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NutriSystem Replaces President

NutriSystem today announced that Dawn M. Zier will join the company as president and CEO. She will also serve on the Nutrisystem board of directors. She replaces Joe Redling, who is stepping down as president and CEO and resigning from the company’s board of directors. Ms. Zier is a 20-year veteran of Reader’s Digest Association, Inc., a leading global, multi-brand and multi-platform media and direct marketing company.

Dawn Zier added, “Joining Nutrisystem is a wonderful opportunity for me personally, and the logical next step in my career. The company has a strong portfolio of products that help consumers lose weight, improve their health, and live better lives. It has significant name recognition as a result of several decades of marketing investment in the brand. And it’s universally seen as one of the leaders in the weight loss sector. With a fresh and creative approach to the consumer, a thoughtful eye to new product development, and a careful effort to contain costs, I believe we can improve financial performance and build shareholder value. I look forward to working with Mike Hagan, the board of directors, and the entire Nutrisystem team to make this happen.”

Joe Redling will remain with the company as CEO through disclosure of the company’s third quarter financial results on November 9, 2012. David Clark, the company’s chief financial officer, will serve as interim chief executive officer between Mr. Redling’s departure date and Ms. Zier’s arrival at the company.

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.

Dawn Zier, President and CEO 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.”

Ms. Zier added, “Re-energizing top-line growth will require the execution of a number of initiatives with varied lead times. Reinvigorating our creative assets, monetizing our customer database, and restoring direct marketing discipline to drive profitable new customer growth, length of stay, reactivation, and revenue per customer are critical to our short-term success. We are also focusing on product and program innovation to be able to offer consumers a more customized and personal approach to weight loss that meets their varied needs. In addition, we are optimistic about our long-term opportunities within the retail and digital space to attract new customers to our brand.

To view complete financials, see this link

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