SUSSER HOLDINGS CORPORATION 
By CORPUS CHRISTI, Texas, May 7, 2014 /PRNewswire/ -- Susser Holdings Corporation (NYSE: SUSS) today reported financial and operating results for the first quarter ended March 30, 2014. Results detailed below include the results of Susser Petroleum Partners LP (NYSE: SUSP) unless otherwise noted.
Same-store merchandise sales increased 1.9 percent in the first quarter of 2014, versus growth of 4.2 percent in the first quarter of 2013, which included the Easter holiday, whereas this year Easter falls in the second quarter. Average retail gallons sold per store increased 2.0 percent (4.2% excluding the impact of the recently-acquired Sac-N-Pac stores) compared with growth of 4.1 percent in the first quarter of last year. Retail net merchandise margin was 33.9 percent, up from 33.1 percent in the prior-year's first quarter.
Retail fuel margin before credit card expense averaged 13.0 cents per gallon, versus 16.6 cents in the first quarter of 2013. That compares to an average first quarter retail fuel margin of 11.2 cents per gallon over the previous five years, calculated as if the 3-cent-per-gallon mark-up charged by Susser Petroleum Partners had been in place for the entire period.
Net loss attributable to Susser Holdings was $1.8 million, or $0.09 per diluted share, versus a net loss of $0.2 million, or $0.01 per diluted share in the first quarter of 2013.
Adjusted EBITDA((1)) totaled $29.0 million, down 8.8 percent from 2013, reflecting the impact of lower retail fuel margins. Consolidated gross profit totaled $159.4 million, up 8.4 percent from a year ago, due to growth in merchandise and gallons sold.
First quarter consolidated revenues totaled $1.7 billion, up 10.6 percent from a year earlier. The increase was the result of an 11.7 percent increase in merchandise sales, a 5.1 percent increase in retail fuel sales and a 19.6 percent increase in wholesale fuel sales to third parties. The positive revenue impact of higher fuel volumes sold was partially offset by lower per-gallon selling prices.
"Looking at our first quarter performance, we delivered solid same-store merchandise sales growth despite the fact that Easter fell in the second quarter this year and we experienced unusually cooler, wetter weather patterns during the quarter," said Sam L. Susser, Susser Chairman and Chief Executive Officer. "Average retail gallons per store also grew a solid 2 percent year over year, or 4.2 percent if you exclude fuel sales from the 47 lower-volume Sac-N-Pac stores we acquired at the end of January. Adjusted EBITDA was lower year-over-year due to lower retail fuel margins, although they still exceeded our average margin for the previous five years.
"Looking ahead, we are very positive about our ability to accelerate growth as a result of the merger agreement we reached in late April with Dallas-based Energy Transfer Partners, L.P. This cash-and-units transaction will unlock significant additional value for our shareholders. When the sale of SUSS is complete - tentatively in the third quarter of this year - ETP has announced plans to begin selling SUSS' convenience stores and ETP's Sunoco convenience stores and wholesale fuel business to Susser Petroleum Partners through a series of drop down transactions. The terms of these transactions will be subject to market conditions and to the approval of SUSP's conflicts committee. We believe this positions SUSP for strong growth in the future, and SUSS shareholders who opt to receive a portion of their buyout proceeds in the form of ETP common units will have an opportunity to participate in SUSP's continued growth," Susser added.
New Convenience Store and Wholesale Business Update
Susser Holdings opened two new large-format Stripes convenience stores and acquired 47 Sac-N-Pac locations during the first quarter. As of March 30, the Company operated a total of 629 convenience stores, of which 402 include a restaurant. Two additional stores were acquired so far in the second quarter, and 17 are currently under construction. In addition to the purchase of the Sac-N-Pac locations, the Company expects to open a total of 27 to 33 Stripes stores this year and continues to acquire additional land for future store development.
Twenty-seven new contracted sites were added in the wholesale segment in the first quarter, including 19 acquired in conjunction with the Sac-N-Pac/3W Warren Fuels acquisition, and two sites were discontinued for a total of 616 contracted branded sites as of March 30, consisting of 99 consignment locations and 517 other independent branded dealer locations. In 2014, in addition to the 19 acquired dealer sites, Susser currently expects to add 28 to 45 new wholesale branded dealers and consignment sites.
Merger Agreement with Energy Transfer Partners, L.P
On April 28, Susser Holdings announced a definitive agreement to be acquired by Energy Transfer Partners, L.P. (NYSE: ETP) in a unit and cash transaction valued at approximately $1.8 billion. SUSS shareholders will have the option to receive $80.25 per share in cash, 1.4506 ETP units, or a combination of both, for each share held - subject to proration to ensure that total cash and common units paid each represent 50 percent of the transaction value. The sale is expected to close in the third quarter of this year, pending approval by Susser Holdings shareholders and customary regulatory approvals.
Financing Update
Susser Holdings and Susser Petroleum Partners completed a sale leaseback transaction for seven new Stripes locations in the first quarter and two additional stores in early May for a total cost of $36.5 million. Since the initial public offering of units in Susser Petroleum Partners in September 2012, Susser has completed sale leaseback transactions for a total of 42 newly built stores at a cumulative cost of approximately $169.6 million.
Also during the first quarter, SUSP fully repaid its $180.7 million term loan facility that was issued concurrent with the IPO. Total consolidated debt at quarter-end was $506.8 million. Combined availability on our revolving credit facilities, after borrowings and letter of credit commitments, was $384.3 million.
First Quarter Financial and Operating Highlights
Merchandise - Merchandise sales were $276.4 million in the first quarter of 2014, up 11.7 percent from a year ago. Approximately $4.7 million of the increase came from stores that have been open a year or more, with the remainder from 74 stores that were opened or acquired during the last four quarters. Same-store merchandise sales rose 1.9 percent, versus an increase of 4.2 percent in the first quarter of last year. Sales from food service, snacks and packaged drinks were the biggest drivers of sales growth.
Net merchandise margin as a percentage of sales was 33.9 percent, up from 33.1 percent a year ago. Merchandise gross profit totaled $93.8 million, up 14.6 percent from the first quarter of 2013. Gross profit growth was led by a $9.0 million contribution from new stores and by a $2.3 million same-store increase from food service.
Retail Fuel - Retail fuel volumes increased 12.0 percent from a year ago to 250.3 million gallons. Average gallons sold per store were approximately 31,700 gallons per week, an increase of 2.0 percent. Excluding the recently acquired Sac-N-Pac stores, the year-over-year increase was 4.2 percent. Retail fuel revenues totaled $822.9 million, up 5.1 percent from the first quarter of 2013, reflecting the increase in gallons sold, partly offset by a 6.2 percent decline in the average selling price of motor fuel versus the first quarter of 2013.
Retail fuel gross margin averaged 13.0 cents per gallon, compared with 16.6 cents per gallon a year earlier. After deducting credit card expense, net fuel margin was 7.5 cents per gallon, compared with 11.1 cents in the prior-year period. Retail fuel gross profit was $32.5 million, down 12.1 percent from a year ago as a result of the lower margin per gallon, partly offset by higher volumes sold.
Wholesale Fuel - Susser's wholesale segment includes all of SUSP's operations as well as the consignment sales and transportation business that were not contributed to SUSP in the 2012 IPO. Wholesale fuel volumes sold to third parties -- which includes all gallons except those distributed to Susser's retail stores -- were up 26.9 percent versus the first quarter of 2013 to 186.1 million gallons. Wholesale fuel revenues increased 19.6 percent year-over-year to $543.7 million. This increase reflects the impact of higher volumes sold, partly offset by an 18-cent-per-gallon sales price reduction compared with the first quarter of last year.
Wholesale fuel gross margin from third parties was 6.1 cents per gallon, up from 5.9 cents in the year-earlier quarter. Wholesale fuel gross profit, including sales to Stripes and to Sac-N-Pac stores, increased by 23.1 percent year-over-year to $18.7 million. The gross profit increase was primarily the result of the increase in gallons sold, including the impact of the Gainesville Fuel acquisition completed in September 2013, and a 3.4 percent increase in margin per gallon.
(1) Adjusted
EBITDA is
a non-
GAAP
financial
measure
of
performance
that has
limitations
and
should
not be
considered
as a
substitute
for net
income.
Please
refer to
the
discussion
and
tables
under
"Key
Operating
Metrics"
later in
this news
release
for a
discussion
of our
use of
Adjusted
EBITDA
and
Adjusted
EBITDAR,
and a
reconciliation
to net
income
(loss)
attributable
to Susser
Holdings
Corporation
for the
periods
presented.
First Quarter Earnings Conference Call
Susser's management team will hold a conference call today at 10:00 a.m. ET (9:00 a.m. CT) to discuss first quarter 2014 results for both Susser Holdings Corporation and Susser Petroleum Partners LP. To participate in the call, dial 480-629-9819 10 minutes early and ask for the Susser conference call. The call will also be accessible live and for later replay via webcast in the Investor Relations section of Susser Holdings' web site at www.susser.com and Susser Petroleum Partners' web site at www.susserpetroleumpartners.com under Events and Presentations. A telephone replay will be available through May 14 by calling 303-590-3030 and using the access code 4680249#.
Susser Holdings Corporation is a third-generation family led business based in Corpus Christi, Texas that operates approximately 630 convenience stores in Texas, New Mexico and Oklahoma under the Stripes® and Sac-N-Pac(TM) banners. Restaurant service is available in more than 400 of its stores, primarily under the proprietary Laredo Taco Company® brand. Susser Holdings also is majority owner and owns the general partner of Susser Petroleum Partners LP, which distributes approximately 1.6 billion gallons of motor fuel annually to Stripes® stores, independently operated consignment locations, convenience stores and retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.
Additional Information on the ETP Transaction
This communication does not constitute an offer to buy, or solicitation of an offer to sell, any securities of Energy Transfer Partners, L.P. ("ETP") or Susser Holdings Corporation ("Susser"). Portions of this communication relate to a proposed merger between ETP and Susser that will become the subject of a registration statement, which will include a proxy statement/prospectus, to be filed with the U.S. Securities and Exchange Commission (the "SEC") that will provide full details of the proposed merger and the attendant benefits and risk. This communication is not a substitute for the proxy statement/prospectus or any other document that ETP or Susser may file with the SEC or send to their shareholders in connection with the proposed merger. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, INCLUDING THE PROXY STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ETP, SUSSER AND THE PROPOSED MERGER. Investors and stockholders will be able to obtain these materials (when they are available) and other documents filed with the SEC free of charge at the SEC's website, www.sec.gov. In addition, copies of the registration statement including the proxy statement/prospectus (when they become available) may be obtained free of charge by accessing ETP's website at www.energytransfer.com by clicking on the "Investor Relations" link, or upon written request to Energy Transfer Partners, L.P., 3738 Oak Lawn Ave., Dallas, TX 75219, Attention: Investor Relations, or from Susser by accessing Susser's website at www.susser.com or upon written request to Susser Holdings Corporation, 4525 Ayers St., Corpus Christi, TX, 78415, Attention: Investor Relations. Stockholders may also read and copy any reports, statements and other information filed by ETP or Susser with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC's website for further information on its public reference room.
Participants in the Solicitation
ETP, Susser, and certain of their respective directors, executive officers and other members of management and employees are considered to be participants in the solicitation of proxies from stockholders in respect of the transaction under the rules of the SEC. Information regarding ETP's directors and executive officers is available in its Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on February 27, 2014. Information regarding Susser's directors and executive officers is available in its Annual Report on Form 10-K for the year ended December 29, 2013 filed with the SEC on February 27, 2014, and in its definitive proxy statement filed with the SEC on April 14, 2014 in connection with its 2014 annual meeting of stockholders. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. Investors should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions.
Forward-Looking Statements
This news release contains "forward-looking statements" which may describe Susser's objectives, expected results of operations, targets, plans, strategies, costs, anticipated capital expenditures, potential acquisitions, new store openings and/or new dealer locations, management's expectations, beliefs or goals regarding the proposed transaction between Energy Transfer Partners, L.P. (ETP) and Susser, the expected timing of that transaction and the future financial and/or operating impact of that transaction-including the anticipated integration process and any related benefits, opportunities or synergies. These statements are based on current plans, expectations and projections and involve a number of risks and uncertainties that could cause actual results and events to vary materially, including but not limited to: competitive pressures from convenience stores, gasoline stations, other non-traditional retailers located in our markets and other wholesale fuel distributors; dangers inherent in storing and transporting motor fuel; pending or future consumer or other litigation or adverse publicity concerning food quality, food safety or other health concerns related to our restaurant facilities; inability to build or acquire and successfully integrate new stores; volatility in crude oil and wholesale petroleum costs; increasing consumer preferences for alternative motor fuels, or improvements in fuel efficiency; general economic, financial and political conditions; our dependence on our subsidiaries for cash flow generation, including SUSP, and our exposure to the business risks of SUSP by virtue of our controlling ownership interest; operational limitations imposed by our contractual arrangements with SUSP; our ability to comply with federal and state regulations including those related to alcohol, tobacco and environmental matters; wholesale cost increases of tobacco products or future legislation or campaigns to discourage smoking; costs associated with employee healthcare requirements; compliance with, or changes in, tax laws-including those impacting the tax treatment of SUSP; dependence on two principal suppliers for merchandise; dependence on suppliers for credit terms; seasonality; dependence on senior management and the ability to attract qualified employees; acts of war and terrorism; dependence on our information technology systems; severe weather; severe or unfavorable weather conditions; cross-border risks associated with the concentration of our stores in markets bordering Mexico; impairment of goodwill or indefinite lived assets; Susser and ETP's ability to consummate the proposed transaction; the ability to obtain requisite regulatory or shareholder approvals or to satisfy other conditions precedent to the consummation of the transaction; successful development and execution of integration plans; ability to realize anticipated synergies or cost-savings and the potential impact of the transaction on employee, supplier, customer and competitor relationships; and other unforeseen factors.
For a full discussion of these and other risks and uncertainties, refer to the "Risk Factors" section of the Company's most recently filed annual report on Form 10-K and subsequent quarterly filings. These forward-looking statements are based on and include our estimates as of the date hereof. Subsequent events and market developments could cause our estimates to change. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if new information becomes available, except as may be required by applicable law.
Contacts: Susser Holdings Corporation
Mary Sullivan, Chief Financial Officer
(361) 884-2463, msullivan@susser.com
Dennard n Lascar Associates, LLC
Anne Pearson, Senior Vice President
(210) 408-6321, apearson@dennardlascar.com
Financial statements follow
Susser Holdings Corporation
Consolidated Statements of Operations and Comprehensive Income
Unaudited
Three Months Ended
------------------
March 31, March 30,
2013 2014
---- ----
(dollars in
thousands, except
share and per
share amounts)
Revenues:
Merchandise sales $247,478 $276,375
Motor fuel sales 1,237,573 1,366,577
Other income 13,376 14,663
------ ------
Total revenues 1,498,427 1,657,615
Cost of sales:
Merchandise 165,645 182,563
Motor fuel 1,184,710 1,314,338
Other 1,034 1,271
----- -----
Total cost of sales 1,351,389 1,498,172
--------- ---------
Gross profit 147,038 159,443
Operating expenses:
Personnel 50,967 58,266
General and
administrative 14,047 17,457
Other operating 40,047 46,093
Rent 11,740 11,826
Loss on disposal of
assets and impairment
charge 448 973
Depreciation,
amortization and
accretion 14,182 17,041
------ ------
Total operating
expenses 131,431 151,656
------- -------
Income from operations 15,607 7,787
Other income (expense):
Interest expense, net (10,105) (3,172)
Other miscellaneous (78) -
--- ---
Total other expense,
net (10,183) (3,172)
------- ------
Income before income
taxes 5,424 4,615
Income tax expense (1,548) (1,389)
------ ------
Net loss and
comprehensive income 3,876 3,226
Less: Net income and
comprehensive income
attributable to
noncontrolling
interest 4,108 5,049
----- -----
Net loss and
comprehensive loss
attributable to Susser
Holdings Corporation $(232) $(1,823)
===== =======
Net loss per share attributable
to Susser Holdings Corporation:
Basic $(0.01) $(0.09)
Diluted $(0.01) $(0.09)
Weighted average shares
outstanding:
Basic 21,068,222 21,350,760
Diluted 21,068,222 21,350,760
Susser Holdings Corporation
Consolidated Balance Sheets
December
29, March 30,
2013 2014
---- ----
unaudited
(in thousands,
except share
amounts)
Assets
Current assets:
Cash and cash
equivalents $22,461 $24,370
Accounts receivable,
net of allowance for
doubtful accounts of
$480 at December 29,
2013 and $615 at
March 30, 2014 139,146 185,147
Inventories, net 126,521 153,907
Other current assets 7,704 7,974
----- -----
Total current assets 295,832 371,398
Property and
equipment, net 736,860 847,718
Other assets:
Marketable securities 25,952 -
Goodwill 254,285 255,273
Intangible assets,
net 41,984 45,897
Other noncurrent
assets 19,692 21,290
------ ------
Total assets $1,374,605 $1,541,576
======== ========
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable $189,587 $219,392
Accrued expenses and
other current
liabilities 64,571 65,924
Current maturities of
long-term debt 535 539
--- ---
Total current
liabilities 254,693 285,855
Revolving lines of
credit 345,460 502,780
Long-term debt 29,874 3,997
Deferred tax
liability, long-
term portion 77,119 76,454
Other noncurrent
liabilities 41,949 41,940
------ ------
Total liabilities 749,095 911,026
------- -------
Commitments and contingencies:
Shareholders' equity:
Susser Holdings Corporation
shareholders' equity:
Common stock, $.01
par value; March 30, 2014
125,000,000 shares
authorized;
21,634,618 issued
and 21,439,944
outstanding at
December 29, 2013;
21,656,202 issued
and 21,649,256
outstanding as of 214 216
Additional paid-in
capital 285,376 287,852
Treasury stock,
common shares, at
cost; 194,674 as of
December 29, 2013;
6,946 as of March
30, 2014 (5,378) (737)
Retained earnings 135,255 133,432
------- -------
Total Susser Holdings
Corporation
shareholders' equity 415,467 420,763
Noncontrolling
interest 210,043 209,787
------- -------
Total shareholders'
equity 625,510 630,550
------- -------
Total liabilities and
shareholders' equity $1,374,605 $1,541,576
======== ========
Key Operating Metrics
The following table sets forth, for the periods indicated,
information concerning key measures we rely on to gauge our
operating performance:
Three Months Ended
------------------
March 31, March 30,
2013 2014
---- ----
(dollars and gallons
in thousands, except
motor fuel pricing
and gross profit per
gallon)
Revenue:
Merchandise
sales $247,478 $276,375
Motor
fuel-
retail 782,979 822,924
Motor
fuel-
wholesale
to third
parties
(3) 454,594 543,653
Other 13,376 14,663
------ ------
Total
revenue
(3) $1,498,427 $1,657,615
Gross profit:
Merchandise $81,833 $93,812
Motor
fuel-
retail 37,011 32,544
Motor
fuel-
wholesale
to third
parties
(2) 8,633 11,325
Motor
fuel-
wholesale
to
Stripes
(2) 6,532 7,345
Other,
including
intercompany
eliminations 13,029 14,417
------ ------
Total
gross
profit $147,038 $159,443
Adjusted EBITDA
(4):
Retail $21,885 $17,447
Wholesale 12,320 16,743
Other (2,409) (5,184)
------ ------
Total
Adjusted
EBITDA $31,796 $29,006
Retail
merchandise
margin 33.1% 33.9%
Merchandise
same-
store
sales
growth
(1) 4.2% 1.9%
Average per retail
store per week:
Merchandise
sales $34.1 $34.7
Motor
fuel
gallons
sold 31.1 31.7
Motor fuel gallons
sold:
Retail 223,477 250,270
Wholesale
-third
party 146,652 186,097
Average
retail
price of
motor
fuel per
gallon $3.50 $3.29
Motor fuel gross
profit cents per
gallon:
Retail
(2) 16.6 ¢ 13.0 ¢
Wholesale
-third
party (2) 5.9 ¢ 6.1 ¢
Retail
credit
card
expense
cents
per
gallon 5.5 ¢ 5.5 ¢
(1) We include a
store in the
same store
sales base
in its
thirteenth
full month
of our
operation.
(2) The wholesale
margin from
third
parties
excludes
sales and
gross profit
to the
retail
segment.
(3) In the fourth
quarter of
2013, the
Company
revised its
presentation
of fuel
taxes on
motor fuel
sales at its
consignment
locations to
present such
fuel taxes
gross in
motor fuel
sales. Prior
years' motor
fuel sales
have been
adjusted to
reflect this
revision.
(4) We define
EBITDA as
net income
(loss)
attributable
to Susser
Holdings
Corporation
before net
interest
expense,
income
taxes, net
income
attributable
to
noncontrolling
interest and
depreciation,
amortization
and
accretion.
Adjusted
EBITDA
further
adjusts
EBITDA by
excluding
non-cash
stock-based
compensation
expense and
certain
other
operating
expenses
that are
reflected in
our net
income that
we do not
believe are
indicative
of our
ongoing core
operations,
such as
significant
non-
recurring
transaction
expenses and
the gain or
loss on
disposal of
assets and
impairment
charges.
Adjusted
EBITDAR adds
back rent to
Adjusted
EBITDA. In
addition,
those
expenses
that we have
excluded
from our
presentation
of Adjusted
EBITDA and
Adjusted
EBITDAR are
also
excluded in
measuring
our
covenants
under our
revolving
credit
facility and
indenture
governing
our debt
agreements
and
indentures.
EBITDA,
Adjusted
EBITDA and
Adjusted
EBITDAR are
not
presented in
accordance
with GAAP.
We believe EBITDA, Adjusted EBITDA and
Adjusted EBITDAR are useful to
investors in evaluating our operating
performance because:
-- securities analysts and other
interested parties use such
calculations as a measure of
financial performance and
debt service capabilities;
-- they facilitate management's
ability to measure the
operating performance of our
business on a consistent
basis by excluding the
impact of items not directly
resulting from our retail
convenience stores and
wholesale motor fuel
distribution operations;
-- they are used by our
management for internal
planning purposes, including
aspects of our consolidated
operating budget, capital
expenditures, as well as for
segment and individual site
operating targets; and
-- they are used by our Board
and management for
determining certain
management compensation
targets and thresholds.
EBITDA, Adjusted EBITDA and Adjusted
EBITDAR are not recognized terms under
GAAP and do not purport to be
alternatives to net income (loss) as
measures of operating performance.
EBITDA, Adjusted EBITDA and Adjusted
EBITDAR have limitations as analytical
tools, and you should not consider them
in isolation or as substitutes for
analysis of our results as reported
under GAAP. Some of these limitations
-- they do not reflect our cash
expenditures, or future
requirements, for capital
expenditures or contractual
commitments;
-- they do not reflect changes
in, or cash requirements
for, working capital;
-- they do not reflect
significant interest
expense, or the cash
requirements necessary to
service interest or
principal payments on our
existing revolving credit
facilities or existing
notes;
-- they do not reflect payments
made or future requirements
for income taxes;
-- although depreciation and
amortization are non-cash
charges, the assets being
depreciated and amortized
will often have to be
replaced in the future, and
EBITDA, Adjusted EBITDA and
Adjusted EBITDAR do not
reflect cash requirements
for such replacements; and
-- because not all companies use
identical calculations, our
presentation of EBITDA,
Adjusted EBITDA and Adjusted
EBITDAR may not be
comparable to similarly
titled measures of other
companies.
The following tables present a reconciliation of net income
(loss) attributable to Susser Holdings Corporation to EBITDA,
Adjusted EBITDA and Adjusted EBITDAR:
Three Months
Ended
-------------
March March
31, 30,
2013 2014
---- ----
(in thousands)
Net loss attributable to
Susser Holdings
Corporation $(232) $(1,823)
Net income attributable to
noncontrolling interest 4,108 5,049
Depreciation, amortization
and accretion 14,182 17,041
Interest expense, net 10,105 3,172
Income tax expense 1,548 1,389
----- -----
EBITDA 29,711 24,828
Non-cash stock based
compensation 1,559 3,205
Loss on disposal of assets
and impairment charge 448 973
Other miscellaneous expense 78 -
--- ---
Adjusted EBITDA 31,796 29,006
Rent 11,740 11,826
------
Adjusted EBITDAR $43,536 $40,832
===== =======
SOURCE Susser Holdings Corporation
