Financial Statements for Medifast, Inc.

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Medifast, Inc. financials

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Income Statement

Balance Sheet

Cash Flow

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In Millions of USD (except for per share items)	3 months ending 2012-06-30	3 months ending 2012-03-31	3 months ending 2011-12-31	3 months ending 2011-09-30	3 months ending 2011-06-30
Revenue	93.57	88.92	69.57	76.07	78.25
Other Revenue, Total	-	-	-	-	-
Total Revenue	93.57	88.92	69.57	76.07	78.25
Cost of Revenue, Total	23.43	22.17	17.24	19.62	19.21
Gross Profit	70.14	66.75	52.33	56.44	59.04
Selling/General/Admin. Expenses, Total	65.54	60.62	50.66	49.77	49.98
Research & Development	-	-	-	-	-
Depreciation/Amortization	-	-	-	-	-
Interest Expense(Income) - Net Operating	-	-	-	-	-
Unusual Expense (Income)	-	-	-	-	-
Other Operating Expenses, Total	-	-	-	-	-
Total Operating Expense	88.97	82.79	67.90	69.40	69.20
Operating Income	4.60	6.14	1.67	6.67	9.06
Interest Income(Expense), Net Non-Operating	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other, Net	0.81	0.12	-0.14	-0.01	0.01
Income Before Tax	5.50	6.33	1.46	6.80	9.14
Income After Tax	2.81	3.99	1.17	5.07	5.94
Minority Interest	-	-	-	-	-
Equity In Affiliates	-	-	-	-	-
Net Income Before Extra. Items	2.81	3.99	1.17	5.07	5.94
Accounting Change	-	-	-	-	-
Discontinued Operations	-	-	-	-	-
Extraordinary Item	-	-	-	-	-
Net Income	2.81	3.99	1.17	5.07	5.94
Preferred Dividends	-	-	-	-	-
Income Available to Common Excl. Extra Items	2.81	3.99	1.17	5.07	5.94
Income Available to Common Incl. Extra Items	2.81	3.99	1.17	5.07	5.94
Basic Weighted Average Shares	-	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-	-
Dilution Adjustment	-	-	-	-	-
Diluted Weighted Average Shares	13.83	13.83	13.73	14.01	14.46
Diluted EPS Excluding Extraordinary Items	0.20	0.29	0.09	0.36	0.41
Diluted EPS Including Extraordinary Items	-	-	-	-	-
Dividends per Share - Common Stock Primary Issue	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-	-
Depreciation, Supplemental	-	-	-	-	-
Total Special Items	-	-	-	-	-
Normalized Income Before Taxes	-	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-	-
Normalized Income After Taxes	-	-	-	-	-
Normalized Income Avail to Common	-	-	-	-	-
Basic Normalized EPS	-	-	-	-	-
Diluted Normalized EPS	0.20	0.29	0.09	0.36	0.41

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Revenue	298.19	257.55	169.74	110.08
Other Revenue, Total	-	-	-	-
Total Revenue	298.19	257.55	169.74	110.08
Cost of Revenue, Total	73.69	65.08	45.35	30.99
Gross Profit	224.50	192.47	124.39	79.09
Selling/General/Admin. Expenses, Total	197.11	160.83	105.89	71.72
Research & Development	-	-	-	-
Depreciation/Amortization	-	-	-	-
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	-	-	-	-
Other Operating Expenses, Total	-	-	-	-
Total Operating Expense	270.81	225.91	151.25	102.71
Operating Income	27.38	31.64	18.50	7.37
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	-0.02	-0.22	-0.08	-0.13
Income Before Tax	27.68	31.69	18.42	7.02
Income After Tax	18.54	19.61	11.36	4.31
Minority Interest	-	-	-	-
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	18.54	19.61	11.36	4.31
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	18.54	19.61	11.36	4.31
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	18.54	19.61	11.36	4.31
Income Available to Common Incl. Extra Items	18.54	19.61	11.36	4.31
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	-	-	-	-
Diluted Weighted Average Shares	14.20	14.57	14.74	14.33
Diluted EPS Excluding Extraordinary Items	1.31	1.35	0.77	0.30
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	-	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	1.31	1.35	0.77	0.30

In Millions of USD (except for per share items)	As of 2012-06-30	As of 2012-03-31	As of 2011-12-31	As of 2011-09-30	As of 2011-06-30
Cash & Equivalents	37.12	31.93	14.26	18.45	28.29
Short Term Investments	19.44	20.05	19.54	18.54	18.81
Cash and Short Term Investments	56.56	51.99	33.80	36.99	47.10
Accounts Receivable - Trade, Net	2.40	2.18	1.48	1.54	1.15
Receivables - Other	-	-	-	-	-
Total Receivables, Net	2.40	2.18	1.48	1.54	1.15
Total Inventory	16.27	15.35	19.97	19.41	15.71
Prepaid Expenses	3.54	5.57	7.68	6.99	1.78
Other Current Assets, Total	0.75	0.69	1.05	0.09	0.76
Total Current Assets	79.50	75.77	63.99	65.02	66.50
Property/Plant/Equipment, Total - Gross	-	-	-	-	-
Accumulated Depreciation, Total	-	-	-	-	-
Goodwill, Net	-	-	-	-	-
Intangibles, Net	0.74	0.90	1.00	0.99	0.97
Long Term Investments	-	-	-	-	-
Other Long Term Assets, Total	1.10	1.41	1.82	1.71	1.29
Total Assets	120.96	117.26	105.67	103.35	101.91
Accounts Payable	-	-	-	-	-
Accrued Expenses	-	-	-	-	-
Notes Payable/Short Term Debt	-	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	0.55	1.29	1.43	0.88	0.89
Other Current liabilities, Total	-	-	-	-	0.24
Total Current Liabilities	30.64	27.45	20.26	22.34	22.07
Long Term Debt	3.23	3.28	3.34	3.96	4.18
Capital Lease Obligations	0.84	0.84	0.91	-	-
Total Long Term Debt	4.07	4.12	4.25	3.96	4.18
Total Debt	4.62	5.41	5.68	4.84	5.07
Deferred Income Tax	6.86	7.59	7.76	5.50	1.63
Minority Interest	-	-	-	-	-
Other Liabilities, Total	-	-	-	-	-
Total Liabilities	41.56	39.16	32.26	31.80	27.88
Redeemable Preferred Stock, Total	-	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-	-
Common Stock, Total	0.02	0.02	0.02	0.02	0.02
Additional Paid-In Capital	37.99	36.65	36.08	35.61	34.95
Retained Earnings (Accumulated Deficit)	67.46	64.65	60.66	59.49	54.42
Treasury Stock - Common	-26.51	-23.74	-23.74	-23.74	-15.69
Other Equity, Total	0.43	0.53	0.40	0.18	0.34
Total Equity	79.40	78.10	73.40	71.55	74.03
Total Liabilities & Shareholders' Equity	120.96	117.26	105.67	103.35	101.91
Shares Outs - Common Stock Primary Issue	-	-	-	-	-
Total Common Shares Outstanding	15.53	15.53	15.51	15.45	15.45

In Millions of USD (except for per share items)	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31	As of 2008-12-31
Cash & Equivalents	14.26	-	-	1.84
Short Term Investments	19.54	34.44	16.30	1.10
Cash and Short Term Investments	33.80	34.44	16.30	2.94
Accounts Receivable - Trade, Net	1.48	0.62	0.68	0.45
Receivables - Other	-	-	-	-
Total Receivables, Net	1.48	0.62	0.68	0.63
Total Inventory	19.97	19.53	11.23	13.86
Prepaid Expenses	7.68	5.37	6.73	3.17
Other Current Assets, Total	1.05	0.70	0.68	0.89
Total Current Assets	63.99	60.67	35.62	21.48
Property/Plant/Equipment, Total - Gross	63.48	48.19	36.22	31.11
Accumulated Depreciation, Total	-24.62	-17.60	-12.98	-9.40
Goodwill, Net	-	-	-	-
Intangibles, Net	1.00	1.07	1.36	5.55
Long Term Investments	-	-	-	-
Other Long Term Assets, Total	1.82	1.73	2.74	0.50
Total Assets	105.67	94.06	62.96	50.32
Accounts Payable	12.68	9.30	4.20	3.66
Accrued Expenses	1.57	1.77	0.60	0.17
Notes Payable/Short Term Debt	0.00	0.00	0.00	3.16
Current Port. of LT Debt/Capital Leases	1.43	0.94	0.80	0.26
Other Current liabilities, Total	4.58	3.95	2.91	1.67
Total Current Liabilities	20.26	15.96	8.51	8.91
Long Term Debt	3.34	4.65	5.44	4.31
Capital Lease Obligations	0.91	0.21	-	-
Total Long Term Debt	4.25	4.86	5.44	4.31
Total Debt	5.68	5.80	6.24	7.73
Deferred Income Tax	7.76	1.28	1.19	1.87
Minority Interest	-	-	-	-
Other Liabilities, Total	-	-	-	-
Total Liabilities	32.26	22.10	15.14	15.10
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	0.02	0.02	0.02	0.01
Additional Paid-In Capital	36.08	32.94	28.46	25.25
Retained Earnings (Accumulated Deficit)	60.66	42.12	22.51	12.30
Treasury Stock - Common	-23.74	-3.35	-3.32	-1.96
Other Equity, Total	0.40	0.24	0.16	-0.39
Total Equity	73.40	71.96	47.82	35.22
Total Liabilities & Shareholders' Equity	105.67	94.06	62.96	50.32
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	15.51	15.43	15.40	14.31

In Millions of USD (except for per share items)	3 months ending 2012-03-31	12 months ending 2011-12-31	9 months ending 2011-09-30	6 months ending 2011-06-30
Net Income/Starting Line	3.99	18.54	17.37	12.30
Depreciation/Depletion	2.38	8.34	5.79	3.66
Amortization	-	-	-	-
Deferred Taxes	0.11	6.01	4.83	0.21
Non-Cash Items	0.60	2.73	1.97	1.29
Changes in Working Capital	13.63	-0.76	3.40	13.05
Cash from Operating Activities	20.71	34.87	33.37	30.51
Capital Expenditures	-2.49	-14.66	-10.11	-5.68
Other Investing Cash Flow Items, Total	-0.28	-2.21	-1.38	-1.35
Cash from Investing Activities	-2.77	-16.87	-11.49	-7.03
Financing Cash Flow Items	0.00	0.63	0.76	0.71
Total Cash Dividends Paid	-	-	-	-
Issuance (Retirement) of Stock, Net	-	-20.39	-20.39	-12.33
Issuance (Retirement) of Debt, Net	-0.27	-1.14	-0.96	-0.73
Cash from Financing Activities	-0.27	-20.90	-20.59	-12.35
Foreign Exchange Effects	-	-	-	-
Net Change in Cash	17.67	-2.90	1.29	11.13
Cash Interest Paid, Supplemental	0.03	0.10	0.08	0.05
Cash Taxes Paid, Supplemental	-0.52	4.12	4.85	2.64

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Net Income/Starting Line	18.54	19.61	11.36	4.31
Depreciation/Depletion	8.34	5.86	5.27	4.57
Amortization	-	-	-	-
Deferred Taxes	6.01	-0.07	-0.22	0.50
Non-Cash Items	2.73	2.88	2.44	1.21
Changes in Working Capital	-0.76	0.49	0.31	-4.39
Cash from Operating Activities	34.87	28.77	19.16	6.21
Capital Expenditures	-14.66	-12.05	-5.35	-7.44
Other Investing Cash Flow Items, Total	-2.21	-11.49	-3.26	-0.38
Cash from Investing Activities	-16.87	-23.54	-8.62	-7.82
Financing Cash Flow Items	0.63	1.77	0.47	0.13
Total Cash Dividends Paid	-	-	-	-
Issuance (Retirement) of Stock, Net	-20.39	0.00	0.11	0.03
Issuance (Retirement) of Debt, Net	-1.14	-0.44	-1.49	1.30
Cash from Financing Activities	-20.90	1.33	-0.91	1.46
Foreign Exchange Effects	-	-	-	-
Net Change in Cash	-2.90	6.56	9.63	-0.14
Cash Interest Paid, Supplemental	0.10	0.11	0.14	0.14
Cash Taxes Paid, Supplemental	4.12	10.68	9.17	9.17