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Weight Watchers Announces Third Quarter 2008 Results
Date:11/4/2008

the Company's share of after-tax expense of $1.3 million associated with the startup of the China joint venture, was $156.7 million versus $161.4 million in the prior year period. Excluding these charges, net income was $181.2 million, an increase of $19.8 million, or 12%, versus the prior year period.

Earnings per fully diluted share were $1.98 in the first nine months of 2008, including the U.K. VAT charges and expense associated with the startup of the China joint venture. Excluding these charges and $0.02 per fully diluted share of non-recurring expense associated with the early extinguishment of debt in the prior year period, earnings per fully diluted share were $2.29 in the first nine months of 2008, an increase of 15% versus $2.00 per fully diluted share in the prior year period.

Commenting on results, David Kirchhoff, President and Chief Executive Officer of the Company, said, "Despite a difficult economic environment, the Company delivered net income and earnings-per-share growth in the third quarter of 2008 in line with our expectations. We are looking forward to the December launch of a new program in our North American, U.K. and Australian markets, the first new program these markets have seen in several years. We are confident that this new program will deliver excellent benefits and aid in the success of our members in these important markets."

The Company narrowed its full year 2008 earnings guidance range to between $2.75 and $2.78 per fully diluted share, including expense associated with the startup of its China joint venture and the current year portion of the U.K. VAT charges resulting from the recent adverse ruling.

The Company has scheduled a conference call today at 5:00 p.m. ET. During the conference call, David Kirchhoff, President and Chief Executive Officer, and Ann Sardini, Chief Financial Officer, will discuss third quarter results and answer questions from the investment community. Live audio of the conferen
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SOURCE Weight Watchers International, Inc.
Copyright©2008 PR Newswire.
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