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Rite Aid: Share
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Through three fiscal quarters, Rite Aid reported a loss of $151.7 million attributable to common shareholders, or 22 cents a share, on revenue of $17.6 billion. That compares to a loss of $11.8 million, or 2 cents per share, on revenue of $12.9 billion in the first nine months of fiscal 2007.
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The public first learned of the problems in March 1999 when Rite Aid announced that its fourth-quarter earnings would be less than expected. The news caused stock prices to drop from $37 per share to $22.56.
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Rite Aid Corp. (RAD) opened at 4.51. So far today, the stock has hit a low of 4.41 and a high of 4.53. RAD is now trading at 4.44, down 0.17 (-3.80%). The stock hit its 52 week high of 6.74 in April and set its 52 week low of 4.32 in October. RAD climbed at the beginning of this year, but has traded lower for the past four months. Shares of drugstore operators have been tumbling today, taking a hit from Walgreen Co. (WAG) which reported lower-than-expected fourth-quarter earnings that fell 4 percent, hurt by lower reimbursement for generic drugs and higher costs.
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Under the terms of the stock-swap deal, Rite Aid is to pay 0.65 share of its stock for each Thrifty Payless share. Using yesterday's closing stock price, the deal totals $1.32 billion. Rite Aid will ... assume $890 million of debt, much of it incurred when the Thrifty and Payless chains merged.
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In the just-closed 2007 fiscal year, Rite Aid reported a loss of $4.7 million, or a penny per share, on revenue of $17.5 billion. That compares to 2006 earnings of $1.28 billion -- nearly all of it from that year's fourth-quarter tax benefit -- or $1.89 per share, on revenue of $17.3 billion.
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In the quarter ended Dec. 1, Rite Aid posted a loss attributable to common stockholders of $93 million, or 12 cents a share, vs. a loss of $6.8 million, or a loss of a penny a share, in the year-ago period. Analysts polled by Thomson Financial expected a loss of 7 cents a share.
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