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 | |||||
