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General Nutrition Centers, Inc. Reports Fourth Quarter and Full Year 2007 Results
Date:3/6/2008

2007, the Company reported consolidated revenues of $1.553 billion, an increase of 4.4% over the consolidated revenues of $1.487 billion for the same period of 2006. Revenue increased in each of the Company's business segments: retail by 4.1%; franchise by 3.8% and manufacturing/ wholesale by 8.3%. Same store sales improved 1.4% in domestic company-owned stores and 8.5% in Canadian company-owned stores.

EBITDA was $125.5 million for 2007, compared to $138.4 million in 2006. Included in 2007, as a result of the acquisition, was $65.3 million of transaction related costs, including $34.6 million of transaction fees and expenses; $15.3 million of compensation expense (including $3.8 million of non-cash, stock-based compensation resulting from the cancellation of all outstanding stock options), and $15.4 million of non-cash purchase accounting adjustments included in cost of sales. Included in EBITDA in 2006 was $22.6 million of discretionary payments made in conjunction with distributions to shareholders in March 2006 and Dec. 2006 and a loss of $1.2 million related to the sale of the Company's Australian manufacturing facility. Excluding these one-time items, adjusted EBITDA increased $28.6 million or 17.6% to $190.8 million in 2007, compared to $162.2 million in 2006. Also included in

EBITDA in 2007 and 2006 was $2.2 million and $2.5 million, respectively, of non-cash, stock-based compensation expense.

EBITDA and adjusted EBITDA are non-GAAP financial measures within the meaning of the Securities and Exchange Commission's Regulation G. Management has included this information because it believes it represents a more effective means by which to measure the Company's operating performance. This press release contains a reconciliation of the non-GAAP measure to the financial measure calculated and presented in accordance with GAAP which is most directly comparable to the applicable non-GAAP financial measure.

GNC, headquartered in Pittsburgh
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SOURCE General Nutrition Centers, Inc.
Copyright©2008 PR Newswire.
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