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

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.

Adjusted FIFO EBITDA, as defined on the attached schedule of operating data was $87.0 million, Excluding the $3.5 million litigation settlement charge, Adjusted FIFO EBITDA increased 15.0% to $90.5 million, or 5.1% of sales, from $78.7 million, or 4.7% of sales, in the prior year period.

At year end, the Company's total debt, including capital leases but excluding the liability associated with the issuance of the redeemable preferred stock, was $555.7 million, reflecting a decrease of $0.2 million from the balance at the end of fiscal 2007. For the full year, net cash provided by operating activities was $44.3 million compared to $19.3 million in the prior year. The increase in net cash provided by operating activities was due to the Company's improved operating results in 2008 and reductions in interest expense. Availability under the Company's revolving credit facility at year end was approximately $69.0 million.

Cost Savings Program and Company Outlook

As a result of the recession, the Company experienced declines in consumer demand that accelerated during the fourth quarter of 2008 and are expected to continue throughout fiscal 2009. Expected higher rates of unemployment, reduced levels of tourism and decreased commercial activity are factors impacting the Company's outlook for the current year. Despite these difficult economic conditions, the Company's management remains confident in its ability to continue to generate long-term growth and improved financial performance. The Company is implementing certain measures to mitigate the impact of these recessionary economic conditions. These actions include hiring and wage freezes in administrative and certain other areas of the business, as well as the implementation of a num
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SOURCE Duane Reade Holdings, Inc.
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