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2001 Medifast 10 KSB Results: Revenues Up 29%; Operational Income Up 180%; Shareholder Equity Up 1.3 Million; EBITDA Over 1 Million Dollars on 5 Million Sales
PRNewswire-FirstCall
OWINGS MILLS, Md.

Medifast, Inc. (BULLETIN BOARD: MDFT) , changed its business model to better serve its medical practitioner and patient customer base using a teleweb strategy in 2001. As a result, the Medifast management team reports on its 10 KSB for 2001, that revenues are up 29%. Income from operations is up 180% and EBITDA exceeded 1 million dollars on 5 million dollars of revenue. This continues the trend of Medifast profitability for the last 9 consecutive quarters.

Comparisons 2001 vs. 2000 are as follows:

Revenues: 5 million vs. 3.8 million; Income from Operations: 745K vs. 266K; Interest Expense: 240K vs. 386K; Provision for tax benefit: 22K vs. 787K; Income attributable to shareholders: 526K vs. 1 million; Net Income per share: 7 cents vs. 17 cents; EBITDA: 1 million vs. 518K; Margins: 56% vs. 50%; Shareholder Equity: 2.5 million vs. 1.2 million.

Management characterizes the differences between 2001 vs. 2000 as operational profits versus restructuring for profitability. In 2002, the company intends to continue this trend by driving increased revenues on a lower cost structure thereby improving profitability and shareholder value.

Brad MacDonald, Chairman of the Board says, "Our talented, technology proficient and dedicated management team have developed sales and marketing solutions for Medifast for the managed care environment in the new millennium. Continuous improvement in our state of the art business model will generate incremental earnings in the future and increase shareholder value in the near term."

This release contains forward-looking statements, which may involve known, and unknown risks, uncertainties and other factors that may cause Medifast's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Medifast cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectation on this date.

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SOURCE: Medifast, Inc.

Contact: Bradley T. MacDonald, Chairman & Chief Executive Officer of
Medifast, Inc., +1-410-581-8042, ext. 231

Website: http://www.medifast.net/