reporting Ok ; plus dividend but down to $16s. Go figure it out?
Nutrisystem, Inc. Reports Fourth Quarter and Full Year 2009 Results; Announces Quarterly Dividend of $0.175 Per Share
Date : 03/01/2010 @ 4:01PM
Source : Business Wire
Stock : Nutrisystem, Inc. (NTRI)
Quote : 18.9 -0.45 (-2.33%) @ 8:30AM
Nutrisystem, Inc. Reports Fourth Quarter and Full Year 2009 Results; Announces Quarterly Dividend of $0.175 Per Share
Nutrisystem, Inc. (NASDAQ: NTRI), a leading provider of weight management products and services, today reported financial results for the fourth quarter and year ended 2009, including adjusted EPS from continuing operations prior to the previously announced one-time impairment charge related to Nu-Kitchen, of $0.18 for fourth quarter 2009 and $1.02 for the full year 2009. Highlights for the quarter and full year ended December 31, 2009 include: Fourth Quarter 2009
* Revenues of $106.2 million as compared to $114.6 million for Q4 2008;
* Operating income from continuing operations of $4.0 million as compared to $8.9 million for Q4 2008;
* Net income of $2.7 million, or $0.09 per diluted share, which included the one- time Nu-Kitchen impairment charge reflected in depreciation and amortization expense. This compares to Q4 2008 net loss of $3.3 million, or $(0.11) per diluted share;
* Adjusted EPS from continuing operations of $0.18 before previously announced Nu-Kitchen one-time impairment charge of $2.9 million (net of tax) or $0.09 per share; and
* Adjusted EBITDA of $14.5 million compared to $13.5 million for Q4 2008. Adjusted EBITDA is defined as income from continuing operations excluding non-cash employee compensation, other income or expense, equity and impairment loss, interest, income taxes and depreciation and amortization.
Full Year 2009
* Revenues of $527.7 million as compared to $687.7 million for 2008;
* Operating income from continuing operations of $43.3 million as compared to $90.1 million for 2008;
* Net income of $28.8 million, or $0.92 per diluted share, which included the one-time Nu-Kitchen impairment charge reflected in depreciation and amortization expense. This compares to 2008 net income of $46.3 million, or $1.45 per diluted share;
* Adjusted EPS from continuing operations of $1.02 before previously announced Nu-Kitchen one-time impairment charge of $2.9 million (net of tax) or $0.09 per share; and
* Adjusted EBITDA of $68.9 million as compared to $106.4 million for 2008. Adjusted EBITDA is defined as income from continuing operations excluding non-cash employee compensation, other income or expense, equity and impairment loss, interest, income taxes and depreciation and amortization.
“2009 was a year of challenges for the U.S. consumer. Our revenue was suppressed by these macro-economic conditions. We were encouraged in the second half of the year as we started to close the gap with improvements in new customer starts and full implementation of cost reductions within the organization,” stated Chairman and CEO Joe Redling. “The macro-economic headwinds continue to impact the diet category, and while the first month of 2010 was challenging we are encouraged by recent signs that year over year growth can be achieved.” The Board of Directors declared the Company’s quarterly dividend of $0.175 per share, payable March 22, 2010, to shareholders of record as of March 11, 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.
“In the second half of 2009, we saw improvement in trends in revenue, new customers, gross margin as well as reduced G&A expenses. While we expect these trends to continue into 2010, their impact will be offset in the first quarter by higher media rates and one-time costs related to retail,” said David Clark, Chief Financial Officer. “For the full year 2010, we expect these pressures to subside, and anticipate a modest year-over-year profitability improvement.” Conference Call and Webcast Management will host a webcast to discuss fourth quarter and year end 2009 financial results as well as the outlook for 2010 today at 4:30 PM Eastern time. The webcast will include remarks from Chairman and Chief Executive Officer Joe Redling and Chief Financial Officer David Clark.
