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COLTON, Calif., Dec. 20 /PRNewswire/ -- Today, Jack H. Brown, Chairman,
President and Chief Executive Officer of Stater Bros. Holdings Inc. announced
sales and earnings for the fifty-two week fiscal year ended
September 25, 2005.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030421/STATERLOGO )
Prior year results were materially affected in a positive manner by the
unprecedented Southern California Supermarket Industry labor dispute. The
effect of this event needs to be considered when comparing the current year to
the prior year results.
Sales for fiscal 2005 were $3.4 billion, a decrease of 9.0% when compared
to sales of $3.7 billion for the 2004 fiscal year. Sales for the fourth
quarter of fiscal 2005 ended September 25, 2005 were $849.9 million, an
increase of 1.1% when compared to $840.9 million for the fiscal fourth quarter
of 2004 ended September 26, 2004. Like store sales for fiscal 2005 decreased
12.1% compared to fiscal 2004. For the fourth quarter of fiscal 2005, like
stores sales decreased 1.0% compared to the fourth quarter of fiscal 2004. A
comparison of sales between fiscal 2005 and fiscal 2004 is difficult due to
the effect of the labor dispute in fiscal 2004. Like store sales comparing
fiscal 2005 with fiscal 2003, the fiscal year prior to the labor dispute,
increased 15.2% or an average annual like store sales growth of 7.6% over the
two year period.
The Company reported net income of $26.2 million for the fiscal year 2005
compared to $71.4 million in fiscal year 2004. The results for the fourth
quarters of fiscal 2005 and fiscal 2004, reflected net income of $12.1 million
and $12.6 million, respectively.
The results of operations for fiscal 2004 were favorably impacted by the
Southern California Supermarket Industry labor dispute. The impact of the
labor dispute on the Company was unprecedented and is not expected to be
repeated in the future.
Brown said, "The Stater Bros. family members continue to provide a
friendly and satisfying shopping experience to our "Valued Customers" at a
reasonable price for the items they want and need. We are pleased with the
results but will continue to focus on customer service and bring value to our
customers, the core of the Stater Bros. concept."
Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain
in Southern California and operates 162 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...SERVING SOUTHERN CALIFORNIA FOR 69 GOLDEN YEARS
Contact:
Phil Smith
Stater Bros. Holdings Inc.
(909) 783-5287
STATER BROS. HOLDINGS INC.
Condensed Balance Sheets
(In thousands)
Unaudited
09/26/04 09/25/05
Assets
Current assets
Cash $301,947 $263,397
Restricted cash 20,000 29,000
Receivables 39,258 45,006
Inventories 185,567 185,302
Other 34,263 31,122
Total current assets 581,035 553,827
Property and equipment, net 404,856 467,937
Deferred debt issuance costs, net 21,891 19,011
Other 6,339 14,594
Total assets $1,014,121 $1,055,369
Liabilities and stockholders deficit
Current liabilities
Accounts payable $144,612 $144,298
Accrued expenses and other
liabilities 115,321 131,185
Current portion of capital
lease obligations 1,247 1,190
Total current liabilities 261,180 276,673
Long-term debt 700,000 700,000
Capital lease obligations, less
current portion 9,470 8,292
Other long-term liabilities 83,112 83,799
Common stockholders deficit (39,641) (13,395)
Total liabilities and stockholders
deficit $1,014,121 $1,055,369
STATER BROS. HOLDINGS INC.
Condensed Results of Operations
(In thousands)
Unaudited
13 Weeks 13 Weeks 52 Weeks 52 Weeks
Ended Ended Ended Ended
09/26/04 09/25/05 09/26/04 09/25/05
Sales $840,928 $849,896 $3,704,882 $3,372,243
Gross profits 226,126 237,262 1,052,070 904,108
Operating expenses:
Selling, general and
administrative expenses 189,310 198,009 820,329 772,885
Depreciation and
amortization 9,364 10,388 33,284 39,575
Total operating expenses 198,674 208,397 853,613 812,460
Operating profit 27,452 28,865 198,457 91,648
Interest income 1,192 2,291 2,198 6,816
Interest expense (14,534) (13,938) (53,951) (57,142)
Interest expense related to
debt purchase (1,630) -- (35,647) --
Equity in income from
unconsolidated affiliate -- -- 929 --
Other expenses, net (326) (833) (1,343) (1,414)
Income before income taxes
(benefit) 12,154 16,385 110,643 39,908
Income taxes (benefit) (412) 4,278 39,202 13,662
Net income $12,566 $12,107 $71,441 $26,246
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