During Wednesday’s current trade, Rite Aid Corporation, (NYSE:RAD)’s shares gained 3.34%, and is now trading at $8.98, after Rite Aid, stated operating results for its fourth quarter and fiscal year ended February 28, 2015.
For the fourth quarter, the corporation stated proceeds of $6.8 billion and net revenue of $1.835 billion, or $1.79 per diluted share. For the full year, the corporation stated proceeds of $26.5 billion and net revenue of $2.109 billion, or $2.08 per diluted share. Current year results for both the fourth quarter and the full year were favorably influenced by a reduction of the deferred tax asset valuation allowance and a full year provision of revenue tax expense at a statutory tax rate, the net effect of which resulted in an revenue tax benefit of $1.716 billion, or $1.67 per diluted share and $1.682 billion, or $1.65 per diluted share in the fourth quarter and full year, respectively. The corporation stated Adjusted EBITDA of $343.3 million or 5.0 percent of proceeds in the fourth quarter and $1,322.8 million or 5.0 percent of proceeds for the full year.
The reduction of the tax valuation allowance represents a non-cash benefit to earnings in fiscal 2015. While the corporation will record charges for revenue taxes in future periods, it does not expect to pay noteworthy cash taxes for the foreseeable future.
“In the fourth quarter, our strong growth in same-store sales and prescription count in addition to strong cost control assisted drive continued profitability,” said Rite Aid Chairman and CEO John Standley.
“These positive results contributed to a successful year in which we took noteworthy steps to further position Rite Aid as a retail healthcare corporation,” added Standley. “We look forward to building upon our success by leveraging our recent planned investments to grow our business. We will also continue to implement our initiatives that deliver value to our customers and assist us provide greater access to convenient, affordable and high quality healthcare. I thank our dedicated team of nearly 90,000 Rite Aid associates for the great work they did throughout the year to continue our recent momentum.”
Rite Aid Corporation, through its auxiliaries, operates a chain of retail drugstores in the United States. The corporation sells prescription drugs and a range of other merchandise, counting over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other everyday and convenience products.
Bank of America Corporation (NYSE:BAC)’s shares jumped 1.71% during the current trading session Wednesday, and is now trading at $15.73, as , as according to Reuters, Bank of America Corp designated Karim Assef and Diego De Giorgi co-heads of global investment banking, according to an internal memo seen by Reuters.
Assef was global head of investment banking coverage and De Giorgi was co-head of Europe, Middle East and Africa global corporate and investment banking since 2013, the memo said.
De Giorgi was chief operating officer at Goldman Sachs Group Inc’s investment banking division in New York before joining Bank of America in 2012.
Assef and De Giorgi will still be based in New York and London respectively, according to the memo.
Bank of America Corporation, through its auxiliaries, provides banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, large corporations, and governments worldwide.
During an afternoon trade, Apple Inc. (NASDAQ:AAPL)’s shares declined -0.36%, and is now trading at $125.56, as early Apple Watch Reviews are mixed.
According to BloombergBusiness, “The notification scheme is a little maddening at first. Apple sends a push notification every time you get a corporate e-mail, personal e-mail, direct message on Twitter, message on Facebook, and for interactions in countless other services. Each of these notifications pings the watch. For every message, there is a sound, a vibration, or both. (You can mute them.) If you’re a busy person who communicates constantly on your phone, this gets overwhelming fast. I found myself turning off notifications from entire apps, which seems to defeat the purpose of the watch in the first place.”
According to Wall Street Journal, “After over a week of living with Apple’s latest gadget on my wrist, I realized the corporation isn’t just selling some wrist-worn computer, it’s selling good looks and coolness, with some bonus computer features. Too many features that are too hard to find, if you ask me.”
Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players worldwide.
Alcoa Inc. (NYSE:AA), during its Wednesday’s current trading session gained 1.41%, and is now trading at $13.62, ahead of the release of the lightweight metal manufacturer’s first quarter earnings results after the closing bell today.
Alcoa is predictable to earn 25 cents per diluted share on an adjusted basis on proceed of $6 billion, a noteworthy raise from the 9 cents per share on $5.5 billion in proceed the corporation generated during the same period last year.
Alcoa Inc. produces and manages primary aluminum, fabricated aluminum, and alumina worldwide. The corporation operates through four segments: Alumina, Primary Metals, Global Rolled Products, and Engineered Products and Solutions.
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