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Medifast Reports Record Fourth Quarter and 2002 Financial Results
via COMTEX

March 4, 2003

OWINGS MILLS, Md., Mar 4, 2003 /PRNewswire-FirstCall via COMTEX/ --

Medifast, Inc. (Amex: MED) reported today record financial results for its fourth quarter and year ended December 31, 2002. The company generated fourth- quarter revenues of $4,487,000 a 291% increase versus the same period a year earlier when it reported revenues of $1,145,000. The fourth quarter is typically Medifast`s slowest, as year-end holidays tend to impact the spending patterns of its customers. The company reported net income of $124,000, or $0.02 per share ($0.02 per share on a fully-diluted basis), versus a break- even fourth quarter during the year-earlier period.

The 2002 fourth quarter results included a $32,000 charge against the tax asset. Excluding the charge and a stock dividend on Preferred Stock, the company earned $178,000, or $0.03 per share ($0.02 per share on a fully- diluted basis) versus the 2001 fourth quarter earnings of $6,000. During the fourth quarter of 2002, the company incurred one-time expenses of $350,000 related to the acquisition and transition costs of assets that is now the Take Shape for Life Network (TSFLN) and subsidiary. The company also paid approximately $100,000 in one-time legal and administrative costs associated with its listing on the American Stock Exchange. The company incurred an additional $100,000 expenses in connection with the recently announced $1 million shipment to Elken International. Medifast only recognized $155,000 in revenues from this shipment in the fourth quarter, and will realize the balance in the first quarter.

For its fiscal year ended December 31, 2002, Medifast generated revenue of $12,300,000, an increase of 144% versus $5,021,768 for the year-earlier period. The company also reported earnings of $2,522,000, or $0.36 per share ($0.30 per share on a fully-diluted basis), including the tax benefit. Excluding the gain from the tax benefit, the company earned $1,699,000 or $0.25 per share ($0.19 per share on a fully-diluted basis). This compares to net income of $588,000 or $0.08 per share ($0.07 per share on a fully-diluted basis) for the 2001 fiscal year, including a $22,000 gain from tax benefits. The company reported 2002 operating margins of 70% versus 56% for the year earlier period. Medifast also ended the year with approximately $1.3 million in cash and cash equivalents and increased its inventory position to $1.2 million to accommodate the increased customer demand.

`We believe that these results demonstrate the rapidly growing demand for our medical meal replacement products,`said Bradley T. MacDonald, Medifast`s President and Chief Executive Officer. `The growth during 2002 was dramatic. However, we feel that we have only begun to penetrate the $26 billion a year U.S. Meal Replacement Market. This year, we plan to increase our distribution, invest more aggressively in advertising, capitalizing on our relationship with Dick Vitale and further expand our product line. Medifast has never been in a better position to do so, as our financial position is the strongest in its history. Growth opportunities have never been better for our company.`

Some of the highlights of the year included: -- Increased advertising spending leads to rapid customer growth. The company`s increased advertising in national magazines and newspapers such as Parade, Newsweek, US News &World Report, People and Readers Digest expanded its customer base significantly. -- Launch of new subsidiary to expand market share. The recent launch of the Take Shape for Life, Inc., its health network subsidiary, will provide supervised weight and disease management and fitness programs to major clinics, corporations, and individuals. -- International expansion through joint ventures should substantially increase revenues. The company entered into a joint venture with Elken International of Malaysia for the sales of the Company`s Take Shape(TM)/Dr. Diet weight management products for the Asian Market. -- Improved balance sheet. The company improved its capital structure by paying off its short debt, redeeming its Series `A`Preferred Notes, purchasing its building and grounds and restructuring the long-term debt on more favorable terms. -- The Company increased its stockholders`equity to $6,378,000 on December 31, 2002 compared with $2,538,000 for the year-earlier period.
`The opportunities for growth in our industry are unprecedented and we are actively developing solutions to enter new markets,`added Mr. MacDonald. `We have recently expanded our core programs and products to include disease management and sports performance products. Diabetes is one of the fastest growing problems in North America, and our Low Glycemic products have earned the coveted Seal of Approval from the Glycemic Research Institute. Our Take Shape for Life(TM) Program, although just five months old, has already generated a substantial response. We are also excited to participate in The Johns Hopkins Health Nutrition and Health Research Clinic clinical study to evaluate the efficacy of Medifast Plus for Diabetics compared to a standard American Diabetes Association weight loss treatment program for those who are overweight and have type II diabetes. The results are to be presented showing the cost savings of using the Medifast program. Finally, we have great expectations for the launch of our adolescent weight management product, Fit!(TM) and many of the other new products we expect to unveil this year.`

Guidance

The company expects to generate revenues of between $5.0 and $5.5 million for its first quarter of 2003 ended March 31, versus $1.7 million for the same period in 2002. The company expects to report net income from operations of $750,000 to $850,000, or $0.09 to $0.10 per diluted share, versus $0.03 per diluted share for the first quarter of 2002. These results assume a significantly higher level of advertising and sales development of its TSFL Network, which is expected to generate revenue and earnings growth during the balance of the year. For the full year, the company anticipates revenues of $21 to $23 million. It expects income from operations of approximately $3.2 million to $3.9 million, or approximately $0.37 to $0.45 per diluted share. This excludes the provision for tax benefits, as the company becomes a tax payer under GAAP in 2003. However, the company expects that it will be able to offset its 2003 corporate tax liability by utilizing its Net Operating Loss Carryforward.

The Company will hold a conference call and webcast at 4:30 p.m. ET today to discuss its results and outlook for 2003. Mr. MacDonald will host the call. The conference call will be open to the public. The telephone number for the conference call is [phone] from the United States or Canada and [phone] for international participants. The conference I.D. is 8788631. Interested parties will also be able to listen to the call live and access the call for 30 days, 24 hours after the call is completed via the Internet at: mms://winaudio.mshow.com/92250.asf. The call will also be available for up to 48 hours after it is completed by dialing [phone] from the United States or Canada and [phone] for international participants. The Conference ID is 8788631. In addition, a recording of the conference call will be posted at www.medifast.net. Investors may e-mail questions in advance of the conference call to [e-mail], or may ask them during the call.

Medifast is a leader in innovative, great-tasting, soy-based medical meal replacement products used by qualified medical practitioners and their patients for over twenty years. The Company recently expanded its health and wellness spectrum to include disease management products and healthcare accessories. In mid-October, Medifast launched Medifast Plus for Women`s Health and Medifast Plus for Joint Health in addition to Medifast Plus for Diabetics. The Company continues to market and sell Medifast Weight Management products throughout the United States and recently, in the Asian Market. The launch of the new Medifast Plus products in addition to an aggressive advertising campaign has helped facilitate the increase in sales and margins.

Forward-looking statements made in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risk and uncertainties which may cause actual results to differ from anticipated results, including risks associated with the timing and development of the company`s reserves and projects as well as risks of downturns in economic conditions generally, and other risks detailed from time to time in the company`s filings with the Securities and Exchange Commission.

CONTACT: Casey Seward, Public &Investor Relations Specialist of Medifast, [phone]; or Mathew Henderson, CEOcast, [phone], for Medifast.

MEDIFAST, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Operations Year Ended December 31, 2002 2001 (Unaudited) Revenue $12,345,000 $5,022,000 Cost of sales 3,687,000 2,211,000 Gross Profit 8,658,000 2,811,000 Selling, general, and administration 6,906,000 2,066,000 Income from operations 1,752,000 745,000 Other income/(expenses) (54,000) (178,000) Net income before income taxes 1,698,000 567,000 Provision for income tax benefit 925,000 22,000 Net Income 2,623,000 588,000 Less: Stock dividend/Accretion 218,000 62,000 Net income attributable to common shareholders $2,405,000 $526,000 Basic earnings per share $0.36 $.08 Diluted earnings per share $0.30 $.07 Weighted average common shares outstanding- Basic 6,722,505 6,524,969 Diluted 8,737,292 8,069,646 MEDIFAST, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets Year Ended December 31, 2002 2001 ASSETS Current assets: Cash $837,000 $270,000 Certificates of Deposit 418,000 312,000 Accounts receivable, net of allowance 284,000 283,000 Merchandise inventory 1,259,000 640,000 Prepaid expenses and other current assets 249,000 76,000 Deferred tax asset 1,079,000 355,000 Total Current Assets 4,126,000 1,936,000 Property, plant and equipment - net 4,498,000 767,000 Trademarks and Intangibles 608,000 Other assets 1,000 200,000 Deferred tax asset 655,000 454,000 TOTAL ASSETS $9,888,000 $3,357,000 LIABILITIES AND STOCKHOLDERS`EQUITY Current liabilities: Accounts payable and accrued expenses 1,189,000 315,000 Dividends Payable 25,000 22,000 Line of Credit 91,000 0 Current Maturities of Long-term debt 304,000 75,000 Current Maturities of obligations under capital lease 0 23,000 Total Current liabilities 1,609,000 435,000 Long-term debt less S/T 2,701,000 234,000 Total Liabilities 4,310,000 669,000 Stockholders`equity 5,578,000 2,538,000 TOTAL LIABILITIES &STOCKHOLDER EQUITY $9,888,000 $3,357,000
SOURCE Medifast, Inc.

Casey Seward, Public &Investor Relations Specialist of Medifast, [phone]; or Mathew Henderson, CEOcast, [phone], for Medifast

http://www.medifast.net

Copyright (C) 2003 PR Newswire. All rights reserved.


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03/04/2003 (16:14 ET) Medifast Reports Record Fourth Quarter and 2002 Financial Results - PR Newswire
02/27/2003 (09:34 ET) Medifast to Announce Fourth Quarter and Year End Financial Results on Tuesday, March 4th - PR Newswire
02/26/2003 (09:24 ET) Medifast Outlines Upcoming Advertising Campaign - PR Newswire
02/13/2003 (09:20 ET) Medifast Revenues up 200% in January; Company Delivers 855 Million Consumer Impressions Featuring Coach Dick Vitale Driving Revenue 3 Times Higher than Last Year - PR Newswire

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Medifast Outlines Upcoming Advertising Campaign

Advertising Investment Continues to Drive Top-Line Growth and Growing Profitability

Wednesday, February 26, 2003 09:24 ET

OWINGS MILLS, Md., Feb 26, 2003 /PRNewswire-FirstCall via COMTEX/ -- Medifast, Inc. (Amex: MED) announced today plans for its largest consumer-advertising program to date. The program, scheduled to launch in March, will feature company spokesperson Dick Vitale in a combination of print and radio advertising.

Medifast`s advertising campaign will commence with advertising on 1,500 CBS Radio Stations during the last two weeks in March and the first two weeks in April with top talk radio sponsors including Tom Marino, G. Gordon Liddy, Jim Bohannon, Larry King, Laura Ingraham, and Bill O`Reilly. In addition, Medifast expects to capitalize on Mr. Vitale`s exposure during the NCAA Basketball Final Four through its radio campaign.

"The payback on our advertising investment is immediate," said Bradley T. MacDonald, Medifast`s Chairman. "We have found an advertising model that is able to generate sales and brand recognition very cost-effectively. The return from our ad-spending should provide tangible benefits in our first and especially our second quarter. We expect that we will further accelerate our growth in the coming months as our advertising program expands. The role of Coach Dick Vitale as our spokesperson has played a key part in generating awareness of our clinically proven weight and disease management meal replacement product line. Interest continues to grow daily."

In addition to Radio coverage, Medifast will deliver 178 million consumer impressions through Parade Magazine the first weekend in March. One out of every two Americans will see Medifast`s "You Win and You Lose with Medifast" ad featuring Dick Vitale. The Company`s advertising can also be found in the number one consumer magazine AARP - the Magazine, National Enquirer, Today`s Health and Wellness, STAR, and Arthritis Today. "Our growing advertising campaign is the largest in the history of the Company and has proven successful thus far by increasing sales and revenues as every American will hear or see a Medifast ad at least two times. The majority of consumer impressions will be delivered in March and April," says MacDonald.

In addition, Medifast will offer its physicians, clinics, and health advisors, print and radio ads to be used in local markets featuring Mr. Vitale. These healthcare professionals, to include the company`s Take Shape for Life health network, will be able to capitalize on Medifast`s national brand advertising by running coinciding campaigns in their local markets.

This release contains forward-looking statements, which may involve known, and unknown risks, uncertainties and other factors that may cause Medifast`s actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Medifast cautions investors not to place undue reliance on forward-looking statements, which speak only to management`s expectation on this date.

SOURCE Medifast, Inc.


CONTACT: Casey Seward, Public & Investor Relations Specialist, Medifast,
Inc., [phone]; or Mathew Henderson, CEOcast, Inc. for Medifast,
[phone]

URL: http://www.medifast.net
http://www.prnewswire.com


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Last Trade: 5.330 Change: -0.320 (-5.664%)
Previous Close: 5.650 Volume: 73,400
Bid: N/A Ask: N/A
Today`s Open: 5.800 # of Trades: 86

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Day High: 5.800 Day Low: 5.100
52 Week High: 6.650 52 week Low: 2.900
Market Cap: 36.42M Avg Daily Vol: 74,285
EPS: -0.09 PE Ratio: -59.222
Dividend: N/A Yield: N/A


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Der Chart,unglaublich aber wahr,FONX

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Heute abwarten was geschieht!!!!!!!!!!!!!!

MED
MEDIFAST INC
5.320
-0.340 -6.01%


Daily Commentary
HOLD

Our system recommends HOLD as of today. Previous BUY recommendation was made on 3/4/2003 (0) days ago, when the stock price was 5.320. Since then the stock gained 0.00% .

Today the stock closed lower with a higher high and a lower low (sign of increase in volatility). The volume is high. The security price is trending up.

Candlestick Analysis

Today’s Candlestick Patterns:
Long Black Candlestick
Bearish Engulfing Pattern

Today a Long Black Candlestick formed. Sellers were aggressive and selling pressure was strong. Be careful, this may be a potential turning point!

The last two candlesticks formed a Bearish Engulfing Pattern. This is a bearish formation that marks a potential change in trend, and indicates that the bears have sized control from bulls.

Stock Quote
Last 5.320
Previous Close 5.660
Change -0.340
% Change -6.01%
Volume 186,600
Stock Activity
Open 5.800
Day`s High 5.800
Day`s Low 5.100
52 Week High 6.100
52 Week Low 0.650

Stock Price History
3 Month % Change 45.36
6 Month % Change 332.52
12 Month % Change 628.77
Stock Statistics
50 Day Close MA 4.862
200 Day Close MA 2.550
65 Day Volume MA 98,885

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Medifast Reports Record April Revenues; Company Expands Marketing Initiatives During the Second Quarter
via COMTEX

May 15, 2003

OWINGS MILLS, Md., May 15, 2003 /PRNewswire-FirstCall via COMTEX/ --

Medifast, Inc. (Amex: MED) announced today that revenues for the month of April increased by 155% to $2.2 million versus $0.9 million during the same month last year.

`Medifast`s continued growth can be attributed to the overwhelming response to our national advertising and aggressive marketing campaign, in addition to the sales generated from our Take Shape for Life Division,`said Bradley MacDonald, Medifast`s CEO and Chairman. `As a result, we plan on further expanding our marketing efforts during the second quarter. Medifast will now deliver over 600 million consumer impressions through national print media such as AARP`s The Magazine and Parade Magazine. These ads will offer customers incentives to join the Medifast program supported by over 15,000 physicians since 1983.`

This release contains forward-looking statements, which may involve known, and unknown risks, uncertainties and other factors that may cause Medifast`s actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Medifast cautions investors not to place undue reliance on forward-looking statements, which speak only to management`s expectation on this date.

SOURCE Medifast, Inc.

Casey Seward, Public &Investor Relations Specialist of Medifast, [phone]; or Mathew Henderson of CEOcast, [phone], for Medifast

http://www.medifast.net

Copyright (C) 2003 PR Newswire. All rights reserved.

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