 | 21700 Barton Road P. O. Box 150 Colton, California 92324 | Exhibit 99.4 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
Wednesday, February 5, 2003
STATER BROS. HOLDINGS ANNOUNCES FIRST QUARTER RESULTS
Colton, California. February 5, 2003; Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the first quarter of fiscal 2003 ended December 29, 2002.
Sales for the thirteen week first quarter ended December 29, 2002 increased 2.9% to $681.5 million compared to $662.6 million for the thirteen weeks ended December 30, 2001. Like store sales increased 2.3% for the thirteen weeks ended December 29, 2002 over the thirteen weeks ended December 30, 2001.
Operating cash flow (EBITDA) is defined as earnings before interest expense, income taxes, depreciation and amortization. EBITDA amounted to $26.2 million in the first quarter of fiscal 2003, compared to $27.0 million for the like period of last year.
The Company reported net income for the thirteen week first quarter ended December 29, 2002 of $2.9 million compared to net income of $3.9 million for the thirteen week first quarter ended December 30, 2001.
Brown said; “Our first quarter results reflect improvement from the fourth quarter of last year while maintaining the ability to serve our “Valued Customers” and the acceptance of our marketing plan by our “Valued Customers”. Our team remains focused 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 156 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 156 Supermarket locations, with 47 in San Bernardino County, 40 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. In the spring of 2003, Stater Bros. will open its 157th Supermarket in Corona, California.
STATER BROS. MARKETS...SERVING SOUTHERN CALIFORNIA FOR 66 GOLDEN YEARS
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STATER BROS. HOLDINGS INC.
Condensed Balance Sheets
(In thousands)
Unaudited
| 9/29/2002 | 12/29/02 | |||||||||
| Assets | ||||||||||
| Current Assets | ||||||||||
| Cash | $ | 81,043 | $ | 98,515 | ||||||
| Receivables | 33,561 | 30,842 | ||||||||
| Inventories | 175,404 | 168,087 | ||||||||
| Other | 23,141 | 24,121 | ||||||||
| Total current assets | 313,149 | 321,565 | ||||||||
| Investment in unconsolidated subsidiary | 15,580 | 16,326 | ||||||||
| Property, plant, & equipment, net | 285,816 | 288,261 | ||||||||
| Deferred debt issue costs, net | 13,936 | 13,074 | ||||||||
| Other | 5,649 | 6,430 | ||||||||
| Total Assets | $ | 634,130 | $ | 645,656 | ||||||
| Liabilities and Stockholders’ Deficit | ||||||||||
| Current Liabilities | ||||||||||
| Accounts payable | $ | 104,166 | $ | 103,789 | ||||||
| Accrued expenses and other liabilities | 88,223 | 98,542 | ||||||||
| Current portion of long-term debt and capital lease obligations | 1,117 | 1,087 | ||||||||
| Total current liabilities | 193,506 | 203,418 | ||||||||
| Long-term debt | 458,750 | 458,750 | ||||||||
| Capital lease obligations, less current portion | 10,981 | 10,720 | ||||||||
| Other long-term liabilities | 45,014 | 43,962 | ||||||||
| Common stockholders’ deficit | (74,121 | ) | (71,194 | ) | ||||||
| Total Liabilities and Stockholders’ Deficit | $ | 634,130 | $ | 645,656 | ||||||
STATER BROS. HOLDINGS INC.
Condensed Results of Operations
(In thousands)
Unaudited
| 13 Weeks Ended | |||||||||
| 12/30/01 | 12/29/02 | ||||||||
| Sales | $ | 662,587 | $ | 681,509 | |||||
| Gross profits | 176,163 | 183,616 | |||||||
| Operating Expenses: | |||||||||
| Selling, general and administrative expenses | 149,936 | 158,023 | |||||||
| Depreciation and amortization | 7,504 | 8,164 | |||||||
| Total operating expenses | 157,440 | 166,187 | |||||||
| Operating profit | 18,723 | 17,429 | |||||||
| Interest income | 704 | 272 | |||||||
| Interest expense | (12,796 | ) | (13,258 | ) | |||||
| Equity in earnings from unconsolidated affiliate | 648 | 746 | |||||||
| Other, net | (614 | ) | (389 | ) | |||||
| Income before income taxes | 6,665 | 4,800 | |||||||
| Income taxes | 2,733 | 1,873 | |||||||
| Net income | $ | 3,932 | $ | 2,927 | |||||