Exhibit 99.1
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| 301 S. Tippecanoe Avenue San Bernardino, California 92408 | | Contact: Phil Smith Stater Bros. Holdings Inc. (909)733-5287 |
PRESS RELEASE
For Immediate Release
Thursday, December 17, 2009
STATER BROS. ANNOUNCES RECORD SALES FOR FISCAL 2009
SAN BERNARDINO, CALIFORNIA. —December 17, 2009: 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 27, 2009.
Sales for the 2009 fiscal year were $3.77 billion, an increase of 0.7% when compared to sales of $3.74 billion for the 2008 fiscal year. Sales for the fourth quarter of fiscal 2009 were $947.2 million compared to $940.2 million for the fourth quarter of 2008. Like store sales for fiscal 2009 and for the fourth quarter were comparable to like periods in fiscal 2008.
The Company reported net income of $34.8 million for the 2009 fiscal year compared to $40.6 million in the 2008 fiscal year. The results for the fourth quarters of fiscal 2009 and fiscal 2008 were net income of $5.0 million and $7.2 million, respectively.
Brown said, “Our economy continues to hamper growth and has had a negative effect on the family budgets of our “Valued Customers”. We continue to focus on the values we can pass on to our “Valued Customers” so they get the most out of their shopping dollars while providing a friendly and satisfying 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 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 Statements of Income
(In thousands)
Unaudited
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| | 13 Weeks | | | 13 Weeks | | | 52 Weeks | | | 52 Weeks | |
| | Ended | | | Ended | | | Ended | | | Ended | |
| | 09/28/08 | | | 09/27/09 | | | 09/28/08 | | | 09/27/09 | |
Sales | | $ | 940,195 | | | $ | 947,150 | | | $ | 3,741,254 | | | $ | 3,766,040 | |
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Gross profit | | | 248,252 | | | | 245,132 | | | | 998,180 | | | | 1,002,036 | |
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Operating expenses: | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses | | | 208,994 | | | | 206,599 | | | | 829,697 | | | | 827,192 | |
Depreciation and amortization | | | 13,918 | | | | 13,478 | | | | 52,987 | | | | 53,536 | |
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Total operating expenses | | | 222,912 | | | | 220,077 | | | | 882,684 | | | | 880,728 | |
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Operating profit | | | 25,340 | | | | 25,055 | | | | 115,496 | | | | 121,308 | |
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Interest income | | | 760 | | | | 55 | | | | 5,735 | | | | 471 | |
Interest expense | | | (14,557 | ) | | | (16,881 | ) | | | (57,464 | ) | | | (68,252 | ) |
Other income, net | | | 24 | | | | 16 | | | | 2,863 | | | | 723 | |
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Income before income taxes | | | 11,567 | | | | 8,245 | | | | 66,630 | | | | 54,250 | |
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Income taxes | | | 4,398 | | | | 3,280 | | | | 26,000 | | | | 19,481 | |
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Net income | | $ | 7,169 | | | $ | 4,965 | | | $ | 40,630 | | | $ | 34,769 | |
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STATER BROS. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
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| | 09/28/08 | | | 09/27/09 | |
Assets | | | | | | | | |
Current assets | | | | | | | | |
Cash and cash equivalents | | $ | 144,942 | | | $ | 196,914 | |
Restricted cash | | | 5,621 | | | | 3,121 | |
Receivables, net | | | 44,834 | | | | 40,720 | |
Inventories | | | 230,218 | | | | 212,856 | |
Assets held for sale | | | 95,174 | | | | 90,459 | |
Other | | | 36,825 | | | | 39,439 | |
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Total current assets | | | 557,614 | | | | 583,509 | |
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Property and equipment, net | | | 660,063 | | | | 671,493 | |
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Deferred debt issuance costs, net | | | 14,478 | | | | 11,276 | |
Other | | | 44,720 | | | | 48,457 | |
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Total assets | | $ | 1,276,875 | | | $ | 1,314,735 | |
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Liabilities and stockholder’s equity | | | | | | | | |
Current liabilities | | | | | | | | |
Accounts payable | | $ | 154,283 | | | $ | 153,083 | |
Liabilities held for sale | | | 16,509 | | | | 5,634 | |
Accrued expenses and other liabilities | | | 136,199 | | | | 132,931 | |
Current portion of capital lease obligations | | | 1,149 | | | | 1,336 | |
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Total current liabilities | | | 308,140 | | | | 292,984 | |
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Long-term debt | | | 810,000 | | | | 810,000 | |
Capital lease obligations, less current portion | | | 5,104 | | | | 3,768 | |
Other long-term liabilities | | | 113,125 | | | | 144,228 | |
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Total stockholder’s equity | | | 40,506 | | | | 63,755 | |
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Total liabilities and stockholder’s equity | | $ | 1,276,875 | | | $ | 1,314,735 | |
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