Medifast delays 4Q filing, shares drop 24 percent

Company needs more time to determine expenses

March 11, 2011|By Gus G. Sentementes, The Baltimore Sun

Medifast Inc., an Owings Mills company that sells weight-loss control programs, said Friday that it delayed filing its fourth-quarter financial results with the Securities and Exchange Commission – a disclosure that caused its share price to plummet 24 percent.

Medifast said in a statement that it expects to release its financial results for the fourth quarter and full year of 2010 by the end of this month, after needing additional time "to review the recognition of certain expenses in prior periods."

In 2009, Medifast had revenues of $165 million and net income of $12 million. Shares of Medifast lost $5.27 to close Friday at $16.63.

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