Susser Holdings Corp. (SUSS) filed Quarterly Report for the period ended 2009-09-27.
Susser Holdings Corporation is the leading non-refiner convenience store operator and motor fuel distributor in Texas. Susser operates more than three hundred twenty convenience stores in Texas and Oklahoma under the Stripes and Circle K brands offering motor fuel merchandise restaurant service under the Company's own Laredo Taco Company brand and other services. Susser Holdings Corp. has a market cap of $211.2 million; its shares were traded at around $12.32 with a P/E ratio of 14.5.
Highlight of Business Operations:
Our total revenues, net income attributable to Susser Holdings Corporation and Adjusted EBITDA were $882.1 million, $6.5 million and $33.1 million, respectively, for third quarter 2009, compared to $1,214.2 million, $6.9 million and $31.8 million, respectively, for third quarter 2008. Our total revenues, net income attributable to Susser Holdings Corporation and Adjusted EBITDA were $2,386.0 million, $7.7 million and $77.3 million, respectively, for the first nine months of 2009, compared to $3,445.3 million, $10.2 million and $80.1 million, respectively, for the first nine months of 2008. Our business is seasonal, and we generally experience higher sales and profitability in the second and third quarters during the summer activity months and lowest during the winter months. For a description of our results of operations on a quarterly basis see “Quarterly Results of Operations and Seasonality”.
After experiencing record-high energy prices in mid-2008, the cost of crude oil fell from $145 per barrel in July 2008 to under $40 per barrel early in the first quarter of 2009. While still well below mid-2008 levels, the cost of crude oil was on an upward trend throughout the first half of 2009, reaching just over $70/barrel, and was relatively more stable during the third quarter, averaging just under $70/barrel. We generally experience lower fuel margins when the cost of fuel is increasing, and higher fuel margins when the cost of fuel is declining.
The tightening in the nation’s credit markets has affected our lenders and the real estate finance markets we relied on in recent years to finance significant acquisitions and new store development. We have been able to access alternative sources of financing, and completed two sale/leaseback transactions during the third quarter, for proceeds of $5.2 million. We believe we have adequate liquidity and financial flexibility to continue to operate and grow our business, but we are exercising caution in our capital spending program until we see an improvement in the economy and in the capital markets. As of September 27, 2009, we had $3.9 million drawn and $22.1 million in standby letters of credit issued against our $120.0 million revolving line of credit. As of September 27, 2009, our unused availability under the revolver was $69.7 million. We have no significant maturities of long-term debt until November 2012.
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