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eDiets.com(R) Announces Q2 2009 Results
Date:8/12/2009

FORT LAUDERDALE, Fla., Aug. 12 /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 second quarter ended June 30, 2009.

Revenues for the second quarter of 2009 were $4.7 million, compared to $6.5 million in the prior year period. The net loss was $(2.6) million, or $(0.10) per diluted share, for the second quarter of 2009 compared to $(3.1) million, or $(0.12) per diluted share, for the second quarter of 2008.

Adjusted EBITDA*, defined as net loss before interest, taxes, depreciation, amortization, stock-based compensation, severance charges and bad debt recovery or expense, for the quarter ended June 30, 2009 was $(0.5) million compared to $(1.4) million in the prior year period.

For the six months ended June 30, 2009, the Company recorded revenues of $10.0 million compared to $15.2 million for the same period last year. Net loss was $(5.5) million, or $(0.22) per share, compared to $(8.3) million, or $(0.33) per share, for the first six months of 2008. Adjusted EBITDA for the first half of 2009 totaled $(1.1) million compared to $(4.8) million in the comparable prior year period.

Second Quarter and Recent Operating Highlights:

  • Expanded margins on meal delivery program to 36% (excluding revenue share and promotional costs) from 31% in the first quarter
  • Customer retention on meal delivery is over eight weeks
  • Cash from operations was slightly positive in the second quarter
  • Completed $500,000 Private Placement with certain members of management and the Board of Directors

"We are encouraged by the r
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SOURCE eDiets.com
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