Nutrisystem, Inc. (NASDAQ:NTRI), a leading provider of weight management products and services, reported financial results for the second quarter of 2010. Highlights for the second quarter ended June 30, 2010 include:
* Revenues of $141.6 million, an increase of 8% as compared to $131.0 million for Q2 2009;
* Operating income from continuing operations of $20.0 million, an increase of 68% as compared to $11.9 million for Q2 2009;
* Net income of $12.6 million, an increase of 43% as compared to $8.8 million for Q2 2009;
* Adjusted EBITDA of $26.2 million, an increase of 57% as compared to $16.6 million for Q2 2009. Adjusted EBITDA is defined as income from continuing operations excluding non-cash employee compensation, other income (expense), equity and impairment loss, interest, income (taxes)benefit and depreciation and amortization;
* Fully diluted earnings per share of $0.40, an increase of 43% as compared to $0.28 in the second quarter of 2009; and
* Cash, cash equivalents and marketable securities of $88.9 million at June 30, 2010 with no debt and $200 million available under its credit agreement, as compared to $62.2 million in cash, cash equivalents and marketable securities at December 31, 2009 with no debt and $200 million available under its credit agreement.
The Board of Directors declared a quarterly dividend of $0.175 per share, payable August 19, 2010, to shareholders of record as of August 9, 2010. While the Company intends to continue to pay regular quarterly dividends, the declaration and payment of future dividends are discretionary and will be subject to determination by the Board of Directors each quarter following its review of the Company’s financial performance.
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