2014 Q2 Form 10-Q Financial Statement

#000114420414048498 Filed on August 11, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q4 2013 Q2
Revenue $74.73M $70.30M $97.07M
YoY Change -23.01% -15.5% 3.74%
Cost Of Revenue $19.16M $18.30M $24.14M
YoY Change -20.64% -10.29% 3.03%
Gross Profit $55.57M $51.90M $72.93M
YoY Change -23.8% -17.36% 3.98%
Gross Profit Margin 74.36% 73.83% 75.13%
Selling, General & Admin $45.71M $41.90M $62.29M
YoY Change -26.61% -28.98% -4.96%
% of Gross Profit 82.26% 80.73% 85.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.542M $0.00 $2.590M
YoY Change -1.85% -100.0% -7.76%
% of Gross Profit 4.57% 0.0% 3.55%
Operating Expenses $45.71M $41.90M $62.29M
YoY Change -26.61% -29.22% -4.96%
Operating Profit $9.861M $10.00M $10.64M
YoY Change -7.33% 177.78% 131.43%
Interest Expense $170.0K $200.0K $98.00K
YoY Change 73.47% 100.0% 8.89%
% of Operating Profit 1.72% 2.0% 0.92%
Other Income/Expense, Net $233.0K -$500.0K $237.0K
YoY Change -1.69% -73.78%
Pretax Income $8.685M $9.800M $10.88M
YoY Change -20.16% 172.22% 97.71%
Income Tax $3.475M $2.600M $3.805M
% Of Pretax Income 40.01% 26.53% 34.98%
Net Earnings $5.720M $5.300M $7.073M
YoY Change -19.13% 178.95% 151.44%
Net Earnings / Revenue 7.65% 7.54% 7.29%
Basic Earnings Per Share $0.44 $0.51
Diluted Earnings Per Share $0.44 $389.7K $0.51
COMMON SHARES
Basic Shares Outstanding 13.05M shares 13.88M shares 13.86M shares
Diluted Shares Outstanding 13.15M shares 13.96M shares

Balance Sheet

Concept 2014 Q2 2013 Q4 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.6M $104.2M $122.5M
YoY Change -17.9% 4.26% 116.46%
Cash & Equivalents $32.02M $36.38M $44.41M
Short-Term Investments $68.57M $67.80M $78.11M
Other Short-Term Assets $4.500M $5.600M $4.800M
YoY Change -6.25% 16.67% 26.32%
Inventory $17.58M $17.54M $15.98M
Prepaid Expenses
Receivables $1.693M $942.0K $1.965M
Other Receivables $0.00 $0.00 $300.0K
Total Short-Term Assets $92.26M $91.95M $101.2M
YoY Change -8.83% 3.81% 27.28%
LONG-TERM ASSETS
Property, Plant & Equipment $37.08M $34.48M $40.67M
YoY Change -8.82% -14.04% 2.63%
Goodwill
YoY Change
Intangibles $0.00 $167.0K
YoY Change -100.0% -77.46%
Long-Term Investments
YoY Change
Other Assets $400.0K $231.0K $419.0K
YoY Change -4.53% -79.72% -61.77%
Total Long-Term Assets $37.48M $40.70M $41.25M
YoY Change -9.14% -2.35% -0.5%
TOTAL ASSETS
Total Short-Term Assets $92.26M $91.95M $101.2M
Total Long-Term Assets $37.48M $40.70M $41.25M
Total Assets $129.7M $132.7M $142.4M
YoY Change -8.92% 1.84% 17.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.20M $12.00M $30.70M
YoY Change -17.92% -57.45% 1.99%
Accrued Expenses $4.800M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $0.00 $200.0K
YoY Change 0.0% -100.0% -66.67%
Total Short-Term Liabilities $26.01M $27.10M $30.93M
YoY Change -15.9% -5.73% 0.95%
LONG-TERM LIABILITIES
Long-Term Debt $400.0K $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $400.0K $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.01M $27.10M $30.93M
Total Long-Term Liabilities $400.0K $0.00 $0.00
Total Liabilities $32.23M $34.23M $37.89M
YoY Change -14.95% -13.25% -8.83%
SHAREHOLDERS EQUITY
Retained Earnings $109.4M $97.70M $89.54M
YoY Change 22.17% 27.66% 32.73%
Common Stock $13.00K $13.00K $16.00K
YoY Change -18.75% -18.75% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.23M $0.00 $26.51M
YoY Change -46.33% -100.0% 0.0%
Treasury Stock Shares 451.0K shares 0.000 shares 1.609M shares
Shareholders Equity $97.51M $98.42M $104.5M
YoY Change
Total Liabilities & Shareholders Equity $129.7M $132.7M $142.4M
YoY Change -8.92% 1.84% 17.76%

Cashflow Statement

Concept 2014 Q2 2013 Q4 2013 Q2
OPERATING ACTIVITIES
Net Income $5.720M $5.300M $7.073M
YoY Change -19.13% 178.95% 151.44%
Depreciation, Depletion And Amortization $2.542M $0.00 $2.590M
YoY Change -1.85% -100.0% -7.76%
Cash From Operating Activities $5.700M $8.300M $12.90M
YoY Change -55.81% 1283.33% 20.56%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$2.800M -$3.100M
YoY Change -45.16% 300.0% 10.71%
Acquisitions
YoY Change
Other Investing Activities $1.000M $3.000M -$14.80M
YoY Change -106.76% -178.95% -3060.0%
Cash From Investing Activities -$800.0K $200.0K -$17.80M
YoY Change -95.51% -104.35% 673.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.30M -20.10M 0.000
YoY Change -3450.0% -100.0%
NET CHANGE
Cash From Operating Activities 5.700M 8.300M 12.90M
Cash From Investing Activities -800.0K 200.0K -17.80M
Cash From Financing Activities -14.30M -20.10M 0.000
Net Change In Cash -9.400M -11.60M -4.900M
YoY Change 91.84% 241.18% -194.23%
FREE CASH FLOW
Cash From Operating Activities $5.700M $8.300M $12.90M
Capital Expenditures -$1.700M -$2.800M -$3.100M
Free Cash Flow $7.400M $11.10M $16.00M
YoY Change -53.75% 753.85% 18.52%

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us-gaap Selling General And Administrative Expense
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CY2013Q2 us-gaap Selling General And Administrative Expense
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us-gaap Operating Income Loss
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CY2013Q2 us-gaap Operating Income Loss
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us-gaap Interest Income Expense Nonoperating Net
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OtherNonoperatingIncomeExpense
1287000 USD
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
139000 USD
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OtherNonoperatingIncomeExpense
1103000 USD
us-gaap Income Tax Expense Benefit
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6582000 USD
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IncomeTaxExpenseBenefit
6004000 USD
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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317000 USD
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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214000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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185000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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133000 USD
us-gaap Share Based Compensation
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42000 USD
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us-gaap Other Comprehensive Income Loss Net Of Tax
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1407000 USD
us-gaap Gain Loss On Sale Of Investments
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198000 USD
us-gaap Gain Loss On Sale Of Investments
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us-gaap Gain Loss On Disposition Of Assets
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us-gaap Increase Decrease In Accounts Receivable
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55000 USD
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2461000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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539000 USD
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476000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
16298000 USD
us-gaap Proceeds From Sale Of Short Term Investments
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5909000 USD
us-gaap Proceeds From Sale Of Short Term Investments
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us-gaap Payments To Acquire Investments
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5577000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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3004000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3504000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
110000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
12000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
15000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-14282000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4468000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
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-4363000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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39937000 USD
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us-gaap Interest Paid
InterestPaid
38000 USD
us-gaap Interest Paid
InterestPaid
93000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
6499000 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <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: 0.25in"> <div style="CLEAR:both;CLEAR: both">1.</div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both">Basis of Presentation</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif" align="justify">The condensed unaudited interim consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (&#8220;GAAP&#8221;), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;). 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. The condensed consolidated financial statements and notes are presented as permitted on Form 10-Q. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP 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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif" align="justify">The results of operations for the three months and six months ended June 30, 2014 are not necessarily indicative of results that may be expected for the year ending December 31, 2014. The accompanying condensed unaudited interim consolidated financial statements should be read in conjunction with the 2013 audited financial statements and notes thereto, which are included in the Company&#8217;s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2013 (&#8220;2013 Form 10-K&#8221;), which should be read in conjunction with these consolidated financial statements.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
MEDIFAST INC
dei Entity Central Index Key
EntityCentralIndexKey
0000910329
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Trading Symbol
TradingSymbol
MED
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
12739149 shares
CY2014Q2 us-gaap Treasury Stock Value
TreasuryStockValue
14226000 USD
CY2013Q4 us-gaap Treasury Stock Value
TreasuryStockValue
0 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
39000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
14226000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
98000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
39000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14226000 USD
CY2014Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
451000 shares
CY2013Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2014Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1619000 USD
CY2013Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1442000 USD
CY2014Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
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CY2013Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1215000 USD

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