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Stater's Sales, Increased Customers And Reduced Interest Expense Improve Earnings In Fiscal 2012

SAN BERNARDINO, Calif., Dec. 18, 2012 /PRNewswire/ -- 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, 2012.

(Logo: http://photos.prnewswire.com/prnh/20121101/LA04466LOGO)

The Company's fourth quarter and fiscal 2012 sales are affected by the fourth quarter being a fourteen week quarter and the fiscal year being a fifty-three week year versus a normal thirteen week quarter and fifty-two week year.  Fiscal 2012 sales were $3.9 billion.  The extra week in fiscal 2012 added $67.8 million or 1.83% to sales.  Normalized thirteen week 2012 fourth quarter sales were $957.2 million compared to fourth quarter sales in fiscal 2011 of $941.8 million an increase of $15.4 million.  Normalized fifty-two week fiscal 2012 sales were $3.8 billion compared to fiscal 2011 sales of $3.7 billion an increase of $112.1 million. Like store sales increased 1.64% in the fourth quarter and 3.04% in fiscal 2012 over the same periods of the prior year.

The Company reported net income of $5.0 million the fourth quarter of fiscal 2012 and $5.6 million in the fourth quarter of fiscal 2011.  Net income was $37.7 million and $26.3 million for fiscal 2012 and fiscal 2011, respectively.  The Company's fiscal 2012 net income was favorably benefited by a reduction in pre-tax interest expense of $9.4 million compared to fiscal 2011.

Brown said, "We are pleased with our fiscal 2012 results.  We increased sales, increased customers and reduced our interest expense by $9.4 million.  Our success in the current year is due to our valued customers responding favorably to our marketing efforts which have emphasized quality and value and has attracted new customers in fiscal 2012.  Our results reflect the benefit of our debt refinancing last year which has significantly reduced our interest expense.  The reduction in interest expense is just one measure that we've taken to reduce cost which has allowed us to keep prices low to our customers.  During these tough economic times, low prices and value are even more important as our customers continue to face challenges to their home budgets."

Stater Bros. is the largest privately owned Supermarket Chain in Southern California and the largest private employer in both San Bernardino County and Riverside County, with annual sales in 2011 of $3.7 billion.  The Company currently operates 167 Supermarkets, and there are over 18,000 members of the Stater Bros. Supermarket Family. 

STATER BROS ... PROUDLY SERVING SOUTHERN CALIFORNIA FAMILIES FOR 76 YEARS

CONTACT: Dave Harris, Senior Vice President Finance, CFO, +1-909-733-5080

STATER BROS. HOLDINGS INC.

Condensed Consolidated Statements of Income

(In thousands)

Unaudited












13 Weeks


14 Weeks


52 Weeks


53 Weeks



Ended


Ended


Ended


Ended



09/25/11


09/30/12


09/25/11


09/30/12

Sales

$    941,846


$ 1,025,044


$ 3,693,306


$ 3,873,203










Gross profit

255,666


268,019


990,892


1,039,608










Operating expenses:









Selling, general and 









    administrative expenses

220,615


234,710


841,527


882,740


Depreciation and amortization

12,067


12,370


48,413


46,503

Total operating expenses

232,682


247,080


889,940


929,243










Operating profit

22,984


20,939


100,952


110,365










Interest income

20


27


708


116

Interest expense

(11,859)


(12,568)


(57,296)


(47,882)

Other income, net

(11)


40


82


978










Income before income taxes

11,134


8,438


44,446


63,577










Income taxes

4,668


3,450


18,156


25,868










Net income

$        6,466


$        4,988


$      26,290


$      37,709

 

STATER BROS. HOLDINGS INC.

Condensed Consolidated Balance Sheets

(In thousands)

Unaudited










09/25/11


09/30/12

Assets





Current assets






Cash and cash equivalents

$    235,784


$    219,800



Restricted cash

3,121


-



Receivables, net

32,166


47,902



Inventories

231,121


229,117



Other

43,299


46,340








Total current assets

545,491


543,159








Property and equipment, net

625,423


607,504








Deferred debt issuance costs, net

10,690


8,397


Other

51,163


49,262







Total assets

$ 1,232,767


$ 1,208,322













Liabilities and stockholder's equity





Current liabilities






Accounts payable

$    135,911


$    147,544



Accrued expenses and other liabilities

169,646


165,951



Current portion of capital lease obligations

1,107


1,242



Current portion of long-term debt

38,798


11,419








Total current liabilities

345,462


326,156








Long-term debt, less current portion

642,577


633,521


Capital lease obligations, less current portion

1,099


1,186


Other long-term liabilities

162,865


164,837








Total stockholder's equity

80,764


82,622







Total liabilities and stockholder's equity

$ 1,232,767


$ 1,208,322

 

SOURCE Stater Bros. Holdings Inc.

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