GENOVESE DRUG REPORTS CHARGE FROM SETTLEMENT
GENOVESE DRUG REPORTS CHARGE FROM SETTLEMENT MELVILLE, N.Y., March 2 /PRNewswire/ -- Genovese Drug Stores, Inc.
(AMEX: GDXA) said that net income for its fourth quarter and fiscal year ended Jan. 31, 1992 would include a charge of approximately $615,000, net of income tax benefit, or $.08 per share, resulting from the settlement of litigation involving the State of New York.
The litigation involved a suit filed by the state in June of 1990 against eight drug store chains and ten pharmaceutical trade associations, alleging conspiracy amongst the defendants to restrain competition and control prices in retail pharmacies operating in New York State. The settlement provided that none of the defendants admitted or denied any issues of law or fact, and the various defendants refunded the state approximately $5 million. After absorbing this charge, the company expects that fourth quarter net income will be close to the previous year's record results and net income for the fiscal year ended Jan. 31, 1992 should reflect a record high for the company. -0- 3/2/92 /CONTACT: Herbert J. Kett, vice chairman, Jerome Stengel, vice president and treasurer, or Donald W. Gross, vice president and secretary, of Genovese Drug Stores, 516-420-1900/ (GDXA) CO: Genovese Drug Stores, Inc. ST: New York IN: REA SU:
KD-KW -- NY066 -- 4025 03/02/92 13:52 EST
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|Date:||Mar 2, 1992|
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