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Stater Bros. Announces Fiscal 2013 Earnings, 13 Weeks And 52 Week Sales And Customer Counts Increase

SAN BERNARDINO, Calif., Dec. 17, 2013 /PRNewswire/ -- Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced sales and earnings for the year ended September 29, 2013.

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The comparison of sales and earnings for fiscal 2013 compared to fiscal 2012 is affected by fiscal 2012 having an extra week of sales for both the fourth quarter and the fiscal year.  The fourth quarter of fiscal 2013 was a thirteen week quarter while fiscal 2012 was a fourteen week quarter.  The 2013 fiscal year was a 52-week year while 2012 was a 53-week year. The extra week in the prior year added approximately $67.8 million to the prior year's fourth quarter and fiscal year.  Fourth quarter fiscal 2013 sales were $960.4 million an increase of $3.2 million or 0.33% compared to normalized thirteen week 2012 fourth quarter sales.  Fiscal 2013 sales were $3.9 billion an increase of $54.4 million or 1.43% over normalized fifty-two week fiscal 2012 sales.  Like store sales increased 0.58% in the fourth quarter and 1.53% in fiscal 2013 over the same periods of the prior year.

The Company reported net income of $3.4 million in the fourth quarter of fiscal 2013 and $5.0 million in the fourth quarter of fiscal 2012.  Net income was $30.4 million and $37.7 million for fiscal 2013 and fiscal 2012, respectively.

Brown said, "We are pleased with our increase in sales in fiscal 2013.  We've increased sales and customer counts as our "Valued Customers" have responded favorably to our marketing strategy of keeping our prices low during these continued challenging economic times.  During the prolonged economic downturn, we have intentionally sacrificed some gross margin which has affected our current year earnings. Over the past three years, we have reduced our debt by approximately $176.5 million and by December 31, 2013, we will make an additional $13.9 million reduction in our term loan.  This has allowed us to lower our interest costs and invest more in our customers.  During these times, low prices and value are even more important as our customers continue to face challenges to their home budgets."

STATER BROS ... PROUDLY SERVING SOUTHERN CALIFORNIA FAMILIES FOR 77 YEARS

STATER BROS. HOLDINGS INC.

Condensed Consolidated Statements of Income

(In thousands)

Unaudited












14 Weeks


13 Weeks


53 Weeks


52 Weeks



Ended


Ended


Ended


Ended



09/30/12


09/29/13


09/30/12


09/29/13

Sales

$ 1,025,044


$ 960,399


$ 3,873,203


$ 3,859,800










Gross profit

268,019


252,591


1,039,608


1,019,766










Operating expenses:









Selling, general and 









    administrative expenses

234,708


224,408


882,738


879,231


Gain on sale of property and equipment

(38)


(8)


(976)


(2,546)


Depreciation and amortization

12,370


11,365


46,503


45,943

Total operating expenses

247,040


235,765


928,265


922,628










Operating profit

20,979


16,826


111,343


97,138










Interest income

27


17


116


80

Interest expense

(12,568)


(11,246)


(47,882)


(46,301)










Income before income taxes

8,438


5,597


63,577


50,917










Income taxes

3,450


2,226


25,868


20,542










Net income

$        4,988


$     3,371


$      37,709


$      30,375

 

STATER BROS. HOLDINGS INC.

Condensed Consolidated Balance Sheets

(In thousands)

Unaudited










09/30/12


09/29/13

Assets





Current assets






Cash and cash equivalents

$    219,800


$    242,818



Receivables, net

47,902


37,493



Inventories

229,117


228,116



Other

46,340


39,876








Total current assets

543,159


548,303








Property and equipment, net

607,504


600,019








Deferred debt issuance costs, net

8,397


6,173


Other

49,262


42,851







Total assets

$ 1,208,322


$ 1,197,346













Liabilities and stockholder's equity





Current liabilities






Accounts payable

$    147,544


$    144,214



Accrued expenses and other liabilities

165,951


153,987



Current portion of capital lease obligations

1,242


772



Current portion of long-term debt

11,419


24,810








Total current liabilities

326,156


323,783








Long-term debt, less current portion

633,521


608,711


Capital lease obligations, less current portion

1,186


414


Other long-term liabilities

164,837


150,988








Total stockholder's equity

82,622


113,450







Total liabilities and stockholder's equity

$ 1,208,322


$ 1,197,346

Contact:  Dave Harris
Executive Vice President Finance,
Chief Financial Officer and Principal Accounting Officer
P.O. Box 150, San Bernardino, CA 92402, Phone: (909) 733-5080

SOURCE Stater Bros. Holdings Inc.

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