MEDIFAST, INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(Unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2010 | 2009 | 2010 | 2009 | |||||
Revenue | $66,660,000 | $41,721,000 | $127,245,000 | $76,326,000 | ||||
Cost of sales | 17,194,000 | 10,908,000 | 31,890,000 | 19,739,000 | ||||
Gross Profit | 49,466,000 | 30,813,000 | 95,355,000 | 56,587,000 | ||||
Selling, general, and administration | 40,210,000 | 26,025,000 | 77,898,000 | 47,784,000 | ||||
Income from operations | 9,256,000 | 4,788,000 | 17,457,000 | 8,803,000 | ||||
Other income/(expense) | ||||||||
Interest income/ (expense), net | 44,000 | 3,000 | 71,000 | (1,000) | ||||
Other expense | (96,000) | (32,000) | (110,000) | (67,000) | ||||
(52,000) | (29,000) | (39,000) | (68,000) | |||||
Income before provision for income taxes | 9,204,000 | 4,759,000 | 17,418,000 | 8,735,000 | ||||
Provision for income taxes | (3,666,000) | (1,760,000) | (6,979,000) | (3,251,000) | ||||
Net income | $5,538,000 | $2,999,000 | $10,439,000 | $5,484,000 | ||||
Basic earnings per share | $0.40 | $0.22 | $0.75 | $0.41 | ||||
Diluted earnings per share | $0.38 | $0.20 | $0.71 | $0.37 | ||||
Weighted average shares outstanding - | ||||||||
Basic | 14,014,744 | 13,417,667 | 13,970,333 | 13,277,293 | ||||
Diluted | 14,742,033 | 15,039,547 | 14,666,398 | 14,899,173 | ||||