Byrne returns to his CEO post after his three-month medical leave of absence.
EDiets.com says it wants to focus on its core meal delivery business and web site
EDiets.com Inc., an online retailer of diet plans and meal delivery services, says it has hired Craig-Hallum Capital Group LLC to help it explore the sale of non-strategic assets. The financially struggling retailer in the second quarter reported a net loss of $34.6 million despite a 14.9% increase in sales.
“Divesting non-strategic assets will allow us to focus all of management's attention and capital resources on our growing core meal delivery business and flagship e-commerce site,” says CEO Kevin McGrath. “By taking these steps, we believe we are positioning eDiets to achieve strong revenue growth and positive EBITDA in 2011. EBITDA Is a financial performance measure that stands for earnings before expenses related to interest, taxes, depreciation and amortization.
EDiets, No. 395 in the Internet Retailer Top 500 Guide, continues to expand its marketing program for its meal delivery and digital diet plans. The company’s diet meal delivery service is among 20 diet plans sold directly to members on its web site.
EDiets.com last month launched a program on ShopNBC featuring what it describes as exclusive nutritious meal plans for ShopNBC viewers and ShopNBC.com visitors. In addition to the program, ShopNBC.com, No. 89 in the Top 500 Guide, and eDiets, are offering a co-branded support web site where consumers will have access to information from registered dietitians, online fitness tools and an online community forum.