Medifast, Inc. Announces Record First Quarter 2011 Financial Results

Wednesday, May 11, 2011 General News
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The Company Reports 46th Consecutive Quarter of Profitability

MEDIFAST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended March 31,

2011

2010

Revenue

$74,295,000

$60,585,000

Cost of sales

17,614,000

14,817,000

Gross Profit

56,681,000

45,768,000

Selling, general, and administration

46,630,000

37,567,000

Income from operations

10,051,000

8,201,000

Other income/(expense)

    Interest income/ (expense), net

115,000

28,000

    Other

115,000

(15,000)

230,000

13,000

Income before income taxes

10,281,000

8,214,000

Provision for income taxes

(3,923,000)

(3,313,000)

Net income

$6,358,000

$4,901,000

Basic earnings per share

$0.44

$0.35

Diluted earnings per share

$0.44

$0.33

Weighted average shares outstanding -

    Basic

14,320,959

13,908,144

    Diluted

14,598,080

14,671,187



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