Positive Trending Reported across all Distribution Channels
OWINGS MILLS, Md., Nov. 8 /PRNewswire-FirstCall/ -- Medifast, Inc. (NYSE: MED) announced today third quarter results for the period ended September 30, 2007. For quarter-ended September 30, 2007, Medifast reported revenue of $21.8 million, an 11% increase from $19.6 million in the third quarter of 2006. The Company reported net income of $954,000, or $0.07 per basic share ($0.07 per diluted share), versus $1,455,000 or $0.11 per basic share ($0.11 per diluted share) in 2006. The third quarter of 2007 represented the Company's 32nd consecutive quarter of profitability.
For the nine months ended September 30, 2007, Medifast reported revenue of $64 million, an increase of 9% from $58.8 million for the nine months ended September 30, 2006. The Company reported net income of $3.2 million, or $.25 per basic share ($.24 per diluted share), versus $4.9 million or $.39 per basis share ($.36 per diluted share) in 2006.
The Company's balance sheet remains strong with stockholders' equity of $31.7 million and working capital of $12.4 million at September 30, 2007, compared to $27.2 million and $12.9 million at September 30, 2006, respectively. At September 30, 2007 the current ratio was an impressive 3.8 to 1.
"In the third quarter of 2007, the Company continued to focus on and
invest in building the platform for the near future and long term growth of
the Medifast business. We are confident that our strategic investments
including improved internal capabilities, new technologies as well as
significant communications upgrades, and a seasoned executive team with
extensive experience will provide continued positive improvements to our
|SOURCE Medifast, Inc.|
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