OWINGS MILLS, Md., July 3 /PRNewswire-FirstCall/ -- Medifast, Inc. announces that Brad MacDonald, Medifast's Chairman and CEO, received the Ernst & Young Entrepreneur Of The Year(R) 2006 Award in the Consumer and Retail Products category in Maryland. According to Ernst & Young, the award recognizes outstanding entrepreneurs who are building and leading dynamic and growing businesses. Brad MacDonald was selected by an independent panel of judges and the award was presented at an Ernst & Young Entrepreneur Of The Year 20th anniversary gala event at the Hyatt Regency in Baltimore on Thursday, June 22nd.
Brad MacDonald, Chairman and Award Recipient, says, "Medifast has significantly improved its business model since its major reorganization and restructuring in 1999. Medifast has attained over 26 consecutive quarters of profitability and improved shareholder equity by over 26 million dollars over 7 years, while attaining a market capitalization of over 200 million dollars through June 30th 2006. It is an honor to participate in the Ernst & Young Entrepreneur Of The Year 2006 national program which gives special recognition to Medifast and all of our dedicated executives and associates who have worked so hard to make our company a success."
The Ernst & Young Entrepreneur Of The Year awards program celebrates its 20th anniversary this year and continues to honor entrepreneurs who have demonstrated excellence and extraordinary success in such areas as innovation, financial performance, and personal commitment to their businesses and communities. "Ernst & Young is proud of its history in recognizing these outstanding leaders and their companies," said Bill Cole, Ernst & Young Entrepreneur Of The Year program director for Maryland.
As a Maryland award winner, Brad MacDonald is now eligible for consideration for the Ernst & Young Entrepreneur Of The Year 2006 national program. Award winners in several national categories, as well as the overall national Ernst & Young Entrepreneur Of The Year award winner, will be announced at the annual awards gala in Palm Springs, California on November 18, 2006. The overall national Entrepreneur Of The Year award recipient is then considered for the world event held in Monte Carlo.
Medifast, Inc., through its subsidiaries, engages in the production, distribution, and sale of weight and disease management products, and other consumable health and diet products in the United States. Its products also include meal replacement and sports nutrition products. The company offers its products through Web, call center, independent health advisors, medical professionals, weight loss clinics, and direct consumer marketing supported by phone and the Web. Medifast was incorporated in 1980 and is headquartered in Owings Mills, Maryland.
About the Ernst & Young Entrepreneur Of The Year Awards
The Entrepreneur Of The Year(R) awards program was created and is produced by professional services firm Ernst & Young LLP. As the first award of its kind, the Ernst & Young Entrepreneur Of The Year award recognizes outstanding entrepreneurs who are building and leading dynamic and growing businesses. The program honors entrepreneurs through regional, national and global award programs in over 100 cities and 35 countries.
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