Exhibit 99.1
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
Tuesday, December 19, 2006
For Immediate Release
Tuesday, December 19, 2006
Stater Bros. Holdings Inc.
STATER BROS.’ SALES INCREASED TO $3.5 BILLION
FOR FISCAL 2006
FOR FISCAL 2006
Colton, California.- December 19, 2006: 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 24, 2006.
Sales for fiscal 2006 were $3.5 billion, an increase of 4.0% when compared to sales of $3.4 billion for the 2005 fiscal year. Sales for the fourth quarter of fiscal 2006 ended September 24, 2006 were $891.4 million, an increase of 4.9% when compared to $849.9 million for the fiscal fourth quarter of 2005 ended September 25, 2005. Like store sales for fiscal 2006 increased 1.5% compared to fiscal 2005. For the fourth quarter of fiscal 2006, like stores sales increased 2.9% compared to the fourth quarter of fiscal 2005.
The Company reported net income of $26.1 million for the fiscal year 2006 compared to $26.2 million in fiscal year 2005. The results for the fourth quarters of fiscal 2006 and fiscal 2005 reflected net income of $10.8 million and $12.1 million, respectively.
Brown said, “We are pleased with our current year operating results. The focus of the Stater Bros. “Family” continues to be our ‘Valued Customers.’ We are committed to being the low price leader while providing a friendly and satisfying shopping experience to our customers on each and every one of their visits to our Supermarkets.”
Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in California and operates 162 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. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
09/25/05 | 09/24/06 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash | $ | 263,397 | $ | 198,545 | ||||
Restricted cash | 29,000 | 24,121 | ||||||
Sort-term investments | — | 26,849 | ||||||
Receivables, net | 45,006 | 39,173 | ||||||
Inventories | 185,302 | 196,031 | ||||||
Other | 31,122 | 30,122 | ||||||
Total current assets | 553,827 | 514,841 | ||||||
Property and equipment, net | 467,937 | 497,073 | ||||||
Deferred debt issuance costs, net | 19,011 | 15,972 | ||||||
Other | 14,594 | 30,206 | ||||||
Total assets | $ | 1,055,369 | $ | 1,058,092 | ||||
Liabilities and stockholder’s deficit | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 144,298 | $ | 155,827 | ||||
Accrued expenses and other liabilities | 131,185 | 124,680 | ||||||
Current portion of capital lease obligations | 1,190 | 1,054 | ||||||
Total current liabilities | 276,673 | 281,561 | ||||||
Long-term debt | 700,000 | 700,000 | ||||||
Capital lease obligations, less current portion | 8,292 | 7,294 | ||||||
Other long-term liabilities | 83,799 | 80,316 | ||||||
Stockholder’s deficit | (13,395 | ) | (11,079 | ) | ||||
Total liabilities and stockholder’s deficit | $ | 1,055,369 | $ | 1,058,092 | ||||
STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
13 Weeks | 13 Weeks | 52 Weeks | 52 Weeks | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
09/25/05 | 09/24/06 | 09/25/05 | 09/24/06 | |||||||||||||
Sales | $ | 849,896 | $ | 891,379 | $ | 3,372,243 | $ | 3,507,881 | ||||||||
Gross profits | 237,262 | 241,432 | 904,108 | 930,359 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expenses | 198,009 | 200,529 | 772,885 | 790,756 | ||||||||||||
Depreciation and amortization | 10,388 | 13,327 | 39,575 | 46,642 | ||||||||||||
Total operating expenses | 208,397 | 213,856 | 812,460 | 837,398 | ||||||||||||
Operating profit | 28,865 | 27,576 | 91,648 | 92,961 | ||||||||||||
Interest income | 2,291 | 2,769 | 6,816 | 10,284 | ||||||||||||
Interest expense | (13,937 | ) | (12,967 | ) | (57,142 | ) | (57,238 | ) | ||||||||
Other expenses, net | (835 | ) | (601 | ) | (1,414 | ) | (1,996 | ) | ||||||||
Income before income taxes | 16,384 | 16,777 | 39,908 | 44,011 | ||||||||||||
Income taxes | 4,277 | 5,961 | 13,662 | 17,945 | ||||||||||||
Net income | $ | 12,107 | $ | 10,816 | $ | 26,246 | $ | 26,066 | ||||||||