Yesterday, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the thirteen week third quarter and thirty-nine weeks year to date period ended on June 24, 2001.

Sales for the thirteen week third quarter ended June 24, 2001 increased 5.4% to $639.9 million compared to $607.3 million for the thirteen weeks ended June 25, 2000. Total sales for the thirty-nine weeks ended June 24, 2001, increased 3.6% and amounted to $1.877 billion compared to $1.812 billion for the same period in the prior year. Like store sales increased 5.4% and 3.6% for the thirteen-week and thirty-nine week periods ended June 24, 2001, respectively.

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 $23.9 million for the third quarter of fiscal 2001 compared to $21.2 million for the like period of last year. EBITDA for the thirty-nine week comparable periods were $68.9 million in fiscal 2001 and $49.8 million in fiscal 2000.

The Company reported net income before extraordinary gain for the thirteen week third quarter ended June 24, 2001 of $2.3 million compared to $751,000 for the thirteen weeks ended June 25, 2000. Net income before extraordinary gain for the thirty-nine weeks ended June 24, 2001 amounted to $5.5 million compared to a net loss before extraordinary gain for the thirty-nine weeks ended June 25, 2000 in the amount of $8.4 million.

Net income for the thirteen week third quarter amounted to $2.3 million compared to $1.9 million in the prior year. The Company reported net income for the thirty-nine weeks ended June 24, 2001 of $5.5 million compared to a loss of $7.2 million for the same period ended June 25, 2000. Prior year’s results include an extraordinary gain from the early retirement of bonds in the amount of $1.1 million after tax.

Brown said; “Our third quarter results reflect the company-wide merchandising effort to offset increased energy costs within the State of California, the continued expanded selection of perishable products, a continued emphasis on private label brand products and the expansion of the Company’s general merchandise programs. The sales increases and improving EBITDA are direct results of these efforts. Our management team continues to stay focused on the future and profitability of each and every operating unit within the Company.”

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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 39 Weeks Ended
06/24/01 06/25/00 06/24/01 06/25/00
Sales $639,925 $607,300 $1,877,079 $1,811,754

Gross profits 166,119 152,503 479,681 445,016

Operating Expenses:
Selling, general and
administrative
expenses 142,986 132,381 414,528 398,448
Depreciation and
amortization 7,194 6,556 21,102 18,887
Acquisition integration
expenses — — — 4,594
Total operating
expenses 150,180 138,937 435,630 421,929

Operating profit 15,939 13,566 44,051 23,087

Interest income 693 485 2,597 2,190
Interest expense (12,847) (13,378) (38,506) (40,508)
Equity in earnings
from unconsolidated
affiliate 215 601 1,173 1,081
Other, net (154) (2) (75) (3)

Income (loss) before
income taxes (benefit)
and extraordinary gain 3,846 1,272 9,240 (14,153)

Income taxes (benefit) 1,577 521 3,789 (5,803)

Net income (loss) before
extraordinary gain 2,269 751 5,451 (8,350)

Extraordinary gain from
early retirement of bonds
($1,896 less tax effect
of $773) — 1,123 — 1,123

Net income (loss) $2,269 $1,874 $5,451 $(7,227)

STATER BROS. HOLDINGS INC.
Condensed Balance Sheets
(In thousands)
Unaudited

06/24/01 09/24/00
Assets
Current Assets
Cash $91,363 $62,631
Lease guarantee escrow — 13,180
Receivables 34,009 28,444
Inventories 164,997 165,332
Other 17,522 19,976

Total current assets 307,891 289,563

Investment in unconsolidated subsidiary 12,255 11,082

Property, plant, & equipment, net 274,339 270,514

Deferred debt issue costs, net 12,710 14,569
Other 9,436 9,560

Total Assets $616,631 $595,288

Liabilities and Stockholders’ Equity (Deficit)
Current Liabilities
Accounts payable $99,728 $100,777
Accrued expenses and other liabilities 93,773 70,022
Current portion of long-term debt and capital
lease obligations 1,571 6,994

Total current liabilities 195,072 177,793

Long-term debt 439,000 439,000
Capital lease obligations, less current portion 12,429 13,679
Other long-term liabilities 13,933 14,070

Common stockholders’ equity (deficit) (43,803) (49,254)

Total Liabilities and Stockholders’ Equity
(Deficit) $616,631 $595,288