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Company Links |
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Major Stock Holders
(Prior To
Offering) |
Name |
Class A |
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E.V. Bonner, Jr |
1.30% |
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Roger D. Smith |
1.70% |
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Sam L. Susser |
23.60% |
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Wellspring Capital Partners III, L.P. and affiliates |
70.60% |
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William F. Dawson, Jr |
70.60% |
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Major Stock Holders
(After Offering) |
Name |
Common Stock |
Class A |
Class B |
Class C |
Class L |
ADS |
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Roger D. Smith |
0% |
1.00% |
0% |
0% |
0% |
0% |
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Sam L. Susser |
0% |
14.30% |
0% |
0% |
0% |
0% |
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Wellspring Capital Partners III, L.P. and affiliates |
0% |
43.00% |
0% |
0% |
0% |
0% |
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William F. Dawson, Jr |
0% |
43.00% |
0% |
0% |
0% |
0% |
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Business Environment |
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According to Retail Forward, Inc., U.S. convenience store industry is expected to grow from $474.2 billion in 2005 to $559.9 billion in 2009, which represents a CAGR of 4.2%.
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Company Strategy |
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The Company is the largest independent convenience store operator and the largest non-refining motor fuel distributor in Texas. |
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Product/Services Portfolio |
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As of January 1, 2006, the Company’s retail segment operated 319 convenience stores in Texas and Oklahoma, offering merchandise, foodservice, motor fuel and other services.
All but four of the Company’s stores are open 24 hours a day, 365 days a year. All but two stores sell motor fuel. Approximately 95% of the Company’s stores are freestanding facilities, ranging in size from approximately 2,400 to 5,000 square feet. The 46 stores the Company has opened since January 2000 average approximately 4,700 square feet and are built on large lots with much larger motor fueling and parking facilities.
The Company’s stores carry a broad selection of food, beverages, snacks, grocery and non-food merchandise.
The Company stocks 2,500 to 3,000 SKUs on average with each store offering a customized merchandise mix based on local customer demand and preferences. The Company has developed two proprietary offerings unique to its stores, which include Laredo Taco Company and Café de la Casa. The Company’s stores also offer candy, branded packaged foods, magazines and newspapers, health and beauty aids and a variety of other non-food items.
The Company owns and operates ATM, pays telephone and proprietary money order systems in each of its stores and also provides other services such as lottery, prepaid telephone cards and wireless services, and car washes. In addition, the Company owns a 50% interest in Cash & Go, Ltd and lease to them 39 kiosks, consisting of approximately 100 square feet per unit within its stores, for check cashing and short term lending products.
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Investment Analysis |
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Total revenue for the fiscal year ended January 1, 2006 was $1,896.3 million, an increase of $442.1 million, or 30.4%, over the fiscal year ended January 2, 2005.
Total gross profit for the fiscal year ended January 1, 2006 was $201.6 million, an increase of $21.1 million, or 11.7%, over the fiscal year ended January 2, 2005.
Income from operations for the fiscal year ended January 1, 2006 was $23.7 million, compared to $20.7 million for the fiscal year ended January 2, 2005.
Net interest expense for the fiscal year ended January 1, 2006 was $18.1 million, an increase of $3.5 million from the fiscal year ended January 2, 2005.
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Income Data (Thousand $ Except EPS) |
| Year |
Revenues |
Costs |
Oper Income |
Taxes |
Net Income |
EPS |
| 2003
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1,148,900 |
146,702 |
16,829 |
0.00 |
678 |
0.00 |
| 2005
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1,454,175 |
159,856 |
20,659 |
0.00 |
6,047 |
0.00 |
| 2006
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1,172,469 |
99,202 |
9,151 |
0.00 |
-190 |
0.00 |
| *As of period ended July 2, 2006
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Balance Sheet Data
(Thousand $) |
Year |
Cash |
Acct Recv. |
Inventory |
Total Cur Assets |
Total Cur Liability |
PPE |
Total Assets |
LT Debt |
SH Equity |
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2005 |
13,156 |
35,468 |
32,672 |
89,662 |
85,559 |
215,573 |
323,322 |
179,737 |
0.00 |
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2006 |
9,343 |
57,242 |
41,823 |
118,048 |
114,719 |
221,385 |
390,801 |
170,000 |
0.00 |
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*As of period ended July 2, 2006
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| Cash
Flow Summary
(Thousand $) |
Year |
Net Cash-Ops |
Net Cash-Inv |
Net Cash-Fin |
Net Change |
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2003 |
34,636 |
-29,855 |
3,195 |
7,976 |
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2005 |
27,201 |
-42,325 |
8,664 |
-6,460 |
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2006 |
17,372 |
-16,954 |
4,809 |
5,227 |
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*As of period ended July 2, 2006
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- Avoid 
- Short-Term Growth
- Long-Term Growth 
- Long-Term Value 