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NutriSystem Reports Q4and Full year 2013 Results

Q4 2013:

Revenues of $69.9 million, an increase of 12% from revenues of $62.5 million in the fourth quarter of 2012;

Year 2013:

Revenues of $358.1 million, a decrease of 10% from 2012, although revenues were up 8% in the second half of 2013 versus the same period last year;
Adjusted EBITDA of $31.6 million, an increase of 16% from $27.3 million in 2012;
Adjusted net income of $11.6 million, an increase of 111% from adjusted net income of $5.5 million in 2012;
Dawn Zier, President and Chief Executive Officer, said, “With a second consecutive quarter of year-over-year revenue growth and our ongoing track record of improving bottom line results, we are achieving our financial goals and continuing to progress with our turnaround. Revenue growth reflects the success of our product and program innovation as well as improvements in our marketing, segmentation and sales channel diversification efforts. In a market that has become increasingly noisy, we believe winning is all about innovating and connecting with customers in a more personalized way. We are very pleased to see that more consumers are choosing Nutrisystem as the solution they can trust to help them navigate their weight loss journey.”

Ms. Zier continued, “While our performance over the second half of 2013 has created momentum heading into 2014, the real test for our new management team was this diet season. Based on year-to-date sales of our new Nutrisystem® My Way® weight loss program with the Fast 5™ kit, we are off to a good start. We expect this critical first quarter to be our third consecutive quarter of year-over-year top line growth, driven by revenue gains in both our direct-to-consumer and retail businesses. We continue to execute on our four-point plan as we begin the growth phase of our turnaround and expect to achieve full year revenue growth in 2014 for the first time in five years.”

See the complete press release and financial tables here

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