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Duane Reade Holdings, Inc. Reports Fourth Quarter and Full Year 2008 Results
Date:3/10/2009

selling margins and reductions in the level of inventory shrink losses. Selling, general and administrative expenses as a percentage of net sales was 26.3% compared to 25.4% in the previous year and was adversely impacted in the current period by the $3.5 million litigation settlement charge associated with two class action lawsuits. Excluding the litigation settlement charge, selling, general and administrative expenses as a percentage of net sales during the current period was 25.6% compared with 25.4% for the previous year.

The fourth quarter operating loss was $3.6 million as compared to operating income of $1.2 million in the prior year period. The fourth quarter 2008 operating loss included the $3.5 million litigation settlement charge and an increase in other expenses of $2.2 million, primarily attributable to non-cash asset impairment charges of $4.3 million and higher closed store costs. These factors more than offset certain fair value adjustments that reduced the phantom stock and profits interest liabilities and a $2.3 million decrease in depreciation and amortization expense due primarily to certain intangible assets becoming fully amortized. A detailed breakdown of other expenses compared to the previous year is provided on Table 6 of this press release. Excluding the litigation settlement charge, the operating loss for the fourth quarter of 2008 was $0.1 million.

The fourth quarter interest expense decreased by $2.2 million compared to the prior year period. The reduction in interest expense was primarily due to lower interest rates on the Company's variable rate borrowings as compared to the prior year and lower outstanding borrowings on the revolving credit facility. Net loss for the fourth quarter of 2008 was $17.4 million, compared to $15.1 million in the prior year period.

Adjusted FIFO EBITDA, as defined on the attached schedule of operating data, was $22.6 million for the fourth quarter of 20
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SOURCE Duane Reade Holdings, Inc.
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