Contact:
Phil Smith
Stater Bros. Holdings Inc.
(909)733-5287
Phil Smith
Stater Bros. Holdings Inc.
(909)733-5287
Exhibit 99.1
PRESS RELEASE
For Immediate Release
Tuesday, December 18, 2007
For Immediate Release
Tuesday, December 18, 2007
Stater Bros. Holdings Inc.
STATER BROS.’ SALES INCREASED TO $3.7 BILLION
FOR FISCAL 2007
FOR FISCAL 2007
SAN BERNARDINO, CALIFORNIA. —December 18, 2007: Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced sales and earnings for the fifty-three week fiscal year ended September 30, 2007.
Sales for fiscal 2007 were $3.7 billion, an increase of 4.7% when compared to sales of $3.5 billion for the 2006 fiscal year. Fiscal 2007 was affected by an additional week of sales versus fiscal 2006. Sales excluding the additional week in fiscal 2007 would result in a sales increase of 2.9%. Sales for the fourth quarter of fiscal 2007 were $993.8 million, an increase of 11.5% when compared to $891.7 million for the fiscal fourth quarter of 2006. The fourth quarter of 2007 had one additional week. After adjusting fourth quarter sales for comparable weeks, sales increased 4.2%. Like store sales for 2007 increased 1.7% for the fiscal year and 2.2% for the quarter.
The Company reported net income of $49.4 million for the fiscal year 2007 compared to $26.1 million in fiscal year 2006. The results for the fourth quarters of fiscal 2007 and fiscal 2006 reflected net income of $10.4 million and $10.8 million, respectively.
Brown said, “We are pleased with our current year operating results and look forward to the coming year and the completion of our new distribution center at Norton. This new center will provide us with the ability to continue our commitment 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 “their” Stater Bros. Supermarkets.”
Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in Southern California and operates 164 supermarkets through its wholly owned subsidiary, Stater Bros. Markets. Stater Bros. Markets also owns and operates Santee Dairies, manufacturer of quality “Heartland Farms” dairy products.
For information contact: Jack H. Brown, Chairman, President and Chief Executive Officer at (909) 733-5000.
STATER BROS. MARKETS...SERVING SOUTHERN CALIFORNIA FOR 71 GOLDEN YEARS
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STATER BROS. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
09/24/06 | 09/30/07 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 198,545 | $ | 277,062 | ||||
Restricted cash | 24,121 | 8,121 | ||||||
Short-term investments | 26,849 | — | ||||||
Receivables, net | 39,173 | 46,391 | ||||||
Inventories | 196,031 | 202,073 | ||||||
Other | 30,122 | 34,965 | ||||||
Total current assets | 514,841 | 568,612 | ||||||
Property and equipment, net | 497,073 | 629,644 | ||||||
Deferred debt issuance costs, net | 15,972 | 17,671 | ||||||
Other | 30,206 | 54,351 | ||||||
Total assets | $ | 1,058,092 | $ | 1,270,278 | ||||
Liabilities and stockholder’s equity (deficit) | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 155,827 | $ | 187,978 | ||||
Accrued expenses and other liabilities | 124,680 | 142,597 | ||||||
Current portion of capital lease obligations | 1,054 | 1,008 | ||||||
Total current liabilities | 281,561 | 331,583 | ||||||
Long-term debt | 700,000 | 810,000 | ||||||
Capital lease obligations, less current portion | 7,294 | 6,285 | ||||||
Other long-term liabilities | 80,316 | 113,131 | ||||||
Total stockholder’s equity (deficit) | (11,079 | ) | 9,279 | |||||
Total liabilities and stockholder’s equity (deficit) | $ | 1,058,092 | $ | 1,270,278 | ||||
STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
13 Weeks | 14 Weeks | 52 Weeks | 53 Weeks | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
09/24/06 | 09/30/07 | 09/24/06 | 09/30/07 | |||||||||||||
Sales | $ | 891,656 | $ | 993,782 | $ | 3,508,794 | $ | 3,674,427 | ||||||||
Gross profit | 241,432 | 254,743 | 930,359 | 999,864 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expenses | 200,529 | 213,528 | 790,756 | 818,863 | ||||||||||||
Depreciation and amortization | 13,327 | 12,433 | 46,642 | 48,715 | ||||||||||||
Total operating expenses | 213,856 | 225,961 | 837,398 | 867,578 | ||||||||||||
Operating profit | 27,576 | 28,782 | 92,961 | 132,286 | ||||||||||||
Interest income | 2,769 | 3,676 | 10,284 | 14,151 | ||||||||||||
Interest expense | (12,967 | ) | (14,723 | ) | (57,238 | ) | (63,539 | ) | ||||||||
Other expenses, net | (601 | ) | (215 | ) | (1,996 | ) | (224 | ) | ||||||||
Income before income taxes | 16,777 | 17,520 | 44,011 | 82,674 | ||||||||||||
Income taxes | 5,961 | 7,089 | 17,945 | 33,279 | ||||||||||||
Net income | $ | 10,816 | $ | 10,431 | $ | 26,066 | $ | 49,395 | ||||||||