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CURRENT NEWS


 

Campaign underlines workplace asbestos dangers

A campaign will be launched today to end apathy within the Victorian work force about asbestos.

It is Asbestos Awareness Week and the Construction, Forestry, Mining and Energy Union says asbestos-related diseases are indiscriminate.

Union secretary Martin Kingham says workers should ask their employers to undertake an audit of their buildings.

"Find out if there is any asbestos still in this building - if there is, deal with it, and if there isn't let's celebrate that by identifying that in a public place like in the lobby of the building, identifying that this building is free of asbestos," he said.

The union is also calling on the Federal Government to boost research into asbestos-related diseases.

Mr Kingham says the fight against diseases like mesothelioma has to be stepped up.

"The Federal Government has done research into breast cancer, testicular cancer and all sorts of other disease and that research has developed some cures that have saved people's lives - mesothelioma, no cure [is] known at this stage," he said.


Medifast Announces Record Third-Quarter and YTD Revenues and Profits
Tuesday November 14, 4:10 pm ET

OWINGS MILLS, Md., Nov. 14 /PRNewswire-FirstCall/ --Medifast, Inc. (NYSE: MED - News) announced today third quarter results for the period ended September 30, 2006. For the quarter-ended September 30, 2006, Medifast reported revenue of $19.6 million, a 79% increase from $11 million in the third quarter of 2005. The Company reported net income of $1,490,000, or $0.12 per basic share ($0.11 per diluted share), versus $607,000 or $0.05 per basic share ($0.05 per diluted share) in 2005. Net income in the third quarter of 2006 was positively impacted by a tax benefit received as a result of the Company's investment in infrastructure in prior years. The third quarter of 2006 represented the Company's 28th consecutive quarter of profitability.

For the nine months ended September 30, 2006, Medifast reported revenue of $58.8 million, an increase of 97% from $29.9 million for the nine months ended September 30, 2005. The Company reported net income of $4.6 million, or $.37 per basic share ($.34 per diluted share), versus $1.6 million or $.13 per basis share ($.13 per diluted share) in 2005.

The Company had stockholders' equity of $27.2 million and working capital of $13 million at September 30, 2006, compared to $21.3 million and $9.6 million at September 30, 2005, respectively.

"We are pleased with the third quarter results, which were driven by our growing customer base within a multi-channeled business. Our customer acquisition strategy is driving brand awareness, which benefits our direct to consumer business and also drives customers and business opportunity leads into our direct sales network while fueling significant walk-ins to our new medically supervised clinics, which are now operational in test markets. We believe that our diverse infrastructure model, which does not rely on a single distribution method, will allow Medifast to benefit long term in the over $40 billion weight loss category. In a customer driven world, Medifast is positioned to handle the needs of all types of customers. Whether a person is looking to lose weight utilizing the advice of a nutritionist, the support of a health coach, share their experience with others in an online community or stay under medical supervision in a clinic or doctor's office, Medifast provides a program to cater to the individual needs of the customer," said Michael S. McDevitt, Medifast President and CFO.

"Medifast combines products and programs that have been clinically proven and trusted by physicians for over 25 years with a 21st century business model that recognizes that every consumer is an individual. Medifast is in the business of making people healthy in a time when we are experiencing an obesity epidemic in our country. Medifast is committed to providing a lasting solution for health and we are excited about expanding our programs to include broader recommendations for using Medifast for long term health as we move forward," stated Bradley T. MacDonald, Chairman and CEO.


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