0001144204-15-055369.txt : 20150917 0001144204-15-055369.hdr.sgml : 20150917 20150917071416 ACCESSION NUMBER: 0001144204-15-055369 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150917 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150917 DATE AS OF CHANGE: 20150917 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RITE AID CORP CENTRAL INDEX KEY: 0000084129 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DRUG STORES AND PROPRIETARY STORES [5912] IRS NUMBER: 231614034 STATE OF INCORPORATION: DE FISCAL YEAR END: 0301 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05742 FILM NUMBER: 151111351 BUSINESS ADDRESS: STREET 1: 30 HUNTER LANE CITY: CAMP HILL OWN STATE: PA ZIP: 17011 BUSINESS PHONE: 7177612633 MAIL ADDRESS: STREET 1: PO BOX 3165 CITY: HARRISBURG STATE: PA ZIP: 17105 FORMER COMPANY: FORMER CONFORMED NAME: RACK RITE DISTRIBUTORS DATE OF NAME CHANGE: 19680510 FORMER COMPANY: FORMER CONFORMED NAME: LEHRMAN LOUIS & CO DATE OF NAME CHANGE: 19680510 8-K 1 v420385_8-k.htm FORM 8-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

Date of report (Date of earliest event reported): September 17, 2015 (September 17, 2015)

 

 

Rite Aid Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware 1-5742 23-1614034

(State or Other Jurisdiction

of Incorporation)

 (Commission File Number)

(IRS Employer

Identification Number)

 

 

30 Hunter Lane, Camp Hill, Pennsylvania 17011

(Address of principal executive offices, including zip code)

 

(717) 761-2633

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On September 17, 2015, Rite Aid Corporation (the “Company”) reported its financial position and results of operations as of and for the thirteen and twenty-six week period ended August 29, 2015 (the second quarter of fiscal 2016). The press release includes a non-GAAP financial measure, “Adjusted EBITDA.” The Company uses this non-GAAP measure in assessing its performance in addition to net income determined in accordance with GAAP.

 

The Company believes Adjusted EBITDA serves as an appropriate measure in evaluating the performance of its business and helps its investors better compare the Company’s operating performance with its competitors. The Company defines Adjusted EBITDA as net income excluding the impact of income taxes (and any corresponding adjustment 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 the Company’s customer loyalty program). The Company references this non-GAAP financial measure frequently in its decision-making because it provides supplemental information that facilitates internal comparisons to historical periods and external comparisons to competitors. In addition, incentive compensation is based in part on Adjusted EBITDA and the Company bases certain of its forward-looking estimates and budgets on Adjusted EBITDA.

 

Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative measure of, operating results or of cash flows from operating activities, as determined in accordance with GAAP. The Company’s definition of Adjusted EBITDA may not be comparable to similarly titled measurements reported by other companies or similar terms in the Company’s debt facilities. The press release attached hereto as Exhibit 99.1 includes a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

99.1Press Release, dated September 17, 2015

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    RITE AID CORPORATION
         
         
Dated: September 17, 2015   By: /s/ Marc A. Strassler
      Name: Marc A. Strassler
      Title: Executive Vice President,
        General Counsel and Secretary
         

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit No. Description
   
99.1 Press Release, dated September 17, 2015.

 

 

 

 EX-99.1 2 v420385_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

Press Release

For Further Information Contact:

 

INVESTORS: MEDIA:
Matt Schroeder Susan Henderson
(717) 214-8867 (717) 730-7766
or investor@riteaid.com  

 

FOR IMMEDIATE RELEASE

 

RITE AID REPORTS NET INCOME OF $21.5 MILLION AND ADJUSTED EBITDA

OF $346.8 MILLION FOR SECOND QUARTER FISCAL 2016

 

·Second Quarter Net Income of $21.5 Million and Net Income per Diluted Share of $0.02, Compared to Prior Year’s Second Quarter Net Income of $127.8 Million and Net Income per Diluted Share of $0.13

 

·Second Quarter Adjusted EBITDA of $346.8 Million Compared to Adjusted EBITDA of $364.2 Million in Prior Year’s Second Quarter

 

·Completes Previously Announced Acquisition of EnvisionRx

 

·Rite Aid Updates Outlook for Fiscal 2016

 

CAMP HILL, Pa. (Sept. 17, 2015) - Rite Aid Corporation (NYSE: RAD) today reported operating results for its fiscal second quarter ended August 29, 2015. The company reported revenues of $7.7 billion, net income of $21.5 million or $0.02 per diluted share, and Adjusted EBITDA of $346.8 million, or 4.5 percent of revenues.

 

“The second quarter was pivotal for Rite Aid as we completed the acquisition of EnvisionRx and worked as a team to accelerate our transformation into a retail healthcare company,” said Rite Aid Chairman and CEO John Standley. “EnvisionRx made positive contributions to our performance as our Pharmacy Services Segment* delivered results that were in line with our expectations. We will continue to focus on key initiatives like wellness+ with Plenti, flu immunizations and Wellness store remodels to drive performance in our retail segment as we also leverage EnvisionRx’s suite of services to create unique and integrated offerings in the healthcare marketplace.”

 

Second Quarter Summary

 

Revenues for the quarter were $7.7 billion versus revenues of $6.5 billion in the prior year’s second quarter, an increase of $1.2 billion or 17.5 percent. Retail Pharmacy Segment revenues were $6.6 billion and increased 1.9 percent primarily as a result of an increase in same store sales. Pharmacy Services Segment revenues were $1.1 billion from the date of the acquisition of EnvisionRx, which was June 24, 2015 through the end of the quarter.

 

*Pharmacy Services Segment consists of results from EnvisionRx

 

-MORE-

 

 

  

 

Rite Aid FY 2016 Q2 Press Release - page 2

 

Same store drugstore sales for the Retail Pharmacy Segment increased 2.1 percent over the prior year, consisting of a 0.3 percent increase in front-end sales and a 2.8 percent increase in pharmacy sales. Pharmacy sales included an approximate 223 basis point negative impact from new generic introductions. The number of prescriptions filled in same stores increased 0.2 percent over the prior year period. Prescription sales accounted for 69.3 percent of total drugstore sales, and third party prescription revenue was 97.8 percent of pharmacy sales.

 

Net income was $21.5 million or $0.02 per diluted share compared to last year’s second quarter net income of $127.8 million or $0.13 per diluted share. The decline in net income resulted primarily from a $33.2 million loss on debt retirement related to the redemption of the company’s 8.00% senior secured notes, higher depreciation and amortization expense related to EnvisionRx and an increase in capital spending, higher interest and transaction costs incurred in connection with the company’s acquisition of EnvisionRx, and the cycling of a prior year benefit of approximately $40 million related to the Company’s transition to its new drug purchasing and delivery arrangement with McKesson.

 

Adjusted EBITDA (which is reconciled to net income on the attached table) was $346.8 million or 4.5 percent of revenues for the second quarter compared to $364.2 million or 5.6 percent of revenues for the like period last year. After taking into effect the prior year benefit of $40 million related to the Company’s transition to its new drug purchasing and delivery arrangement, Adjusted EBITDA increased by $22.6 million. This increase was due to $33.2 million of Pharmacy Services Segment Adjusted EBITDA, partially offset by a decline in Retail Pharmacy Segment gross margin, which was due to lower pharmacy reimbursement, partially offset by lower drug purchasing costs.

 

In the second quarter, the company relocated 3 stores and remodeled 119 stores, bringing the total number of wellness stores chainwide to 1,859. The company also opened 2 new stores, acquired 2 stores, and closed 9 stores, resulting in a total store count of 4,561 at the end of the second quarter. The Company also opened 5 clinics in the second quarter, bringing the total to 70.

 

Rite Aid Updates Fiscal 2016 Guidance

 

Rite Aid has updated its fiscal 2016 guidance to reflect more recent sales trends and additional expected amortization expense from EnvisionRx. The midpoint of Adjusted EBITDA guidance remains unchanged. Total revenues are expected to be between $30.8 billion and $31.1 billion. Retail drugstore sales are expected to be between $26.7 billion and $27.0 billion and same store sales to range from an increase of 1.5 percent to an increase of 2.5 percent over fiscal 2015. Adjusted EBITDA (which is reconciled to net income on the attached table) guidance is expected to be between $1.360 billion and $1.440 billion and net income is expected to be between $125 million and $195 million or income per diluted share of $0.12 to $0.19. Capital expenditures are expected to be approximately $665 million.

 

-More-

 

 

  

 

Rite Aid FY 2016 Q2 Press Release - page 3

 

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 Sept. 19, 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 34603858.

 

Rite Aid is one of the nation’s leading drugstore chains with 4,561 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)

 

   August 29, 2015   February 28, 2015 
ASSETS          
Current assets:          
Cash and cash equivalents  $152,647   $115,899 
Accounts receivable, net   1,872,976    980,904 
Inventories, net of LIFO reserve of $1,009,501 and $997,528   2,902,749    2,882,980 
Deferred tax assets   17,823    17,823 
Prepaid expenses and other current assets   140,939    224,152 
Total current assets   5,087,134    4,221,758 
Property, plant and equipment, net   2,198,674    2,091,369 
Goodwill   1,533,827    76,124 
Other intangibles, net   1,225,531    421,480 
Deferred tax assets   1,617,311    1,766,349 
Other assets   316,754    286,172 
Total assets  $11,979,231   $8,863,252 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current liabilities:          
Current maturities of long-term debt and lease financing obligations  $29,002   $100,376 
Accounts payable   1,594,411    1,133,520 
Accrued salaries, wages and other current liabilities   1,703,545    1,193,419 
Deferred tax liabilities   57,622    57,685 
Total current liabilities   3,384,580    2,485,000 
Long-term debt, less current maturities   7,361,079    5,483,415 
Lease financing obligations, less current maturities   54,232    61,152 
Other noncurrent liabilities   749,637    776,629 
Total liabilities   11,549,528    8,806,196 
           
Commitments and contingencies   -    - 
Stockholders' equity:          
Common stock   1,045,622    988,558 
Additional paid-in capital   4,795,106    4,521,023 
Accumulated deficit   (5,366,370)   (5,406,675)
Accumulated other comprehensive loss   (44,655)   (45,850)
Total stockholders' equity   429,703    57,056 
Total liabilities and stockholders' equity  $11,979,231   $8,863,252 

 

 

 

 

 

RITE AID CORPORATION AND SUBSIDIARIES
           
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(unaudited)

  

   Thirteen weeks ended
August 29, 2015		   Thirteen weeks ended
August 30, 2014		 
Revenues  $7,664,776   $6,522,584 
Costs and expenses:          
Cost of goods sold   5,742,485    4,628,005 
Selling, general and administrative expenses   1,725,826    1,640,524 
Lease termination and impairment charges   9,637    7,111 
Interest expense   115,410    100,950 
Loss on debt retirements, net   33,205    - 
Loss (gain) on sale of assets, net   281    (1,715)
           
    7,626,844    6,374,875 
           
Income before income taxes   37,932    147,709 
Income tax expense   16,463    19,860 
Net income  $21,469   $127,849 
           
Basic and diluted earnings per share:          
           
Numerator for earnings per share:          
Net income  $21,469   $127,849 
Add back - Interest on convertible notes   -    1,364 
Income attributable to common stockholders - diluted  $21,469   $129,213 
           
           
           
Denominator:          
Basic weighted average shares   1,029,793    970,664 
Outstanding options and restricted shares, net   19,341    26,132 
Convertible notes   -    24,796 
           
Diluted weighted average shares   1,049,134    1,021,592 
           
Basic and diluted income per share  $0.02   $0.13 

 

 

 

 

 

RITE AID CORPORATION AND SUBSIDIARIES
           
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(unaudited)

 

   Twenty-six weeks ended
August 29, 2015		   Twenty-six weeks ended
August 30, 2014		 
Revenues  $14,312,337   $12,988,115 
Costs and expenses:          
Cost of goods sold   10,530,516    9,290,557 
Selling, general and administrative expenses   3,425,411    3,284,878 
Lease termination and impairment charges   14,659    11,959 
Interest expense   239,017    201,770 
Loss on debt retirements, net   33,205    - 
Loss (gain) on sale of assets, net   320    (2,085)
           
    14,243,128    12,787,079 
           
Income before income taxes   69,209    201,036 
Income tax expense   28,904    31,741 
Net income  $40,305   $169,295 
           
Basic and diluted earnings per share:          
           
Numerator for earnings per share:          
Net income  $40,305   $169,295 
Add back - Interest on convertible notes   -    2,728 
Income attributable to common stockholders - diluted  $40,305   $172,023 
           
           
           
Denominator:          
Basic weighted average shares   1,008,242    966,997 
Outstanding options and restricted shares, net   18,959    26,141 
Convertible notes   -    24,796 
           
Diluted weighted average shares   1,027,201    1,017,934 
           
Basic income per share  $0.04   $0.18 
Diluted income per share  $0.04   $0.17 

 

 

 

 

 

RITE AID CORPORATION AND SUBSIDIARIES
           
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(unaudited)

 

   Thirteen weeks ended
August 29, 2015		   Thirteen weeks ended
August 30, 2014		 
Net income  $21,469   $127,849 
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   598    660 
Total other comprehensive income   598    660 
Comprehensive income  $22,067   $128,509 

 

 

 

 

 

RITE AID CORPORATION AND SUBSIDIARIES
           
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(unaudited)

 

   Twenty-six weeks ended
August 29, 2015		   Twenty-six weeks ended
August 30, 2014		 
Net income  $40,305   $169,295 
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 $796 and $0 tax expense   1,195    1,319 
Total other comprehensive income   1,195    1,319 
Comprehensive income  $41,500   $170,614 

 

 

 

 

RITE AID CORPORATION AND SUBSIDIARIES
             
SUPPLEMENTAL SEGMENT OPERATING INFORMATION
(Dollars in thousands)
(unaudited)

 

   Thirteen weeks ended
August 29, 2015		   Thirteen weeks ended
August 30, 2014		 
         
Retail Pharmacy Segment          
Revenues (a)  $6,647,243   $6,522,584 
Cost of goods sold (a)   4,786,730    4,628,005 
Gross profit   1,860,513    1,894,579 
LIFO charge   5,986    1,544 
FIFO gross profit   1,866,499    1,896,123 
           
Gross profit as a percentage of revenues   27.99%   29.05%
LIFO charge as a percentage of revenues   0.09%   0.02%
FIFO gross profit as a percentage of revenues   28.08%   29.07%
           
Selling, general and administrative expenses   1,678,909    1,640,524 
Selling, general and administrative expenses as a percentage of revenues   25.26%   25.15%
           
Cash interest expense   109,796    96,558 
Non-cash interest expense   5,608    4,392 
Total interest expense   115,404    100,950 
           
Adjusted EBITDA   313,602    364,166 
Adjusted EBITDA as a percentage of revenues   4.72%   5.58%
           
           
Pharmacy Services Segment          
Revenues (a)  $1,071,889      
Cost of goods sold (a)   1,010,111      
Gross profit   61,778      
           
Gross profit as a percentage of revenues   5.76%     
           
Adjusted EBITDA   33,222      
Adjusted EBITDA as a percentage of revenues   3.10%     

 

 

(a) - Revenues and cost of goods sold include $54,356 of inter-segment activity that is eliminated in consolidation.

 

 

 

 

RITE AID CORPORATION AND SUBSIDIARIES
             
SUPPLEMENTAL SEGMENT OPERATING  INFORMATION
(Dollars in thousands)
(unaudited)

 

   Twenty-six weeks ended
August 29, 2015		   Twenty-six weeks ended
August 30, 2014		 
         
Retail Pharmacy Segment          
Revenues (a)  $13,294,804   $12,988,115 
Cost of goods sold (a)   9,574,761    9,290,557 
Gross profit   3,720,043    3,697,558 
LIFO charge   11,973    3,089 
FIFO gross profit   3,732,016    3,700,647 
           
Gross profit as a percentage of revenues   27.98%   28.47%
LIFO charge as a percentage of revenues   0.09%   0.02%
FIFO gross profit as a percentage of revenues   28.07%   28.49%
           
Selling, general and administrative expenses   3,378,494    3,284,878 
Selling, general and administrative expenses as a percentage of revenues   25.41%   25.29%
           
Cash interest expense   212,558    192,993 
Non-cash interest expense   26,453    8,777 
Total interest expense   239,011    201,770 
           
Adjusted EBITDA   612,865    646,779 
Adjusted EBITDA as a percentage of revenues   4.61%   4.98%
           
           
Pharmacy Services Segment          
Revenues (a)  $1,071,889      
Cost of goods sold (a)   1,010,111      
Gross profit   61,778      
           
Gross profit as a percentage of revenues   5.76%     
           
Adjusted EBITDA   33,222      
Adjusted EBITDA as a percentage of revenues   3.10%     

 

 

(a) - Revenues and cost of goods sold include $54,356 of inter-segment activity that is eliminated in consolidation.

 

 

 

 

RITE AID CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(In thousands)
(unaudited)

 

   Thirteen weeks ended
August 29, 2015		   Thirteen weeks ended
August 30, 2014		 
         
         
Reconciliation of net income to adjusted EBITDA:
Net income  $21,469   $127,849 
Adjustments:          
Interest expense   115,410    100,950 
Income tax expense   16,463    19,860 
Depreciation and amortization   127,699    101,484 
LIFO charge   5,986    1,544 
Lease termination and impairment charges   9,637    7,111 
Loss on debt retirements, net   33,205    - 
Other   16,955    5,368 
Adjusted EBITDA  $346,824   $364,166 
Percent of revenues   4.52%   5.58%

 

 

 

 

 

RITE AID CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(In thousands)
(unaudited)

 

   Twenty-six weeks ended
August 29, 2015		   Twenty-six weeks ended
August 30, 2014		 
Reconciliation of net income to adjusted EBITDA:          
Net income  $40,305   $169,295 
Adjustments:          
Interest expense   239,017    201,770 
Income tax expense   28,904    31,741 
Depreciation and amortization   237,348    204,589 
LIFO charge   11,973    3,089 
Lease termination and impairment charges   14,659    11,959 
Loss on debt retirements, net   33,205    - 
Other   40,676    24,336 
Adjusted EBITDA  $646,087   $646,779 
Percent of revenues   4.51%   4.98%

 

 

 

 

 

RITE AID CORPORATION AND SUBSIDIARIES
                           
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)

 

   Thirteen weeks ended
August 29, 2015		   Thirteen weeks ended
August 30, 2014		 
         
         
 OPERATING ACTIVITIES:          
 Net income  $21,469   $127,849 
 Adjustments to reconcile to net cash (used in) provided by operating activities:          
 Depreciation and amortization   127,699    101,484 
 Lease termination and impairment charges   9,637    7,111 
 LIFO charge   5,986    1,544 
 Loss (gain) on sale of assets, net   281    (1,715)
 Stock-based compensation expense   8,831    5,736 
 Loss on debt retirements, net   33,205    - 
 Changes in deferred taxes   (7,966)   - 
 Excess tax benefit on stock options and restricted stock   (18,049)   (16,536)
 Changes in operating assets and liabilities:          
 Accounts receivable   (2,908)   (40,906)
 Inventories   (80,673)   9,542 
 Accounts payable   (47,806)   (113,074)
 Other assets and liabilities, net   (75,969)   41,448 
 Net cash (used in) provided by operating activities   (26,263)   122,483 
 INVESTING ACTIVITIES:          
 Payments for property, plant and equipment   (130,646)   (99,291)
 Intangible assets acquired   (29,169)   (20,437)
 Acquisition of businesses, net of cash acquired   (1,779,571)   (4,487)
 Proceeds from dispositions of assets and investments   3,243    4,229 
 Net cash used in investing activities   (1,936,143)   (119,986)
 FINANCING ACTIVITIES:          
 Net proceeds from revolver   869,000    54,000 
 Principal payments on long-term debt   (655,640)   (8,180)
 Change in zero balance cash accounts   (17,034)   (48,967)
 Net proceeds from the issuance of common stock   4,727    3,887 
 Financing fees paid for early debt redemption   (26,003)   - 
 Excess tax benefit on stock options and restricted stock   18,049    16,536 
 Deferred financing costs paid   (175)   (18)
 Net cash provided by financing activities   192,924    17,258 
 (Decrease) increase in cash and cash equivalents   (1,769,482)   19,755 
 Cash and cash equivalents, beginning of period   1,922,129    166,003 
 Cash and cash equivalents, end of period  $152,647   $185,758 
           
           
SUPPLEMENTAL CASH FLOW INFORMATION          
           
Payments for property, plant and equipment  $130,646   $99,291 
Intangible assets acquired   29,169    20,437 
Total cash capital expenditures   159,815    119,728 
Equipment received for noncash consideration   1,466    1,337 
Equipment financed under capital leases   471    2,242 
Gross capital expenditures  $161,752   $123,307 

 

 

 

 

 

RITE AID CORPORATION AND SUBSIDIARIES
                           
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)

 

   Twenty-six weeks ended
August 29, 2015		   Twenty-six weeks ended
August 30, 2014		 
         
         
 OPERATING ACTIVITIES:          
 Net income  $40,305   $169,295 
 Adjustments to reconcile to net cash provided by operating activities:          
 Depreciation and amortization   237,348    204,589 
 Lease termination and impairment charges   14,659    11,959 
 LIFO charge   11,973    3,089 
 Loss (gain) on sale of assets, net   320    (2,085)
 Stock-based compensation expense   16,201    9,892 
 Loss on debt retirements, net   33,205    - 
 Changes in deferred taxes   1,574    - 
 Excess tax benefit on stock options and restricted stock   (20,869)   (27,058)
 Changes in operating assets and liabilities:          
 Accounts receivable   8,119    441 
 Inventories   (24,469)   68,917 
 Accounts payable   31,909    (26,750)
 Other assets and liabilities, net   (8,703)   (50,058)
 Net cash provided by operating activities   341,572    362,231 
 INVESTING ACTIVITIES:          
 Payments for property, plant and equipment   (271,683)   (193,633)
 Intangible assets acquired   (43,462)   (40,023)
 Acquisition of businesses, net of cash acquired   (1,779,571)   (69,793)
 Proceeds from dispositions of assets and investments   6,081    6,102 
 Net cash used in investing activities   (2,088,635)   (297,347)
 FINANCING ACTIVITIES:          
 Proceeds from issuance of long-term debt   1,800,000    1,152,293 
 Net proceeds from revolver   728,000    5,000 
 Principal payments on long-term debt   (661,217)   (1,165,623)
 Change in zero balance cash accounts   (51,309)   (57,545)
 Net proceeds from the issuance of common stock   8,105    14,791 
 Financing fees paid for early debt redemption   (26,003)   - 
 Excess tax benefit on stock options and restricted stock   20,869    27,058 
 Deferred financing costs paid   (34,634)   (1,506)
 Net cash provided by (used in) financing activities   1,783,811    (25,532)
 Increase in cash and cash equivalents   36,748    39,352 
 Cash and cash equivalents, beginning of period   115,899    146,406 
 Cash and cash equivalents, end of period  $152,647   $185,758 
           
           
SUPPLEMENTAL CASH FLOW INFORMATION          
           
Payments for property, plant and equipment  $271,683   $193,633 
Intangible assets acquired   43,462    40,023 
Total cash capital expenditures   315,145    233,656 
Equipment received for noncash consideration   2,011    1,337 
Equipment financed under capital leases   1,271    3,925 
Gross capital expenditures  $318,427   $238,918 

 

 

 

 

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)

(unaudited)

 

   Guidance Range 
   Low   High 
           
Total revenues  $30,800,000   $31,100,000 
           
Drugstore sales  $26,700,000   $27,000,000 
           
Same store sales   1.50%   2.50%
           
Gross capital expenditures  $665,000   $665,000 
           
Reconciliation of net income to adjusted EBITDA:          
Net income  $125,000   $195,000 
Adjustments:          
Interest expense   455,000    455,000 
Income tax expense   90,000    135,000 
Depreciation and amortization   507,000    502,000 
LIFO charge   30,000    10,000 
Loss on debt retirement   33,000    33,000 
Store closing and impairment charges   55,000    45,000 
Other   65,000    65,000 
Adjusted EBITDA  $1,360,000   $1,440,000 
           
Diluted income per share  $0.12   $0.19 

 

 

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