THIN...this is Nutri Systems..posting rising rev and net inc...and selling at .65/.85:
(COMTEX) B: NUTRI/SYSTEM INC - Net Income for the Second Quarter
B: NUTRI/SYSTEM INC - Net Income for the Second Quarter
New York, New York, Aug 06, 2002 (Market News Publishing via COMTEX) --
Nutri/System, Inc. the leading online weight loss company, 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: TEL: 215/706-5302 Nutri/System, Inc., James Brown
EMAIL: jbrown@nutrisystem.com
MarketbyFax(tm) - To get the NEWS as it happens, call (604) 689-3041.
(C) 2002 Market News Publishing Inc.
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KEYWORD: New York, New York
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