medifast inc (MED) Key Developments
Medifast Inc. Announces Board Appointments
Jun 30 14
Medifast Inc. announced the addition of three new members to its Scientific Advisory Board: Simon Barquera, M.D., Ph.D., Susan Barr, Ph.D., R.D, and Steven Heymsfield, M.D. Barquera is also President of the Nutrition Board of Professors at the Mexican School of Public Health and Director of the Nutritional Epidemiology Division at the Nutrition and Health Research Center. Barr is a professor at the University of British Columbia, where she teaches human nutrition. Heymsfield is the George A. Bray Chair in Nutrition and professor at Louisiana State University's Pennington Biomedical Research Center.
Medifast Inc. Announces Amendment to Bylaws
Jun 20 14
Medifast Inc. announced that on and effective June 17, 2014, the Board approved and adopted amended and restated Bylaws of the company. The following changes are included in the Amended and Restated Bylaws: The advance notice period for the submission of director nominations and stockholder proposals to be made at an annual meeting of stockholders is reduced to a maximum of 120 days prior to the first anniversary of the prior year's annual meeting. The amended and restated Bylaws expand the disclosure requirements for stockholders who propose business or make nominations and require additional disclosure regarding proposed director nominees.
Medifast Announces Earnings Guidance for the Fiscal Year 2014
Jun 19 14
Medifast announced earnings guidance for the fiscal year 2014. For the year, the company expects revenue of $340 million - $380 million and earnings per share of $1.80 - $1.90.
Medifast Inc. Presents at Jefferies 2014 Global Consumer Conference, Jun-19-2014 10:30 AM
Jun 5 14
Medifast Inc. Presents at Jefferies 2014 Global Consumer Conference, Jun-19-2014 10:30 AM. Venue: The White Elephant Hotel, Nantucket, Massachusetts, United States. Speakers: Margaret E. MacDonald-Sheetz, President, Chief Operating Officer, Director and Member of Executive Committee, Timothy G. Robinson, Chief Financial Officer and Principal Accounting Officer.
Medifast Inc. Announces Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Fourth Quarter and Year of 2014
May 5 14
Medifast Inc. announced unaudited consolidated financial results for the first quarter ended March 31, 2014. For the quarter, the company reported revenue of $86,529,000 against $96,043,000 a year ago. Income from operations was $8,696,000 against $8,578,000 a year ago. Income before income taxes was $9,006,000 against $8,710,000 a year ago. Net income was $5,967,000 or $0.45 per diluted share against $5,933,000 or $0.43 per diluted share a year ago.
The company expects second quarter 2014 net revenue to be in the range of approximately $85 to $88 million. Earnings per diluted share are expected to be in the range of $0.37 to $0.40 based on a 34% effective tax rate. The company expects gross margins a little bit better than it saw in first quarter of 2014.
For fiscal year 2014, the company reiterated its previous guidance of net revenue to be in the range of $340 to $380 million and earnings per diluted share in the range of $1.80 to $1.90. The company anticipates a full year tax rate of approximately 33% to 34% in 2014.