Susser (SUSS) Offers Prelim. Q2 Metrics; Wellspring to Sell 4-6.6M Shares of Common Stock

July 16, 2012 7:42 AM EDT
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Price: $82.46 --0%

Financial Fact:
Net income (loss): 17.11M

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Susser Holdings Corporation (NASDAQ: SUSS) offered preliminary Q2 results:
  • same-store merchandise sales up 8 percent year-over-year
  • total merchandise sales up 11.8 percent to $253 million
  • Average merchandise margin of 33.9 - 34.3 percent, versus 34.0 percent in the second quarter of 2011.
  • Retail average per-store fuel volume growth of approximately 8.0 percent year-over-year, versus growth of 3.6 percent for the prior-year period.
    Retail fuel margin of approximately 32.1 - 32.6 cents per gallon, compared with 31.2 cents per gallon a year ago.
  • Wholesale fuel margin of approximately 6.9 - 7.4 cents per gallon, versus 7.0 cents per gallon in the year-ago period.
  • Total retail fuel sold of approximately 215 million gallons, up 10.7 percent from a year ago.
  • Total wholesale fuel sold of approximately 153 million gallons, up 19.8 percent from a year earlier.
  • Consolidated gross profit of approximately $177 - $182 million, versus $158.9 million a year ago.
  • Total selling, general and administrative (SG&A) expense of approximately $106 - $111 million, versus $99.1 million in the second quarter of last year.
    • SG&A expense includes personnel, general and administrative, rent, credit card, utilities, maintenance and other operating expenses. It excludes depreciation, amortization and gain/loss on disposal of assets.
    • Included in second quarter 2012 SG&A is non-cash stock compensation expense of approximately $1.7 million.
The Company opened six new large-format StripesĀ® convenience stores and closed one smaller store during the second quarter for a total of 545 stores as of July 1. One additional store has opened during the third quarter, bringing the number of new Stripes stores constructed year-to-date to eight. The Company currently has 11 additional retail stores under construction and expects to build a total of 25 to 30 in fiscal 2012. The Company expects to build 28 to 35 sites in 2013 and continues to invest in its land bank for future development.

In addition, seven new wholesale dealer sites were added during the latest quarter, and seven were discontinued for a total of 567 contracted branded dealer and consignment locations as of July 1. Year-to-date, the Company has added 14 new dealer sites and discontinued 12.

Susser also announced an offering by Wellspring Capital Management. Wellspring will to sell 4.0 million of its 6.6 million shares of Susser common stock and expects to grant the underwriters an option to purchase up to an additional 600,000 shares.

Susser will not receive any proceeds from the offering.

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