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drugstore.com inc. Reports Solid Revenue Growth and Record Gross Margins in the Third Quarter of 2008
Date:11/5/2008

improved 230 basis points to 31.6% year-over-year."

"Our sales growth was in-line with our previous guidance, but we did see an overall impact from the slowdown in the economy -- notably in the second half of September. While we are not recession proof, trends have improved in October, and we believe that we have a number of key differentiators, which should help fuel growth going forward. We serve a very attractive customer demographic and offer a wide selection of lower ticket items, a compelling value proposition, and a high percentage of replenishment products. Over the next three months, we should also start to see the initial benefits from the launch of two new growth initiatives: our international OTC platform and our online OTC store with Rite Aid. We believe our strengthened business model and strategic growth initiatives will position us to achieve OTC growth of over 9% and GAAP profitability in the fourth quarter of 2008," concluded Ms. Lepore.

GAAP net loss for the third quarter of 2008 was $3.6 million, or $0.04 per share, compared to a net loss of $2.4 million, or $0.02 per share, for the third quarter of 2007. The third quarter 2008 losses include $1.7 million in accelerated non-cash marketing expense, $800,000 related to consulting services, and $1.8 million in non-cash stock-based compensation expense, compared to $2.1 million in non-cash stock-based compensation expense for 2007.

For the third quarter of 2008, we reported $1.1 million of net income from our discontinued local pick-up pharmacy operations, as a result of our restructured agreement with Rite Aid announced on September 4, 2008.

Outlook for Fourth Quarter 2008

For the fourth quarter of 2008, the company is targeting net sales in the range of $94.0 million to $99.0 million, net income in the range of $400,000 to $1.9 million, and adjusted EBITDA in the range of $5.3 million to $6.8 million.

Financial and Operational Highlights for the Third Quart
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SOURCE drugstore.com, inc.
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