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Nutrisystem Reports Second Quarter 2013 Results

Nutrisystem, Inc. (NASDAQ: NTRI), a leading provider of weight management products and services, today reported financial results for the second quarter 2013. The Company also announced that the Board of Directors has declared a quarterly dividend of $0.175 per share, payable August 19, 2013, to stockholders of record as of August 8, 2013.

The following are financial highlights for the second quarter ended June 30, 2013:
  • Revenues for the quarter were $97.5 million and operating income was $9.8 million, both of which were in line with the company’s expectations;
  • Adjusted EBITDA for the quarter was $13.5 million. Adjusted EBITDA is defined as net income excluding non-cash employee compensation, interest, income taxes, depreciation and amortization;
  • Net income for the quarter was $6.4 million, and net income per diluted share was 22 cents, exceeding the Company’s projected range of 15 to 20 cents per share; and
  • Cash, cash equivalents, and short term investments were $35.1 million at June 30, 2013. The Company had no outstanding bank debt at quarter-end under its existing bank facility.

Dawn Zier, President and Chief Executive Officer, said, “Year-to-date adjusted earnings increased 8 cents from the prior year, up 57%, driven by continued gross margin improvement, careful management of marketing spend and G&A expense discipline. We successfully increased our average selling price through the execution of cross-sell initiatives and reduced discounting, as well as improved our reactivation yield through segmentation and targeting. While response and conversion remained challenged, these improvements, combined with our retail success at Walmart, are enabling us to deliver on the plan we outlined at the start of the year.”

Ms. Zier continued, “On a parallel path we are working hard on initiatives to stabilize and then grow revenue in future quarters. We are focused on diversifying sales channels, building our innovation pipeline, and developing new creative and programs for the 2014 diet season launch. Results from our research show that our new product concepts, enhancements and messaging are resonating with customers and we believe this will help us to broaden appeal and interest in Nutrisystem for the upcoming diet season.”

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