Yesterday, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced record sales for the fifty-two week fiscal year ended September 24, 2000.
The Company set a sales record for the fifty-two week 2000 fiscal year. Sales for fiscal 2000 were $2.418 billion, an increase of 32.1% when compared to sales of $1.830 billion for the fifty-two week 1999 fiscal year. Sales for the fourth quarter ended September 24, 2000 (fiscal 2000) continued to be strong at $606.0 million, an increase of 19.8% when compared to $505.8 for the thirteen week fourth quarter ended on September 26, 1999 (fiscal 1999). In fiscal 2000, like store sales increase 1.9% over fiscal 1999, before erosion in sales of approximately .5% to the supermarkets acquired from Albertson’s during August of 1999. For the fourth quarter of 2000, like stores sales increased 2.1% over fourth quarter 1999 before erosion in sales of approximately .6% to the acquired stores. Sales for fiscal 1999 includes the sales for the acquired supermarkets for the approximate 6 week period from the date of each store’s acquisition until September 26, 1999. The 43 acquired stores were open for all of fiscal 2000 and their sales are included in fiscal 2000 sales.
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Brown said, “We are pleased with our increased sales volume and like store comparisons. We look forward to a continuation of these trends.”
Operating cash flow (EBITDA) is defined as earnings before extraordinary gain or loss, interest expense, income taxes, depreciation and amortization and acquisition integration expenses. EBITDA amounted to $21.4 million and $71.2 million for the fourth quarter and year to date periods in fiscal 2000 compared to $19.6 million and $69.5 million for the like periods of fiscal 1999.
The Company reported a net loss for the fiscal year 2000 of $6.2 million compared to a net loss in fiscal year 1999 of $9.0 million. The results of the fourth quarter for fiscal 2000 reported net income of $1.1 million compared to net loss in the fourth quarter of fiscal 1999 of $18.3 million which included an extraordinary loss of $17.3 million (after taxes) from early extinguishment of debt.
Brown said, “The results of the fourth quarter show the continuing commitment of the our management team to maintain the momentum begun in the third quarter. Our people made a commitment and focused on the problems we experienced in the second quarter due to higher than normal labor, training and advertising cost and lower than normal profit margins associated with the acquisition of the 43 former Albertson’s and Lucky Supermarkets. We have continued to focus on this commitment as we begin fiscal 2001.”
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By GlobalDataStater 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. HOLDINGS INC.
Condensed Results of Operations
(Amount in Thousands)
Unaudited
Thirteen Weeks Ended Fifty-two Weeks Ended
9/24/00 9/26/99 9/24/00 9/26/99
Sales $605,956 $505,837 $2,417,710 $1,830,195
Gross Profit 153,626 129,760 598,642 442,576
Operating Expenses:
General and
administrative 133,699 111,288 532,147 377,195
Depreciation and
amortization 6,693 4,778 25,580 16,591
Acquisition integration
expenses — 5,590 4,594 5,590
Total operating
expenses 140,392 121,656 562,321 399,376
Operating profit 13,234 8,104 36,321 43,200
Interest income 1,054 920 3,244 3,308
Interest expense (13,172) (10,931) (53,680) (33,630)
Gain (loss) from
unconsolidated
affiliate 402 206 1,483 1,130
Other, net (24) (38) (27) (357)
Earnings before income
taxes and
extraordinary charge 1,494 (1,739) (12,659) 13,651
Income tax (benefit) 434 (784) (5,369) 5,372
Net income before
extraordinary charge 1,060 (955) (7,290) 8,279
Extraordinary gain
(loss) (1)(2) — (17,311) 1,123 (17,311)
Net Income $1,060 $(18,266) $(6,167) $(9,032)
(1) Extraordinary loss from early extinguishment of debt, net tax effect
of $(11,233)
(2) Extraordinary gain from early extinguishment of debt, net of tax
effect of $773
STATER BROS. HOLDINGS INC.
Condensed Balance Sheet
(Amount in Thousands)
Unaudited
9/24/00 9/26/99
Assets
Current Assets
Cash $62,631 $93,352
Lease guarantee escrow 13,180 —
Receivables 28,181 28,296
Inventories 165,332 155,361
Other 20,239 19,277
Total Current Assets 289,563 296,286
Investments in unconsolidated subsidiary 11,082 9,599
Property, Plant & Equipment, net 270,514 259,729
Deferred debt issue cost, net 14,569 16,774
Lease guarantee escrow — 11,280
Other 9,560 10,249
Total Assets $595,288 $603,917
Liabilities and Stockholders’ (deficit)
Current Liabilities
Accounts payable $100,777 $97,169
Accrued Expenses 70,022 66,258
Current portion of capital lease obligations
and long term debt 6,994 1,944
Total current liabilities 177,793 165,371
Long-Term Debt, net current portion 439,000 455,048
Capital lease obligations, net current portion 13,679 15,625
Other long-term liabilities 14,070 10,960
Common stockholders’ (deficit) (49,254) (43,087)
Total Liabilities and Stockholders’ (deficit) $595,288 $603,917
