Susser Holdings Reports First Quarter 2013 Results

              Susser Holdings Reports First Quarter 2013 Results

- Same-store merchandise sales increase 4.2%

- Average retail fuel gallons per store up 4.1%

- 4 new Stripes® stores opened in Q1, 2 more to date in Q2

PR Newswire

CORPUS CHRISTI, Texas, May 8, 2013

CORPUS CHRISTI, Texas, May 8, 2013 /PRNewswire/ -- Susser Holdings Corporation
(NYSE: SUSS) today reported strong financial and operating results for the
first quarter ended March 31, 2013. Results detailed below include the
results of Susser Petroleum Partners LP (NYSE: SUSP) unless otherwise noted.

Same-store merchandise sales increased 4.2 percent in the first quarter,
compared with growth of 6.7 percent in the first quarter of 2012. Average
retail gallons sold per store were up 4.1 percent versus a year ago, compared
with growth of 5.8 percent in the first quarter of 2012. Retail net
merchandise margin was 33.1 percent in the latest quarter, versus 33.5 percent
a year earlier.

Retail segment fuel margin per gallon before credit card expense averaged 16.6
cents, compared with 13.3 cents a gallon in the same period last year.

The retail fuel margin for the first quarter has been reduced by a
3-cent-per-gallon gross profit mark-up charged by Susser Petroleum Partners LP
beginning September 25, 2012, following its initial public offering. The
wholesale segment previously made no profit on motor fuel sales to the retail
segment but now records a gross profit mark-up on these gallons. Excluding
the 3 cent-per-gallon charge, first quarter 2013 retail fuel margin would have
been 19.6 cents per gallon, as compared to the prior-year's 13.3 cent margin
and the previous five years' first-quarter average margin of 12.7 cents a

Adjusted EBITDA^(1) totaled $31.8 million in the first quarter, up 38.5
percent from a year ago, which is the result of increases in merchandise sales
and retail and wholesale motor fuel volumes sold, as well as increased fuel
margins. Consolidated gross profit was $147.0 million, an increase of 19.6
percent from the prior-year period.

Net loss attributable to Susser Holdings in the first quarter of 2013 - the
company's seasonally weakest quarter - was $232,000, or $0.01 per diluted
share, versus a loss of $528,000, or $0.03 per diluted share in the first
quarter of 2012. Net income attributable to holders of the 49.9 percent
non-controlling interest in Susser Petroleum Partners was $4.1 million in the
most recent quarter.

First quarter consolidated revenues totaled $1.5 billion, an increase of 5.1
percent year-over-year. This increase was the result of a 9.5 percent
increase in merchandise sales, a 6.3 percent increase in retail fuel revenues
and a 0.8 percent increase in wholesale fuel revenues sold to third parties.
The higher fuel revenues were driven by increases in both retail and wholesale
volumes sold, partly offset by slightly lower selling prices for both

"We delivered another strong quarter, with solid year-on-year growth in same
store merchandise sales, higher fuel volumes and increased fuel margins in
both retail and wholesale segments," said Sam L. Susser, President and Chief
Executive Officer.

"As we look ahead to the second quarter and the remainder of the year,
however, we will be comparing against some very big numbers reported in 2012.
Springtime temperatures in Texas have been significantly cooler this year than
last year, when the state was experiencing record high temperatures and an
extreme drought. In addition, Easter weekend occurred in the first quarter of
this year, so our second quarter performance will be impacted by this calendar
change. At the same time, we remain very positive on our regional economy's
potential over the longer term.

"We are very pleased with the refinancing of our high yield bonds, which will
lower our pre-tax annual interest expense significantly, and based on current
rates, will add approximately $0.90 to $0.95 a year to our diluted earnings
per share when it is complete on May 15," he said.

New Convenience Store and Wholesale Dealer Update

Susser Holdings opened four new Stripes convenience stores during the first
quarter and closed one store that was razed and is being rebuilt with the
Company's larger footprint. Susser operated 562 Stripes stores as of the end
of March, of which 356 included an in-store restaurant. Two additional stores
opened in late April, one smaller store closed, and 14 Stripes stores are
currently under construction. The Company expects to build a total of 29 to
35 Stripes stores this year and continues to acquire additional land for
future store development.

Five new dealer sites were added in the wholesale segment last quarter, and
five sites were discontinued, for a total of 579 contract branded sites as of
March 31. This consisted of 92 consignment locations and 487 other
independent branded dealer contracts. The Company expects to add a total of 25
to 40 new wholesale branded dealers and consignment sites and discontinue
supply to 13 to 17 sites this year.

Financing Update

As previously announced, in early April Susser Holdings closed on a new $500
million revolving credit facility with a variable interest rate initially set
at LIBOR plus 200 basis points. The Company plans to redeem its $425 million
of 8.5% senior notes due 2016 on May 15, 2013.

Susser initially plans to use approximately $250 million of capacity under the
new facility, along with existing cash, to retire the notes that are callable
at a price of 104.25%. Including the $18.1 million call premium and
approximately $4 million of transaction expenses, a total of $447 million
(plus accrued interest) will be needed to retire the notes. The Company
expects to recognize a one-time pre-tax charge in the second quarter of
approximately $26 million, or $0.76 to $0.78 per diluted share, in connection
with the refinancing. Based on current LIBOR rates, Susser expects to save an
estimated $30 million to $32 million of annual pre-tax interest expense as a
result of this refinancing.

In addition, the company completed sale/leaseback transactions on April 26
worth $6.5 million for two new Stripes stores. These latest sales by Susser
Holdings to Susser Petroleum Partners bring the total number of new-build
store "dropdowns" to 16 since the initial public offering of units in the
Partnership in September 2012. The total cost of these stores sold to Susser
Petroleum Partners, including post-completion true-up, was $65.4 million. Of
the 16 sites, three offer diesel to 18 wheel trucks under a dedicated canopy
and are therefore larger and more expensive than the typical new Stripes

First Quarter Financial and Operating Highlights

Merchandise - Merchandise sales totaled $247.5 million in the first quarter,
up 9.5 percent from a year earlier. Approximately $9.5 million of the
increase came from stores that have been open a year or more, with the balance
from stores that were opened during the last four quarters. Same-store
merchandise sales increased 4.2 percent, compared with growth of 6.7 percent a
year ago. Sales of beer, food service, packaged drinks, cigarettes and snacks
drove most of the sales growth.

Net merchandise margin as a percentage of sales was 33.1 percent, compared
with 33.5 percent a year ago. Merchandise gross profit was $81.8 million,
an increase of 8.1 percent from the first quarter of last year. Gross profit
growth was led primarily by same-store dollar increases in packaged drinks,
food service and snacks. Cigarette margins were lower and offset the growing

Retail Fuel - Retail fuel volumes increased 7.4 percent compared with the
year-earlier period to 223.5 million gallons. Average gallons sold per store
were 4.1 percent higher year-over-year, at approximately 31,100 gallons per
week. Retail fuel revenues totaled $783.0 million, up 6.3 percent compared
with a year ago, reflecting the increase in gallons sold, partly offset by a
4-cent-per-gallon decrease in the average selling price of motor fuel

Retail fuel gross margin averaged 16.6 cents per gallon, compared with 13.3
cents per gallon a year ago. (The first quarter 2013 retail fuel margin was
reduced by the 3-cent-per-gallon gross profit margin to SUSP that was not
deducted from the prior year period's fuel margin.) After deducting credit
card expense, the net fuel margin was 11.0 cents per gallon, versus a net 7.9
cents per gallon a year earlier. Retail fuel gross profit was 33.5 percent
higher than a year ago, at $37.0 million, due to the net increase in margin
per gallon and the higher volumes sold.

Wholesale Fuel - Susser's wholesale segment includes all of SUSP operations as
well as the consignment sales and transportation business that was not
contributed to SUSP. Wholesale fuel volumes sold to third parties - which is
all gallons except those distributed to Susser's retail stores - increased 3.6
percent from the prior-year period to 146.7 million gallons. Wholesale fuel
revenues increased 0.8 percent from a year ago to $442.5 million. This
revenue increase reflects the increase in volumes sold, partly offset by an 8
cent-per-gallon reduction in the selling price year-over-year.

Wholesale fuel gross margin from third parties was 5.9 cents per gallon,
compared with 5.0 cents in the first quarter of last year. Wholesale fuel
gross profit increased by $8.1 million, or 114.2 percent, from a year ago to
$15.2 million. Approximately $6.5 million of this increase is attributable to
the previously discussed 3 cent-per-gallon gross profit mark-up charged to the
retail segment.

2013 Guidance

The Company is reducing its interest expense guidance to reflect the impact of
the previously discussed debt refinancing, and it is reaffirming the remainder
of its original 2013 full-year guidance as follows:

                                                 FY 2013       1Q 2013 FY 2012

                                                 Guidance      Actual  Actual
Merchandise Same-Store Sales Growth              3%-5%         4.2%    6.6%
Merchandise Margin, Net of Shortages             33.25%-34.25% 33.1    33.9%
Retail Average Per-Store Gallons Growth          1%-4%         4.1%    5.8%
Fuel Gross Profit Margins (cents / gallon):
Margin on Retail Gallons Sold (a)                15-18         16.6    21.8
Margin on Wholesale Gallons Sold to Third        4-6           5.9     6.2
Parties (b)
Margin on Wholesale Gallons Sold to Retail       approx 3      3.0
Segment (c)
Rent Expense (millions) (f)                      $46-$48       $11.7   $46.4
Depreciation, Amortization & Accretion Expense   $58-$64       $14.2   $51.4
Interest Expense (millions) (d)                  $24-$27       $10.1   $41.0
New Retail Stores (e)                            29-35         4       25
New Wholesale Dealer Sites (e)                   25-40         5       39
Gross Capital Spending (millions) (f)            $195-$215     $42.1   $179.2
Net Capital Spending (millions) ^ (f)            $185-$210     $42.0   $177.9

    We report retail fuel margin before deducting credit card costs, which
    were approximately 5.5 cents per gallon both for the first quarter of 2013
    and the full-year 2012. The Company has provided quarterly fuel margin
    history on its website. The average retail selling price per gallon of
    fuel was $3.50 for the first quarter of 2013 and $3.51 for fiscal 2012.
(a) 2013 retail fuel margin guidance reflects reduction of approximately 3
    cents per gallon for gross profit mark-up now charged by SUSP. 2012 actual
    retail fuel margin reflects the 3 cent per gallon mark-up beginning
    September 25, 2012, which reduced retail gross profit for 2012 by
    approximately $6.4 million, or a 0.75 cents per gallon reduction to the
    full-year average retail margin. The gross profit charged to the retail
    segment is included in the wholesale segment gross profit.
    Wholesale segment margin on third-party gallons includes SUSP operations
(b) and gallons sold at consignment locations (retained by SUSS) but excludes
    gallons sold to the retail division. This metric remains the same as prior
    to the SUSP initial public offering.
(c) Wholesale segment margin to Stripes retail stores reflects the gross
    profit mark-up charged by SUSP effective September 25, 2012.
    Reflects the impact of refinancing the $425 million 8.5% senior unsecured
(d) notes effective May 15, 2013. Excludes approximately $26 million pre-tax
    charges related to the refinancing.
    Numbers for both years do not reflect existing retail or wholesale store
(e) closures, which are typically lower volume locations than new sites. In
    the first quarter of 2013, the company closed 1 retail store and
    discontinued 5 wholesale sites.
    Gross capital expenditures include acquisitions and purchase of
    intangibles. Net capital spending reduces gross capital expenditures by
    proceeds from sale/leaseback transactions and asset dispositions. The
(f) Company does not provide guidance on potential acquisitions. Net capital
    spending is not reduced for debt financing. The impact of sales of stores
    by SUSS to SUSP under sale/leaseback agreements does not impact Susser's
    consolidated capital expenditures or rent expense.

    (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 "Reconciliations
    of Non-GAAP Measures" 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

First Quarter Earnings Conference Call

Susser's management team will hold a conference call today at 11:00a.m. ET
(10:00a.m. CT) to discuss first quarter 2013 results for both Susser Holdings
Corporation and Susser Petroleum Partners LP. To participate in the call, dial
480-629-9771 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 and Susser
Petroleum Partners' web site at under Events
and Presentations. A telephone replay will be available through May 15 by
calling 303-590-3030 and using the pass code 4614394#.

Susser Holdings Corporation is a third-generation family led business based in
Corpus Christi, Texas that operates over 560 convenience stores in Texas, New
Mexico and Oklahoma under the Stripes® banner. Restaurant service is available
in approximately 355 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 over 1.4
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.

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. These statements are based on
current plans and expectations 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; volatility in crude oil and wholesale petroleum
costs; increasing consumer preferences for alternative motor fuels, or
improvements in fuel efficiency; inability to build or acquire and
successfully integrate new stores; 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; risks relating to our
substantial indebtedness and the restrictive covenants associated with that
indebtedness; our ability to comply with federal and state regulations
including those related to alcohol, tobacco and environmental matters; 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; 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; cross-border
risks associated with the concentration of our stores in markets bordering
Mexico; impairment of goodwill or indefinite lived assets; 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.

Financial statements follow

Susser Holdings Corporation
Consolidated Statements of Operations
                             Three Months Ended
                             April1,                     March31,
                             2012                         2013
                             (dollars in thousands, except share and per share
Merchandise sales            $      226,070               $     247,478
Motor fuel sales             1,175,206                    1,225,494
Other income                 13,111                       13,376
Total revenues               1,414,387                    1,486,348
Cost of sales:
Merchandise                  150,343                      165,645
Motor fuel                   1,140,403                    1,172,631
Other                        689                          1,034
Total cost of sales          1,291,435                    1,339,310
Gross profit                 122,952                      147,038
Operating expenses:
Personnel                    41,912                       50,967
General and administrative   10,934                       14,047
Other operating              36,556                       40,047
Rent                         11,772                       11,740
Loss (gain) on disposal of   (293)                        448
assets and impairment charge
Depreciation, amortization   12,563                       14,182
and accretion
Total operating expenses     113,444                      131,431
Income from operations       9,508                        15,607
Other income (expense):
Interest expense, net        (10,327)                     (10,105)
Other miscellaneous          (42)                         (78)
Total other expense, net     (10,369)                     (10,183)
Income before income taxes   (861)                        5,424
Income tax benefit (expense) 335                          (1,548)
Net income (loss)            (526)                        3,876
Less: Net income
attributable to              2                            4,108
noncontrolling interest
Net loss attributable to     $      (528)                 $     (232)
Susser Holdings Corporation
Net income loss per share
attributable to Susser
Holdings Corporation:
Basic                        $      (0.03)                $     (0.01)
Diluted                      $      (0.03)                $     (0.01)
Weighted average shares
Basic                        20,609,213                   21,068,222
Diluted                      20,609,213                   21,068,222

Susser Holdings Corporation
Consolidated Balance Sheets
                                                    December30,  March31,
                                                    2012          2013
Current assets:
Cash and cash equivalents                           $ 286,232     $ 263,918
Accounts receivable, net of allowance for doubtful
accounts of $707 at December 30, 2012 and $418 at   105,874       120,931
March 31, 2013
Inventories, net                                    115,048       132,678
Other current assets                                6,678         11,662
Total current assets                                513,832       529,189
Property and equipment, net                         602,151       630,262
Other assets:
Marketable securities                               148,264       122,267
Goodwill                                            244,398       244,398
Intangible assets, net                              45,764        44,462
Other noncurrent assets                             15,381        15,417
Total assets                                        $ 1,569,790   $ 1,585,995
Liabilities and shareholders' equity
Current liabilities:
Accounts payable                                    $ 171,545     $ 194,218
Accrued expenses and other current liabilities      63,834        58,010
Current maturities of long-term debt                36            36
Total current liabilities                           235,415       252,264
Revolving line of credit                            35,590        58,600
Long-term debt                                      571,649       545,737
Deferred gain, long-term portion                    28,548        27,963
Deferred tax liability, long-term portion           80,992        81,973
Other noncurrent liabilities                        16,897        16,303
Total liabilities                                   969,091       982,840
Commitments and contingencies:
Shareholders' equity:
Susser Holdings Corporation shareholders' equity:
Common stock, $.01 par value; 125,000,000 shares
authorized; 21,619,700 issued and 21,229,499        212           213
outstanding at December 30, 2012; 21,624,468 issued
and 21,327,772 outstanding as of March 31, 2013
Additional paid-in capital                          276,430       277,300
Treasury stock, common shares, at cost; 390,201 as  (8,068)       (6,203)
of December 30, 2012; 296,696 as of March 31, 2013
Retained earnings                                   120,924       121,315
Total Susser Holdings Corporation shareholders'     389,498       392,625
Noncontrolling interest                             211,201       210,530
Total shareholders' equity                          600,699       603,155
Total liabilities and shareholders' equity          $ 1,569,790   $ 1,585,995

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
                          April1,                      March31,
                          2012                          2013
                          (dollars and gallons in thousands, except motor fuel
                          pricing and gross profit per gallon)
Merchandise sales         $     226,070                 $    247,478
Motor fuel—retail         736,405                       782,979
Motor fuel—wholesale      438,801                       442,515
Other                     13,111                        13,376
Total revenue             $     1,414,387               $    1,486,348
Gross profit:
Merchandise               $     75,727                  $    81,833
Motor fuel—retail (2)     27,725                        37,011
Motor fuel—wholesale to   7,078                         8,633
third parties (3)
Motor fuel—wholesale to   —                             6,532
Stripes (2)
Other, including          12,422                        13,029
intercompany eliminations
Total gross profit        $     122,952                 $    147,038
Adjusted EBITDA (4):
Retail                    $     19,262                  $    21,885
Wholesale                 5,222                         12,320
Other                     (1,534)                       (2,409)
Total Adjusted EBITDA     $     22,950                  $    31,796
Retail merchandise margin 33.5                %         33.1              %
Merchandise same-store    6.7                 %         4.2               %
sales growth (1)
Average per retail store
per week:
Merchandise sales         $     32.2                    $    34.1
Motor fuel gallons sold   29.8                          31.1
Motor fuel gallons sold:
Retail                    208,137                       223,477
Wholesale - third party   141,581                       146,652
Average retail price of   $     3.54                    $    3.50
motor fuel per gallon
Motor fuel gross profit
cents per gallon:
Retail (2)                13.3                ¢         16.6              ¢
Wholesale - third party   5.0                 ¢         5.9               ¢
Retail credit card cents  5.4                 ¢         5.5               ¢
per gallon

(1) We include a store in the same store sales base in its thirteenth full
    month of our operation.
    Effective September 25, 2012, the retail fuel margin reflects a reduction
    of approximately three cents per gallon as SUSP began charging a profit
    mark-up on gallons sold to our retail segment. Prior to this date, no
(2) gross profit mark-up was charged by the wholesale segment to the retail
    segment. Excluding the impact of this profit mark-up to SUSP for first
    quarter 2013, the average retail margin would have been reported as 19.6
    cents per gallon, or 3 cents higher.
    The wholesale margin from third parties excludes sales and gross profit
    to the retail segment. Wholesale margin to Stripes reflects the markup of
(3) approximately 3 cents per gallon beginning September 25, 2012. Prior to
    this date, no profit margin was recognized in the wholesale segment on
    sales to Stripes stores.
    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
(4) 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 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:

  osecurities analysts and other interested parties use such calculations as
    a measure of financial performance and debt service capabilities;
  othey 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;
  othey 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
  othey 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 include:

  othey do not reflect our cash expenditures, or future requirements, for
    capital expenditures or contractual commitments;
  othey do not reflect changes in, or cash requirements for, working capital;
  othey do not reflect significant interest expense, or the cash requirements
    necessary to service interest or principal payments on our existing
    revolving credit facility or existing notes;
  othey do not reflect payments made or future requirements for income taxes;
  oalthough 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
  obecause not all companies use identical calculations, our presentation of
    EBITDA, Adjusted EBITDA and Adjusted EBITDAR may not be comparable to
    similarly titles measures of other companies.

The following table presents a reconciliation of net income (loss)
attributable to Susser Holdings Corporation to EBITDA, Adjusted EBITDA and
Adjusted EBITDAR:

                                                        Three Months Ended
                                                        April1,   March31,
                                                        2012       2013
                                                        (in thousands)
Net loss attributable to Susser Holdings Corporation    $ (528)    $ (232)
Net income attributable to noncontrolling interest      2          4,108
Depreciation, amortization and accretion                12,563     14,182
Interest expense, net                                   10,327     10,105
Income tax (benefit) expense                            (335)      1,548
EBITDA                                                  22,029     29,711
Non-cash stock-based compensation                       1,172      1,559
(Gain) loss on disposal of assets and impairment charge (293)      448
Other miscellaneous expense                             42         78
Adjusted EBITDA                                         22,950     31,796
Rent                                                    11,772     11,740
Adjusted EBITDAR                                        $ 34,722   $ 43,536

 Contacts: Susser Holdings Corporation
           Mary Sullivan, Chief Financial Officer
           (361) 884-2463,
           Dennard ▪ Lascar Associates
           Anne Pearson, Senior Vice President
           (210) 408-6321,

SOURCE Susser Holdings Corporation

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