Rite Aid 2014 Annual Report Download - page 110

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RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended March 1, 2014, March 2, 2013 and March 3, 2012
(In thousands, except per share amounts)
21. Interim Financial Results (Unaudited) (Continued)
Fiscal Year 2013
First Second Third Fourth
Quarter Quarter Quarter Quarter Year
Revenues ..................... $6,468,287 $6,230,884 $6,237,847 $6,455,245 $25,392,263
Cost of goods sold .............. 4,719,516 4,520,463 4,426,526 4,407,482 18,073,987
Selling, general and administrative
expenses ................... 1,688,066 1,618,169 1,612,198 1,682,332 6,600,765
Lease termination and impairment
charges .................... 12,143 7,783 14,366 36,567 70,859
Interest expense ................ 130,588 129,054 128,371 127,408 515,421
Loss on debt retirements, net ...... 17,842 — — 122,660 140,502
(Gain) loss on sale of assets, net .... (10,051) (2,954) (6,262) 2,491 (16,776)
6,558,104 6,272,515 6,175,199 6,378,940 25,384,758
(Loss) income before income taxes . . (89,817) (41,631) 62,648 76,305 7,505
Income tax (benefit) expense ...... (61,729) (2,866) 777 (46,782) (110,600)
Net (loss) income ............... $ (28,088) $ (38,765) $ 61,871 $ 123,087 $ 118,105
Basic (loss) income per share(1) .... $ (0.03) $ (0.05) $ 0.07 $ 0.14 $ 0.12
Diluted (loss) income per share(1) . . $ (0.03) $ (0.05) $ 0.07 $ 0.13 $ 0.12
(1) Income (loss) per share amounts for each quarter may not necessarily total to the yearly income
(loss) per share due to the weighting of shares outstanding on a quarterly and year-to-date basis.
During the second quarter of 2014, the Company recorded a loss on debt retirement related to the
July 2013 refinancing as discussed in Note 11. During the fourth quarter of fiscal 2014, the Company
recorded facilities impairment charges of $7,877 and LIFO expense of $44,142 due to higher pharmacy
inflation rates at year end as compared to significant deflation associated with generic products
recognized at prior year end.
During the fourth quarter of 2013, the Company recorded a loss on debt retirement related to the
February 2013 refinancing as discussed in Note 11. During the fourth quarter of fiscal 2013, the
Company recorded facilities impairment charges of $24,012 and a LIFO credit of $175,384 due to
significant deflation associated with generic products, partially offset by normal brand inflation.
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