Medifast posts jump in revenues, profits for fourth quarter

Weight-loss management company had delayed earnings release to fix accounting glitches

Medifast Inc., an Owings Mills-based company that sells weight-loss management programs and diet food products, on Thursday posted double-digit percentage growth in fourth-quarter sales and profits for 2010.

The company attributed its earnings performance to strong growth in the sale of its products and related weight-loss management services. Revenues at the company for the quarter climbed to $63 million, from $47 million in the similar quarter in 2009. Net income increased from $2.4 million to $3.4 million during the same period.

The earnings announcement came three weeks after the company said it would delay the release of its financial results for the quarter, which ended Dec. 31, to review expenses in previous periods. Medifast said Thursday that it needed the additional time to reconcile accounting errors for freight and web advertising expenses in prior years.

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