Rite Aid 2011 Annual Report Download - page 77

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RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended February 26, 2011, February 27, 2010 and February 28, 2009
(In thousands, except per share amounts)
4. Discontinued Operations (Continued)
The Company has presented the operating results of and the gain on the sale of Las Vegas as a
discontinued operation in the statement of operations for fiscal 2009. The following amounts have been
segregated from continuing operations and included in discontinued operations:
Year Ended
February 28,
2009
(52 Weeks)
(Dollars in
thousands)
Revenues .............................................. $ 267
Costs and expenses:
Cost of goods sold ...................................... 1,652
Selling, general and administrative expenses ................... 1,936
Loss (gain) on sale of assets ............................... 48
Total costs and expenses ................................... 3,636
Loss from discontinued operations before income taxes ............. (3,369)
Income tax benefit ....................................... —
Net loss from discontinued operations ........................ $(3,369)
The assets and liabilities of the divested stores for the year ended February 28, 2009 are not
significant and have not been segregated in the consolidated balance sheets.
5. Income Taxes
The provision for income taxes was as follows:
Year Ended
February 26, February 27, February 28,
2011 2010 2009
(52 Weeks) (52 Weeks) (52 Weeks)
Current tax expense (benefit):
Federal ........................... $ (36) $(4,819) $ 165
State ............................. 9,348 3,330 6,327
9,312 (1,489) 6,492
Deferred tax expense (benefit):
Federal ........................... 1,959 1,849 260,592
State ............................. (1,429) 26,398 62,173
530 28,247 322,765
Total income tax expense ................ $9,842 $26,758 $329,257
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