THIN .80...just out..very nice numbers...Nutri Systems:
(COMTEX) B: Nutri/System, Inc. Reports Net Income for the Second Quarter
B: Nutri/System, Inc. Reports Net Income for the Second Quarter
HORSHAM, Pa., Aug 6, 2002 (BUSINESS WIRE) -- Nutri/System, Inc. (OTCBB:THIN),
the leading online weight loss company, today reported net income of $1,345,000
for the second quarter ended June 30, 2002 as compared to net income of $189,000
in the same quarter last year.
Nutri/System earned $0.05 per diluted share in the second quarter of 2002, while
it earned $0.01 per diluted share in the second quarter of 2001. For the first
six months of 2002, Nutri/System generated net income of $3,081,000 and earnings
of $0.11 per diluted share, up from the same period in 2001 when Nutri/System
generated net income of $826,000 and earnings of $0.03 per diluted share.
Earnings in 2002 arose entirely from continuing operations, while in 2001
earnings primarily were attributable to a discontinued operation.
Highlights for Nutri/System's second quarter 2002 consolidated results include
the following:
-- Revenue of $7,562,000, up 22% from $6,221,000 in the same
quarter of 2001.
-- Operating income from continuing operations of $1,415,000, a
sharp improvement from the loss from continuing operations of
$91,000 incurred in the second quarter of 2001.
-- Nutri/System repurchased 360,000 shares of common stock in the
quarter for an aggregate purchase price of $304,000.
-- Nutri/System ended the second quarter of 2002 with cash and
cash equivalents of $3,206,000, an increase of $2,088,000 from
the beginning of the year.
"Sales through QVC accounted for $1.9 million in revenue, an increase of $1.1
million from last year's second quarter," said Brian D. Haveson, Nutri/System's
chief executive officer. "In addition, Internet sales continued to increase
relative to the second quarter of 2001 despite the fact that we reduced
advertising spending by almost $1.0 million. Our Internet sales benefited from
QVC exposure, returning customers and continuity billing."
Forward-Looking Statement Disclaimer
This press release may contain forward-looking statements that are made pursuant
to the safe-harbor provisions of the Private Securities Litigation Reform Act of
1995. Statements of future goals and similar statements reflecting other than
historical facts constitute forward-looking statements.
These forward-looking statements involve a number of risks and uncertainties,
which are described in Nutri/System, Inc.'s filings with the Securities and
Exchange Commission. The actual results may differ materially from any
forward-looking statements due to such risks and uncertainties.
Nutri/System, Inc. undertakes no obligation to revise or update any
forward-looking statements in order to reflect events or circumstances that may
arise after the date of this release.
NUTRI/SYSTEM, INC. AND SUBSIDIARIES
-----------------------------------
CONSOLIDATED EARNINGS SUMMARY
-----------------------------
(unaudited, dollars in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30 June 30
-------------------- --------------------
2001 2002 2001 2002
-------- -------- -------- --------
REVENUES $ 6,221 $ 7,562 $ 13,202 $ 18,001
COSTS AND EXPENSES:
Cost of revenues 3,410 4,171 7,239 10,181
Advertising and
marketing 1,157 167 2,514 903
General and
administrative 1,664 1,727 3,284 3,551
Depreciation and
amortization 103 86 205 173
Non-cash
compensation
expense 9 8 17 23
-------- -------- -------- --------
6,343 6,159 13,259 14,831
-------- -------- -------- --------
Operating income
(loss) from
continuing
operations (122) 1,403 (57) 3,170
INTEREST INCOME, net 31 12 70 16
-------- -------- -------- --------
Income (loss)
before income
taxes and
discontinued
operation (91) 1,415 13 3,186
INCOME TAXES -- 70 -- 105
-------- -------- -------- --------
Income before
discontinued
operation (91) 1,345 13 3,081
INCOME FROM
DISCONTINUED
OPERATION 280 -- 813 --
-------- -------- -------- --------
Net income $ 189 $ 1,345 $ 826 $ 3,081
======== ======== ======== ========
BASIC INCOME PER
SHARE:
Continuing
operations $ -- $ 0.05 $ -- $ 0.12
Discontinued
operation 0.01 -- 0.03 --
-------- -------- -------- --------
$ 0.01 $ 0.05 $ 0.03 $ 0.12
======== ======== ======== ========
DILUTED INCOME PER
SHARE:
Continuing
operations $ -- $ 0.05 $ -- $ 0.11
Discontinued
operation 0.01 -- 0.03 --
-------- -------- -------- --------
$ 0.01 $ 0.05 $ 0.03 $ 0.11
======== ======== ======== ========
WEIGHTED AVERAGE
SHARES OUTSTANDING:
Basic 28,508 26,375 28,606 26,694
Diluted 28,508 27,007 28,606 27,305
CONTACT: Nutri/System, Inc.
James D. Brown, 215/706-5302
jbrown@nutrisystem.com
URL: businesswire.com
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-0-
KEYWORD: PENNSYLVANIA
INDUSTRY KEYWORD: CONSUMER/HOUSEHOLD
E-COMMERCE
FOODS/BEVERAGES
INTERNET
MEDICAL
EARNINGS
SOURCE:
Nutri/System,
Inc.
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