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TheStreet Open House

Nutrisystem's CEO Discusses Q1 2012 Results - Earnings Call Transcript

I'll now turn the call over to Mike Hagan, Chairman of Nutrisystem's Board of Directors.

Mike Hagan

Thanks Joe, and thanks everyone for joining us. I appreciate the opportunity to say hello to the investment community and introduce myself, as it's been a while since I served in its capacity for Nutrisystem.

My main message to you today is that the Board is behind the company in its current strategic plan. Our company has been navigating through some challenging time, I believe and to my other fellow board members that we have a solid foundation in place to recapture positive momentum.

In particular, I'm excited about our first two launch into the retail channel. Joe will provide more detail on our retail plan in a moment that I've been impressed by the thoughtful process and planning that has led us to where we are today. This is simply one of the biggest growth opportunities we've attacked in our current incarnation. And one that we believe will significantly enhance revenues and earnings in the coming years.

We're disappointed to see Joe Redling leave the company. Unfortunately, Joe has added considerable debt to our management team over the past year. And we are well-positioned in staff to continue to execute on our current operating plan.

We are currently in the process of engaging a search front to identify our next company leader and we'll keep you informed of our progress. Joe continues to lead the day-to-day operations. And I look forward to once again working with Joe over the next several months to ensure a smooth transition and keep it focused on our critical growth initiative.

With the eventual resignation of Joe Redling from the Board as well as the pending departures of Board members, Ted Leonsis and Laura Lang, we are also working with a national search front to search an additional candidate for our Board of Directors.

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