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eDiets.com(R) Announces Q4 2008 Results
Date:3/16/2009

FORT LAUDERDALE, Fla., March 16 /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 fourth quarter and twelve months ended December 31, 2008.

Revenues for the fourth quarter of 2008 were $4.0 million, compared to $6.9 million in the prior year period. Net loss was $(8.4) million, or $(0.33) per diluted share, for the fourth quarter of 2008 compared to $(4.2) million, or $(0.17) per diluted share, for the fourth quarter of 2007. Results for the fourth quarter of 2008 include a non-cash, impairment charge of $5.2 million related to the goodwill of the Company's business-to-consumer segment, while results for the fourth quarter of 2007 include a non-cash goodwill impairment charge of $2.3 million related to the Company's European segment. The non-cash impairment charge does not affect the Company's cash balances, liquidity or operating cash flows.

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 December 31, 2008 was $(1.2) million compared to $(0.4) million in the prior year period.

For the twelve months ended December 31, 2008, the Company recorded revenues of $23.9 million, compared to $29.7 million for the same period last year. Net loss was $(19.8) million, or $(0.79) per share in fiscal 2008, compared to $(9.4) million, or $(0.38) per share, in fiscal 2007. Results for 2008 include a non-cash goodwill impairment charge of $5.2 million, while results for 2007 include a non-cash goodwill impairment charge of $2.3 million. Adjusted EBITDA for the twelve months ended December 31, 2008 totaled $(7.5) million, compa
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SOURCE eDiets.com, Inc.
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