SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 23, 2004
MEDIFAST, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-23016 13-3714405
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(State or other jurisdiction (Commission (IRS Employer
of incorporation or organization) File Number) Ident. No.)
11445 Cronhill Drive, Owings Mills, Maryland 21117
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (410)-581-8042
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(Former name or former address, if changed since last report.)
Item 5. Other Events
Official 2004 Financial Guidance
For 2004, the Company expects to report revenues of $38 to $39 million
with a pretax profit of $0.55 to $0.58 per diluted share. The Company expects to
grow sequentially on a quarterly basis as a result of the following initiatives.
Medifast Physician and Patient Support Programs is expected to grow by $4
million as a result of our advertising/infomercial programs and growing brand
awareness in the marketplace. Take Shape for Life Physician Directed Network is
expected to grow by approximately $4 million as a result of implementation of
the highly successful tasting program, the XL Health agreement and qualified
leads generated from the Company's national advertising campaign. International
business is expected to grow by approximately $1 million through product line
extensions and additional joint venture agreements. Hi-Energy clinics are
expected to grow by approximately $4 million as the Company rapidly expands into
new markets with corporately owned centers in addition to sales increases in
licensed clinics' sales due to the implementation of Medifast Disease Management
programs. CCS Retail Sales and Miscellaneous business is expected to grow by
approximately $1 million with the introduction of innovative ephedra-free Diet
Pills and expanded distribution of its Menopause Relief and UTI branded products
in the growing woman's health market.
For the first quarter ended March 31, 2004, Medifast expects to report
revenues of $6.5 to $6.6 million, compared to $6.3 million for the same period
in 2003. The 2003 results included a pipeline shipment of $1 million, which the
Company expects to occur in the second and third quarters of this year. For the
first quarter, the Company expects to generate Pre-Tax EPS of between $0.07 and
$0.09, compared to $0.14 for the first quarter 2003. Medifast expects to report
revenues of $38 to $39 million and pre-tax EPS of $0.55 to $0.58.
Brad MacDonald, CEO of Medifast, based on a thorough financial analysis of
the 2003 year end results published in the Company's 10-KSB gave finance
Guidance for 2004 on a conference call on March 15, 2004 at 4:30 pm. Prior to
the guidance, Jeremy Hunt, Director of Investor Relations read the following
forward-looking statements that applies to the company's press release and this
SEC filing: Statements included may constitute forward looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements involve a number of risks and uncertainties such as competitive
factors, technological development, market demand, and the company's ability to
accurately estimate revenues due to market factors beyond its control. The
actual results may differ materially from any financial outlooks stated herein.
Further information on potential factors that could affect the Company's
financial results can be found in the company's reports on form 10-K and 10-Q
filed with the Securities and Exchange Commission. Medifast shall have no
obligation to update the information provided to reflect subsequent events.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MEDIFAST, INC.
Dated: March 23, 2004
/s/ Bradley T. MacDonald
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Bradley T. MacDonald
Chairman and Chief Executive Officer