Rite Aid Announces Fourth Quarter and Full Year Results
Rite Aid Announces Fourth Quarter and Full Year Results Thursday April 10, 7:30 am ET -- Reports Fourth Quarter Net Loss, Including Non-Cash Tax Charge, of $1.20 Per Diluted Share Compared to Net Income of $.01 Per Diluted Share in Prior Year Fourth Quarter -- Reports Fiscal 2008 Net Loss, Including Non-Cash Tax Charge, of $1.54 Per Diluted Share Compared to $.01 Per Diluted Share in Fiscal 2007 -- Reports Fourth Quarter Adjusted EBITDA of $276.3 Million Compared to Adjusted EBITDA of $201.0 Million in Prior Year Fourth Quarter -- Reports Fiscal 2008 Adjusted EBITDA of $962.8 Million Compared to $696.9 Million in Fiscal 2007 -- Provides Fiscal 2009 Guidance
CAMP HILL, Pa.--(BUSINESS WIRE)--Rite Aid Corporation (NYSE:RAD - News) today announced financial results for its fourth quarter and year ended March 1, 2008. Other than same-store comparisons, results for the fourth quarter and year reflect the acquisition of the Brooks Eckerd stores and distribution centers acquired June 4, 2007.
Revenues for the 13-week fourth quarter were $6.82 billion versus revenues of $4.53 billion in the prior year fourth quarter. Revenues increased 50.5 percent.
Same store sales for the 13-week fourth quarter increased 1.3 percent over the prior year 13-week period, consisting of a 1.4 percent pharmacy same store sales increase and a 1.0 percent increase in front-end same store sales. The number of prescriptions filled in same stores increased 0.7 percent. The acquired Brooks Eckerd stores are excluded from the same store sales and prescription growth amounts. Prescription sales accounted for 66.0 percent of total sales, and third party prescription sales represented 96.0 percent of pharmacy sales.
Net loss for the fourth quarter was $952.2 million or $1.20 per diluted share compared to last year’s fourth quarter net income of $15.1 million or $.01 per diluted share. Included in this quarter’s loss is a previously announced non-cash income tax charge from the recording of a valuation allowance against deferred tax assets that accounted for $894.9 million or $1.12 per diluted share and resulted in the loss of an expected non-cash tax benefit for this year’s fourth quarter. Also contributing to the change were increases in expenses resulting from the Brooks Eckerd acquisition including an increase in depreciation and amortization expense of $65.5 million, additional interest expense of $57.8 million and integration expense of $37.7 million. Offsetting these negative factors were an increase in adjusted EBITDA of $75.2 million and a LIFO inventory credit of $25.3 million compared to last year’s LIFO inventory charge of $16.2 million.
Adjusted EBITDA (which is reconciled to net loss or net income on the attached table) of $276.3 million or 4.0 percent of revenues for the fourth quarter compared to $201.0 million or 4.4 percent of