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EDIETS INC - Nasdaq OTC BB: EDET
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Gruss E.
eDiets Reports Record Revenues and Subscription Sales in Q2; Atkins, Zone Advertising Costs Lead to Quarterly Loss, As Expected
DEERFIELD BEACH, Fla., Jul 24, 2003 (BUSINESS WIRE) -- eDiets.com, Inc.
(OTCBB: EDET), the leading online "diet destination," today reported record
revenues of $9.0 million and record subscription sales for the quarter ended
June 30, 2003. The Company attributed the strong results to its recent
introduction of exclusive online meal plans based on the Atkins Nutritional
Approach(TM) and Zone Diet that were developed using its proprietary
personalization technology, as well as to consumers' growing preference for
online dieting over the forty-year-old offline model popularized by Weight
Watchers(R). eDiets also noted that, as expected, advertising costs associated
with its new offerings resulted in a net loss that totaled $0.11 per share for
the quarter; revenues associated with these advertising costs will largely be
recognized in future quarters. Notwithstanding the net loss, cash flow from
operations for the second quarter of 2003 was a positive $1.2 million.
"Online dieting, like online dating, is a natural Internet application, and our
strategy of creating a diet destination at
www.eDiets.com where consumers can
choose from several popular diets, have their choice personalized, and receive
round-the-clock professional support is a concept right for today," commented
David Humble, CEO of eDiets. "Consumers like a choice, they like the ability to
switch plans, and they like the privacy of our online diet meetings."
Revenues for the second quarter ended June 30, 2003, totaled $9.0 million, an
increase of 17.3% compared to revenues of $7.7 million for the second quarter of
fiscal 2002. For the six months ended June 30, 2003, revenues totaled $16.4
million, an increase of 11.3% compared to the first six months of fiscal 2002.
eDiets' loss from operations for the second quarter of fiscal 2003 totaled $1.8
million compared to operating income of $0.9 million in the comparable prior
year period. For the six months ended June 30, 2003, eDiets reported a loss from
operations of $3.9 million compared to operating income of $1.4 million for the
first six months of fiscal 2002. Notwithstanding the losses from operations, the
Company reported positive cash flow from operations of $1.2 million for the
second quarter of 2003 and $1.1 million for the first six months of fiscal 2003.
For the second quarter of fiscal 2003, the Company's net loss totaled $1.7
million, or $0.11 per share, compared to net income of $0.8 million, or $0.05
per diluted share, for the comparable prior year period. For the six months
ended June 30, 2003, eDiets reported a net loss of $3.7 million, or $0.24 per
share, compared to net income of $1.3 million, or $0.08 per diluted share, for
the first six months of fiscal 2002. Cash and cash equivalents totaled $2.7
million, including $0.2 million in restricted cash, at June 30, 2003, compared
to $1.5 million at March 31, 2003 and $2.9 million at December 31, 2002. The
Company continues to closely monitor and manage its capital.
The Company provided the following outlook for the second half of fiscal 2003:
-- eDiets expects new paying subscriptions in the second half of
2003 to increase between 30 and 40% over the comparable prior
year period, while the advertising cost to acquire a member is
expected to remain relatively flat with current levels.
-- Revenues for the second half of 2003 are forecast at between
$18 and $20 million, an increase of approximately 25% compared
to the second half of 2002, as a result of anticipated
double-digit growth in both the average number of paying
subscribers and revenue per average subscriber.
At the same time, eDiets noted that it is actively negotiating to add additional
branded meal plans and other features to its offerings in the second half of
2003 and if it does so may make meaningful levels of investments to launch them.
Concluded CEO David Humble, "Being overweight is a global problem and our
government is leading the way by declaring it the number one health hazard. As
our government becomes more involved in changing the behaviors that lead to
being overweight, more consumers, both men and women, will seek diet solutions.
As the leading online 'diet destination', eDiets is uniquely positioned to
capitalize on this market change. We will continue to expand not only our meal
plans but also our content and our e-commerce offerings to best serve our
expanding audience and further solidify our leadership position."
The Company will hold a conference call for investors at 10:30 a.m. EDT today,
which will be broadcast live via CCBN Web cast at
www.eDiets.com/investors and
may also be accessed at 1-800-901-5241 (domestic) or 1-617-786-2963,
(international); use pass code # 12897454. A replay of the conference call Web
cast will be available at
www.eDiets.com/investors beginning at 12:30 p.m. EDT
on July 24.
About eDiets
eDiets is the leading online destination for diet-related programs, information
and resources. Its subscription-based, comprehensive weight-loss, fitness and
motivational programs are tailored specifically to individual dietary
requirements, capabilities and lifestyles. Its Web site
www.eDiets.com is one of
most visited Web sites for health, fitness and nutrition today, according to
Nielsen//Netratings. eDiets provides 24/7 access via the Web to personalized
diet programs, plus doctors, nutritionists, fitness experts and over 100 online
support communities. The site offers customized diets, plus specific nutrition
plans for individuals with high-cholesterol, diabetes and other medical issues.
eDiets is a publicly traded company (OTCBB: EDET) directed by a strong management
team comprised of licensed dieticians and psychologists, an experienced
technical staff and a seasoned corporate organization.
Statements in the release, which are not historical in nature, are
forward-looking statements. Forward-looking statements involve known and unknown
risks and uncertainties which could cause the actual results, performance or
achievements of the Company to be materially different from those which may be
expressed or implied by such statements. These risks and uncertainties include,
among others, that the Company's steps to deal with today's proliferation of
unsolicited emails that compete with communications with its members will be
successful, that the Company will make a successful transition from being a one
product company to being a source for multiple brands of diet solutions, that
the Company is able to obtain sufficient outside financing on acceptable terms,
when and if required, changes in general economic and business conditions,
changes in product acceptance by consumers, effectiveness of sales and marketing
efforts, and loss of market share and pressure on prices resulting from
competition. For additional information regarding these and other risks and
uncertainties associated with eDiets.com business, reference is made to the
Company's Annual Report on Form 10-KSB for the year ended December 31, 2002, and
other reports filed from time to time with the Securities and Exchange
Commission. All forward-looking statements are current only as of the date on
which such statements are made. The Company does not undertake any obligation to
publicly update any forward-looking statements.
eDiets.com, Inc.
Summary of Consolidated Financial Information
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- -------------------
2003 2002 2003 2002
----------- --------- ---------- --------
INCOME STATEMENT DATA:
Revenues $9,049 $7,715 $16,380 $14,713
Cost and expenses:
Cost of revenue 1,112 738 1,984 1,460
Product development 420 269 705 630
Sales and marketing 7,639 4,169 14,437 7,840
General and
administrative 1,156 1,333 2,253 2,773
Depreciation and
amortization 339 327 671 651
Impairment of intangible
assets 183 - 183 -
(Loss) income from
operations (1,800) 879 (3,853) 1,359
Other expense, net 2 111 12 172
Income tax benefit (62) (74) (122) (127)
Net (loss) income $(1,740) $842 $(3,743) $1,314
(Loss) earnings per common
share
Basic $(0.11) $0.05 $(0.24) $0.08
=========== ========= ========== ========
Diluted $(0.11) $0.05 $(0.24) $0.08
=========== ========= ========== ========
Weighted average common
and common equivalent
shares outstanding
Basic 15,975 15,742 15,896 15,734
Diluted 15,975 17,191 15,896 17,491
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- -------------------
2003 2002 2003 2002
----------- --------- ---------- --------
STATEMENT OF CASH FLOW DATA:
Net cash provided by
(used in):
Operations $1,227 $2,780 $1,126 $3,880
Investing (144) (95) (347) (174)
Financing 68 (623) (446) (650)
June 30, December 31,
2003 2002
----------- ---------
BALANCE SHEET DATA:
Cash and cash equivalents
(including restricted cash) $2,687 $2,907
Total assets 10,447 12,574
Deferred revenue 4,251 3,081
Long-term debt (including
capital leases) 162 693
Stockholders' equity 1,670 5,286
SOURCE: eDiets.com, Inc.
CONTACT: Corporate Contacts:
eDiets.com, Inc.
Robert T. Hamilton, CFO, 954-360-9022
rhamilton@eDiets.com
Alison Tanner, CFA, Chief Strategist, 954-360-9022
alison@eDiets.com
or
Investor Relations Contact:
Cameron Associates
Lester Rosenkrantz, 212-554-5486
lester@cameronassoc.com
or
Media/Marketing Contact:
Neale-May & Partners
Eric Goldman, 212-213-5400 x202
egoldman@nealemay.com
URL:
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