$MED
MEDIFAST INC

2012 Q2 Form 10-Q Financial Statement

#000114420412044117 Filed on August 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q4 2011 Q2
Revenue $93.57M $69.60M $78.26M
YoY Change 19.57% 10.48% 17.32%
Cost Of Revenue $23.43M $17.20M $19.21M
YoY Change 21.95% 6.17% 11.71%
Gross Profit $70.14M $52.30M $59.04M
YoY Change 18.8% 11.75% 19.27%
Gross Profit Margin 74.96% 75.14% 75.45%
Selling, General & Admin $65.54M $50.70M $49.98M
YoY Change 31.13% 21.88% 24.34%
% of Gross Profit 93.44% 96.94% 84.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.808M $2.500M $2.100M
YoY Change 33.71% 56.25% 50.0%
% of Gross Profit 4.0% 4.78% 3.56%
Operating Expenses $65.54M $50.70M $49.98M
YoY Change 31.13% 21.58% 24.34%
Operating Profit $4.598M $1.600M $9.057M
YoY Change -49.23% -68.63% -2.61%
Interest Expense $90.00K -$100.0K $79.00K
YoY Change 13.92% -150.0%
% of Operating Profit 1.96% -6.25% 0.87%
Other Income/Expense, Net $904.0K -$100.0K $85.00K
YoY Change 963.53% -50.0% -185.0%
Pretax Income $5.502M $1.500M $9.142M
YoY Change -39.82% -71.15% -0.63%
Income Tax $2.689M $300.0K $3.198M
% Of Pretax Income 48.87% 20.0% 34.98%
Net Earnings $2.813M $1.200M $5.944M
YoY Change -52.67% -64.71% 8.07%
Net Earnings / Revenue 3.01% 1.72% 7.6%
Basic Earnings Per Share $0.20 $0.42
Diluted Earnings Per Share $0.20 $87.59K $0.41
COMMON SHARES
Basic Shares Outstanding 13.75M shares 14.18M shares
Diluted Shares Outstanding 13.83M shares 14.46M shares

Balance Sheet

Concept 2012 Q2 2011 Q4 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.60M $33.80M $47.10M
YoY Change 20.17% -1.74% 50.96%
Cash & Equivalents $37.12M $14.26M $28.29M
Short-Term Investments $19.40M $19.50M $18.80M
Other Short-Term Assets $3.800M $3.400M $2.600M
YoY Change 46.15% 21.43% 30.0%
Inventory $16.27M $19.97M $15.70M
Prepaid Expenses
Receivables $2.395M $1.477M $1.100M
Other Receivables $400.0K $5.400M $0.00
Total Short-Term Assets $79.50M $63.99M $66.50M
YoY Change 19.55% 5.41% 28.63%
LONG-TERM ASSETS
Property, Plant & Equipment $39.62M $38.85M $33.10M
YoY Change 19.7% 26.97% 26.82%
Goodwill
YoY Change
Intangibles $741.0K $1.003M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.096M $1.824M $1.300M
YoY Change -15.69% 7.29% 550.0%
Total Long-Term Assets $41.46M $41.68M $35.41M
YoY Change 17.09% 24.79% 18.02%
TOTAL ASSETS
Total Short-Term Assets $79.50M $63.99M $66.50M
Total Long-Term Assets $41.46M $41.68M $35.41M
Total Assets $121.0M $105.7M $101.9M
YoY Change 18.7% 12.29% 24.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.10M $18.80M $20.90M
YoY Change 44.02% 25.33% 64.57%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $600.0K $1.400M $900.0K
YoY Change -33.33% 55.56% 12.5%
Total Short-Term Liabilities $30.64M $20.26M $22.10M
YoY Change 38.64% 26.6% 63.7%
LONG-TERM LIABILITIES
Long-Term Debt $3.225M $3.337M $4.200M
YoY Change -23.21% -31.9% -16.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.225M $3.337M $4.200M
YoY Change -23.21% -31.9% -16.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.64M $20.26M $22.10M
Total Long-Term Liabilities $3.225M $3.337M $4.200M
Total Liabilities $41.56M $32.26M $27.90M
YoY Change 48.96% 45.99% 40.2%
SHAREHOLDERS EQUITY
Retained Earnings $67.46M $60.66M
YoY Change
Common Stock $16.00K $16.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $26.51M $23.74M
YoY Change
Treasury Stock Shares 1.609M shares 1.459M shares
Shareholders Equity $79.40M $73.40M $74.00M
YoY Change
Total Liabilities & Shareholders Equity $121.0M $105.7M $101.9M
YoY Change 18.7% 12.29% 24.72%

Cashflow Statement

Concept 2012 Q2 2011 Q4 2011 Q2
OPERATING ACTIVITIES
Net Income $2.813M $1.200M $5.944M
YoY Change -52.67% -64.71% 8.07%
Depreciation, Depletion And Amortization $2.808M $2.500M $2.100M
YoY Change 33.71% 56.25% 50.0%
Cash From Operating Activities $10.70M $1.500M $11.80M
YoY Change -9.32% 15.38% 107.02%
INVESTING ACTIVITIES
Capital Expenditures -$2.800M -$4.600M -$2.600M
YoY Change 7.69% 17.95% 4.0%
Acquisitions
YoY Change
Other Investing Activities $500.0K -$800.0K $500.0K
YoY Change 0.0% -11.11%
Cash From Investing Activities -$2.300M -$5.400M -$2.000M
YoY Change 15.0% 17.39% -20.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.200M -300.0K -12.60M
YoY Change -74.6% -200.0% -4300.0%
NET CHANGE
Cash From Operating Activities 10.70M 1.500M 11.80M
Cash From Investing Activities -2.300M -5.400M -2.000M
Cash From Financing Activities -3.200M -300.0K -12.60M
Net Change In Cash 5.200M -4.200M -2.800M
YoY Change -285.71% 40.0% -180.0%
FREE CASH FLOW
Cash From Operating Activities $10.70M $1.500M $11.80M
Capital Expenditures -$2.800M -$4.600M -$2.600M
Free Cash Flow $13.50M $6.100M $14.40M
YoY Change -6.25% 17.31% 75.61%

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dei Trading Symbol
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dei Entity Registrant Name
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MEDIFAST INC
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us-gaap Basis Of Accounting
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<div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 13.7pt">1.</td> <td style="TEXT-ALIGN: justify">Basis of Presentation</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif"> The condensed unaudited interim consolidated financial statements included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The condensed consolidated financial statements and notes are presented as permitted on Form 10-Q and do not contain information included in the Company&#x2019;s annual statements and notes. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif"> The results for the three and six months ended June 30, 2012 are not necessarily indicative of the results to be expected for the year ending December 31, 2012 or any other portions thereof. Certain information in footnote disclosures normally included in annual financial statements has been condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the &#x201C;SEC&#x201D;) for interim consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif"> These financial statements do not contain all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, in the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair presentation of the financial position and results of operations have been included.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif"> The consolidated balance sheet as of December 31, 2011 is derived from the audited financial statements included in the Company&#x2019;s Annual Report in Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2011 (the 2011 form 10-K), which should be read in conjunction with these consolidated financial statements.</p> </div>
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-429000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
843000
us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
7 LegalMatter
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13779595 shares
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
918000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
11836000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
36000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3455000
us-gaap Cost Of Revenue
CostOfRevenue
45600000
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
48000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
162000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13711961 shares
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-3704000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
67634 shares
us-gaap Revenues
Revenues
182496000
us-gaap Gross Profit
GrossProfit
136896000
us-gaap Interest Paid
InterestPaid
56000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-616000
us-gaap Net Income Loss
NetIncomeLoss
6804000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1100000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
464000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
126160000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5032000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
36000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
259000
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
104000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
4992000
med Selling General And Administrative Expenses Excluding Depreciation Depletion And Amortization
SellingGeneralAndAdministrativeExpensesExcludingDepreciationDepletionAndAmortization
120970000
med Number Of Plaintiffs Dismissed By Court
NumberOfPlaintiffsDismissedByCourt
2 LegalMatter
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
9057000
CY2011Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6000
CY2011Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6068000
CY2011Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2011Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2015000
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14461316 shares
CY2011Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
9142000
CY2011Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
124000
CY2011Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2011Q2 us-gaap Cost Of Revenue
CostOfRevenue
19214000
CY2011Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
79000
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14175990 shares
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
2813000
CY2012Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
904000
CY2011Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
285326 shares
CY2011Q2 us-gaap Revenues
Revenues
78255000
CY2011Q2 us-gaap Gross Profit
GrossProfit
59041000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
5944000
CY2011Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
85000
CY2011Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
49984000
CY2011Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3198000
CY2011Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
124000
CY2011Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
115000
CY2011Q2 med Selling General And Administrative Expenses Excluding Depreciation Depletion And Amortization
SellingGeneralAndAdministrativeExpensesExcludingDepreciationDepletionAndAmortization
47969000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4598000
CY2012Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
814000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2711000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2012Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2808000
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13834264 shares
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
5502000
CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-102000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2012Q2 us-gaap Cost Of Revenue
CostOfRevenue
23431000
CY2012Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
90000
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13747000 shares
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
87264 shares
CY2012Q2 us-gaap Revenues
Revenues
93571000
CY2012Q2 us-gaap Gross Profit
GrossProfit
70140000
CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
65542000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2689000
CY2012Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-102000
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
152000
CY2012Q2 med Selling General And Administrative Expenses Excluding Depreciation Depletion And Amortization
SellingGeneralAndAdministrativeExpensesExcludingDepreciationDepletionAndAmortization
62734000

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