Stater Bros. Holdings Announces Second Quarter Results

Apr 30, 2001, 01:00 ET from Stater Bros. Holdings Inc.

    COLTON, Calif., April 30 /PRNewswire/ -- Today, Jack H. Brown, Chairman,
 President and Chief Executive Officer of Stater Bros. Holdings Inc. announced
 financial results for the thirteen week second quarter and twenty-six weeks
 year to date period ended on March 25, 2001.
     Sales for the thirteen week second quarter ended march 25, 2001 increased
 0.8% to $612.3 million compared to $607.3 million for the thirteen weeks ended
 March 26, 2000.  Total sales for the twenty-six weeks ended March 25, 2001,
 increased 2.7% and amounted to $1.237 billion compared to $1.204 billion for
 the same period in the prior year.  Like store sales increased 0.8% and 2.7%
 for the thirteen week and twenty-six week periods ended March 25, 2001,
 respectively.  The timing of the Christmas holiday makes sales comparisons
 between quarters difficult.  Christmas day, which is the only day the stores
 are closed, fell in the second quarter this year, but was in the first quarter
 last year.  Therefore, the only valid comparison for like store sales would be
 on a year to date basis.
     Operating cash flow (EBITDA) is defined as earnings before extraordinary
 gain, interest expense, income taxes, depreciation and amortization and
 acquisition integration expenses.  EBITDA amounted to $22.1 million second
 quarter of fiscal 2001 and compares to $5.2 million for the like period of
 last year.  EBITDA for the twenty-six week comparable periods were
 $45.0 million in fiscal 2001 and $28.6 million in fiscal 2000.
     The Company reported net income for the thirteen week second quarter ended
 March 25, 2001 of $1.4 million compared to a net loss of $11.0 million for the
 thirteen week ended March 26, 2000.  Net income for the fiscal year to date
 periods amounted to $3.2 million in 2001 and a net loss of $9.1 million in
 2000.
     Brown said:  "Our second quarter results continue to reflect the improved
 execution of our plan of obtaining increased sales while continuing to improve
 EBITDA.  Our sales momentum will help us reach this plan as we continue to
 review areas for improvement both in gross profit and operating expenses.
 These two areas become our major focal points as we focus on the energy crisis
 that faces the Company, and every company and individual either doing business
 or residing in California.  Our management team continues to stay focused on
 the future and profitability of each and every operating unit within the
 Company."
 
     Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain
 in Southern California and operates 155 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 155 Supermarket locations, with 46 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 13,000 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.
 
 
                             STATER BROS. HOLDINGS INC.
                          Condensed Results of Operations
                                   (In thousands)
                                     Unaudited
 
                                      13 Weeks Ended        26 Weeks Ended
                                    03/25/01  03/26/00   03/25/01    03/26/00
     Sales                          $612,305  $607,286  $1,237,154  $1,204,454
 
     Gross profits                   155,670   136,691     313,562     292,513
 
     Operating Expenses:
       Selling, general and
           administrative expenses   135,010   132,504     271,542     266,067
       Depreciation and
        amortization                   6,980     6,317      13,908      12,331
       Acquisition integration
        expenses                         --       3,926         --       4,594
     Total operating expenses        141,990   142,747     285,450     282,992
 
     Operating profit                 13,680    (6,056)     28,112       9,521
 
     Interest income                     924       710       1,904       1,705
     Interest expense                (12,771)  (13,559)    (25,659)    (27,130)
     Equity in earnings from
      unconsolidated affiliate           476       341         958         480
     Other, net                           (4)       --          79          (1)
 
     Income before income taxes        2,305   (18,564)      5,394     (15,425)
 
     Income taxes                        945    (7,611)      2,212      (6,324)
 
     Net Income                       $1,360  $(10,953)     $3,182     $(9,101)
 
 
                            STATER BROS. HOLDINGS INC.
                             Condensed Balance Sheets
                                  (In thousands)
                                     Unaudited
 
                                                    03/25/01          9/24/00
     Assets
        Current Assets
           Cash                                     $66,119           $62,631
           Lease guarantee escrow                        --            13,180
           Receivables                               31,288            28,444
           Inventories                              163,741           165,332
           Other                                     23,610            19,976
 
        Total current assets                        284,758           289,563
 
        Investment in unconsolidated subsidiary      12,040            11,082
 
        Property, plant, & equipment, net           274,450           270,514
 
        Deferred debt issue costs, net               13,329            14,569
        Other                                         7,818             9,560
 
     Total Assets                                  $592,395          $595,288
 
     Liabilities and Stockholders' Equity
      (Deficit)
        Current Liabilities
           Accounts payable                         $96,511          $100,777
           Accrued expenses and other liabilities    74,444            70,022
           Current portion of long-term debt
             and capital lease obligations            1,706             6,994
 
        Total current liabilities                   172,661           177,793
 
        Long-term debt                              439,000           439,000
        Capital lease obligations, less
         current portion                             12,771            13,679
        Other long-term liabilities                  14,035            14,070
 
        Common stockholders' equity (deficit)       (46,072)          (49,254)
 
     Total Liabilities and Stockholders'
      Equity (Deficit)                             $592,395          $595,288
 
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SOURCE Stater Bros. Holdings Inc.
    COLTON, Calif., April 30 /PRNewswire/ -- Today, Jack H. Brown, Chairman,
 President and Chief Executive Officer of Stater Bros. Holdings Inc. announced
 financial results for the thirteen week second quarter and twenty-six weeks
 year to date period ended on March 25, 2001.
     Sales for the thirteen week second quarter ended march 25, 2001 increased
 0.8% to $612.3 million compared to $607.3 million for the thirteen weeks ended
 March 26, 2000.  Total sales for the twenty-six weeks ended March 25, 2001,
 increased 2.7% and amounted to $1.237 billion compared to $1.204 billion for
 the same period in the prior year.  Like store sales increased 0.8% and 2.7%
 for the thirteen week and twenty-six week periods ended March 25, 2001,
 respectively.  The timing of the Christmas holiday makes sales comparisons
 between quarters difficult.  Christmas day, which is the only day the stores
 are closed, fell in the second quarter this year, but was in the first quarter
 last year.  Therefore, the only valid comparison for like store sales would be
 on a year to date basis.
     Operating cash flow (EBITDA) is defined as earnings before extraordinary
 gain, interest expense, income taxes, depreciation and amortization and
 acquisition integration expenses.  EBITDA amounted to $22.1 million second
 quarter of fiscal 2001 and compares to $5.2 million for the like period of
 last year.  EBITDA for the twenty-six week comparable periods were
 $45.0 million in fiscal 2001 and $28.6 million in fiscal 2000.
     The Company reported net income for the thirteen week second quarter ended
 March 25, 2001 of $1.4 million compared to a net loss of $11.0 million for the
 thirteen week ended March 26, 2000.  Net income for the fiscal year to date
 periods amounted to $3.2 million in 2001 and a net loss of $9.1 million in
 2000.
     Brown said:  "Our second quarter results continue to reflect the improved
 execution of our plan of obtaining increased sales while continuing to improve
 EBITDA.  Our sales momentum will help us reach this plan as we continue to
 review areas for improvement both in gross profit and operating expenses.
 These two areas become our major focal points as we focus on the energy crisis
 that faces the Company, and every company and individual either doing business
 or residing in California.  Our management team continues to stay focused on
 the future and profitability of each and every operating unit within the
 Company."
 
     Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain
 in Southern California and operates 155 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 155 Supermarket locations, with 46 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 13,000 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.
 
 
                             STATER BROS. HOLDINGS INC.
                          Condensed Results of Operations
                                   (In thousands)
                                     Unaudited
 
                                      13 Weeks Ended        26 Weeks Ended
                                    03/25/01  03/26/00   03/25/01    03/26/00
     Sales                          $612,305  $607,286  $1,237,154  $1,204,454
 
     Gross profits                   155,670   136,691     313,562     292,513
 
     Operating Expenses:
       Selling, general and
           administrative expenses   135,010   132,504     271,542     266,067
       Depreciation and
        amortization                   6,980     6,317      13,908      12,331
       Acquisition integration
        expenses                         --       3,926         --       4,594
     Total operating expenses        141,990   142,747     285,450     282,992
 
     Operating profit                 13,680    (6,056)     28,112       9,521
 
     Interest income                     924       710       1,904       1,705
     Interest expense                (12,771)  (13,559)    (25,659)    (27,130)
     Equity in earnings from
      unconsolidated affiliate           476       341         958         480
     Other, net                           (4)       --          79          (1)
 
     Income before income taxes        2,305   (18,564)      5,394     (15,425)
 
     Income taxes                        945    (7,611)      2,212      (6,324)
 
     Net Income                       $1,360  $(10,953)     $3,182     $(9,101)
 
 
                            STATER BROS. HOLDINGS INC.
                             Condensed Balance Sheets
                                  (In thousands)
                                     Unaudited
 
                                                    03/25/01          9/24/00
     Assets
        Current Assets
           Cash                                     $66,119           $62,631
           Lease guarantee escrow                        --            13,180
           Receivables                               31,288            28,444
           Inventories                              163,741           165,332
           Other                                     23,610            19,976
 
        Total current assets                        284,758           289,563
 
        Investment in unconsolidated subsidiary      12,040            11,082
 
        Property, plant, & equipment, net           274,450           270,514
 
        Deferred debt issue costs, net               13,329            14,569
        Other                                         7,818             9,560
 
     Total Assets                                  $592,395          $595,288
 
     Liabilities and Stockholders' Equity
      (Deficit)
        Current Liabilities
           Accounts payable                         $96,511          $100,777
           Accrued expenses and other liabilities    74,444            70,022
           Current portion of long-term debt
             and capital lease obligations            1,706             6,994
 
        Total current liabilities                   172,661           177,793
 
        Long-term debt                              439,000           439,000
        Capital lease obligations, less
         current portion                             12,771            13,679
        Other long-term liabilities                  14,035            14,070
 
        Common stockholders' equity (deficit)       (46,072)          (49,254)
 
     Total Liabilities and Stockholders'
      Equity (Deficit)                             $592,395          $595,288
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X24145046
 
 SOURCE  Stater Bros. Holdings Inc.