-
First Quarter Net Income of $18.8 Million and Net Income per
Diluted Share of $0.02, Which Includes $0.02 of EnvisionRx Acquisition
Related Expenses, Compared to Prior Year’s First Quarter Net Income of
$41.4 Million and Net Income per Diluted Share of $0.04
-
First Quarter Adjusted EBITDA of $299.3 Million Compared to
Adjusted EBITDA of $282.6 Million in Prior First Quarter
-
Rite Aid Updates Outlook for Fiscal 2016 to Include the Expected
Results of EnvisionRx
Rite Aid Corporation (NYSE:RAD) today reported operating results for its
fiscal first quarter ended May 30, 2015. The company reported revenues
of $6.6 billion, net income of $18.8 million or $0.02 per diluted share,
and Adjusted EBITDA of $299.3 million, or 4.5 percent of revenues.
“Our first-quarter results reflect the continued progress we’re making
in positioning Rite Aid for growth, including increases in same-store
sales, same-store prescription count and Adjusted EBITDA,” said Rite Aid
Chairman and CEO John Standley. “We generated these positive results
while also making significant strategic investments to continue our
transformation into a retail healthcare company. Through initiatives
like adding RediClinics to Rite Aid stores, launching the
ground-breaking wellness+ with Plenti program and our pending
acquisition of EnvisionRx, we remain highly focused on delivering a
differentiated experience to our customers and a higher level of care to
the communities we serve.”
First Quarter Summary
Revenues for the quarter were $6.6 billion versus revenues of $6.5
billion in the prior year’s first quarter. Revenues increased 2.8
percent primarily as a result of an increase in same store sales.
Same store sales for the quarter increased 2.9 percent over the prior
year, consisting of a 0.6 percent increase in front-end sales and a 3.9
percent increase in pharmacy sales. Pharmacy sales included an
approximate 165 basis point negative impact from new generic
introductions. The number of prescriptions filled in same stores
increased 1.6 percent over the prior year period. Prescription sales
accounted for 69.1 percent of total drugstore sales, and third party
prescription revenue was 97.7 percent of pharmacy sales.
Net income was $18.8 million or $0.02 per diluted share compared to last
year’s first quarter net income of $41.4 million or $0.04 per diluted
share. The decline in net income resulted primarily from interest and
other incremental pre-tax costs of $36.0 million, or $0.02 per share on
an after-tax basis, incurred in connection with the company’s pending
acquisition of EnvisionRx. These incremental costs were partially offset
by an increase in Adjusted EBITDA.
Adjusted EBITDA (which is reconciled to net income on the attached
table) was $299.3 million or 4.5 percent of revenues for the first
quarter compared to $282.6 million or 4.4 percent of revenues for the
like period last year. Adjusted EBITDA improved due to an increase in
front-end and pharmacy gross profit, partially offset by an increase in
selling, general and administrative expenses related to our higher level
of sales, clinic expansion and the roll-out of the Plenti program.
In the first quarter, the company relocated 2 stores, remodeled 108
stores and expanded 1 store, bringing the total number of wellness
stores chainwide to 1,741. The company also closed 4 stores, resulting
in a total store count of 4,566 at the end of the first quarter.
Rite Aid Updates Fiscal 2016 Guidance to Include the Expected Results
of EnvisionRx
Rite Aid has updated its fiscal 2016 guidance to reflect the expected
results of EnvisionRx for the period subsequent to the transaction
close, which is expected to occur by the beginning of July. Rite Aid has
also updated its guidance to reflect the cost to refinance its 8% First
Lien Notes due 2020. Revenues, which includes PBM revenues are expected
to be between $30.7 billion and $31.2 billion. Drugstore sales are
expected to be between $26.9 billion and $27.4 billion and same store
sales to range from an increase of 2.50 percent to an increase of 4.50
percent over fiscal 2015. Adjusted EBITDA (which is reconciled to net
income on the attached table) guidance is expected to be between $1.350
billion and $1.450 billion and net income is expected to be between
$150.0 million and $230.0 million or income per diluted share of $0.14
to $0.22. Capital expenditures are expected to be approximately $665
million.
Conference Call Broadcast
Rite Aid will hold an analyst call at 8:30 a.m. Eastern Time today with
remarks by Rite Aid's management team. The call will be simulcast via
the internet and can be accessed through the websites www.riteaid.com
in the conference call section of investor information and www.StreetEvents.com.
Slides related to materials discussed on the call will be available on
both sites. A playback of the call will be available on both sites
starting at 12 p.m. Eastern Time today. A playback of the call will also
be available by telephone beginning at 12 p.m. Eastern Time today until
11:59 p.m. Eastern Time on June 20, 2015. The playback number is
1-855-859-2056 from within the U.S. and Canada or 1-404-537-3406 from
outside the U.S. and Canada with the eight-digit reservation number
59491036.
Rite Aid is one of the nation’s leading drugstore chains with 4,566
stores in 31 states and the District of Columbia. Information about Rite
Aid, including corporate background and press releases, is available
through Rite Aid’s website at www.riteaid.com.
Statements, including guidance, in this release that are not
historical are forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Words such as “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,”
“should,” and “will” and variations of such words and similar
expressions are intended to identify such forward-looking statements.
These forward-looking statements are not guarantees of future
performance and involve risks, assumptions and uncertainties, including,
but not limited to, our high level of indebtedness and our ability to
make interest and principal payments on our debt and satisfy the other
covenants contained in our debt agreements, general economic, market and
competitive conditions, our ability to improve the operating performance
of our stores in accordance with our long term strategy, the impact of
private and public third-party payers continued reduction in
prescription drug reimbursements and efforts to encourage mail order,
our ability to manage expenses and our investments in working capital,
outcomes of legal and regulatory matters and changes in legislation or
regulations, including healthcare reform. These and other risks,
assumptions and uncertainties are described in Item 1A (Risk Factors) of
our most recent Annual Report on Form 10-K and in other documents that
we file or furnish with the Securities and Exchange Commission, which
you are encouraged to read. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those indicated or
anticipated by such forward-looking statements. Accordingly, you are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they are made. Rite Aid
expressly disclaims any current intention to update publicly any
forward-looking statement after the distribution of this release,
whether as a result of new information, future events, changes in
assumptions or otherwise.
See the attached table for a reconciliation of a non-GAAP financial
measure, Adjusted EBITDA to net income, the most comparable GAAP
financial measure. We define Adjusted EBITDA as net income excluding the
impact of income taxes (and any corresponding adjustments to tax
indemnification asset), interest expense, depreciation and amortization,
LIFO adjustments, charges or credits for facility closing and
impairment, inventory write-downs related to store closings, debt
retirements and other items (including stock-based compensation expense,
sale of assets and investments and revenue deferrals related to our
customer loyalty program).
|
|
|
|
|
|
RITE AID CORPORATION AND SUBSIDIARIES
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
(Dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
May 30, 2015
|
|
|
February 28, 2015
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,922,129
|
|
|
|
$
|
115,899
|
|
Accounts receivable, net
|
|
|
969,725
|
|
|
|
|
980,904
|
|
Inventories, net of LIFO reserve of $1,003,515 and $997,528
|
|
|
2,820,784
|
|
|
|
|
2,882,980
|
|
Deferred tax assets
|
|
|
17,823
|
|
|
|
|
17,823
|
|
Prepaid expenses and other current assets
|
|
|
100,386
|
|
|
|
|
224,152
|
|
Total current assets
|
|
|
5,830,847
|
|
|
|
|
4,221,758
|
|
Property, plant and equipment, net
|
|
|
2,143,575
|
|
|
|
|
2,091,369
|
|
Goodwill
|
|
|
76,124
|
|
|
|
|
76,124
|
|
Other intangibles, net
|
|
|
403,085
|
|
|
|
|
421,480
|
|
Deferred tax assets
|
|
|
1,756,809
|
|
|
|
|
1,766,349
|
|
Other assets
|
|
|
319,334
|
|
|
|
|
286,172
|
|
Total assets
|
|
$
|
10,529,774
|
|
|
|
$
|
8,863,252
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Current maturities of long-term debt and lease financing obligations
|
|
$
|
35,039
|
|
|
|
$
|
100,376
|
|
Accounts payable
|
|
|
1,167,354
|
|
|
|
|
1,133,520
|
|
Accrued salaries, wages and other current liabilities
|
|
|
1,144,889
|
|
|
|
|
1,193,419
|
|
Deferred tax liabilities
|
|
|
57,685
|
|
|
|
|
57,685
|
|
Total current liabilities
|
|
|
2,404,967
|
|
|
|
|
2,485,000
|
|
Long-term debt, less current maturities
|
|
|
7,142,247
|
|
|
|
|
5,483,415
|
|
Lease financing obligations, less current maturities
|
|
|
57,585
|
|
|
|
|
61,152
|
|
Other noncurrent liabilities
|
|
|
772,244
|
|
|
|
|
776,629
|
|
Total liabilities
|
|
|
10,377,043
|
|
|
|
|
8,806,196
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
-
|
|
|
|
|
-
|
|
Stockholders' equity:
|
|
|
|
|
|
Common stock
|
|
|
1,014,827
|
|
|
|
|
988,558
|
|
Additional paid-in capital
|
|
|
4,570,996
|
|
|
|
|
4,521,023
|
|
Accumulated deficit
|
|
|
(5,387,839
|
)
|
|
|
|
(5,406,675
|
)
|
Accumulated other comprehensive loss
|
|
|
(45,253
|
)
|
|
|
|
(45,850
|
)
|
Total stockholders' equity
|
|
|
152,731
|
|
|
|
|
57,056
|
|
Total liabilities and stockholders' equity
|
|
$
|
10,529,774
|
|
|
|
$
|
8,863,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RITE AID CORPORATION AND SUBSIDIARIES
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Dollars in thousands, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended
|
|
|
Thirteen weeks ended
|
|
|
May 30, 2015
|
|
|
May 31, 2014
|
Revenues
|
|
$
|
6,647,561
|
|
|
$
|
6,465,531
|
|
Costs and expenses:
|
|
|
|
|
|
Cost of goods sold
|
|
|
4,788,031
|
|
|
|
4,662,552
|
|
Selling, general and administrative expenses
|
|
|
1,699,585
|
|
|
|
1,644,354
|
|
Lease termination and impairment charges
|
|
|
5,022
|
|
|
|
4,848
|
|
Interest expense
|
|
|
123,607
|
|
|
|
100,820
|
|
Loss (gain) on sale of assets, net
|
|
|
39
|
|
|
|
(370
|
)
|
|
|
|
|
|
|
|
|
|
6,616,284
|
|
|
|
6,412,204
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
31,277
|
|
|
|
53,327
|
|
Income tax expense
|
|
|
12,441
|
|
|
|
11,881
|
|
Net income
|
|
$
|
18,836
|
|
|
$
|
41,446
|
|
|
|
|
|
|
|
Basic and diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
Numerator for earnings per share:
|
|
|
|
|
|
Income attributable to common stockholders - basic and diluted
|
|
$
|
18,836
|
|
|
$
|
41,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
Basic weighted average shares
|
|
|
986,691
|
|
|
|
963,332
|
|
Outstanding options and restricted shares, net
|
|
|
22,461
|
|
|
|
33,222
|
|
|
|
|
|
|
|
Diluted weighted average shares
|
|
|
1,009,152
|
|
|
|
996,554
|
|
|
|
|
|
|
|
Basic income per share
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
Diluted income per share
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RITE AID CORPORATION AND SUBSIDIARIES
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
(In thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended
|
|
|
Thirteen weeks ended
|
|
|
May 30, 2015
|
|
|
May 31, 2014
|
Net income
|
|
$
|
18,836
|
|
|
$
|
41,446
|
Other comprehensive income:
|
|
|
|
|
|
Defined benefit pension plans:
|
|
|
|
|
|
Amortization of prior service cost, net transition obligation and
net actuarial losses included in net periodic pension cost, net of
$398 and $0 tax expense
|
|
|
597
|
|
|
|
659
|
Total other comprehensive income
|
|
|
597
|
|
|
|
659
|
Comprehensive income
|
|
$
|
19,433
|
|
|
$
|
42,105
|
|
|
|
|
|
|
|
|
|
|
|
|
RITE AID CORPORATION AND SUBSIDIARIES
|
|
|
|
|
|
|
SUPPLEMENTAL OPERATING AND CASH FLOW INFORMATION
|
(Dollars in thousands, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended
|
|
|
Thirteen weeks ended
|
|
|
May 30, 2015
|
|
|
May 31, 2014
|
|
|
|
|
|
|
SUPPLEMENTAL OPERATING INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
6,647,561
|
|
|
|
$
|
6,465,531
|
|
Cost of goods sold
|
|
|
4,788,031
|
|
|
|
|
4,662,552
|
|
Gross profit
|
|
|
1,859,530
|
|
|
|
|
1,802,979
|
|
LIFO charge
|
|
|
5,987
|
|
|
|
|
1,545
|
|
FIFO gross profit
|
|
|
1,865,517
|
|
|
|
|
1,804,524
|
|
|
|
|
|
|
|
Gross profit as a percentage of revenues
|
|
|
27.97
|
%
|
|
|
|
27.89
|
%
|
LIFO charge as a percentage of revenues
|
|
|
0.09
|
%
|
|
|
|
0.02
|
%
|
FIFO gross profit as a percentage of revenues
|
|
|
28.06
|
%
|
|
|
|
27.91
|
%
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
1,699,585
|
|
|
|
|
1,644,354
|
|
Selling, general and administrative expenses as a percentage of
revenues
|
|
|
25.57
|
%
|
|
|
|
25.43
|
%
|
|
|
|
|
|
|
Cash interest expense
|
|
|
102,762
|
|
|
|
|
96,435
|
|
Non-cash interest expense
|
|
|
20,845
|
|
|
|
|
4,385
|
|
Total interest expense
|
|
|
123,607
|
|
|
|
|
100,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
299,263
|
|
|
|
|
282,613
|
|
Adjusted EBITDA as a percentage of revenues
|
|
|
4.50
|
%
|
|
|
|
4.37
|
%
|
|
|
|
|
|
|
Net income
|
|
|
18,836
|
|
|
|
|
41,446
|
|
Net income as a percentage of revenues
|
|
|
0.28
|
%
|
|
|
|
0.64
|
%
|
|
|
|
|
|
|
Total debt
|
|
|
7,234,871
|
|
|
|
|
5,704,386
|
|
Invested cash (a)
|
|
|
1,769,525
|
|
|
|
|
1,990
|
|
Total debt net of invested cash
|
|
|
5,465,346
|
|
|
|
|
5,702,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
Payments for property, plant and equipment
|
|
|
141,037
|
|
|
|
|
94,342
|
|
Intangible assets acquired
|
|
|
14,293
|
|
|
|
|
19,586
|
|
Total cash capital expenditures
|
|
|
155,330
|
|
|
|
|
113,928
|
|
Equipment received for noncash consideration
|
|
|
545
|
|
|
|
|
-
|
|
Equipment financed under capital leases
|
|
|
800
|
|
|
|
|
1,683
|
|
Gross capital expenditures
|
|
$
|
156,675
|
|
|
|
$
|
115,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Invested cash includes $1,769 million of cash set aside for
funding the EnvisionRx acquisition.
|
|
|
|
|
|
RITE AID CORPORATION AND SUBSIDIARIES
|
SUPPLEMENTAL INFORMATION
|
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended
|
|
Thirteen weeks ended
|
|
|
May 30, 2015
|
|
May 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income to adjusted EBITDA:
|
|
|
|
|
|
Net income
|
|
$
|
18,836
|
|
|
|
$
|
41,446
|
|
Adjustments:
|
|
|
|
|
|
Interest expense
|
|
|
123,607
|
|
|
|
|
100,820
|
|
Income tax expense
|
|
|
12,441
|
|
|
|
|
11,881
|
|
Depreciation and amortization
|
|
|
109,649
|
|
|
|
|
103,105
|
|
LIFO charge
|
|
|
5,987
|
|
|
|
|
1,545
|
|
Lease termination and impairment charges
|
|
|
5,022
|
|
|
|
|
4,848
|
|
Other
|
|
|
23,721
|
|
|
|
|
18,968
|
|
Adjusted EBITDA
|
|
$
|
299,263
|
|
|
|
$
|
282,613
|
|
Percent of revenues
|
|
|
4.50
|
%
|
|
|
|
4.37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
RITE AID CORPORATION AND SUBSIDIARIES
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended
|
|
|
Thirteen weeks ended
|
|
|
May 30, 2015
|
|
|
May 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income
|
|
$
|
18,836
|
|
|
|
$
|
41,446
|
|
Adjustments to reconcile to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
109,649
|
|
|
|
|
103,105
|
|
Lease termination and impairment charges
|
|
|
5,022
|
|
|
|
|
4,848
|
|
LIFO charge
|
|
|
5,987
|
|
|
|
|
1,545
|
|
Loss (gain) on sale of assets, net
|
|
|
39
|
|
|
|
|
(370
|
)
|
Stock-based compensation expense
|
|
|
7,370
|
|
|
|
|
4,156
|
|
Changes in deferred taxes
|
|
|
9,540
|
|
|
|
|
-
|
|
Excess tax benefit on stock options and restricted stock
|
|
|
(2,820
|
)
|
|
|
|
(10,522
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
|
11,027
|
|
|
|
|
41,347
|
|
Inventories
|
|
|
56,204
|
|
|
|
|
59,375
|
|
Accounts payable
|
|
|
79,715
|
|
|
|
|
86,324
|
|
Other assets and liabilities, net
|
|
|
67,266
|
|
|
|
|
(91,506
|
)
|
Net cash provided by operating activities
|
|
|
367,835
|
|
|
|
|
239,748
|
|
INVESTING ACTIVITIES:
|
|
|
|
|
|
Payments for property, plant and equipment
|
|
|
(141,037
|
)
|
|
|
|
(94,342
|
)
|
Intangible assets acquired
|
|
|
(14,293
|
)
|
|
|
|
(19,586
|
)
|
Acquisition of Health Dialog and RediClinic, net of cash acquired
|
|
|
-
|
|
|
|
|
(65,306
|
)
|
Proceeds from dispositions of assets and investments
|
|
|
2,838
|
|
|
|
|
1,873
|
|
Net cash used in investing activities
|
|
|
(152,492
|
)
|
|
|
|
(177,361
|
)
|
FINANCING ACTIVITIES:
|
|
|
|
|
|
Proceeds from issuance of long-term debt
|
|
|
1,800,000
|
|
|
|
|
1,152,293
|
|
Net payments to revolver
|
|
|
(141,000
|
)
|
|
|
|
(49,000
|
)
|
Principal payments on long-term debt
|
|
|
(5,577
|
)
|
|
|
|
(1,157,443
|
)
|
Change in zero balance cash accounts
|
|
|
(34,275
|
)
|
|
|
|
(8,578
|
)
|
Net proceeds from the issuance of common stock
|
|
|
3,378
|
|
|
|
|
10,904
|
|
Excess tax benefit on stock options and restricted stock
|
|
|
2,820
|
|
|
|
|
10,522
|
|
Deferred financing costs paid
|
|
|
(34,459
|
)
|
|
|
|
(1,488
|
)
|
Net cash provided by (used in) financing activities
|
|
|
1,590,887
|
|
|
|
|
(42,790
|
)
|
Increase in cash and cash equivalents
|
|
|
1,806,230
|
|
|
|
|
19,597
|
|
Cash and cash equivalents, beginning of period
|
|
|
115,899
|
|
|
|
|
146,406
|
|
Cash and cash equivalents, end of period
|
|
$
|
1,922,129
|
|
|
|
$
|
166,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RITE AID CORPORATION AND SUBSIDIARIES
|
SUPPLEMENTAL INFORMATION
|
RECONCILIATION OF NET INCOME GUIDANCE TO ADJUSTED EBITDA GUIDANCE
|
YEAR ENDING FEBRUARY 27, 2016
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance Range
|
|
|
Low
|
|
|
High
|
|
|
|
|
|
|
Total revenues
|
|
$
|
30,700,000
|
|
|
|
$
|
31,200,000
|
|
|
|
|
|
|
|
Drugstore sales
|
|
$
|
26,900,000
|
|
|
|
$
|
27,400,000
|
|
|
|
|
|
|
|
Same store sales
|
|
|
2.50
|
%
|
|
|
|
4.50
|
%
|
|
|
|
|
|
|
Gross capital expenditures
|
|
$
|
665,000
|
|
|
|
$
|
665,000
|
|
|
|
|
|
|
|
Reconciliation of net income to adjusted EBITDA:
|
|
|
|
|
|
Net income
|
|
$
|
150,000
|
|
|
|
$
|
230,000
|
|
Adjustments:
|
|
|
|
|
|
Interest expense
|
|
|
455,000
|
|
|
|
|
455,000
|
|
Income tax expense
|
|
|
97,000
|
|
|
|
|
151,000
|
|
Depreciation and amortization
|
|
|
470,000
|
|
|
|
|
465,000
|
|
LIFO charge
|
|
|
30,000
|
|
|
|
|
10,000
|
|
Loss on debt retirement
|
|
|
33,000
|
|
|
|
|
33,000
|
|
Store closing and impairment charges
|
|
|
55,000
|
|
|
|
|
45,000
|
|
Other
|
|
|
60,000
|
|
|
|
|
61,000
|
|
Adjusted EBITDA (1)
|
|
$
|
1,350,000
|
|
|
|
$
|
1,450,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per share
|
|
$
|
0.14
|
|
|
|
$
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes estimated amounts related to our pending EnvisionRx
acquisition assuming we close the transaction by the beginning of
July 2015. Estimates for EBITDA, Interest expense and Depreciation
and amortization are $100,000, $105,000, and $25,000, respectively.
These estimates include acquisition related costs and interest to
finance the acquisition from April 2, 2015 through the end of the
year.
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150618005528/en/
Copyright Business Wire 2015