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Nutrisystem Reports 2012 Results

Nutrisystem, Inc. (NASDAQ: NTRI), a leading provider of weight management products and services, today reported financial results for the year ended December 31, 2012. The company also announced that the Board of Directors has declared a quarterly dividend of $0.175 per share, payable March 25, 2013, to stockholders of record as of March 15, 2013.

The following are financial highlights for the year ended December 31, 2012:
  • Revenues were $396.9 million, compared to $401.3 million in 2011.
  • One-time charges were $14.9 million for the year, or $9.7 million after tax. The majority of one-time charges were related to the company's management transition and other corporate matters.
  • Operating loss for the year was $4.4 million. Excluding one-time charges mentioned above, operating income for the year was $10.6 million.
  • Net loss for the year was $2.8 million, or 10 cents per diluted share. Excluding one-time charges mentioned above, net income for the year was $5.5 million or 18 cents per diluted share.
  • Adjusted EBITDA excluding one-time charges was $27.3 million. Adjusted EBITDA is defined as net loss excluding non-cash employee compensation, other expense, interest, income taxes, depreciation and amortization, and other charges referenced below in the Adjusted EBITDA reconciliation table.
  • Cash, cash equivalents, and short term investments were $19.4 million at December 31, 2012. The company had no outstanding bank debt at year-end under its existing bank facility.

Dawn Zier, President and Chief Executive Officer of Nutrisystem, said, “Since my arrival at Nutrisystem in November, we have conducted a comprehensive review of the company, identifying our strengths while taking a clear-eyed view at our opportunities to improve. It’s evident we have a strong brand and a nutritionally-balanced and science-based weight loss program that works. That said, we need to aggressively attract new customers across broader segments to the brand, address a pricing strategy that has relied too heavily on discounting, and offer more flexible and varied program options coupled with new products and services across all phases of a customer’s weight loss journey. The first priority in our turnaround plan has been to focus on margin improvement and cash efficiency, because this immediately increases shareholder value and frees up financial resources to reinvest in our business to drive key strategic initiatives. We are already making progress on this front, as we have improved year-over-year gross margins, optimized marketing spend by channel, and reduced operating expenses.”

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