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EARNINGS ROUNDUP

Longs Drug Stores misses profit estimates

March 01, 2007|From the Associated Press

Longs Drug Stores Corp. said an asset impairment charge drove fourth-quarter profit down 24% from the year-earlier period that included a gain on the sale of a distribution facility.

Net income declined to $26.9 million, or 71 cents a share, from $35.4 million, or 93 cents, last year. The latest quarter included a charge of $3.8 million related to the planned disposition of 31 stores. Revenue rose 8% to $1.34 billion.

Analysts surveyed by Thomson Financial expected earnings per share, excluding items, of 73 cents on revenue of $1.34 billion.

Shares of Longs fell 51 cents Wednesday to $46.06.

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