Medifast Inc. announced the appointment of Jeannette M. Mills to Executive Vice President, Take Shape for Life, effective June 3, 2013. Mills has served on the company's Board of Directors since 2008 and will report to Margaret Sheetz, President and Chief Operating Officer. Mills joins Medifast having recently served as Vice President, Customer Operations and Chief Customer Officer at Baltimore Gas and Electric Company. In conjunction with this appointment, Ms. Mills will no longer serve on the company's Board of Directors.

Medifast Inc. announced the appointment of Kevin G. Byrnes to its Board of Directors and the company's Audit Committee, effective immediately. Mr. Byrnes has more than 40 years of financial experience working in the retail and commercial banking industries. He is currently Chairman of the Board of Bay Bank. Mr. Byrnes served as President/COO and Director of Provident Bank from 2002 to 2009. Prior to Provident Bank, Mr. Byrnes spent 25 years with the Chase Manhattan Bank in various executive management positions. Mr. Byrnes began his career at Bankers Trust Co. in New York.

Medifast Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's net revenue increased 8% to $96,043,000 from net revenue of $88,924,000 in the first quarter of the prior year. Each of the company's three primary distribution channels, Take Shape for Life, Medifast Direct, Medifast Weight Control Centers and Wholesale Physicians, contributed to this year-over-year revenue increase. Income from operations was $8,578,000,000 compared to $6,137,000,000 in the same period a year ago. Income before income taxes was $8,710,000 compared to $6,333,000 in the same period a year ago. Net income was $5,933,000, or $0.43 per basic and diluted share, compared to net income of $3,990,000, or $0.44 per basic and diluted share, for the comparable period last year. The company expected second quarter 2013 net revenue to be in the range of approximately $98 to $102 million, an increase of approximately 5% to 9%. Earnings per diluted share are expected to be in the range of $0.45 to $0.50, and assume the 34.4% effective tax rate. This compares to reported earnings per diluted share of $0.20 in the second quarter of 2012. Normalized tax rate would have been 30.4%. For fiscal year 2013, the company continues to expect full year 2013 net revenues to increase 7.9% to 12.1% or in the range of $385 million to $400 million, and the earnings per diluted share is expected to be in the range of $1.70 to $1.80 per share. The company’s guidance includes the expectation that the effective tax rate for the full year will be in the range of 34% to 35%.