eDiets Reports Q4 EPS ($0.02) (DIET)

eDiets.com DIET today announced results for the fourth quarter and full year ended December 31, 2010. Revenues for the fourth quarter of 2010 were $6.9 million, an increase of approximately 77% from $3.9 million in the fourth quarter of 2009. The net loss for the fourth quarter of 2010 was $(1.3) million, or $(0.02) per diluted share on approximately 57.4 million shares outstanding, compared to a net loss of $(3.3) million, or $(0.12) per diluted share on approximately 28.3 million shares outstanding, in the fourth quarter of 2009. Adjusted EBITDA*, defined as net loss before interest, taxes, depreciation, amortization, stock-based compensation, severance charges, bad debt recovery or expense, and the write-off of goodwill, intangibles and debt discounts, for the quarter ended December 31, 2010 was $(0.8) million, compared to $(1.1) million in the fourth quarter of 2009. For the year ended December 31, 2010, the Company recorded revenues of $23.4 million compared to $18.1 million for the same period last year. Net loss was $(43.3) million, or $(0.94) per share, compared to $(12.1) million, or $(0.47) per share, for 2009. Results for 2010 include a non-cash, goodwill impairment charge of $6.9 million, or $0.16 per diluted share, and a non-cash charge of $24.0 million, or $0.56 per diluted share, for the write-off of total debt discounts and additional interest expense as a result of the reduction in conversion prices associated with the conversion of the Company's senior secured notes into common stock, which was recorded in the second quarter. Adjusted EBITDA for 2010 totaled $(7.1) million, compared to $(3.5) million in 2009.