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Rite Aid Corporation Message Board

  • scotty410 scotty410 Apr 7, 2010 11:26 AM Flag

    RAD Earned $2.2 Billion in the Last Year!!!

    Reed the 3/31/2010 Report...they took a paper loss of $2.3 Billion to make it look like it lost money last year. $1.8 Billion write down of Goodwill??? What! About $500 Million in asset depreciation and other such crap.

    They have over $900 Million cash on hand...pretty soon will be talking about real money.

    Keep it up and the new name will Sammons Drugs...

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    • LOL! Clueless!

    • > they took a paper loss of $2.3 Billion to make
      > it look like it lost money last year.

      Yes, they took a large paper write-down a little over a year ago. As stated in the report, this is why their apparent $2.67 loss per share for that quarter was really much smaller ($0.40 or so if my memory serves).

      It is false to state that Rite Aid had any earnings in any of the last nine quarters. If they did then they would indicate it on their financial reports. With the previous CEO sitting in prison I will never accept the idea being floated around here that the current upper management is lying in their financial reporting.

      • 1 Reply to hodjiii
      • No one said it was a lie, just required good accounting practices...but if you adjust for the the goodwill and asset write-downs...they would have shown a profit.

        Moreove, they have $65 billion in sales and over $900 million cash on hand and they are opening new stoeres... albeit closing duplicate located and poor performing stores...

        A couple of pennies increase on store items and they have nice profit in a New York minute.

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