TO BUSINESS EDITOR:
Susser Holdings Reports Strong First Quarter Results
Same-store merchandise sales up 8.2%
Strongest quarterly merchandise margin in over 6 years at 33.6%
CORPUS CHRISTI, Texas, May 7 /PRNewswire-FirstCall/ -- Susser Holdings
Corporation (Nasdaq: SUSS) today reported that its total first quarter 2008
merchandise sales -- including a full-quarter's contribution from Town & Country
Food Stores -- increased 80.8 percent to $168.8 million, versus $93.4 million a
year earlier for the stand-alone Susser operation. On a same-store basis,
merchandise sales increased 8.2 percent from the first quarter of 2007.
Total revenues for the combined organization increased 89.3 percent to a
record $1 billion, from $528.6 million in the first quarter of 2007. Gross
profit increased 74.7 percent to $91.5 million, compared with $52.4 million in
the year-ago quarter from stand-alone Susser operations.
Adjusted EBITDA(1) increased 113.2 percent to $16.6 million, compared with
$7.8 million in the prior year's first quarter, reflecting the Town & Country
contribution along with the strongest quarterly merchandise margin in over six
years of 33.6 percent.
The Company recorded a first quarter net loss of $3.4 million, or $0.20 per
diluted share, versus a net loss of $2.4 million, or $0.14 per diluted share, in
the year-earlier quarter. Net income was impacted by slightly lower gross profit
from retail fuel sales, increased credit card expense and higher interest
expense related to the fourth quarter 2007 acquisition of Town & Country.
To show more comparable results, Susser is providing selected pro forma
financial results as if the Town & Country acquisition had taken place on
January 1, 2007. On a pro forma(2) basis, Susser would have reported a net loss
of $2.5 million, or $0.15 per diluted share, for the first quarter of 2007 and
adjusted EBITDA(1) of $17.2 million.
"Our above-average same-store sales growth and our increased merchandise
margin of 33.6 percent in the first quarter demonstrate that our primary markets
in South and West Texas are not seeing the kind of economic slowdown that has
impacted other parts of the country," said Sam L. Susser, President and Chief
Executive Officer.
"In fact, although rising oil and refined product prices are putting
pressure on the broader economy -- and putting pressure on our retail fuel
margins and credit card fees -- our oilpatch markets in West and Southeast Texas
and Southern Oklahoma are seeing a boost in economic activity from higher energy
prices," Susser said.
"We will, however, remain vigilant as we look for any sign of a consumer
slowdown, and we intend to manage our business and our capital outlays prudently
and conservatively," Susser said.
"We remain on track with our integration program for Town & Country, and we
are pleased with the performance of those stores in West Texas and Eastern New
Mexico since we closed the transaction last November. We are starting to see
improvement in our merchandise margins from improved supply contracts and
in-store merchandising efforts, and we continue to look for additional
opportunities for savings.
"We also have just started the final phase of our systems integration, which
should be completed this quarter and allow us to complete our corporate
personnel reductions and relocations as planned this summer," he said.
New Convenience Store/Wholesale Dealer Site Update
During the first quarter of 2008, the Company opened three new retail units,
bringing the company's total store count to 507 as of March 30. One additional
store opened on May 1, and four more stores are under construction or under
contract for purchase. In addition to the three new restaurants opened in the
new stores, the Company opened restaurants in one existing store and closed one,
bringing the total number of stores with restaurant operations to 285, or 56
percent of all stores at the end of the first quarter.
In its wholesale operations, Susser added two new dealer sites and
discontinued six during the first quarter, for a total of 383 dealer sites in
operation at March 30. New sites typically outperform wholesale locations that
are closed or where fuel supply is discontinued.
Financing Update
Sale/Leasebacks -- Subsequent to the end of the first quarter, Susser
Holdings completed sale/leaseback transactions totaling $19.6 million for seven
retail stores. These latest transactions bring total proceeds from
sale/leasebacks year-to-date to $26.5 million. Susser also has recently
received, subject to customary conditions, commitments for up to an additional
$45 million of sale/leaseback funding for the remainder of 2008.
Revolving Credit Facility -- Also in early May, Susser increased its
revolving credit facility from $90 million to $120 million. This increase will
provide Susser with additional liquidity and flexibility in the face of rising
working capital requirements due to sharply higher motor fuel prices. The
Company remains in full compliance with all of its covenants relating to its
indebtedness. As of May 6, the Company's borrowing base supported the use of
approximately $105 million of the $120 million revolver, and there was
approximately $62 million of availability. The Company remains comfortable with
its current liquidity position.
Integration Highlights
Over the past few months, the Company has achieved many milestones in the
integration of Town & Country:
-- Announced and is currently implementing a streamlined management
structure
-- Achieved purchasing synergies on numerous supply agreements
-- In the process of consolidating food purchasing and distribution
with Stripes' suppliers
-- Completed implementation of its Human Resources Information System
and improved store staffing
-- Remerchandised stores and have added a number of new products to
increase sales and profitability
First Quarter Financial and Operating Highlights
Convenience store merchandise sales totaled $168.8 million during the first
quarter, an increase of 80.8 percent on a reported basis and 13.8 percent on a
pro forma basis. Same-store merchandise sales for Stripes locations alone
increased 8.2 percent from the year-earlier quarter and 8.4 percent on a pro
forma basis. The strong growth in sales for the retail merchandise segment was
led primarily by increases in packaged drinks, cigarettes, beer and food
service. Sales trends also benefited from a favorable weather comparison.
Total merchandise gross profit for the first quarter, net of shortages,
totaled $56.7 million, an increase of 89.1 percent on a reported basis and 17.1
percent on a pro forma basis.
Net merchandise margin on a combined store basis increased to 33.6 percent
for the first quarter of 2008 - an increase of approximately 150 basis points on
a reported basis and 100 basis points on a pro forma basis.
Retail fuel volumes increased to 169.3 million gallons for the quarter, up
66.3 percent on a reported basis and 8.2 percent on a pro forma basis. Average
gallons sold per retail location increased 7.2 percent from a year ago on a
reported basis and 4.6 percent on a pro forma basis. The favorable per-store
comparison is in part due to the re-branding of the Company's fuel islands to
the Valero brand during the year-earlier quarter as well as strong overall
customer traffic.
Retail fuel revenues increased to $519.8 million, up 131.3 percent on a
reported basis and 47.1 percent on a pro forma basis. Fuel revenues were driven
by the Town & Country contribution, higher Stripes volumes and an 86
cent-per-gallon increase in the retail price of fuel versus a year ago, or 81
cents on a pro forma basis.
Gross margins for fuel were flat at 11.9 cents per gallon on a reported
basis but down from a pro forma 13.7 cents per gallon a year ago, reflecting
strong first quarter 2007 margins in Town & Country's West Texas markets. Retail
fuel gross profit was $20.2 million, an increase of 66.7 percent on a reported
basis and a decrease of 5.6 percent on a pro forma basis. (Note that Susser
reports retail fuel margins before credit card and other fuel-related expenses.)
Wholesale fuel volumes sold to Susser's 383 dealers and other third-party
customers increased 2.3 percent year-over-year to 114.1 million gallons.
Wholesale fuel revenues increased 48.0 percent to $302.6 million as a result of
both the volume increase and an 82 cent-per-gallon increase in average wholesale
fuel selling prices. Wholesale fuel gross margin was 4.9 cents per gallon,
versus 3.8 cents per gallon a year earlier. Wholesale fuel gross profit
increased 30.0 percent to $5.6 million, reflecting higher wholesale fuel selling
prices and the slightly higher volumes.
2008 Guidance
The Company has reaffirmed its previous guidance for 2008, with the
exception of a reduction in its estimated range for new retail stores to 12-18
stores and a commensurate reduction in capital spending ranges:
2007 2007
2008 2008 Full-Year Full-Year
Full-Year First Quarter Actual Pro
Guidance Results Results Forma(d)
Merchandise
Same-Store
Sales Growth 4.5%-6.0% (a) 8.2% (a) 7.7% (a) 8.6%
Merchandise Margin,
Net of Shortage 32.0%-34.0% 33.6% 32.5% 32.4%
Retail Average
Per-Store
Gallons Growth 2.0%-6.0% 7.2% 5.9% 3.7%
Retail Fuel
Margins
(cents/gallon) 12.5-16.0 11.9 14.7 17.0
Wholesale Fuel
Margins
(cents/gallon) 4.0-5.5 4.9 5.3
New Retail Stores 12-18 (b) 3 18 (b)
New Wholesale
Dealer Sites 25-35 (b) 2 30 (b)
Gross Capital
Spending $65-$95 million $15.2 million $89.8 million (c)
Net Capital
Spending $25-$40 million $8.3 million $42.7 million (c)
(a) We include a store in the same-store sales base in its 13th month of our
operation; therefore, Town & Country stores will be excluded from our
same-store sales base until December 2008.
(b) 2007 retail store actual does not include 168 Town & Country locations
acquired in November 2007. Numbers for both years do not reflect
existing retail or wholesale store closures, which are typically much
lower volume locations than new sites.
(c) Excludes acquisition of Town & Country Food Stores and $51.2 million of
net proceeds from sale/leaseback of Town & Country properties concurrent
with the acquisition.
(d) Pro forma results as if Town & Country had been included in the
Company's operations for all of 2007.
(1) Adjusted EBITDA is a non-GAAP financial measure of performance and
liquidity that has limitations and should not be considered as a
substitute for net income or cash provided by (used in) operating
activities. Please refer to the discussion and tables under
"Reconciliations of Non-GAAP Measures" at the end of this news release
for a discussion of our use of adjusted EBITDA and a reconciliation to
net income and cash provided by operating activities for the periods
presented.
(2) Pro forma numbers are adjusted to show results as if the November 13,
2007 Town & Country acquisition had occurred at the beginning of fiscal
2007. See the Pro Forma Condensed Consolidated Statements of Operations
in this earnings release.
Investor Conference Call and Webcast
Susser's management team will hold a conference call on Thursday, May 8, at
11 a.m. EDT (10 a.m. CDT) to discuss first quarter results. To participate in
the call, dial (303) 262-2143 at least 10 minutes early and ask for the Susser
conference call. A replay will be available approximately two hours after the
call ends and will be accessible through May 15. To access the replay, dial
(303) 590-3000 and enter the pass code 11112600#.
The conference call will also be accessible via Susser's Web site at
http://www.susser.com. To listen to the live call, please visit the Investor
Relations page of Susser's Web site at least 10 minutes early to register and
download any necessary software. An archive will be available shortly after the
call for approximately 60 days.
About Susser Holdings Corporation
Corpus Christi, Texas-based Susser Holdings Corporation is a third
generation family led business that currently operates more than 505 convenience
stores in Texas, New Mexico and Oklahoma under the Stripes and Town & Country
banners. Restaurant service is available in 285 of its stores, primarily under
the proprietary Laredo Taco Company and Country Cookin' brands. The Company also
supplies branded motor fuel to more than 380 independent dealers through its
wholesale fuel division.
Forward-Looking Statements
This news release contains "forward-looking statements" describing Susser's
objectives, targets, plans, strategies, costs, anticipated capital expenditures,
expected cost savings, costs of our store re-branding initiatives, expansion of
our food service offerings, potential acquisitions and new store openings and
dealer locations. These statements are based on current plans and expectations
and involve a number of risks and uncertainties that could cause actual results
and events to vary materially, including but not limited to: competition from
other convenience stores, gasoline stations, dollar stores, drug stores,
supermarkets, hypermarkets and other wholesale fuel distributors; changes in
economic conditions; volatility in energy prices; successful integration and
anticipated future financial performance and trends of Town & Country; political
conditions in key crude oil producing regions; wholesale cost increases of
tobacco products; adverse publicity concerning food quality, food safety or
other health concerns related to our restaurant facilities; consumer or other
litigation; consumer behavior, travel and tourism trends; devaluation of the
Mexican peso or restrictions on access of Mexican citizens to the U.S.;
unfavorable weather conditions; changes in state and federal regulations;
dependence on one principal supplier for merchandise, two principal suppliers
for gasoline and one principal provider for transportation of substantially all
of our motor fuel; financial leverage and debt covenants; changes in debt
ratings; inability to identify, acquire and integrate new stores; dependence on
senior management; acts of war and terrorism; and other unforeseen factors. For
a full discussion of these and other risks and uncertainties, refer to the "Risk
Factors" section of the Company's annual report on Form 10-K for the year ended
December 30, 2007. Forward-looking statements are based on and include our
estimates as of the date hereof. Subsequent events and market developments could
cause our estimates to change. While we may elect to update these
forward-looking statements at some point in the future, we specifically disclaim
any obligation to do so, even if new information becomes available, except as
may be required by applicable law.
Financial statements follow
Susser Holdings Corporation
Consolidated Statements of Operations
Unaudited
Three Months Ended
April 1, March 30,
2007 2008
(in thousands, except per share amounts)
Revenues:
Merchandise sales $93,365 $168,771
Motor fuel sales 429,115 822,392
Other income 6,170 9,543
Total revenues 528,650 1,000,706
Cost of sales:
Merchandise 63,405 112,103
Motor fuel 412,726 796,640
Other 124 440
Total cost of sales 476,255 909,183
Gross profit 52,395 91,523
Operating expenses:
Personnel 18,254 30,297
General and administrative 6,225 9,063
Other operating 14,690 27,946
Rent 6,014 8,411
Royalties 66 -
Loss on disposal of assets and impairment charge 15 98
Depreciation, amortization, and accretion 6,351 10,736
Total operating expenses 51,615 86,551
Income from operations 780 4,972
Other income (expense):
Interest expense, net (3,010) (9,862)
Other miscellaneous 105 158
Total other income (expense) (2,905) (9,704)
Minority interest in loss of consolidated
subsidiaries (16) (12)
Income before income taxes $ (2,141) $(4,744)
Income tax (expense) benefit (260) 1,384
Net loss $ (2,401) $(3,360)
Net loss per share:
Basic $(0.14) $(0.20)
Diluted $(0.14) $(0.20)
Weighted average shares outstanding:
Basic 16,705,404 16,880,404
Diluted 16,705,404 16,880,404
Susser Holdings Corporation
Consolidated Balance Sheets
December 30, March 30,
2007 2008
audited unaudited
Assets (in thousands)
Current assets:
Cash and cash equivalents $7,831 $13,813
Accounts receivable, net of allowance for
doubtful accounts of $1,360 at December 30,
2007 and $1,421 at March 30, 2008 69,368 72,077
Inventories, net 69,577 71,756
Assets held for sale 903 903
Other current assets 8,209 8,131
Total current assets 155,888 166,680
Property and equipment, net 410,745 413,096
Other assets:
Goodwill 248,809 248,809
Intangible assets, net 25,497 24,414
Other noncurrent assets 12,753 12,691
Total other assets 287,059 285,914
Total assets $853,692 $865,690
Liabilities and shareholders' equity Current
liabilities:
Accounts payable $127,756 $128,306
Accrued expenses and other current liabilities 39,406 39,255
Current maturities of long-term debt 3,937 5,250
Deferred purchase price - TCFS acquisition,
current 10,000 10,000
Total current liabilities 181,099 182,811
Long-term debt 374,754 373,327
Revolving line of credit 34,640 45,430
Deferred gain, long-term portion 31,511 35,486
Deferred tax liability, long-term portion 27,145 24,909
Other noncurrent liabilities 20,068 21,761
Total long-term liabilities 488,118 500,913
Minority interests in consolidated subsidiaries 684 695
Commitments and contingencies
Shareholders' equity:
Common stock, $.01 par value; 125,000,000 shares authorized; 17,006,662
issued and 16,995,338 outstanding as of December 30, 2007; 17,036,662
issued and 17,025,338 outstanding
as of March 30, 2008 170 170
Additional paid-in capital 172,765 173,605
Retained earnings 10,856 7,496
Total shareholders' equity 183,791 181,271
Total liabilities and shareholders' equity $853,692 $865,690
Pro Forma Results of Operations
The following table presents the quarterly and annual 2007 results of
operations, on a pro forma basis for Susser Holdings Corporation as if the
acquisition of Town & Country had occurred on January 1, 2007. We are presenting
this unaudited information to provide a basis for comparison against our actual
2008 results, due the significant impact of the TCFS Acquisition on our
operating results.
Twelve
Months
Three Months Ended (1) Ended
April 1, July 1, September 30, December 30, December 30,
2007 2007 2007 2007 2007
(in thousands, except share data)
Revenues:
Merchandise
sales $ 148,368 $ 166,705 $ 171,450 $ 166,509 $ 653,032
Motor fuel
sales 560,903 752,274 738,036 765,027 2,816,240
Other income 9,017 8,758 8,740 8,671 35,186
Total revenues 718,288 927,737 918,226 940,207 3,504,458
Cost of sales:
Merchandise (2) 99,987 112,406 114,637 114,262 441,292
Motor fuel (2) 534,971 714,783 698,298 731,240 2,679,292
Other 579 771 593 518 2,461
Total cost of
sales 635,537 827,960 813,528 846,020 3,123,045
Gross profit 82,751 99,777 104,698 94,187 381,413
Operating expenses:
Personnel 27,069 28,692 29,230 29,253 114,244
General and
administrative 8,134 7,963 9,286 11,058 36,441
Other operating 23,483 26,814 27,708 24,428 102,433
Rent (3) 7,417 7,524 7,549 8,355 30,845
Royalties 66 -- -- -- 66
(Gain) loss on
disposal of
assets and
impairment
charge 16 (221) 271 116 182
Depreciation,
amortization,
and accretion (4) 9,661 10,383 11,446 9,481 40,971
Total operating
expenses 75,846 81,155 85,490 82,691 325,182
Income from
operations 6,905 18,622 19,208 11,496 56,231
Other income
(expense):
Interest
expense,
net (5) (10,267) (10,197) (10,196) (11,257) (41,917)
Other
miscellaneous 105 91 123 116 435
Total other
income (expense) (10,162) (10,106) (10,073) (11,141) (41,482)
Minority interest
in income (loss)
of consolidated
subsidiaries (16) (18) -- (10) (44)
Income (loss)
before income
taxes (3,273) 8,498 9,135 345 14,705
Income tax expense
(benefit) (6) 767 (3,355) (3,603) (417) (6,608)
Net income (loss) $ (2,506) $ 5,143 $ 5,532 $ (72) $ 8,097
Net income (loss) per share:
Basic $ (0.15) $ 0.31 $ 0.33 $ 0.00 $ 0.48
Diluted $ (0.15) $ 0.31 $ 0.33 $ 0.00 $ 0.48
Weighted
average
shares
outstanding:
Basic 16,705,404 16,705,404 16,705,404 16,822,071 16,734,571
Diluted 16,705,404 16,766,204 16,776,347 17,017,075 16,817,417
Twelve
Months
Ended
Three Months Ended (1) December
April 1, July 1, September 30, December 30, 30,
2007 2007 2007 2007 2007
Merchandise
gross profit,
net 32.6% 32.6% 33.1% 31.4% 32.4%
Gallons:
Retail 156,467 163,803 169,498 167,447 657,215
Wholesale 113,027 120,152 120,249 116,850 470,278
Motor fuel
margin (cents
per gallon):
Retail 13.67 cents 18.83 cents 18.90 cents 16.27 cents 16.97 cents
Wholesale 4.02 cents 5.53 cents 6.40 cents 5.60 cents 5.41 cents
(1) Town & Country's historical monthly results have been aggregated to
correspond to our fiscal quarters, which differ from Town &
Country's historical fiscal quarters, to more accurately reflect the
combined quarterly seasonal trends on a pro forma basis. Therefore,
this presentation varies slightly from the Pro Forma Condensed
Consolidated Statements of Operations included in Note 4 of our
Notes to Consolidated Financial Statements in our Annual Report on
Form 10-K for the year ended December 30, 2007, as that presentation
was based on Town & Country's audited financial statements for the
fiscal year ended November 3, 2007, as adjusted. Certain pro forma
adjustments related to the TCFS Acquisition have been made, as
further described in the following notes, which are consistent with
our pro forma presentation in our referenced Note 4.
(2) Cost of sales has been adjusted to eliminate the impact of the use
of the LIFO inventory method by Town & Country.
(3) Includes additional rent expense to reflect the $51.2 million
sale/leaseback of Town & Country assets completed concurrent with
the TCFS Acquisition.
(4) Reflects the effects on depreciation from the valuation of Town &
Country assets to fair market value and the sale/leaseback
transaction.
(5) Reflects the net increase in interest expense resulting from the
issuance of the $105 million term loan and $150 million senior
notes, along with amortization of issuance costs, and eliminates
interest expense related to Town & Country debt which was paid off
or defeased.
(6) Income tax expense was calculated at a 36% effective rate on pre-tax
income, plus the Texas margin tax at 0.5% of gross margin. This
calculation of pro forma income tax eliminates the effects of our
release of a tax valuation allowance during 2007, of which the final
$6.6 million was released in fourth quarter 2007. The TCFS
Acquisition changed our tax position, and therefore this pro forma
presentation will be more comparable to our 2008 income tax expense.
Reconciliations of Non-GAAP Measures to GAAP Measures
We define EBITDA as net income before net interest expense, income taxes and
depreciation, amortization and accretion. Adjusted EBITDA further adjusts EBITDA
by excluding cumulative effect of changes in accounting principles, discontinued
operations, non-cash stock-based compensation expense and certain other
operating expenses that are reflected in our net income that we do not believe
are indicative of our ongoing core operations, such as significant non-recurring
transaction expenses and the gain or loss on disposal of assets and impairment
charges. Adjusted EBITDAR adds back rent to adjusted EBITDA. In addition, those
expenses that we have excluded from our presentation of adjusted EBITDA and
adjusted EBITDAR are also excluded in measuring our covenants under our
revolving credit facility and the indenture governing our senior notes.
We believe that adjusted EBITDA and adjusted EBITDAR are useful to
investors in evaluating our operating performance because:
-- they are used as a performance and liquidity measure under our
subsidiaries' revolving credit facility and the indenture governing
our senior notes, including for purposes of determining whether they
have satisfied certain financial performance maintenance covenants
and our ability to borrow additional indebtedness and pay dividends
to us;
-- securities analysts and other interested parties use them as a
measure of financial performance and debt service capabilities;
-- they facilitate management's ability to measure operating
performance of our business because they assist us in comparing our
operating performance on a consistent basis since they remove the
impact of items not directly resulting from our retail convenience
stores and wholesale motor fuel distribution operations;
-- they are used by our management for internal planning purposes,
including aspects of our consolidated operating budget, capital
expenditures, as well as for segment and individual site operating
targets; and
-- they are used by our board of directors and management for
determining certain management compensation targets and thresholds.
EBITDA, adjusted EBITDA and adjusted EBITDAR are not recognized terms
under GAAP and do not purport to be an alternative to net income as a measure of
operating performance or to cash flows from operating activities as a measure of
liquidity. EBITDA, adjusted EBITDA and adjusted EBITDAR have limitations as
analytical tools, and you should not consider them in isolation or as a
substitute for analysis of our results as reported under GAAP. Some of these
limitations include:
-- they do not reflect our cash expenditures, or future requirements,
for capital expenditures or contractual commitments;
-- they do not reflect changes in, or cash requirements for, working
capital;
-- they do not reflect significant interest expense, or the cash
requirements necessary to service interest or principal payments on
our revolving credit facility or senior notes;
-- they do not reflect payments made or future requirements for income
taxes;
-- although depreciation and amortization are non-cash charges, the
assets being depreciated and amortized will often have to be
replaced in the future, and EBITDA, adjusted EBITDA and adjusted
EBITDAR do not reflect cash requirements for such replacements; and
-- because not all companies use identical calculations, our
presentation of EBITDA, adjusted EBITDA and adjusted EBITDAR may not
be comparable to similarly titled measures of other companies.
The following table presents a reconciliation of net income to EBITDA,
Adjusted EBITDA and Adjusted EBITDAR:
Three Months Ended
March 30,
April 1, 2007 2008
Actual Pro Forma(a) Actual
(in thousands)
Net loss $(2,401) $(2,506) $(3,360)
Depreciation, amortization, and
accretion 6,351 9,661 10,736
Interest expense, net 3,010 10,267 9,862
Income tax expense (benefit) 260 (767) (1,384)
EBITDA $7,220 $16,655 $15,854
Non-cash stock based compensation 675 675 845
Loss on disposal of assets 15 16 98
Other miscellaneous (105) (105) (158)
Adjusted EBITDA $7,805 $17,241 $16,639
Rent Expense 6,014 7,417 8,411
Adjusted EBITDAR $13,819 $24,658 $25,050
(a) Pro forma results as if Town & Country had been included in the
Company's operations for all of 2007.
The following table presents a reconciliation of net cash provided by
operating activities to EBITDA, Adjusted EBITDA and Adjusted EBITDAR:
Three Months Ended
April 1, March 30,
2007 2008
(in thousands)
Net cash provided by operating activities $4,577 $3,450
Changes in operating assets & liabilities 79 2,581
Loss on disposal of assets (15) (98)
Non-cash stock based compensation expense (675) (845)
Minority interest (16) (11)
Deferred income tax - 2,185
Amortization of debt premium - 114
Income taxes 260 (1,384)
Interest expense, net 3,010 9,862
EBITDA $7,220 $15,854
Non-cash stock based compensation 675 845
Loss on disposal of assets 15 98
Other miscellaneous (105) (158)
Adjusted EBITDA $7,805 $16,639
Rent Expense 6,014 8,411
Adjusted EBITDAR $13,819 $25,050
Contacts: Susser Holdings Corporation
Mary Sullivan, Chief Financial Officer
(361) 693-3743, msullivan@susser.com
DRG&E
Ken Dennard, Managing Partner
(713) 529-6600, ksdennard@drg-e.com
Anne Pearson, Senior Vice President
(210) 408-6321, apearson@drg-e.com
SUSS-IR
SOURCE Susser Holdings Corporation
-0- 05/07/2008
/CONTACT: Mary Sullivan, Chief Financial Officer of Susser Holdings
Corporation, +1-361-693-3743, msullivan@susser.com; or Ken Dennard, Managing
Partner, +1-713-529-6600, ksdennard@drg-e.com, or Anne Pearson, Senior Vice
President, +1-210-408-6321, apearson@drg-e.com, both of DRG&E for Susser
Holdings Corporation/
/First Call Analyst: /
/FCMN Contact: ksdennard@drg-e.com /
/Web site: http://www.susser.com /
(SUSS)