STATER BROS HOLDINGS INC

CIK:0000882829|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Mar. 30, 2014	Mar. 31, 2013	Mar. 30, 2014	Mar. 31, 2013
Income Statement [Abstract]
Sales	$ 963,841	$ 961,896	$ 1,947,866	$ 1,930,640
Cost of goods sold	697,455	703,124	1,422,845	1,421,139
Gross profit	266,386	258,772	525,021	509,501
Operating expenses
Selling, general and administrative expenses	212,223	215,965	429,361	436,044
(Gain) loss on sale of assets	(1,451)	6	(1,441)	(1,927)
Depreciation and amortization	11,859	11,566	23,232	23,249
Total operating expenses	222,631	227,537	451,152	457,366
Operating profit	43,755	31,235	73,869	52,135
Interest income	13	21	28	44
Interest expense	(11,470)	(11,768)	(22,956)	(23,577)
Income before income taxes	32,298	19,488	50,941	28,602
Income taxes	13,147	7,890	20,734	11,555
Net income and comprehensive income	$ 19,151	$ 11,598	$ 30,207	$ 17,047
Earnings per average common share outstanding	$ 588.88	$ 349.56	$ 928.85	$ 513.79
Average common shares outstanding	32,521	33,179	32,521	33,179

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Mar. 30, 2014	Mar. 31, 2013
Operating activities:
Net income	$ 30,207	$ 17,047
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,758	28,951
Amortization of debt issuance costs	1,091	1,119
Increase in deferred income taxes	(4,561)	(1,508)
Gain on sale of assets	(1,441)	(1,927)
Changes in operating assets and liabilities:
Increase in receivables	(1,546)	(5,815)
Decrease in income tax receivables	1,413	6,513
Increase in inventories	(2,960)	(3,071)
Increase in prepaid expenses	(1,395)	(1,610)
Increase in other assets	(1)	(28)
Increase (decrease) in accounts payable	(6,597)	1,394
Increase in income taxes payable	5,882	0
Decrease in other accrued liabilities	(2,527)	(13,273)
Increase (decrease) in long-term liabilities	(616)	12,492
Net cash provided by operating activities	45,707	40,284
Investing activities:
Collections on note receivable	401	404
Purchase of property and equipment	(22,701)	(13,500)
Proceeds from sale of assets	1,881	3,209
Net cash used in investing activities	(20,419)	(9,887)
Financing Activities:
Principal payments on long-term debt	(21,185)	(7,794)
Principal payments on capital lease obligations	(971)	(599)
Dividends paid	0	(5,000)
Net cash used in financing activities	(22,156)	(13,393)
Net increase in cash and cash equivalents	3,132	17,004
Cash and cash equivalents at beginning of period	242,818	219,800
Cash and cash equivalents at end of period	245,950	236,804
Interest paid	22,667	22,557
Income taxes paid	18,000	6,550
Capital lease additions	$ 4,750	$ 0

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 30, 2014	Sep. 29, 2013
Current assets
Cash and cash equivalents	$ 245,950	$ 242,818
Receivables, net of allowance of $975 and $1,106	37,626	36,080
Income tax receivable	0	1,413
Inventories	231,076	228,116
Prepaid expenses	15,965	14,570
Deferred income taxes, current portion	23,992	24,706
Note receivable, current portion	600	600
Total current assets	555,209	548,303
Property and equipment
Land	115,185	114,460
Buildings and improvements	615,381	606,112
Store fixtures and equipment	479,692	472,463
Property subject to capital leases	16,365	11,615
Total property and equipment (gross)	1,226,623	1,204,650
Less accumulated depreciation and amortization	628,351	604,631
Total property and equipment (net)	598,272	600,019
Deferred income taxes, less current portion	41,585	36,310
Deferred debt issuance costs, net	5,082	6,173
Note receivable, less current portion	215	616
Other assets	5,926	5,925
Total of deferred income taxes, deferred debt issuance cost and other assets	52,808	49,024
Total assets	1,206,289	1,197,346
Current liabilities
Accounts payable	137,617	144,214
Accrued payroll and related expenses	89,437	89,227
Accrued income taxes	5,882	0
Accrued interest	17,271	17,940
Other accrued liabilities	44,752	46,820
Current portion of capital lease obligations	1,538	772
Total current liabilities	368,833	323,783
Current portion of long-term debt	72,336	24,810
Long-term debt, less current portion	540,000	608,711
Capital lease obligations, less current portion	3,427	414
Long-term portion of self-insurance and other reserves	48,871	54,162
Long-term portion of deferred benefits	74,826	71,224
Accrued pension and other	26,675	25,602
Total liabilities	1,062,632	1,083,896
Commitments and contingencies
Stockholder’s equity
Common Stock	0	0
Additional paid-in capital	8,270	8,270
Accumulated other comprehensive loss	(15,903)	(15,903)
Retained earnings	151,290	121,083
Total stockholder’s equity	143,657	113,450
Total liabilities and stockholder’s equity	1,206,289	1,197,346
Class A Common Stock [Member]
Stockholder’s equity
Common Stock	$ 0	$ 0