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News and Information Article
PALM SPRINGS, Calif., Nov. 17 // -- Michael Hagan, chairman,
president and CEO of NutriSystem, Inc. (Nasdaq: NTRI), was awarded today
the inaugural Ernst & Young Venture Capital Award of Excellence. Hagan
received the honor during the Ernst & Young Entrepreneur Of The Year(R)
2006 national program in Palm Springs, California.
Hagan is being recognized for turning a struggling consumer products
company around by reinvigorating its brand and creating a highly successful
direct-to-customer business model. An independent panel of judges selected
this years recipient from among 48 venture capital backed companies that
were 2006 regional winners of the Ernst & Young Entrepreneur Of The Year
award. Judging criteria included a focus on companies that achieved success
with less than $100 million in venture capital investments, delivered
equity growth, and expanded earnings before interest, taxes, depreciation
and amortization (EBITDA) margins. The three judges were Scott Carter, a
partner with Sequoia Capital; Stephen Dolezalek, managing director and
co-head of the Cleantech Practice at VantagePoint Venture Partners; and
Pete Sonsini, a principal with New Enterprise Associates.
"NutriSystem is a great example of a company that was able to
accelerate its new business model as a result of venture capital
investment," said Joseph Muscat, Americas Director of Ernst & Youngs
Venture Capital Advisory Group. "Venture capitalists play a key role in our
economy by providing critical capital and knowledge to assist management
teams in hiring the right people, expanding operations efficiently, and
entering new markets."
As a provider of weight management products and services, NutriSystem
introduced the prepackaged diet meal concept in the early 1970s and
continued its ascendancy throughout the 1980s. By the early 1990s, the
company was rapidly losing market share and heading for bankruptcy. At that
time, Hagan saw an opportunity and took action. He put together a small
group of investors, gave NutriSystems menu a complete makeover, and
implemented an e-commerce strategy to effectively sell and brand the
companys products and services.
Today this Horsham, Pennsylvania-based company is producing
extraordinary financial results. Total net revenues generated in 2005
increased 459 percent to $213 million compared to prior year and net income
increased to $21 million in 2005 -- a 2,000 percent increase over 2004.
About the Ernst & Young Strategic Growth Markets Practice
Ernst & Youngs Strategic Growth Markets practice is the leader in
serving Russell 3000 Index companies, high-growth private companies,
companies with significant investments from venture capital or
private-equity firms, and companies planning to go public. The practice
offers insight and solutions to the assurance, risk, tax, transactions, and
finance-related issues facing entrepreneurial companies at every stage of
the growth life cycle -- from promising start up to successful market
leader. The Ernst & Young Strategic Growth Markets practice brings together
extensive experience and resources to serve the unique needs of dynamic,
growing businesses across industry lines.
About Ernst & Young
Ernst & Young, a global leader in professional services, is committed
to restoring the publics trust in professional services firms and in the
quality of financial reporting. Its 114,000 people in 140 countries pursue
the highest levels of integrity, quality and professionalism in providing a
range of sophisticated services centered on our core competencies of
auditing, accounting, tax and transactions. Further information about Ernst
& Young and its approach to a variety of business issues can be found at
http://www.ey.com/perspectives. Ernst & Young refers to the global organization of
member firms of Ernst & Young Global Limited, a U.K. company limited by
guarantee, each of which is a separate legal entity. Ernst & Young Global
Limited does not provide services to clients. Ernst &Young LLP, a Delaware
limited liability partnership, is the U.S. client-serving member firm of
Ernst & Young Global Limited.
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