Nutrisystem, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter Ending September 30, 2015 and Full Year Ending December 31, 2015
Jul 29 15
Nutrisystem, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the second quarter, revenue increased 17% to $130.3 million compared to $111.1 million a year ago. Adjusted EBITDA grew 33% to $22.5 million compared to $17.0 million a year ago. Net income increased 39% to $12.1 million compared to $8.7 million a year ago. Diluted earnings per share increased 37% to $0.41 compared to $0.30 a year ago. Operating income was $18,444,000 compared to $13,240,000 a year ago. Income before income tax expense was $18,414,000 compared to $13,193,000 a year ago. EBITDA was $20,677,000 against $15,153,000 a year ago.
For the six months, the company's revenue was $267,486,000 compared to $233,280,000 a year ago. Operating income was $22,968,000 compared to $13,627,000 a year ago. Income before income tax expense was $22,889,000 compared to $13,535,000 a year ago. Net income was $15,028,000 or $0.51 per diluted share compared to $8,927,000 or $0.31 per diluted share a year ago. Net cash provided by operating activities was $28,750,000 compared to $26,859,000 a year ago. Capital additions were $4,086,000 compared to $3,194,000 a year ago. Adjusted EBITDA was $30,471,000 compared to $20,208,000 a year ago. EBITDA was $27,425,000 against $17,298,000 a year ago.
The company provided earnings guidance for the third quarter ending September 30, 2015 and full year ending December 31, 2015. Third quarter revenue expected to be in the range of $102 to $107 million, adjusted EBITDA between $13.2 and $15.2 million, and earnings per share between $0.21 and $0.26. The company expected net income to be in the range of $6,252,000 to $7,564,000, interest expense to be $50,000, depreciation and amortization to be $2,340,000, EBITDA to be in the range of $11,920,000 to $13,920,000 and adjusted EBITDA to be in the range of $13,200,000 to $15,200,000.
Full year revenue expected to be in the range of $456 to $466 million, adjusted EBITDA between $54.1 and $58.1 million, and earnings per share between $0.87 and $0.97. The company expected net income to be in the range of $25,748,000 to $28,372,000, interest expense to be $175,000, depreciation and amortization to be $9,100,000, EBITDA to be in the range of $48,525,000 to $52,525,000 and adjusted EBITDA to be in the range of $54,100,000 to $58,100,000. Capital expenditures are projected to be approximately $7 million to $9 million for the full year 2015.
Nutrisystem, Inc. Announces Executive Changes
Jul 1 15
The Board of Directors of Nutrisystem, Inc. announced the appointment of Michael D. Mangan to the Board, effective immediately. As an independent director of the company, Mr. Mangan will serve as Chairman of the company's audit committee. Mr. Mangan, currently serves as the lead director at McCormick & Co. A veteran of a number of high profile consumer facing companies, Mr. Mangan has held leadership roles at Black & Decker Corp. including President of Worldwide Power Tools & Accessories, Chief Financial Officer and head of Investor Relations. The company's Board of Directors also announced that current Board member, Stephen T. Zarrilli is stepping down from the Board, a position he has held since December 2003, due to other growing commitments.