Medifast Kicks Off 2012 With Success Story Featured in People Magazine "Half Their Size" Issue
Medifast Enjoys Consistent Record of Growth, Opens 100th Medifast Weight Control Center, and Sets Foundation for Continued Expansion in 2012
OWINGS MILLS, Md., Jan. 9, 2012 /PRNewswire/ -- Medifast, Inc. (NYSE: MED), a United States manufacturer of clinically proven portion controlled meal replacement products and programs, announced that Tyler Synan was featured in the popular People Magazine "Half Their Size" issue. Synan, a 23 year old Springfield, Oregon, native, lost 165 pounds and transformed from 330 pounds to 165 pounds while on the Medifast 5&1 plan. Synan also shared his Medifast success story during a live appearance on "The Today Show."
Medifast celebrated several key milestones in 2011, including:
- Over 275 jobs added across its corporate headquarters, Medifast Weight Control Centers, manufacturing facility in Owings Mills, Maryland, and distribution centers in Ridgely, Maryland, and Coppell, Texas, to support increased growth in 2012 and beyond.
- Opened the 100th Medifast Weight Control Center, expanding the number of corporate Centers to 70, an 80% increase compared to fiscal 2010. Medifast also ended 2011 with 30 franchise centers. The Company plans to open approximately 35 additional corporate Medifast Weight Control Centers in 2012.
- The Take Shape for Life personal coaching division launched a cutting-edge training and e-learning technology initiative to ensure both the new and the experienced coaches have the proper training on the Medifast products and programs, as well as the proven steps to grow their businesses. The Company added several industry experts to the Take Shape for Life corporate team and in the first quarter of 2012 will host three regional events in San Diego, CA, Orlando, FL and Somerset, NJ.
- The Medifast Direct e-commerce and call center division unveiled a revamped website and "Medifast Advantage" program improving the overall customer experience.
- Thanks to a strong, unleveraged financial position that included $37 million in cash, cash equivalents, and investments and $71.6 million in total stockholders equity as of September 30, 2011, Medifast purchased 1,090,000 shares of common stock in 2011. The Company has realized a 5 year revenue CAGR of 97% through December 31, 2010.
- Medifast set the foundation for continued expansion in 2012 with the addition of seasoned executive talent in HR, IT, marketing, and direct sales. This enhanced executive team developed a new multi-media branding campaign to launch in several key markets during the first quarter of 2012.
"We are very proud of our long-term track record of growth and profitability and are confident that our current infrastructure and strong, unleveraged balance sheet will continue to support increased sales and profitability," said Michael McDevitt, Chief Executive Officer of Medifast. "We look forward to helping more Americans lose weight and regain their health as Medifast fights the growing obesity epidemic. Our diversified business model gives customers multiple support options with Take Shape for Life, Medifast Direct and the Medifast Weight Control Centers, which we aggressively invested in during 2011 to drive long term revenue and earnings growth."
"Our multi-channel corporate structure enables us to offer our clients weight loss choices that suit their lifestyle needs and help them better succeed on our program." said Michael C. MacDonald, Executive Chairman of the Board of Medifast. Mr. MacDonald, a long-standing Medifast Board Member, was appointed Executive Chairman in November, 2011. Prior to this role, Mr. MacDonald served as Executive Vice President and President, Contract of Office Max, Incorporated and prior to that served in a variety of senior corporate officer positions for Xerox Corporation including Senior Vice President of World Wide Operational Effectiveness, President of Marketing Operations and Global Accounts, and President of Xerox North America.
Medifast, Inc. (NYSE: MED) is a leading provider of clinically proven, portion-controlled weight-loss programs. Medifast has been recommended by over 20,000 doctors and used by over one million clients since 1980. The Company is committed to enriching lives by providing innovative choices for lasting health. Medifast programs have been proven effective through studies by major universities. The company sells its products and programs via four unique distribution channels: 1) the web and national call centers, 2) the Take Shape for Life personal coaching division, 3) medically supervised Medifast Weight Control Centers, and 4) a national network of wholesale physicians and medical practices. Medifast was founded in 1980 and is located in Owings Mills, Maryland. For more information, please visit http://www.choosemedifast.com.
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 Medifast's objectives, strategies, plans, goals or targets contained herein are also considered forward-looking statements. Medifast believes this release should be read in conjunction with all of its filings with the United States Securities and Exchange Commission and cautions its readers that these forward-looking statements are subject to certain events, risks, uncertainties, and other factors. Some of these factors include, among others, Medifast's inability to attract and retain independent Associates and Members, stability in the pricing of print, TV and Direct Mail marketing initiatives affecting the cost to acquire customers, increases in competition, litigation, regulatory changes, and its planned growth into new domestic and international markets and new channels of distribution. Although Medifast believes that the expectations, statements, and assumptions reflected in these forward- looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and other filings filed with the United States Securities and Exchange Commission, including its current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.
Chief Financial Officer
SOURCE Medifast, Inc.
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