Rite Aid Announces Third Quarter Results (2-2)
RITE AID CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
(unaudited)
Dec. 1, 2001 March 3, 2001
------------ -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 94,272 $ 92,290
Accounts receivable, net 593,606 503,527
Inventories, net 2,528,870 2,444,525
Investment in AdvancePCS -- 491,198
Prepaid expenses and other
current assets 93,481 85,292
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Total current assets 3,310,229 3,616,832
PROPERTY, PLANT AND EQUIPMENT, NET 2,253,554 3,041,008
GOODWILL AND OTHER INTANGIBLES, NET 986,179 1,067,339
OTHER ASSETS 183,394 188,732
----------- -----------
Total assets $ 6,733,356 $ 7,913,911
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LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT)
CURRENT LIABILITIES:
Short-term debt and current
maturities of convertible
subordinated notes, long-term debt
and lease financing obligations $ 220,695 $ 36,956
Accounts payable 839,614 896,390
Sales and other taxes payable 43,898 31,562
Accrued salaries, wages and other
current liabilities 823,519 696,047
----------- -----------
Total current liabilities 1,927,726 1,660,955
CONVERTIBLE SUBORDINATED NOTES 242,625 357,324
LONG-TERM DEBT, LESS CURRENT
MATURITIES 3,287,550 4,428,871
LEASE FINANCING OBLIGATIONS, LESS
CURRENT MATURITIES 208,558 1,071,397
OTHER NONCURRENT LIABILITIES 742,632 730,342
----------- -----------
Total liabilities 6,409,091 8,248,889
----------- -----------
COMMITMENTS AND CONTINGENCIES -- --
REDEEMABLE PREFERRED STOCK 19,536 19,457
STOCKHOLDERS' EQUITY (DEFICIT):
PREFERRED STOCK 354,221 333,974
COMMON STOCK 516,226 348,055
ADDITIONAL PAID-IN CAPITAL 3,161,005 2,065,301
ACCUMULATED DEFICIT (3,746,923) (3,171,956)
STOCK-BASED AND DEFERRED
COMPENSATION 20,822 19,782
ACCUMULATED OTHER COMPREHENSIVE
(LOSS) INCOME (622) 50,409
----------- -----------
Total stockholders' equity
(deficit) 304,729 (354,435)
----------- -----------
Total liabilities and
stockholders' equity (deficit) $ 6,733,356 $ 7,913,911
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RITE AID CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(unaudited)
Thirteen Thirteen
Weeks Ended Weeks Ended
Dec. 1, 2001 Nov. 25, 2000
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REVENUES $ 3,732,079 $ 3,531,691
COSTS AND EXPENSES:
Cost of goods sold,
including occupancy costs 2,923,759 2,713,988
Selling, general and
administrative expenses 801,453 810,900
Goodwill amortization 5,200 5,058
Store closing and
impairment charges 18,652 95,571
Interest expense 82,515 146,122
Interest rate swap
contracts 10,382 --
(Gain) loss on debt and
lease conversions and
modifications, net (56) 8,306
Share of loss from equity
investment 1,697 6,484
Loss (gain) on sale of
assets and investments, net 694 (13,491)
----------- -----------
3,844,296 3,772,938
----------- -----------
Loss from continuing
operations before income
taxes (112,217) (241,247)
INCOME TAX EXPENSE 546 --
----------- -----------
Loss from continuing operations (112,763) (241,247)
DISCONTINUED OPERATIONS:
Reduction of loss on
disposal of the PBM segment
(net of income tax expense
of $0) -- 135,534
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NET LOSS $ (112,763) $ (105,713)
=========== ===========
BASIC AND DILUTED (LOSS) PER SHARE:
Loss from continuing
operations $ (0.23) $ (0.74)
Reduction of loss
from discontinued operations -- 0.40
----------- -----------
Net loss per share $ (0.23) $ (0.34)
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RITE AID CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(unaudited)
Thirty-Nine Thirty-Nine
Weeks Ended Weeks Ended
Dec. 1, 2001 Nov. 25, 2000
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REVENUES $ 11,133,286 $ 10,413,346
COSTS AND EXPENSES:
Cost of goods sold,
including occupancy costs 8,636,889 8,005,474
Selling, general and
administrative expenses 2,469,452 2,491,090
Goodwill amortization 15,823 16,759
Store closing and
impairment charges 40,393 199,742
Interest expense 313,581 499,871
Interest rate swap
contracts 41,429 --
Loss on debt and lease
conversions and
modifications, net 154,539 92,095
Share of loss from equity
investment 12,092 30,554
(Gain) loss on sale of
assets and investments,
net (50,761) 3,035
------------ ------------
11,633,437 11,338,620
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Loss from continuing
operations before
income taxes (500,151) (925,274)
INCOME TAX EXPENSE 3,046 144,382
------------ ------------
Loss from continuing
operations before
extraordinary item (503,197) (1,069,656)
DISCONTINUED OPERATIONS:
Income from discontinued
operations (net of
income tax expense of
$13,846) -- 11,335
Estimated loss on disposal
of the PBM segment
(net of income tax
benefit of $734) -- (199,229)
------------ ------------
Net loss before
extraordinary item (503,197) (1,257,550)
EXTRAORDINARY ITEM, loss
on early extinguishment
of debt (net of income
taxes of $0) (66,589) --
------------ ------------
NET LOSS $ (569,786) $ (1,257,550)
============ ============
BASIC AND DILUTED (LOSS) PER
SHARE:
Loss from continuing
operations $ (1.15) $ (4.12)
Loss from discontinued
operations -- (0.62)
Loss from extraordinary
item (0.14) --
------------ ------------
Net loss per share $ (1.29) $ (4.74)
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Contact:
Rite Aid Corporation
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