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Medifast Reports Record First Quarter 2009 Financial Results
Date:4/29/2009

respectively (2,058,000) (1,956,000) Less: unearned compensation (5,495,000) (5,537,000) Total Stockholders' Equity 40,980,000 38,173,000 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $53,497,000 $51,037,000 
                           MEDIFAST, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                     (Unaudited)

                                                     Three Months Ended
                                                         March 31,
                                                    2009           2008
    Revenue                                     $33,680,000    $25,169,000
    Cost of sales                                 8,054,000      6,100,000
    Gross Profit                                 25,626,000     19,069,000

    Selling, general, and administration         21,610,000     17,007,000

    Income from operations                        4,016,000      2,062,000

    Other income/(expense)
      Interest expense, net                          (5,000)       (65,000)
      Other income/(expense)                        (35,000)        36,000
                                                    (40,000)       (29,000)

    Income before provision for income taxes      3,976,000      2,033,000
    Provision for income tax (expense)           (1,491,000)      (668,000)

    Net income                                   $2,485,000     $1,365,000

    Basic earnings per share                          $0.19          $0.10
    Diluted earnings per share                        $0.17          $0.10

    Weighted average shares outstanding -
      Basic                                      13,284,431     13,101,157
      Diluted                                    14,494,898     13,799
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SOURCE  Medifast, Inc.
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