Medifast Reports Record First Quarter 2009 Financi... (rtising spend in the first quarter was d...)

Medifast Reports Record First Quarter 2009 Financial Results

Date:4/29/2009

rtising spend in the first quarter was down approximately 17% from the spend in the same quarter last year, however, with the improved efficiencies, each dollar spent brought in more bottom-line profit for the business. The improvement in efficiency played a large role in the year-over-year EPS growth achieved in the first quarter. Looking ahead, we will continue to focus on generating efficiencies in this segment."

"We also saw tremendous growth in our Medifast Weight Control Centers segment," continued Mr. McDevitt. "Sales increased to $3.0 million compared to $1.8 million, an increase of 72%. The growth in revenues for this segment was attributed to increased same store sales, the opening of additional corporate clinics during the second half of 2008 and the introduction of our franchise model. For the first quarter, for clinics open greater than one year, we experienced average monthly store sales of $53,000, a 12% increase versus the prior year. We continue to be gratified by the strong same store sales growth of this segment, which we believe bodes well for not only the continuation of our corporate expansion, but also our franchise model."

The gross margins increased to 76.1% during the first quarter of 2009 versus 75.8% a year ago. Ms. Meg Sheetz, President and COO of Medifast, Inc. commented, "The margin improvement is reflective of the addition of efficient new machinery and process improvements achieved in our vertically integrated business model."

Bradley MacDonald, Executive Chairman of the Board and Co-Founder of Take Shape for Life said, "The Board of Directors is extraordinarily pleased with the financial results of the Company in this tough economy. The Company posted its 38th consecutive quarter of profitability by maximizing the leverage on assets purchased over the last 10 years, and has achieved a 41% compounded annual revenue growth rate since the year 1999. We are delighted with the perfor
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