FORT LAUDERDALE, Fla., May 13 /PRNewswire-FirstCall/ -- eDiets.com, Inc. (Nasdaq: DIET), leveraging the power of the Internet to bring diet, fitness and healthy lifestyle solutions to everyone, today announced results for the quarter ended March 31, 2008.
Revenues for the first quarter of 2008 were $8.8 million, compared to $8.4 million in the prior year period. Net income (loss) for the quarter was $(5.1) million, or $(0.20) per diluted share, for the first quarter of 2008, compared to $(1.3) million, or $(0.05) per diluted share, for the first quarter of 2007.
Adjusted EBITDA*, defined as net income before interest, taxes,
depreciation, amortization, stock-based compensation, severance charges and
loss on disposition of assets, for the quarter ended March 31, 2008 was
$(3.5) million compared to ($0.5) million in the prior year period.
First Quarter 2008 and Subsequent Highlights:
-- Hired Thomas Hoyer as Chief Financial Officer in March 2008
-- Launched alli(R) meal delivery program with GlaxoSmithKline
-- Debuted new creative for direct response TV campaign
-- Achieved over 600% increase in Q1 2008 meal delivery revenues from
prior year period
-- Signed seven B2B contracts year-to-date
"We started the first quarter with strong momentum in our meal delivery
business, but ended the quarter with a disappointing performance due to two
main issues," stated President and Chief Executive Officer, Steve Rattner.
"The migration to our new technology platform temporarily affected our
operational abilities and inaccurate forecasting of our expanding fresh
food meal delivery program led to larger than expected increases in meal
delivery expenses. We have taken immediate acti
|SOURCE eDiets.com, Inc.|
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