Press Releases

Medifast, Inc. announced today record second quarter revenues for the period ended June 30, 2003. The Company had revenues of approximately $6.5 million, a 116% increase versus the same period last year. The Company generated revenues of approximately $2.3 million for the month of June, a 125% increase versus $1 million for the year-earlier period. Year-to-date revenues reached $12.7 million, which is more than all of 2002.

"We continue to generate growing momentum across all of our businesses," said Bradley MacDonald, Chairman and CEO of Medifast. "Our Take Share for Life division continues its rapid growth, even while the investments we have made to develop new products and sources of revenue show promise. For example, our newest adolescent line of nutritional supplements, marketed under the brand Fit!, has already generated a strong early response in a market with enormous potential. Our international activities, such as our joint venture with Elken of Malaysia, are also showing significant growth. Finally, we have identified new ways to leverage our highly effective advertising campaigns through targeted acquisitions, such as Consumers Choice Systems. Presently, we are integrating it into our infrastructure, which will allow us to enhance its profitability by reducing operating expenses. We expect many of our recent initiatives to contribute significantly to our growth during the balance of the year."

The Company expects to report second-quarter results in early August.

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.

SOURCE: Medifast, Inc.