Medifast

Jason Pharmaceuticals Inc. grew fat when Oprah got thin, and thin when Oprah got fat again.That much is agreed upon by everyone connected with the Owings Mills-based marketer of the Medifast diet plan. But the agreement ends there.After rising to $51 million in annual sales during the late 1980s, the skyrocket that was Jason Pharmaceuticals landed last month in Baltimore's federal bankruptcy court, asking for protection from creditors while it reorganizes.Members of Jason's founding Vitale family say the company can recover from the slump that hit the liquid-diet industry after television talk show host Oprah Winfrey regained the weight she had lost on a rival plan called Optifast.

It's not a matter of "if" but "when. " Medifast Inc., the No. 3 manufacturer of weight-loss food products, is growing so quickly in that industry that there will soon come a time when it outgrows its sole production facility in Owings Mills and builds plants elsewhere. To keep up with that rapid growth, Medifast plans on making $5 million in improvements to its headquarters and plant in Owings Mills over the next two years. But it's also considering other sites for the future, including a possible West Coast manufacturing site and one in Mexico to serve the growing Latin American market.

As part of a continuing feud with a felon-turned-fraud-buster, Medifast Inc. reiterated Tuesday that a committee of its independent board members concluded that allegations of fraud at a subsidiary were unfounded. The Fraud Discovery Institute, co-founded by Barry Minkow, who once served time in prison for stock fraud, has accused a Medifast subsidiary, Take Shape for Life Inc., of a pyramid scheme. Medifast CEO Michael S. McDevitt said the Owings Mills company has filed several complaints against FDI with the Securities and Exchange Commission and Maryland regulators.

WEATHER Today's forecast calls for sunny skies with a high near 50 degrees. It is expected to be mostly clear tonight, with a low temperature around 35 degrees. FROM LAST NIGHT... McDevitt out as CEO of Medifast : Medifast Inc., an Owings Mills-based maker and provider of weight-loss programs, said Thursday it would replace its chief executive officer next week with the company's board chairman. Four arrested in December killing at Towson Town Center : Four men, ranging in age from 19 to 44, were arrested this week and charged with first-degree murder.

Medifast Inc. filed a $270 million defamation lawsuit on Thursday against an ex-felon who became a fraud investigator for making allegations over the past year that a subsidiary of the nutritional products company was operating as a Ponzi scheme. The Owings Mills company is suing Barry Minkow and his Fraud Discovery Institute in California. Medifast said in a statement that Minkow, who spent seven years in federal prison for fraud he committed with his carpet-cleaning company, had issued "false and misleading reports" in an attempt to manipulate and profit from a drop in Medifast's stock price.

Medifast Inc., an Owings Mills-based company specializing in weight loss programs, reported sharply higher revenue and profit in the first quarter. The company had profit of $4.9 million, or 33 cents per share, compard to $2.5 million, or 17 cents per share, in the year-ago quarter. Net revenue rose nearly 75 percent, from $35 million in the first quarter last year to $61 million this quarter. The company said it has 45 corporate and franchised weight-control centers, and plans to open another 13 to 15 new centers this year.

Shares of Owings Mills-based Medifast Inc. recovered slightly yesterday after the weight-loss products company responded to what it called false claims in a report this week by the Fraud Discovery Institute and defended the business model of its direct-selling division. Medifast shares closed at $5.20 a share, up 7 cents, after losing nearly 30 percent of their value Tuesday in the wake of the report by San Diego-based FDI. The report said Medifast's direct-selling Take Shape for Life division offers a "misleadingly promoted income scheme ... that requires paying fees and buying Take Shape for Life products."

As more than a third of Americans struggle with obesity, Medifast Inc. has seen skyrocketing sales of its weight-loss food products in recent years. Business has been so good that the firm topped Forbes magazine's list of the top 100 fastest-growing small public companies in the nation last year. But last month, Medifast, based in Owings Mills, warned that it had to delay its fourth-quarter earnings report to reconcile accounting snafus involving expenses — an uncommon move that typically raises concerns among shareholders and analysts.

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.

Medifast Inc., an Owings Mills-based provider of portion-controlled weight-loss programs, said Monday it had higher-than-expected first-quarter earnings, fueled by strong sales in its three business categories. The company, which sells diet food and offers coaching programs for dieters, had strong quarter-over-quarter revenues from its direct sales, direct marketing and weight-loss center operations. Revenues rose 23 percent to $74.3 million in the quarter ended March 31, compared with $60.6 million in the similar quarter last year.

Medifast Inc., an Owings Mills-based maker and provider of weight-loss programs, said Thursday it would replace its chief executive officer next week with the company's board chairman. The employment agreement for Michael S. McDevitt, the current CEO, expires Wednesday, and he and the board mutually agreed not to renew his contract, the company said. McDevitt led the company during a period of growth over the past five years; he had joined Medifast in 2002. McDevitt will be replaced by Michael C. MacDonald, a board member since 1998 and executive chairman since November.

Even if the size of Maryland government never shrinks, the size of some lawmakers does. The big news coming out of Crisfield, where Maryland politicos gathered Wednesday for the annual J. Millard Tawes Crab and Clam Bake: Medifast is catching on with members of the General Assembly. State Sen. E.J. Pipkin dropped 73 pounds in five months on the diet plan created by the Owings Mills-based firm. Pipkin says he's also exercising a lot, running about 30 miles a week and taking as many as three spin classes a day. Yes, a day, not a week.

Medifast Inc., an Owings Mills-based provider of portion-controlled weight-loss programs, said Monday it had higher-than-expected first-quarter earnings, fueled by strong sales in its three business categories. The company, which sells diet food and offers coaching programs for dieters, had strong quarter-over-quarter revenues from its direct sales, direct marketing and weight-loss center operations. Revenues rose 23 percent to $74.3 million in the quarter ended March 31, compared with $60.6 million in the similar quarter last year.

As more than a third of Americans struggle with obesity, Medifast Inc. has seen skyrocketing sales of its weight-loss food products in recent years. Business has been so good that the firm topped Forbes magazine's list of the top 100 fastest-growing small public companies in the nation last year. But last month, Medifast, based in Owings Mills, warned that it had to delay its fourth-quarter earnings report to reconcile accounting snafus involving expenses — an uncommon move that typically raises concerns among shareholders and analysts.

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.

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.

Medifast Inc. filed a $270 million defamation lawsuit on Thursday against a felon-turned-fraud investigator for making allegations over the past year that a subsidiary of the nutritional products company was operating as a Ponzi scheme. The Owings Mills company is suing Barry Minkow and his Fraud Discovery Institute in California. Medifast said in a statement that Minkow, who spent 7 years in federal prison for fraud he committed with his carpet-cleaning company, had issued "false and misleading reports" in an attempt to manipulate and profit from a drop in Medifast's stock price.

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.

Medifast Inc., an Owings Mills-based company specializing in weight loss programs, reported sharply higher revenue and profit in the first quarter. The company had profit of $4.9 million, or 33 cents per share, compard to $2.5 million, or 17 cents per share, in the year-ago quarter. Net revenue rose nearly 75 percent, from $35 million in the first quarter last year to $61 million this quarter. The company said it has 45 corporate and franchised weight-control centers, and plans to open another 13 to 15 new centers this year.

Medifast Inc. filed a $270 million defamation lawsuit on Thursday against an ex-felon who became a fraud investigator for making allegations over the past year that a subsidiary of the nutritional products company was operating as a Ponzi scheme. The Owings Mills company is suing Barry Minkow and his Fraud Discovery Institute in California. Medifast said in a statement that Minkow, who spent seven years in federal prison for fraud he committed with his carpet-cleaning company, had issued "false and misleading reports" in an attempt to manipulate and profit from a drop in Medifast's stock price.