eDiets.com(R) Announces Q3 2008 Results( FORT LAUDERDALE Fla. Nov. 13 /- e...),Health

FORT LAUDERDALE, Fla., Nov. 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 third quarter and nine months ended September 30, 2008.

Revenues for the third quarter of 2008 were $4.8 million, compared to $6.8 million in the prior year period. Net loss for the quarter was $(3.2) million, or $(0.13) per diluted share, for the third quarter of 2008, compared to $(2.5) million, or $(0.10) per diluted share, for the third quarter of 2007.

Adjusted EBITDA*, defined as net income (loss) before interest, taxes, depreciation, amortization, stock-based compensation, severance charges, bad debt expense and loss on disposition of assets, for the quarter ended September 30, 2008 was $(1.4) million compared to ($1.1) million in the prior year period.

For the nine months ended September 30, 2008, the Company recorded revenues of $20.0 million, compared to $22.8 million for the same period last year. Net loss for the nine months ended September 30, 2008 was $(11.5) million, or $(0.46) per share, compared to $(5.2) million, or $(0.21) per share, for the first nine months of 2007. Adjusted EBITDA for the first nine months of 2008 totaled $(6.2) million, compared to $(1.9) million in the comparable year period.

Third Quarter 2008 and Subsequent Highlights:

-- Implemented restructured meal delivery program with significantly higher margins

-- Initiated corporate restructuring to reduce overhead by $2.4 million annually

-- Achieved over 37% increase in Q3 2008 meal delivery revenues from prior year

-- Signed 5 channel partner contracts and 7 corporate services license agreem
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