SUSS » Topics » NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

This excerpt taken from the SUSS 10-K filed Mar 14, 2008.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

STYLE="margin-top:12px;margin-bottom:0px">1. Organization and Principles of Consolidation

The
consolidated financial statements are composed of Susser Holdings Corporation (“Susser” or “Company”), a Delaware corporation, and its consolidated subsidiaries, which operate convenience stores and distribute motor fuels in
Texas, New Mexico and Oklahoma. The Company was formed in May 2006, and in October 2006 completed an initial public offering (“IPO”) (see Note 3). Susser became, immediately prior to the IPO, the holding company of Stripes
Holdings LLC, which together with each of its direct and indirect subsidiaries, comprise all of the Company’s operations. Susser, through its subsidiaries and predecessors, has been acquiring, operating, and supplying motor fuel to convenience
stores since 1988.

The consolidated financial statements include the accounts of the Company and all of its subsidiaries. The
Company’s primary operations are conducted by the following consolidated subsidiaries:

 







  

Stripes LLC (“Stripes”), a Texas Limited Liability Company and successor to SSP Partners, operates convenience stores located primarily in Texas, eastern
New Mexico and southern Oklahoma. On November 13, 2007, Stripes completed the acquisition of TCFS Holdings, Inc. (“TCFS”), the parent company of the Town & Country Food Stores (“Town & Country”) chain of
convenience stores.

 







  

Susser Petroleum Company LLC (“SPC”), a Texas Limited Liability Company and successor to Susser Petroleum Company, LP, distributes motor fuels in Texas,
eastern New Mexico and Oklahoma. SPC is a wholly owned subsidiary of Stripes.

The Company also offers environmental,
maintenance, and construction management services to the petroleum industry (including its own sites) through its subsidiary, Applied Petroleum Technologies, Ltd. (“APT”), a Texas limited partnership. Two wholly owned subsidiaries, Susser
Holdings, L.L.C. and Susser Finance Corporation, are the issuers of the $270 million senior notes outstanding at December 30, 2007, but do not conduct any operations (see Note 11). A subsidiary, C&G Investments, LLC, owns a 50% interest in
Cash & Go, Ltd. and Cash & Go Management, LLC. Cash & Go, Ltd. currently operates 39 units, located primarily inside Stripes’ retail stores, which provide short-term loans and check cashing services. The Company
accounts for this investment under the equity method, and reflects its share of net earnings in other miscellaneous income and its investment in other noncurrent assets.

FACE="Times New Roman" SIZE="2">All significant intercompany accounts and transactions have been eliminated in consolidation. Transactions and balances of other subsidiaries are not material to the consolidated financial statements.

STYLE="margin-top:18px;margin-bottom:0px">2. Summary of Significant Accounting Policies

Fiscal Year

The Company’s fiscal year is 52 or 53 weeks and ends on the Sunday closest to December 31. All references to 2007 refer to the
52-week period ended December 30, 2007. All references to 2006 refer to the 52-week period ended December 31, 2006. All references to 2005 refer to the 52-week period ended January 1, 2006. Stripes follows the same accounting calendar
as the Company. SPC and APT use calendar month accounting periods, and end their fiscal year on December 31.

This excerpt taken from the SUSS 8-K filed Nov 13, 2007.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts related to periods ended August 5, 2006 and August 4, 2007 are unaudited)

This excerpt taken from the SUSS 8-K filed Oct 29, 2007.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts related to periods ended August 5, 2006 and August 4, 2007 are unaudited)

This excerpt taken from the SUSS 8-K filed Oct 29, 2007.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts related to periods ended August 5, 2006 and August 4, 2007 are unaudited)

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