Rite Aid 2011 Annual Report Download - page 106

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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)
19. Interim Financial Results (Unaudited) (Continued)
Fiscal Year 2010
First Second Third Fourth
Quarter Quarter Quarter Quarter Year
Revenues ..................... $6,531,178 $6,321,870 $6,352,283 $6,463,786 $25,669,117
Cost of goods sold .............. 4,757,112 4,633,595 4,665,871 4,788,449 18,845,027
Selling, general and administrative
expenses ................... 1,710,672 1,645,913 1,605,213 1,641,574 6,603,372
Lease termination and impairment
charges .................... 66,986 28,752 35,072 77,207 208,017
Interest expense ................ 109,478 128,828 135,770 141,687 515,763
Loss on debt modifications and
retirements, net .............. — 993 — — 993
(Gain) loss on sale of assets and
investments, net .............. (19,951) (4,188) (1,459) 1,461 (24,137)
6,624,297 6,433,893 6,440,467 6,650,378 26,149,035
Loss before income taxes ......... (93,119) (112,023) (88,184) (186,592) (479,918)
Income tax expense (benefit) ...... 5,327 3,989 (4,322) 21,764 26,758
Net loss ...................... $ (98,446) $ (116,012) $ (83,862) $ (208,356) $ (506,676)
Basic loss per share(1) ........... $ (0.11) $ (0.14) $ (0.10) $ (0.24) $ (0.59)
Diluted loss per share(1) ......... $ (0.11) $ (0.14) $ (0.10) $ (0.24) $ (0.59)
(1) Loss per share amounts for each quarter may not necessarily total to the yearly loss per share due
to the weighting of shares outstanding on a quarterly and year-to-date basis.
During the second quarter of 2011, the Company recorded a loss on debt modification related to
the repayment of its Tranche 4 Term Loan as discussed in Note 10. During the fourth quarter of fiscal
2011, the Company recorded facilities impairment charges of $111,923 and LIFO expense of $825 as
inflation was lower than at prior year end.
During the second quarter of 2010, the Company recorded a loss on debt modification related to
the repayment of its Tranche 1 Term Loan as discussed in Note 10. During the fourth quarter of fiscal
2010, the Company recorded facilities impairment charges of $58,134 and LIFO expense of $44,140 as
inflation was lower than at prior year end.
106