OWINGS MILLS, Md., April 12 /PRNewswire-FirstCall/ -- Medifast, Inc. announced today that it expects to report record first quarter revenues for the period ended March 31, 2004. The Company had unaudited revenues of approximately $6.7 million, or a 7.2% increase versus the period ended March 31, 2003 when the Company had revenues of approximately $6.25 million. The 2003 first quarter results included $1 million in international sales, versus approximately $40,000 for the 2004 period. Medifast expects significant international sales during the second and third quarter of its current fiscal year, which are expected to exceed 2003’s international sales.
During the first quarter, domestic sales increased by $1.4 million, or 27% versus the same period last year. The growth was a result of improved traction from the national advertising campaign, which has continued to generate brand awareness. The Company has recently increased its advertising activity, as well as expanded into new markets. Medifast has also increased sales from its Hi-Energy Clinic model, which now consists of over 100 clinics nationwide, and the continued success of the Take Shape For Life division.
“Medifast continues to expand its business along all of its product lines,” said Brad MacDonald, Medifast’s Chairman and Chief Executive Officer. “The success of our advertising programs has created many ancillary benefits across other businesses, particularly our Hi-Energy Clinic business where the increased recognition has generated substantial revenue gains. During the second quarter, we expect further growth in our clinic business, strong gains from our Take Shape For Life division, where we continue to add new Health Advisors daily, and the resumption of international sales.”
The Company expects to report its first quarter results in May.
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.
Medifast, Inc.
CONTACT: Jeremy Hunt, Investor Relations Specialist, +1-410-504-8196, orKen Sgro, CEOcast, Inc. for Medifast, +1-212-732-4300
Web site: http://www.medifast.net/
