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Grupo Casa Saba Announces 3Q09 Earnings Report
Date:10/28/2009

Cash and cash equivalents at the end of the third quarter of 2009 was $161.17 million, a decline of 44.99% compared to the same period of 2008.

COMPREHENSIVE COST OF FINANCING

During the period, GCS's comprehensive cost of financing (CCF) reached $47.71 million, 22.15% lower than the CCF reported during 3Q08. This was primarily due to a reduction in the amount of interest income paid as well as a lower exchange rate loss.

These interest payments are related to the long-term credit that was obtained as a result of the acquisition in Brazil as well as the interest that was generated from the utilization of short-term credits for our operations in both Mexico and Brazil.

OTHER EXPENSES (INCOME)

During the third quarter of 2009, the Company registered an income of $17.43 million in other expenses (income), an increase of 20.59% versus the same period of 2008. The expenses (income) from this line item were derived from activities that are distinct from the company's everyday business operations.

TAX PROVISIONS

During the third quarter, tax provisions were $24.74 million, 61.14% less than the $63.67 million obtained during 3Q08. Of these, $75.89 million were related to income tax payments and ($51.15) million were attributed to deferred income tax.

The effective tax rate for the quarter was 13.74%.

NET INCOME

As a result, GCS's net income for the third quarter was $155.38 million, an increase of 39.03% compared to the third quarter of 2008. The growth was primarily due to the reduction in both the CCF as well as the tax provisions. Consequently, the net margin for the period was 2.22%, 55 basis points higher than the 1.67% net margin registered during the third quarter of 2008.

WORKING CAPITAL

During the third quarter of 2009, our accounts receivable days increase
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SOURCE Grupo Casa Saba
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