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eDiets.com(R) Announces Q1 2009 Results
Date:5/13/2009

FORT LAUDERDALE, Fla., May 13 /PRNewswire-FirstCall/ -- eDiets.com, Inc. (Nasdaq: DIET), a leading provider of convenient at-home diet, fitness and healthy lifestyle solutions, today announced results for the first quarter ended March 31, 2009.

Revenues for the first quarter of 2009 were $5.3 million, compared to $8.8 million in the prior year period. Net loss was $(2.8) million, or $(0.11) per diluted share, for the first quarter of 2009 compared to $(5.1) million, or $(0.20) per diluted share, for the first quarter of 2008.

Adjusted EBITDA*, defined as net loss before interest, taxes, depreciation, amortization, stock-based compensation, severance charges, bad debt expense and impairment of goodwill and intangible assets, for the quarter ended March 31, 2009 was $(0.5) million compared to ($3.5) million in the prior year period.

First Quarter and Recent Operating Highlights:

  • Improved margins on meal delivery program to 31% (excluding revenue share and promotional costs) from 24% in Q4
  • Implemented $1.5 million of annual cost savings from headcount and salary reductions
  • Realized positive return on investment from promotional test of new customer outreach initiatives
  • Signed fourth fitness meal delivery marketing partnership

"During the first quarter we achieved our goals of top-line growth over the fourth quarter and significant improvement in the bottom line, despite continued difficult economic conditions," said Kevin McGrath, President and Chief Executive Officer of eDiets.com. "Our year-over-year bottom-line improvement reflects the progress on our key priorities, which include restoring and enhancing the functionality of our core digital, meal delivery and B2B bus
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SOURCE eDiets.com, Inc.
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