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Longs Drug Stores Corporation Reports Results for Fourth Quarter and Fiscal Year 2008
Date:3/5/2008

WALNUT CREEK, Calif., March 5 /PRNewswire-FirstCall/ -- Longs Drug Stores Corporation (NYSE: LDG) today reported preliminary income from continuing operations for the fourth quarter ended January 31, 2008, a 14-week period, of $37.8 million, or $1.00 per diluted share, including a $1.1 million after-tax net gain related to the planned disposition of seven California stores. Income from continuing operations for the fourth quarter ended January 25, 2007, a 13-week period, was $30.4 million, or $0.80 per diluted share, including a $1.4 million after-tax net charge for the asset impairment related to the planned disposition of seven California stores.

Total revenues of $1.45 billion for the 14 weeks ended January 31, 2008 were 11.0 percent higher than the $1.31 billion reported for the 13 weeks ended January 25, 2007. Total retail drug store sales for the quarter increased 9.1 percent and total pharmacy benefit services revenues increased 42.4 percent compared with last year.

The fiscal year ended January 31, 2008, included 53 weeks of operations compared with 52 weeks in the prior year with the additional week being the fourteenth week of the fourth quarter. The Company estimated that the additional week contributed approximately $0.05 per diluted share to income from continuing operations for the fourth quarter and full year ended January 31, 2008.

Income from continuing operations for the 53-week fiscal year ended January 31, 2008 was $98.9 million, or $2.59 per diluted share, including a $5.1 million after-tax net charge related to the planned disposition of seven California stores. Income from continuing operations for the 52-week fiscal year ended January 25, 2007 was $79.5 million, or $2.08 per diluted share, inclu
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