Medifast Reports Record Second Quarter 2009 Financi...( ...),Health

OWINGS MILLS, Md., July 30 /PRNewswire-FirstCall/ -- Medifast, Inc. (NYSE: MED) announced today second quarter financial results for the period ended June 30, 2009.

Second Quarter highlights included:

• Second quarter revenues increased 48% compared to 2008 to $40.7 million;
• Diluted EPS for the quarter increased 82% to $0.20 versus $0.11 year-over-year;
• Direct sales segment, Take Shape for Life, increased sales 98% year-over-year for the quarter;
• Medifast Weight Control Centers quarterly revenues increased 111%;
• Direct response revenue-to-spend ratio improves to 2.7 versus 2.5 a year ago;
• Operating margins improve to 11.8% versus 8.7% in the comparable quarter;
• Free Cash Flow of $4.8 million generated.
  

For the second quarter ended June 30, 2009, Medifast reported revenue of $40.7 million, a 48% increase from $27.5 million in the second quarter of 2008. The Company reported net income of $3.0 million, or $0.20 per fully diluted share, compared with $1.5 million, or $0.11 per fully diluted share in the second quarter of 2008, a diluted EPS increase of 82%.

For the six months ended June 30, 2009, Medifast reported revenue of $74.4 million, an increase of 41% from $52.7 million for the six months ended June 30, 2008. The Company reported net income of $5.5 million, or $0.37 per fully diluted share, versus $2.9 million, or $0.21 per fully diluted share, in 2008.

"The second quarter of 2009 was another quarter of record revenues and net income for Medifast that featured growth or improvement in all three of our main distribution platforms," commented Michael S. McDevitt, Chief Executive Officer of Medifast, In
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