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General Nutrition Centers, Inc. Reports Third Quarter 2008 Financial Results
Date:11/11/2008

PITTSBURGH, Nov. 11 /PRNewswire/ -- General Nutrition Centers, Inc. ("GNC" the "Company" or "we"), the largest global specialty retailer of nutritional supplements, today reported its financial results for the third quarter ended September 30, 2008.

The Company is an indirect wholly owned subsidiary of GNC Parent LLC, which was acquired by affiliates of Ares Management LLC ("Ares") and Ontario Teachers' Pension Plan Board ("Teachers") through a merger (the "Merger") on March 16, 2007. As a result, the financial results presented in this press release represent the aggregate of the financial results of the Company from January 1, 2007 through March 15, 2007, predecessor, and the results from March 16, 2007 to September 30, 2007 and for the nine months ended September 30, 2008, successor.

For the third quarter of 2008, the Company reported revenues of $414.2 million, a 4.8% increase over the same quarter in 2007. This increase was the result of increased revenues in each of the Company's business segments: Retail by 3.2%; Franchise by 2.7%; and Manufacturing/Wholesale by 19.4%. Same store sales improved 1.5% in domestic company-owned stores (including internet sales), and 5.5% in Canadian stores.

For the third quarter of 2008, the Company reported earnings before interest, income taxes, depreciation and amortization (EBITDA) of $54.3 million compared to $44.0 million for the same quarter in 2007. Included in the third quarter of 2007 was $7.1 million of non-cash purchase accounting adjustments resulting from the Merger. Included as part of compensation expense for the third quarters of 2008 and 2007 was $0.7 million of non-cash stock-based compensation expense. Excluding these non-cash and purchase accounting related expenses, Adjusted EBITDA was $55.0 million for the third quarter of 2008, a 6.2% increase over Adjusted EBITDA of $51.8 million for the third quarter of 2007, on top of a 18.5% third quarter 2007 Adjusted EBITDA growth.

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SOURCE General Nutrition Centers, Inc.
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