medifast inc (MED) Key Developments
ModusLink May Acquire Additional Stake In Medifast
Aug 29 14
ModusLink Global Solutions, Inc. (NasdaqGS:MLNK), which through its subsidiary, Moduslink Securities Corporation has recently acquired around 10% stake in Medifast Inc. (NYSE:MED), may acquire more stake in the later. ModusLink said that it invested in Medifast as part of its evaluations of potential acquisition and investment opportunities and will consider increasing or decreasing its stake based on market conditions. According to the news report, neither company could be immediately reached for comment.
Medifast Inc. Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Third Quarter and Fiscal Year of 2014
Aug 7 14
Medifast Inc. reported unaudited consolidated financial results for the second quarter and six months ended June 30, 2014. For the quarter, the company's net revenue decreased 17% to $80,883,000 from net revenue of $97,072,000 in the second quarter of 2013. Net income was $5,720,000, or $0.44 per diluted share compared to net income of $7,073,000, or $0.51 per diluted share for the second quarter of 2013. Income from operations was $7,412,000 against $10,641,000 a year ago. Income before income taxes was $8,685,000 against $10,878,000 a year ago. Revenue was down 17% compared to the second quarter of last year, due to significant decreases in each of distribution channels.
For the six months, the company reported revenue of $167,412,000 against $193,115,000 a year ago. Income from operations was $16,108,000 against $19,219,000 a year ago. Income before income taxes was $17,691,000 against $19,588,000 a year ago. Net income was $11,687,000, or $0.89 per diluted share compared to net income of $13,006,000, or $0.93 per diluted share a year ago.
The company expects third quarter 2014 net revenue to be in the range of approximately $75 to $78 million. Earnings per diluted share are expected to be in the range of $0.35 to $0.37 based on a 34% effective tax rate.
For fiscal year 2014, the company now expects full year revenue to be in the range of $320 to $330 million and full year earnings per diluted share in the range of $1.80 to $1.85. The company anticipates a full year tax rate of approximately 33% to 34% in 2014.
Medifast Inc. Presents at Canaccord Genuity 34th Annual Growth Conference, Aug-14-2014 02:00 PM
Jul 31 14
Medifast Inc. Presents at Canaccord Genuity 34th Annual Growth Conference, Aug-14-2014 02:00 PM. Venue: InterContinental Hotel, 510 Atlantic Avenue, Boston, MA 02210, United States. Speakers: Michael C. MacDonald, Chairman, Chief Executive Officer and Chairman of Executive Committee, Timothy G. Robinson, Chief Financial Officer and Principal Accounting Officer.
Medifast, Inc. Announces New Line of Products Available in Take Shape for Life Division
Jul 30 14
Medifast Inc. announced a new line of products available in its Take Shape For Life division. The new Habits of Healthy Sleep Set will feature a Far-Infrared Blanket, Melatonin, Restfulmind(TM) Herbal Sleep Tea, Chilltime(TM) Theanine Supplement Gum, and a sleep mask and ear plugs set.
Medifast Inc. Adds New Snacks to its Product Line
Jul 22 14
Medifast Inc. announced four new snacks to complement its line of weight management products. The new additions feature two chips and two popcorn choices: Sea Salt & Olive Oil Veggie Chips, Spicy Black Bean Veggie Chips, Sea Salt Popcorn and Cheddar & Sour Cream Popcorn. The new Medifast Snacks can be enjoyed as an optional snack on the 5 & 1 Plan(R) or just as nutritious options for an overall healthy lifestyle. Each snack is gluten free, has just six grams of carbs, and one gram of fiber. The snacks have no artificial colors, flavors, or sweeteners. The chips are 50 calories with 3 grams of fat while the popcorn options are 70 calories with 4.5 grams of fat. The new products are now available for purchase at company's website, through a free Take Shape For Life Health Coach, or at a Medifast Weight Control Center. Each box, which contains seven snacks, retails for $7.95.