Navigation Links
Duane Reade Holdings, Inc. Reports Third Quarter Results
Date:11/7/2008

~ Third Quarter Adjusted FIFO EBITDA Increases 9.5% to $21.2 Million ~

~ Front-End Same-Store Sales Increases 6.0% ~

~ Pharmacy Same-Store Sales Grow by 3.7% ~

~ Gross Margin Improves to 31.3% ~

~ Net Loss of $22.3 Million Compared to $22.1 Million in the Third Quarter of 2007 ~

NEW YORK, Nov. 7 /PRNewswire/ -- Duane Reade Holdings, Inc. today reported financial results for the third quarter ended September 27, 2008.

Third Quarter Key Highlights

-- Adjusted FIFO EBITDA improved 9.5% to $21.2 million from $19.3 million

in the previous year, representing the ninth consecutive quarter of

year-over-year Adjusted FIFO EBITDA growth.

-- Front-end same-store sales increased 6.0% and pharmacy same-store sales

grew 3.7%.

-- Gross margin expanded to 31.3%, compared to 30.6% in the prior year

third quarter.

-- Third quarter net loss increased to $22.3 million from $22.1 million for

the previous year.

John A. Lederer, Chairman and Chief Executive Officer, commented, "We are pleased with our solid performance for the third quarter which reflects our ongoing efforts to refine our merchandising mix and improve the customer experience. Despite the challenging economy, we achieved yet another quarter of comparable store sales increases and margin expansion as well as our ninth consecutive quarter of year-over-year Adjusted FIFO EBITDA growth. Importantly, during the quarter we used our extensive consumer and market research as the basis for finalizing our go-forward strategy for the business. Moreover, we added two highly experienced executives to lead our merchandising and supply chain initiatives and expect to make additional key hires soon. We are delighted with these executive additions and believe that this represents an important step in our efforts to continue to drive our business forward."

Third Quarter Results

Total net sales increased 5.4% to $431.0 million from $408.8 million in the third quarter of 2007. Net retail store sales, which exclude pharmacy resale activity, increased 5.5% to $414.1 million from $392.4 million in the third quarter of 2007. Total same-store sales increased by 5.0%, with a front-end same-store sales increase of 6.0% and a pharmacy same-store sales increase of 3.7%. During the third quarter, the Company opened four new stores. At the end of the third quarter, the Company operated 245 stores, compared to 241 stores at the end of the third quarter of 2007.

Total front-end sales increased 6.7% over the prior year period and continue to benefit from strong performance in the food and beverage categories, over-the-counter products, and health and beauty care items. The front-end same-store sales increase was positively impacted by approximately 0.3% due to the switch of Zyrtec, a prescription allergy medication, to over-the-counter status. Additionally, in June 2008, the Company raised the sales price on its cigarettes commensurate with an increase in cigarette excise taxes in New York State. Although such additional sales do not result in any additional profit to the Company, the increase in the sales price on cigarettes positively impacted front-end same-store sales by 1.1%. The pharmacy sales growth was attributable to a strong same-store sales performance, increased Medicare Part D sales and increases in average prescription prices. The aforementioned switch of Zyrtec to over-the-counter status negatively impacted pharmacy same-store sales by approximately 0.6%. The percentage of generic drugs dispensed increased by 3.8% over the prior year, negatively impacting the pharmacy same-store sales increase by approximately 3.8%.

Gross margin for the third quarter expanded to 31.3% from 30.6% during the third quarter of 2007. Gross margin on retail sales, which excludes pharmacy resale activity, increased to 32.5% from 31.9% in the prior year, reflecting the impact of improved front-end selling margins resulting from a more favorable sales mix of higher margin products, increased pharmacy margins due to higher rates of generic utilization and reductions in the level of inventory shrink losses. Selling, general and administrative expenses as a percentage of net sales was 27.3% compared to 27.0% in the previous year and was adversely impacted by additional benefit costs for our employees, increased utility costs in the current year and reduced real estate related income.

In the fourth quarter of 2007, the Company reclassified its store occupancy costs from cost of sales to selling, general and administrative expenses in order to align these store occupancy cost components to the nature of expenses included in the Company's financial statement captions and to improve the comparability of the Company's financial statement presentation with its industry peers. For the thirteen weeks ended September 27, 2008 and September 29, 2007, the reclassification resulted in decreases of $42.5 million and $39.2 million in cost of sales, respectively, and corresponding increases in gross profit and selling, general and administrative expenses. This accounting change did not impact the operating loss for either of the periods presented.

The above factors resulted in a 9.5% increase in Adjusted FIFO EBITDA, as defined on the attached schedule of operating data, to $21.2 million for the third quarter of 2008, compared to $19.3 million in the prior year period. As a percentage of sales, Adjusted FIFO EBITDA increased to 4.9% from 4.7% in the third quarter of 2007.

The third quarter operating loss was $7.9 million, compared to an operating loss of $6.2 million in the prior year period. The current period operating loss reflects the items discussed above as well as a $1.3 million decrease in depreciation and amortization expense and a $3.8 million increase in other expenses. In addition, the prior year operating loss included a $1.3 million gain from the sale of several pharmacy prescription files, which did not recur in the current year. The decrease in depreciation and amortization expense is due to the termination of a lease for a store that was relocated during the third quarter. The increase in other expenses is primarily attributable to a non-cash asset impairment charge of $3.4 million recorded in the current year period to reduce the carrying value of certain store assets to fair value. The current period other expenses also include a $1.4 million charge for additional pension benefit accruals related to a union contract settlement in March of 2006. The breakdown of other expenses compared to the previous year is provided on Table 6 of this press release.

The third quarter interest expense decreased by $2.1 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. Net loss for the third quarter of 2008 was $22.3 million, compared to $22.1 million in the prior year period.

At quarter end, the Company's total debt, including capital leases but excluding the liability associated with the issuance of the redeemable preferred stock, was $566.7 million, reflecting an increase of $10.8 million from the balance at the end of fiscal 2007. Availability under the Company's revolving credit facility at quarter end was approximately $58.5 million and was in line with expectations.

Nine Months Results

For the nine month period, total net sales were $1.310 billion, reflecting an increase of 4.3% compared to $1.255 billion last year. Net retail store sales increased 4.3% to $1.261 billion, from $1.209 billion in the prior year period. Total same-store sales increased 4.7%, with a front-end same-store sales increase of 6.2% and a pharmacy same-store sales increase of 2.9%.

Gross margin increased to 31.1% for the nine month period, compared to 30.1% in the prior year, primarily due to improved front-end selling margins and increased pharmacy margins due to higher rates of generic utilization. Selling, general and administrative expenses as a percentage of total net sales was 27.0% compared to 26.8% in the prior year period, mainly due to recruitment and relocation fees paid in connection with the hiring of senior management executives and reduced real estate related income.

For the nine months ended September 27, 2008 and September 29, 2007, the previously discussed change in accounting for store occupancy costs decreased cost of sales by $125.0 million and $119.7 million, respectively, with a corresponding increase to gross profit and selling, general and administrative expenses. This change in accounting had no effect on the operating loss for either of the periods presented.

Adjusted FIFO EBITDA, as defined on the attached schedule of operating data, increased by 20.0% to $64.4 million, or 4.9% of sales, from $53.6 million, or 4.3% of sales, in the prior year period. Operating loss was $12.2 million in the first nine months of 2008, compared with a $25.8 million operating loss in the first nine months of 2007. The improvement in operating loss was primarily due to the improvement in gross margin percentage as well as a $2.2 million reduction in depreciation and amortization expense and a $1.3 million decrease in other expenses. In addition, the prior year operating loss included a $1.3 million gain from the sale of several pharmacy prescription files, which did not recur in the current year. See Table 6 attached to this press release for a breakdown of other expenses compared to the previous year.

The net loss for the first nine months of 2008 was $55.4 million, compared to $72.7 million in the prior year period. The improvement in this measure is attributable to the factors discussed above as well as reduced interest expense of $3.9 million in the first nine months of 2008. 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.

Company Outlook

With respect to its outlook for the remainder of 2008, the Company:

-- Reaffirmed its previously provided expectations for the fiscal

year's Adjusted FIFO EBITDA in the range of $90 million to $95

million.

-- Adjusted its expected range for net retail sales to $1.70 billion to

$1.71 billion from its previously anticipated range of $1.70 billion to

$1.72 billion and is primarily attributable to the timing of new store

openings.

-- Reaffirmed its expected same-store growth range of 3.5% to 4.5%.

-- Adjusted its expected range for net loss to $62.9 million to $67.9

million from its previously anticipated range of $58.3 million to $63.3

million. The adjustment to expected net loss is due to additional other

expenses for closed store costs, asset impairment charges and matters

associated with a former CEO.

Mr. Lederer concluded, "We are encouraged by our results for the first three quarters of 2008 and by our continued progress despite the difficult environment. That said, we recognize that weakening external conditions have begun to have an impact on our business and we expect that this will continue in the near-term. However, we are cautiously optimistic about the outlook for the business and believe that by executing on our strategic initiatives we will continue to advance our business successfully. Be assured that we will be pragmatic and methodical in our approach and will take into account the potential challenges presented by the macro economy."

Conference Call Information

The Company will hold a conference call on November 7, 2008 at 10:00 a.m. Eastern Time to discuss financial results for the third quarter ended September 27, 2008. A live webcast of the call will be accessible from the Investor Information section of the Duane Reade website (http://www.duanereade.com), and the call will be archived on the website approximately one hour after completion of the call through November 21, 2008. Additionally, a replay of the conference call will be available from approximately 12:00 PM Eastern Time on November 7, 2008 through November 21, 2008. The replay can be accessed by dialing (800) 406-7325, access code 3923285.

About Duane Reade

Founded in 1960, Duane Reade is the largest drug store chain in the metropolitan New York City area, offering a wide variety of prescription and over-the-counter drugs, health and beauty care items, cosmetics, greeting cards, photo supplies and photofinishing. As of September 27, 2008, the Company operated 245 stores.

Except for historical information contained herein, the statements in this release and the accompanying discussion on the earnings conference call are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, this document may contain statements, estimates or projections that constitute "forward-looking" statements as defined under U.S. federal securities laws. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted or expected results. Those risks include, among other things, the national economic climate, economic conditions and employment levels in the New York greater metropolitan area, the competitive environment in the drug store industry in general and in the New York metropolitan area, the ability to open and operate new stores, the continued efforts by payers and government agencies to reduce prescription reimbursement rates and prescription drug benefits, the strength of the economy in general, changes in federal and state laws and regulations, including the potential impact of changes in regulations surrounding the importation of pharmaceuticals from foreign countries and changes in laws governing minimum wage requirements, changes in the Company's operating strategy, capital expenditure plans or development plans, the Company's ability to attract, hire and retain qualified pharmacy and other personnel, the Company's significant indebtedness, labor disturbances, the continued impact of, or new occurrences of, terrorist attacks in the New York greater metropolitan area and any actions that may be taken in response, demographic changes, the Company's ability to limit fraud and shrink, the results of the Company's legal proceedings and recalls of pharmaceutical products due to health concerns or other reasons. Those and other risks are more fully described in Duane Reade's reports filed with the SEC from time to time, including its annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Except to the extent otherwise required by federal securities laws, the Company does not undertake to publicly update or revise any forward-looking statements.

Contacts: Duane Reade Holdings, Inc.

John Henry

(212) 273-5746

SVP - Chief Financial Officer

Investors: Cara O'Brien/Caren Villarreal

Press: Diane Zappas

(212) 850-5600

Financial Dynamics

Table 1

Duane Reade Holdings, Inc.

Consolidated Statements of Operations

(Unaudited)

(In thousands)

For the 13 Weeks Ended For the 39 Weeks Ended

September September September September

27, 2008 29, 2007 27, 2008 29, 2007

Net sales $431,005 $408,828 $1,309,538 $1,255,146

Cost of sales(1)(2) 296,261 283,740 902,667 877,195

Gross profit(1)(2) 134,744 125,088 406,871 377,951

Selling, general &

administrative expenses(1) 117,763 110,316 354,213 336,911

Depreciation and

amortization 16,667 18,007 52,260 54,460

Store pre-opening

expenses 300 200 548 350

Gain on sale of

pharmacy files - (1,337) - (1,337)

Other expenses

(see Table 6) 7,883 4,111 12,032 13,352

Operating loss (7,869) (6,209) (12,182) (25,785)

Interest expense, net 13,633 15,731 40,913 44,810

Loss before income taxes (21,502) (21,940) (53,095) (70,595)

Income taxes 827 112 2,305 2,128

Net loss $(22,329) $(22,052) $(55,400) $(72,723)

(1) During the fourth quarter of 2007, the Company changed its accounting

for the store occupancy costs reflected on the statements of operations.

The impact of the change in accounting was a reclassification of store

occupancy costs from cost of sales to selling, general and administrative

("SG&A") expenses. This change in accounting more closely aligns these

store occupancy cost components to the nature of expenses included in the

Company's financial statement captions, and will improve the

comparability of the Company's financial statement presentation with

industry peers. For the 13 weeks ended September 27, 2008 and September

29, 2007, the impact of the accounting change was a reclassification that

decreased cost of sales by $42.5 million and $39.2 million, respectively,

with a corresponding increase to gross profit and SG&A expenses. For

the 39 weeks ended September 27, 2008 and September 29, 2007, the impact

of the accounting change was a reclassification that decreased cost of sales by $125.0 million and $119.7 million, respectively, with a

corresponding increase to gross profit and SG&A expenses. This

reclassification had no effect on the operating loss for any of the

periods presented.

(2) Shown exclusive of depreciation expense for the Company's

distribution centers which is included in depreciation and amortization

shown separately.

Table 2

Duane Reade Holdings, Inc.

Consolidated Balance Sheets

(Unaudited)

(In thousands)

September 27, December 29,

2008 2007

Current Assets

Cash $1,382 $1,380

Receivables, net(1) 52,085 55,707

Inventories 212,952 211,678

Prepaid Expenses and Other Current Assets 13,771 13,205

Total Current Assets 280,190 281,970

Property and Equipment, net 187,453 195,740

Goodwill 70,099 70,099

Other Assets, net(2) 179,153 194,680

Total Assets $716,895 $742,489

Current Liabilities

Accounts Payable $78,200 $75,769

Accrued Expenses(3) 45,696 52,244

Current Portion of Debt

and Capital Leases(4)(5) 159,395 145,346

Total Current Liabilities 283,291 273,359

Long Term Debt and Capital Leases 407,302 410,507

Deferred Income Taxes 28,462 27,423

Redeemable Preferred Stock

and Accrued Dividends(6) 35,486 31,786

Other Liabilities(7) 87,855 72,737

Total Liabilities 842,396 815,812

Total Stockholders' Deficit (125,501) (73,323)

Total Liabilities and Stockholders' Deficit $716,895 $742,489

(1) Includes third party pharmacy receivables of $37,117 and $37,608 at

September 27, 2008 and December 29, 2007, respectively.

(2) Decrease in other assets from December 29, 2007 is primarily due to

the amortization of intangible assets.

(3) The decrease in the accrued expenses balance is primarily

Attributable to the timing of the semi-annual interest payment on the

Company's 9.75% senior subordinated notes due 2011.

(4) The increase in the current portion of debt and capital leases from

December 29, 2007 is primarily due to the $13.8 million increase in the

Company's outstanding revolving loan balance.

(5) The outstanding revolver loan balance of $155.1 million at September

27, 2008 and $141.4 million at December 29, 2007 has been classified as a

current liability because cash receipts controlled by the lenders are

used to reduce outstanding debt, and the Company does not meet the

criteria of SFAS No. 6 -- "Classification of Short-Term Obligations

Expected to be Refinanced," to classify the debt as long-term. It should

be noted that this classification is not a result of a change in status

or compliance with the terms of this indebtedness. The Company expects

to continue to borrow under this facility until its maturity in 2011.

(6) The increase in the balance of the redeemable preferred stock and

accrued dividends from December 29, 2007 is due to the accretion of the

discount on the liability recorded for the preferred stock offering

completed during the second quarter of 2007 and the cumulation of the

quarterly dividends on the preferred stock.

(7) Increase in other liabilities from December 29, 2007 is primarily due

to an increase in the deferred rent liabilities resulting from the

addition of new leases in 2008 and the related receipt of lease

construction incentives, which are recognized over the lives of the

respective leases.

Table 3

Duane Reade Holdings, Inc.

Operating Data

(Unaudited)

(Dollars in thousands)

For the 13 Weeks Ended For the 39 Weeks Ended

September September September September

27, 2008 29, 2007 27, 2008 29, 2007

LIFO EBITDA(1) $8,798 $11,798 $40,078 $28,675

LIFO Expense 800 600 2,400 1,800

FIFO EBITDA(1) $9,598 $12,398 $42,478 $30,475

FIFO EBITDA as a

percentage of net sales 2.2% 3.0% 3.2% 2.4%

Adjusted FIFO EBITDA(2) $21,183 $19,339 $64,367 $53,646

Adjusted FIFO EBITDA as a

percentage of net sales 4.9% 4.7% 4.9% 4.3%

Capital expenditures $6,790 $6,652 $23,111 $20,058

Lease acquisitions, customer

files and other costs $1,789 $5,736 $11,958 $14,547

Same-store sales growth 5.0% 7.8% 4.7% 8.0%

Pharmacy same-store

sales growth 3.7% 5.3% 2.9% 6.8%

Front-end same-store

sales growth 6.0% 9.9% 6.2% 9.0%

Pharmacy sales as

a % of net sales 45.3% 46.0% 45.5% 46.3%

Third Party sales as a % of

prescription sales 93.4% 92.9% 93.3% 93.0%

Average weekly prescriptions

filled per store(3) 813 810 839 833

Number of stores

at end of period 245 241

Retail square footage

at end of period 1,664,210 1,662,948

Average store size (sq.ft.)

at end of period 6,793 6,900

(1) As used in this report, FIFO EBITDA means earnings before interest,

income taxes, depreciation, amortization, non-cash charges and credits

related to the LIFO inventory valuation method, extraordinary charges and

other non-recurring charges. The Company believes that FIFO EBITDA, as

presented, represents a useful measure for assessing the performance of

its ongoing operating activities, as it reflects earnings trends without

the impact of certain non-cash charges and other non-recurring items.

Targets and positive trends in FIFO EBITDA are used as performance

measures for determining certain compensation of management. FIFO EBITDA

is also used as a performance measure in the Company's various debt

agreements. LIFO EBITDA reflects FIFO EBITDA adjusted to include the

effect of non-cash charges and credits related to the LIFO inventory

valuation method.

The Company understands that, although securities analysts frequently use

FIFO EBITDA in the evaluation of companies, it is not necessarily

comparable to other similarly titled captions of other companies due to

potential inconsistencies in the method of calculation. FIFO EBITDA is

not intended as an alternative to net income as an indicator of the

Company's operating performance, or as an alternative to any other

measure of performance in conformity with generally accepted

accounting principles, nor as an alternative to cash flow from operating

activities as a measure of liquidity.

Reconciliations of net loss to FIFO EBITDA, Adjusted FIFO EBITDA and

operating cash flow for each period included above and highlighted

elsewhere in this document are provided in the tables on the following

pages of this press release.

(2) As used in this report, Adjusted FIFO EBITDA means FIFO EBITDA as

defined above, adjusted to exclude non-cash rent expenses, management

fees paid to Oak Hill, closed store costs, asset impairment charges,

accounting investigation costs, former CEO (Mr. Cuti) matters, non-cash

stock option expense and certain other non-recurring payments that are

not included in the definition of EBITDA used for the Company's various

debt agreements.

(3) Comparative stores only, does not include new stores.

Table 4

Duane Reade Holdings, Inc.

Reconciliation of Net Sales to Retail Store Sales

(Unaudited)

(In thousands)

For the 13 Weeks Ended For the 39 Weeks Ended

September September September September

27, 2008 29, 2007 27, 2008 29, 2007

Net sales $431,005 $408,828 $1,309,538 $1,255,146

Resale activity 16,945 16,420 48,485 46,514

Net retail

store sales $414,060 $392,408 $1,261,053 $1,208,632

Reconciliation of Non-GAAP Financial Measures to Net Loss and

Net Cash Provided by Operating Activities

(Unaudited)

(In thousands)

For the 13 Weeks Ended For the 39 Weeks Ended

September September September September

27, 2008 29, 2007 27, 2008 29, 2007

FIFO EBITDA $9,598 $12,398 $42,478 $30,475

LIFO Expense 800 600 2,400 1,800

LIFO EBITDA 8,798 11,798 40,078 28,675

Depreciation and

amortization (16,667) (18,007) (52,260) (54,460)

Interest expense (13,633) (15,731) (40,913) (44,810)

Income tax provision (827) (112) (2,305) (2,128)

Net loss $(22,329) $(22,052) $(55,400) $(72,723)

Net loss $(22,329) $(22,052) $(55,400) $(72,723)

Adjustments to

reconcile net

loss to cash

provided by

(used in) operating

activities:

Depreciation and

amortization 17,581 18,919 54,999 57,200

Deferred tax

provision 793 42 2,192 1,950

Non-cash rent

expense 3,523 2,673 9,339 8,993

Non-cash interest

expense on

redeemable

preferred stock 2,110 511 4,666 923

Asset impairment

charges 3,405 - 3,405 -

Other non-cash

expense (benefit) 180 (3,096) 332 (1,244)

Changes in

operating assets

and liabilities:

Receivables (3,521) 1,672 3,622 3,647

Inventories (4,210) 444 (1,274) (1,189)

Prepaid expenses

and other assets (1,966) 11,044 (566) 11,486

Other assets/

liabilities, net 3,049 2,938 4,909 3,543

Accounts payable 4,647 (1,449) 2,431 (4,001)

Accrued expenses (9,302) (7,938) (7,929) (12,452)

Cash provided by

(used in) operating

activities $(6,040) $3,708 $20,726 $(3,867)

Calculation of

Adjusted FIFO EBITDA

FIFO EBITDA as above $9,598 $12,398 $42,478 $30,475

Non-cash rent

expense 3,523 2,673 9,339 8,993

Former CEO

(Mr. Cuti) matters 2,602 1,033 3,903 4,840

Oak Hill

management fee 313 313 938 938

Asset impairment

charges 3,405 - 3,405 -

Stock option

expense 179 156 518 826

Closed store costs 190 2,729 2,307 5,078

Accounting

investigation costs - - - 2,183

Miscellaneous other 1,373 37 1,479 313

Adjusted FIFO

EBITDA $21,183 $19,339 $64,367 $53,646

Table 5

Duane Reade Holdings, Inc.

Reconciliation of Range of Projected Non-GAAP

Financial Measures to Net Loss

(Unaudited)

(In thousands)

For the 52 Weeks Ended

December 27, 2008

Net sales $1,760,000 $1,768,000

Resale activity 60,000 60,000

Net retail store sales $1,700,000 $1,708,000

EBITDA (Adjusted FIFO Basis) $90,000 $95,000

Deferred rent expense (12,500) (12,500)

Other expense (1) (14,000) (14,000)

EBITDA (FIFO Basis) 63,500 68,500

LIFO expense (3,200) (3,200)

EBITDA (LIFO Basis) 60,300 65,300

Depreciation and amortization expense (71,000) (71,000)

Interest expense (54,700) (54,700)

Income taxes (2,500) (2,500)

Net loss $(67,900) $(62,900)

(1) Includes closed store costs, asset impairment charges, Oak Hill

management fees, stock option expenses in accordance with SFAS No. 123R

and expenses attributable to Mr. Cuti.

Table 6

Duane Reade Holdings, Inc.

Components of "Other Expense"

(Unaudited)

(In thousands)

For the 13 Weeks Ended For the 39 Weeks Ended

September September September September

27, 2008 29, 2007 27, 2008 29, 2007

Closed Store Costs $190 $2,729 $2,307 $5,078

Asset Impairment

Charges(1) 3,405 - 3,405 -

Oak Hill

Management Fees 313 313 938 938

Accounting

Investigation Costs - - - 2,183

Former CEO (Mr. Cuti)

Matters 2,602 1,033 3,903 4,840

Miscellaneous

Other(2) 1,373 36 1,479 313

Total Other

Expense $7,883 $4,111 $12,032 $13,352

(1) Non-cash charge to reduce the carrying value of certain store assets

to fair value.

(2) Primarily additional pension benefit accruals related to a union

contract settlement in March of 2006.


'/>"/>
SOURCE Duane Reade Holdings, Inc.
Copyright©2008 PR Newswire.
All rights reserved


Related medicine news :

1. Duane Reade Goes Pink to Support 2008 Komen New York City Race for the Cure(R)
2. Duane Reade Announces Proud Sponsorship of AIDS Walk New York
3. Duane Reade Holdings, Inc. Announces Resignation of Chief Marketing Officer
4. Duane Reade Holdings, Inc. to Report Fourth Quarter and Full Year 2007 Financial Results
5. Duane Reade Holdings, Inc. to Report Third Quarter 2007 Financial Results
6. Misys Wins Best Trade Processing Product Accolade in European Banking Technology Readers Choice Awards
7. Winners Selected as Beautiful Warriors by Ford Warriors in Pink and Readers Digest for Exemplifying the Fight Against Breast Cancer
8. Superfast Lightweight Free PDF Reader is Launched by Drumlin Security
9. MessageSolution Enterprise Email Archive™ Wins MSExchange.org Readers' Choice Award for Exchange Archiving
10. Innovative Self Locking Threaded Fasteners Provide New Electrical Design Options
11. Carnegie Mellon brain imaging study illustrates how remedial instruction helps poor readers
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... Austin residents ... the American College of Mohs Surgery and to Dr. Russell Peckham for medical and ... highly effective treatment for skin cancer. The selective fellowship in Mohs Micrographic Surgery completed ...
(Date:6/25/2016)... ... 2016 , ... First Choice Emergency Room , the largest network of ... Medical Director of its new Mesquite-Samuell Farm facility. , “We are pleased to ... said Dr. James M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. ...
(Date:6/25/2016)... ... ... On Friday, June 10, Van Mitchell, Secretary of the Maryland Department of Health ... of their exemplary accomplishments in worksite health promotion. , The Wellness at Work Awards ... at the BWI Marriott in Linthicum Heights. iHire was one of 42 businesses to ...
(Date:6/24/2016)... ... June 24, 2016 , ... Those who have experienced ... feelings, many turn to unhealthy avenues, such as drug or alcohol abuse, as a ... has released tools for healthy coping following a traumatic event. , Trauma sufferers tend ...
(Date:6/24/2016)... ... June 24, 2016 , ... The Pulmonary Hypertension Association (PHA) ... will receive two significant new grants to support its work to advance research ... anniversary by recognizing patients, medical professionals and scientists for their work in fighting ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... 2016 Research and Markets has announced ... Forecast to 2022" report to their offering. ... the patients with kidney failure, it replaces the function of ... patient,s blood and thus the treatment helps to keep the ... balance. Increasing number of ESRD patients & ...
(Date:6/23/2016)... , June 23, 2016 Research and ... Devices Medical Market Analysis 2016 - Forecast to 2022" ... The report contains up to date financial data derived ... Assessment of major trends with potential impact on the market ... of market segmentation which comprises of sub markets, regional and ...
(Date:6/23/2016)... RIDGE, Ill. and INDIANAPOLIS ... of students receiving a Lilly Diabetes Tomorrow,s Leaders Scholarship ... The 2016 scholarship winners, announced today online at ... to let type 1 diabetes stand in the way ... Diabetes has supported the Foundation,s scholarship program since 2012, ...
Breaking Medicine Technology: