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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: Susan Saline who wrote (24646)	11/10/1999 2:08:00 PM
From: AlienTech	Read Replies (2) \| Respond to of 43080

DJ Rite Aid Conference Call -2: SEC Contacted Rite Aid CAMP HILL, Pa. (Dow Jones)--Rite Aid Corp. (RAD) said not to rely on "forward looking profitability and cash flow information" it shared at an Oct. 11 analyst and investor meeting. In a news release Wednesday, the drug retailer said it canceled a conference call scheduled for 5 p.m. EST Wednesday. A spokesperson for Rite Aid was not immediately available to provide further details of the Oct. 11 meeting or elaborate on today's canceled meeting. As reported in Wednesday's editions of The Wall Street Journal, the Securities and Exchange Commission's enforcement arm has recently contacted Rite Aid and at least one company that has had dealings with the chain. The SEC scrutiny comes in the wake of Rite Aid saying in October that it would restate downward by about $500 million its earnings for its last three fiscal years, wiping out half its reported pretax earnings for that period. Rite Aid, the No. 3 drug retailer, had already restated those results earlier this year. Its chairman and chief executive officer, Martin L. Grass, also resigned in October. Also contacted by the SEC's enforcement arm has been Creditek, a Parsippany, N.J., company that has helped Rite Aid suppliers manage their billings to the drugstore chain. A Creditek executive said his company was contacted last week by an enforcement attorney from the SEC's New York regional office on Rite Aid-related matters. Also contacted to inquire about Rite Aid was Bic Corp., the Connecticut-based maker of pens, lighters and disposable razors that is a supplier to Rite Aid. According to the Wall Street Journal story, a Bic spokeswoman wouldn't comment further or say which division of the SEC had contacted the company. Also, a spokeswoman for Rite Aid declined to give further details to the Journal on accounting adjustments but said the company may provide more information in an investor conference call, which was scheduled today. -Dave Copeland; Dow Jones Newswires; 201-938-5400 (END) DOW JONES NEWS 11-10-99 02:00 PM