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"Our team continued to manage the controllable aspects of our business and we are pleased these efforts enabled us to generate another quarter of earnings ahead of our expectations," said
Third Quarter 2014 Results
Operating income was
Net income was
For the third quarter ended
The Company's Medifast Direct channel revenue decreased 22% to
In the third quarter, the Medifast Weight Control Centers and Wholesale Physicians channel revenue decreased 20% to
Gross profit for the third quarter of 2014 decreased 15% to
Sales and marketing expense decreased
Selling, general and administrative expenses decreased
The Company had an effective tax rate of 29.1% compared to 28.0% in the third quarter of 2013.
Balance Sheet
The Company's balance sheet remains strong with stockholders' equity of
Outlook
The Company expects fourth quarter 2014 net revenue to be in the range of approximately
For fiscal year 2014, the Company now expects revenue to be in the range of
Conference Call Information
The conference call is scheduled to begin at
A telephonic playback will be available from
About
MED-F
Forward Looking Statements
Please Note: This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of phrases or terminology such as "intend" or other similar words or the negative of such terminology. Similarly, descriptions of
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CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(Unaudited) |
(Audited) |
|||||
September 30, 2014 |
December 31, 2013 |
|||||
ASSETS |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ 27,631,000 |
$ 36,382,000 |
||||
Accounts receivable-net of allowance for sales returns and doubtful accounts |
||||||
of |
2,354,000 |
1,246,000 |
||||
Inventory |
16,208,000 |
18,059,000 |
||||
Investment securities |
27,997,000 |
31,420,000 |
||||
Income taxes, prepaid |
907,000 |
- |
||||
Prepaid expenses and other current assets |
1,937,000 |
2,890,000 |
||||
Deferred tax assets |
2,018,000 |
1,957,000 |
||||
Total current assets |
79,052,000 |
91,954,000 |
||||
Property, plant and equipment - net |
36,014,000 |
40,336,000 |
||||
Other assets |
273,000 |
360,000 |
||||
TOTAL ASSETS |
$ 115,339,000 |
$ 132,650,000 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||
Current liabilities: |
||||||
Accounts payable and accrued expenses |
$ 27,090,000 |
$ 26,780,000 |
||||
Income taxes payable |
- |
99,000 |
||||
Current maturities of capital leases |
229,000 |
222,000 |
||||
Total current liabilities |
27,319,000 |
27,101,000 |
||||
Other liabilities: |
||||||
Capital leases, net of current portion |
301,000 |
474,000 |
||||
Deferred tax liabilities |
5,167,000 |
6,659,000 |
||||
Total liabilities |
32,787,000 |
34,234,000 |
||||
Stockholders' Equity: |
||||||
Preferred stock, |
- |
- |
||||
Common stock; par value |
||||||
12,368,249 and 13,143,309 issued at |
||||||
12,058,314 and 13,115,642 issued and outstanding at |
12,000 |
13,000 |
||||
Accumulated other comprehensive income |
282,000 |
703,000 |
||||
Retained earnings |
82,258,000 |
97,700,000 |
||||
Total stockholders' equity |
82,552,000 |
98,416,000 |
||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 115,339,000 |
$ 132,650,000 |
|
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||
(Unaudited) |
|||||||
Three Months Ended |
Nine Months Ended |
||||||
2014 |
2013 |
2014 |
2013 |
||||
Revenue |
$ 73,992,000 |
$ 86,480,000 |
$ 241,404,000 |
$ 279,595,000 |
|||
Cost of sales |
19,076,000 |
21,627,000 |
62,194,000 |
69,403,000 |
|||
Gross Profit |
54,916,000 |
64,853,000 |
179,210,000 |
210,192,000 |
|||
Selling, general, and administration |
48,977,000 |
57,504,000 |
157,163,000 |
183,624,000 |
|||
Income from operations |
5,939,000 |
7,349,000 |
22,047,000 |
26,568,000 |
|||
Other income |
|||||||
Interest and dividend income, net |
149,000 |
167,000 |
445,000 |
317,000 |
|||
Other income |
757,000 |
362,000 |
2,044,000 |
581,000 |
|||
906,000 |
529,000 |
2,489,000 |
898,000 |
||||
Income before income taxes |
6,845,000 |
7,878,000 |
24,536,000 |
27,466,000 |
|||
Provision for income taxes |
1,990,000 |
2,205,000 |
7,994,000 |
8,787,000 |
|||
Net income |
$ 4,855,000 |
$ 5,673,000 |
$ 16,542,000 |
$ 18,679,000 |
|||
Basic earnings per share |
$ 0.39 |
$ 0.41 |
$ 1.28 |
$ 1.35 |
|||
Diluted earnings per share |
$ 0.39 |
$ 0.41 |
$ 1.27 |
$ 1.34 |
|||
Weighted average shares outstanding - |
|||||||
Basic |
12,457,438 |
13,884,293 |
12,877,297 |
13,852,155 |
|||
Diluted |
12,569,387 |
13,903,412 |
12,975,671 |
13,955,217 |
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SOURCE
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