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Drugstore.com

This article was originally published in The Rose Sheet

Executive Summary

Net sales jumped 38.3% to $34 mil. and net loss decreased from $54.7 mil. to $32.1 mil. in second quarter, e-tailer announces. Firm continues to slash marketing and sales costs, cutting spending 67.5% to $8.3 mil. in Q2; total expenses were down 22.5% to $63.3 mil. Co-marketing deal with Amazon.com is re-negotiated, "reducing minimum cash payments due under the agreement from $30 mil. to $9 mil." and changing termination date to June 25, 2002. Restructuring charges in order of $7.3 mil. incurred as result of forfeiture of cancelled lease deposit for new corporate office space negotiated in March. Marketing and sales expenses related to agreement totaled $4.6 mil. in second quarter, firm notes in 10Q filing. Retailer projects sales of $135 mil.-$145 mil. for year, compared to $110 mil. in fiscal 2000
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