER BROS. HOLDINGS INC. ANNOUNCES
THIRD QUARTER RESULTS
THIRD QUARTER RESULTS
San Bernardino, California —August 11, 2009: Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the thirteen week third quarter and thirty-nine week year-to-date periods ended on June 28, 2009.
Sales for the thirteen week third quarter ended June 28, 2009 decreased 0.43% to $928.6 million compared to $932.7 million for the thirteen weeks ended June 29, 2008. The Easter holiday fell in the second quarter of fiscal 2008 and in the third quarter of fiscal 2009. After taking into consideration the timing effect of the Easter Holiday, like store sales decreased 1.81% for the thirteen weeks ended June 28, 2009.
Total sales for the thirty-nine weeks ended June 28, 2009, increased $17.8 million or 0.64% and amounted to $2.82 billion compared to $2.80 billion for the same period in fiscal 2008. Year-to-date like store sales increased 0.09% in fiscal 2009 compared to the same period in fiscal 2008.
The Company reported net income of $15.1 million and $9.2 million in the third quarters of fiscal 2009 and fiscal 2008, respectively. Net income for the fiscal year-to-date periods amounted to $29.8 million in 2009 and $33.5 million in 2008.
Brown said, “We are pleased with our operating results for the quarter and the first thirty-nine weeks of our fiscal year. During these tough economic times, we remain committed to assisting our “Valued Customer” by providing them the best possible purchasing value for their shopping dollar and by providing friendly service and a satisfying shopping experience on each and every one of their visits to our Supermarkets.”
Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in Southern California and operates 167 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 73 GOLDEN YEARS
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STATER BROS. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
| 09/28/2008 | 06/28/2009 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 144,939 | $ | 158,459 | ||||
| Restricted cash | 5,621 | 3,121 | ||||||
| Receivables, net | 48,524 | 40,530 | ||||||
| Inventories | 230,218 | 234,471 | ||||||
| Assets held for sale | 81,611 | 79,057 | ||||||
| Other | 34,291 | 35,274 | ||||||
| Total current assets | 545,204 | 550,912 | ||||||
| Property and equipment, net | 660,063 | 662,962 | ||||||
| Deferred debt issuance costs, net | 14,478 | 12,070 | ||||||
| Other | 60,219 | 63,736 | ||||||
| Total assets | $ | 1,279,964 | $ | 1,289,680 | ||||
| Liabilities and stockholder’s equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 157,925 | $ | 153,452 | ||||
| Accrued expenses and other liabilities | 136,197 | 113,429 | ||||||
| Liabilities held for sale | 15,984 | 11,309 | ||||||
| Current portion of capital lease obligations | 1,148 | 1,286 | ||||||
| Total current liabilities | 311,254 | 279,476 | ||||||
| Long-term debt | 810,000 | 810,000 | ||||||
| Capital lease obligations, less current portion | 5,104 | 4,121 | ||||||
| Other long-term liabilities | 113,100 | 125,773 | ||||||
| Total stockholder’s equity | 40,506 | 70,310 | ||||||
| Total liabilities and stockholder’s equity | $ | 1,279,964 | $ | 1,289,680 | ||||
STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
| 13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| 06/29/08 | 06/28/09 | 06/29/08 | 06/28/09 | |||||||||||||
| Sales | $ | 932,668 | $ | 928,641 | $ | 2,801,059 | $ | 2,818,890 | ||||||||
| Gross profit | 249,221 | 254,216 | 749,928 | 756,904 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative expenses | 207,853 | 203,277 | 620,703 | 620,593 | ||||||||||||
| Depreciation and amortization | 12,996 | 13,146 | 39,069 | 40,058 | ||||||||||||
| Total operating expenses | 220,849 | 216,423 | 659,772 | 660,651 | ||||||||||||
| Operating profit | 28,372 | 37,793 | 90,156 | 96,253 | ||||||||||||
| Interest income | 962 | 86 | 4,975 | 416 | ||||||||||||
| Interest expense | (14,904 | ) | (16,923 | ) | (42,907 | ) | (51,371 | ) | ||||||||
| Other income, net | 99 | 601 | 2,839 | 707 | ||||||||||||
| Income before income taxes | 14,529 | 21,557 | 55,063 | 46,005 | ||||||||||||
| Income taxes | 5,350 | 6,415 | 21,602 | 16,201 | ||||||||||||
| Net income | $ | 9,179 | $ | 15,142 | $ | 33,461 | $ | 29,804 | ||||||||