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Longs Drug Stores Corporation Reports Second Quarter Results
Date:8/20/2008

in the comparable period last year. Prescription drug plan revenues were $110.9 million compared with $65.7 million last year and pharmacy benefit management revenues were $20.4 million compared with $13.3 million a year ago.

Retail Drug Store Gross Profit

Retail drug store gross profit for the second quarter ended July 31, 2008 was $320.2 million, or 26.7 percent of retail drug store sales, compared with $314.5 million, or 26.3 percent of retail drug store sales, last year. The increase in gross profit as a percent of sales was primarily due to higher generic utilization and improved inventory management, partially offset by changes in the sales mix reflecting increasing price sensitivity among consumers.

The LIFO charge for the second quarter ended July 31, 2008 was $4.0 million compared with $2.0 million in the second quarter last year.

Prescription Drug Plan Gross Profit

Prescription drug plan gross profit for the second quarter ended July 31, 2008 was $14.4 million, or 13.0 percent of prescription drug plan revenues, compared with $11.5 million, or 17.5 percent of prescription drug plan revenues, last year. As expected, the lower gross profit margin rate on increased revenues reflects the Company's bids submitted for the 2008 plan year.

Operating and Administrative Expenses

Operating and administrative expenses for the second quarter ended July 31, 2008 were $307.4 million, or 23.1 percent of revenues, compared with $295.0 million, or 23.1 percent of revenues, last year. The flat rate compared with last year reflects increased leverage on higher pharmacy benefit services revenues, offset by increased new store activity and reduced leverage on retail drug store sales.

Operating Income

Consolidated operating income for the second quarter ended July 31, 2008 was $46.5 million, or 3.5 percent of revenues. Operating income for the second quarter last year was $44.3 million, or 3.5 percent of revenues. <
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SOURCE Longs Drug Stores Corporation
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