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The Company is a Delaware corporation and through its wholly-owned subsidiaries, operates retail drugstores in the United States of America.
From their annual report:"Our earnings were insufficient to cover fixed charges and preferred stock dividends forfiscal 2011, 2010, 2009, 2008 and 2007 by $564.8 million, $498.4 million, $2.6 billion, $340.6 million and$50.8 million, respectively.Our high level of indebtedness will continue to restrict our operations. Among other things, ourindebtedness will:• limit our flexibility in planning for, or reacting to, changes in the markets in which we compete;• place us at a competitive disadvantage relative to our competitors with less indebtedness;• render us more vulnerable to general adverse economic, regulatory and industry conditions; and• require us to dedicate a substantial portion of our cash flow to service our debt."By the way -- the word 'debt' occurs 193 times in their 119 page annual report.Interest coverage = 0.2xQuick ratio = 0.4xOperating income hardly exceeds interest payments. How do you compete against WAG and CVS when you are barely scraping by after servicing debt?Additionally, options and warrants available equal 14% of current shares outstanding... even if it does rebound shareholders will continue to experience further dilution.
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