Medifast Inc., a Baltimore-based portion-controlled weight loss business, reported an increase of about $2.5 million in net income for fiscal 2006.
The company also reported an 85 percent rise in revenue, to $74.1 million for the year, compared with $40.1 million reported in 2005.
For the fourth quarter, Medifast saw its revenue shoot up by around $5 million, but its net income decrease by about $400,000.
Despite the dip in income, the company still experienced its 29th consecutive quarter of profitability.
“2006 was a fantastic year for our company as we were recognized by Forbes Magazine, listing Medifast 28th out of the top 200 small companies in the United States,” CEO Michael McDevitt said in a statement.
