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Life Pharmacy Issues First Report Post Transaction

Life Pharmacy Issues First Report Post Transaction

Life Pharmacy Limited (NZX: LPL) today announced an interim dividend in accordance with its dividend policy to distribute 60 percent of the parent company’s distributable profits. Life Pharmacy will pay shareholders a dividend of 1.23¢ per share (fully imputed), with the payment date set for 2 September 2005.

Life Pharmacy has reported a parent company net profit after tax (NPAT) of $582,000 for the twelve months ended 31 March 2005. The Company recorded revenues of $2.18m for the period.

It is the Company’s first report to shareholders since its change of name following the completion, on 4 March 2005, of a series of acquisition agreements that created New Zealand’s first listed pharmacy group.

The result reflects Life Pharmacy revenues for the six months ended 31 March 2005, derived from the operations of Life Pharmacy stores and other Life Pharmacy assets, with contributions from Beauty Direct for the twelve months to 31 March 2005, after capitalising all transaction-related expenses.

Life Pharmacy revenues are made up of $600,000 in revenues from associated companies (representing 49 percent of the operating profits of 17 Life Pharmacy stores and 1 Unichem branded pharmacy), together with $1,351,000 in franchise fees and $229,000 of other income.

The group result, under the equity accounting method for associates, is a deficit after tax of $76,000 after amortisation of associate goodwill ($561,000).

Commenting on the result, Chair, Liz Coutts said, “The Company’s primary focus during this period has been the successful completion of the underlying transactions, including meeting the necessary regulatory and compliance requirements and setting in place sound governance structures. With that now settled, the Board has turned its attention to running a 21 business pharmacy chain that meets New Zealanders’ needs for healthcare and premier beauty products and advice."

“The Directors will continue to assess investment and franchising opportunities for Life Pharmacy based upon strong retail sales, prime retail locations premium retail brands and demonstrable management expertise on the part of pharmacy owners."

Life Pharmacy CEO, Tim Roper said, “Management used the period when the transaction was being completed to undertake several initiatives designed to improve overall business performance for the 2006 fiscal year. Six Life Pharmacy stores have been refitted, modernising the layout, and improving merchandising and space utilisation. As a result the Company is now in a position to confidently address its targets for the 2006 year."

The Company will hold its Annual Meeting at 2:30pm on Tuesday 12 July 2005 at the Ellerslie Convention Centre Auckland.

About Life Pharmacy
Life Pharmacy Limited owns the Life Pharmacy brand and holds a 49 per cent shareholding in 17 pharmacy companies, representing 17 of the 21 Life Pharmacy stores operating throughout New Zealand. Stores are located in Auckland (10), Hamilton (2), Bay of Plenty (3), Wellington (3) and Christchurch (3). Aggregate underlying turnover of all Life Pharmacy stores was over $100 million in 2005.

The Life Pharmacy brand and concept was established in 1995 to create a retail offering that was readily differentiated from existing pharmacy chains.

ENDS

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