Medifast Earnings 2019-06-30

MED 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 001-31573

Medifast, Inc.

(Exact name of registrant as specified in its charter)


Delaware		13-3714405
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

100 International Drive

Baltimore, Maryland 21202

Telephone Number: (410) 581-8042

(Address of Principal Executive Offices, Zip Code and Telephone Number, Including Area Code)

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ⌧	Accelerated filer ◻	Non-accelerated filer ◻	Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by checkmark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ⌧

Securities registered pursuant to Section 12(b) of the Act:


Title of each class:	Trading Symbol	Name of each exchange on which registered:
Common Stock, par value $0.001 per share	MED	NYSE

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

The number of shares of the registrant’s common stock outstanding at July 26, 2019 was 11,836,334.

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Medifast, Inc. and subsidiaries

Index


Part 1 – Financial Information:

Item 1 – Financial Statements

Condensed Consolidated Statements of Income (unaudited) for the Three and Six Months Ended June 30, 2019 and 2018		2

Condensed Consolidated Statements of Comprehensive Income (unaudited) for the Three and Six Months Ended June 30, 2019 and 2018		3

Condensed Consolidated Balance Sheets (unaudited) as of June 30, 2019 and December 31, 2018		4

Condensed Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2019 and 2018		5

Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the Three and Six Months Ended June 30, 2019 and 2018		6

Notes to Condensed Consolidated Financial Statements (unaudited)		7

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations		14

Item 3 – Quantitative and Qualitative Disclosures about Market Risk		20

Item 4 – Controls and Procedures		20

Part II – Other Information:

Item 1 – Legal Proceedings		20

Item 1A – Risk Factors		21

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds		21

Item 6 – Exhibits		21

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MEDIFAST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share amounts & dividend data)


	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018

Revenue	$	187,103	$	117,324	$	352,979	$	215,920
Cost of sales		46,393		28,525		87,122		52,313
Gross profit		140,710		88,799		265,857		163,607

Selling, general, and administrative		113,355		71,689		213,787		131,814

Income from operations		27,355		17,110		52,070		31,793

Other income (expense)
Interest income, net		425		330		737		579
Other income (expense)		(2)		179		(8)		178
		423		509		729		757

Income from operations before income taxes		27,778		17,619		52,799		32,550

Provision for income taxes		6,395		3,486		10,666		6,195

Net income	$	21,383	$	14,133	$	42,133	$	26,355

Earnings per share - basic	$	1.80	$	1.17	$	3.55	$	2.19

Earnings per share - diluted	$	1.75	$	1.16	$	3.45	$	2.17

Weighted average shares outstanding -
Basic		11,861		12,037		11,870		12,032
Diluted		12,218		12,174		12,229		12,129

Cash dividends declared per share	$	0.75	$	0.48	$	1.50	$	0.96

The accompanying notes are an integral part of these condensed consolidated financial statements.

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MEDIFAST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands)


	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018

Net income	$	21,383	$	14,133	$	42,133	$	26,355
Other comprehensive income (loss), net of tax:
Foreign currency translation		-		-		1		-
Unrealized gains (losses) on marketable securities		102		25		228		(59)

Other comprehensive income (loss)		102		25		229		(59)

Comprehensive income	$	21,485	$	14,158	$	42,362	$	26,296

The accompanying notes are an integral part of these condensed consolidated financial statements.

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MEDIFAST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except par value)


		June 30,		December 31,
		2019		2018

ASSETS
Current Assets
Cash and cash equivalents	$	96,311	$	81,364
Accounts receivable-net of doubtful accounts of $931 and $394 at
June 30, 2019 and December 31, 2018, respectively		978		1,011
Inventory		48,473		38,888
Investment securities		17,211		19,670
Income taxes, prepaid		1,365		-
Prepaid expenses and other current assets		7,638		4,586
Total current assets		171,976		145,519

Property, plant and equipment - net		24,984		19,747
Right-of-use asset		12,296		-
Other assets		710		1,183
Deferred tax assets		2,605		2,980


TOTAL ASSETS	$	212,571	$	169,429

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued expenses	$	73,570	$	60,323
Current lease obligation		2,474		-
Total current liabilities		76,044		60,323

Lease obligation, less current lease obligation		10,504		-
Total liabilities		86,548		60,323

Stockholders' Equity
Common stock, par value $.001 per share: 20,000 shares authorized;
12,126 and 12,117 issued and 11,827 and 11,868 outstanding
at June 30, 2019 and December 31, 2018, respectively		12		12
Additional paid-in capital		11,070		8,802
Accumulated other comprehensive income (loss)		56		(173)
Retained earnings		155,762		131,344
Less: Treasury stock at cost, 264 and 193 shares at June 30, 2019 and December 31, 2018, respectively		(40,877)		(30,879)
Total stockholders' equity		126,023		109,106

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	212,571	$	169,429

The accompanying notes are an integral part of these condensed consolidated financial statements.

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MEDIFAST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)


	Six months ended June 30,
	2019		2018

Operating Activities
Net income	$	42,133	$	26,355
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization		2,156		2,689
Share-based compensation		2,245		1,635
Loss on sale of disposal of property, plant and equipment		17		50
Realized loss (gain) on investment securities, net		8		(21)
Amortization of premium on investment securities		249		298
Deferred income taxes		375		(1,036)
Change in operating assets and liabilities:
Accounts receivable		33		199
Inventory		(9,585)		(6,670)
Income taxes, prepaid		(1,365)		2,673
Prepaid expenses and other current assets		(3,052)		368
Other assets		35		33
Accounts payable and accrued expenses		13,963		11,958
Net cash flow provided by operating activities		47,212		38,531

Investing Activities
Sale and maturities of investment securities		2,430		1,200
Sale of property and equipment		-		184
Purchase of property and equipment		(6,972)		(2,094)
Net cash flow used in investing activities		(4,542)		(710)

Financing Activities
Options exercised by executives and directors		279		62
Net shares repurchased for employee taxes		(256)		(215)
Cash dividends paid to stockholders		(17,749)		(11,673)
Stock repurchases		(9,998)		(19,996)
Net cash flow used in financing activities		(27,724)		(31,822)

Foreign currency impact		1		-

Increase in cash and cash equivalents		14,947		5,999
Cash and cash equivalents - beginning of the period		81,364		75,077
Cash and cash equivalents - end of period	$	96,311	$	81,076

Supplemental disclosure of cash flow information:
Income taxes paid	$	11,338	$	4,380
Dividends declared included in accounts payable	$	9,102	$	5,914

The accompanying notes are an integral part of these condensed consolidated financial statements.

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MEDIFAST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(in thousands)


	Six months ended June 30, 2019
	Number of Shares Issued		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total

Balance, December 31, 2018	12,117	$	12	$	8,802	$	(173)	$	131,344	$	(30,879)	$	109,106
Net income	-		-		-		-		20,750		-		20,750
Share-based compensation	-		-		990		-		-		-		990
Options exercised by executives and directors	10		-		269		-		-		-		269
Net shares repurchased for employee taxes	(1)		-		(256)		-		-		-		(256)
Other comprehensive income	-		-		-		127		-		-		127
Cash dividends declared to stockholders	-		-		-		-		(8,918)		-		(8,918)

Balance, March 31, 2019	12,126		12		9,805		(46)		143,176		(30,879)		122,068
Net income	-		-		-		-		21,383		-		21,383
Share-based compensation	-		-		1,255		-		-		-		1,255
Options exercised by executives and directors	-		-		10		-		-		-		10
Other comprehensive income	-		-		-		102		-		-		102
Treasury stock from stock repurchases	-		-		-		-		-		(9,998)		(9,998)
Cash dividends declared to stockholders	-		-		-		-		(8,797)		-		(8,797)

Balance, June 30, 2019	12,126	$	12	$	11,070	$	56	$	155,762	$	(40,877)	$	126,023

	Six months ended June 30, 2018
	Number of Shares Issued		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Total

Balance, January 1, 2018, as reported	12,103	$	12	$	4,967	$	(160)	$	103,762	$	-	$	108,581
Cumulative effect adjustments from changes
in accounting standards	-		-		-		-		(2,018)		-		(2,018)
Balance January 1, 2018, as adjusted	12,103		12		4,967		(160)		101,744		-		106,563
Net income	-		-		-		-		12,222		-		12,222
Share-based compensation	16		-		805		-		-		-		805
Options exercised by executives and directors	14		-		62		-		-		-		62
Net shares repurchased for employee taxes	(3)		-		(215)		-		-		-		(215)
Treasury stock from cashless options	9		-		750		-		-		(750)		-
Other comprehensive loss	-		-		-		(84)		-		-		(84)
Cash dividends declared to stockholders	-		-		-		-		(5,723)		-		(5,723)

Balance, March 31, 2018	12,139		12		6,369		(244)		108,243		(750)	$	113,630
Net income	-		-		-		-		14,133		-		14,133
Share-based compensation	-		-		830		-		-		-		830
Options exercised by executives and directors	2		-		-		-		-		-		-
Treasury stock from stock repurchases	-		-		-		-		-		(19,996)		(19,996)
Other comprehensive income	-		-		-		25		-		-		25
Cash dividends declared to stockholders	-		-		-		-		(5,759)		-		(5,759)

Balance, June 30, 2018	12,141	$	12	$	7,199	$	(219)	$	116,617	$	(20,746)	$	102,863

The accompanying notes are an integral part of these condensed consolidated financial statements.

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MEDIFAST, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation - The accompanying unaudited condensed consolidated financial statements of Medifast, Inc. and its wholly-owned subsidiaries (the “Company,” “we,” “us,” or “our”) included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), for interim reporting and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and notes that are normally required by GAAP have been condensed or omitted. However, in the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair presentation of the financial position and results of operations have been included and management believes the disclosures that are made are adequate to make the information presented not misleading. The condensed consolidated balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements at that date.

The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of results that may be expected for the fiscal year ending December 31, 2019. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the 2018 audited consolidated financial statements and notes thereto, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (“2018 Form 10-K”).

Presentation of Financial Statements - The unaudited condensed consolidated financial statements included herein include the accounts of the Medifast, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.

Accounting Pronouncements Adopted in 2019 – In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) to address a specific consequence of the Tax Cuts and Jobs Act (“TCJA”) by allowing a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the TCJA’s reduction of the U.S. federal corporate income tax rate. This ASU is effective for all entities for annual periods beginning after December 15, 2018, with early adoption permitted, and is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recognized. The Company adopted this ASU in the first quarter of 2019. There was no material impact on the Company's condensed consolidated results of operations or cash flows. The Company's policy for releasing disproportionate income tax effects from accumulated other comprehensive income utilizes the portfolio approach.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires an entity to recognize a right-of-use (“ROU”) asset and a lease liability on the balance sheet for all leases, including operating leases, and also requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. Subsequent to the issuance of Topic 842, the FASB clarified the guidance through several ASUs; hereinafter the collection of lease guidance is referred to as “ASC 842”.

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On January 1, 2019, the Company adopted ASC 842 using the modified retrospective method for all lease arrangements at the beginning of the period of adoption. Results for reporting periods beginning January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC 840, Leases. The standard had a material impact on the Company’s Consolidated Condensed Balance Sheets, but did not have a significant impact on the Company’s consolidated net earnings and cash flows. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases. For leases that commenced before the effective date of ASC 842, the Company elected the permitted practical expedients that do not require the Company to reassess: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. The Company also elected to exclude leases with a term of 12 months or less in the recognized ROU assets and lease liabilities.

As a result of the cumulative impact of adopting ASC 842, the Company recorded ROU assets of $11.9 million, net of $686 thousand of accrued rent, and lease liabilities of $12.6 million as of January 1, 2019, primarily related to office and warehouse space and certain equipment, based on the present value of the future lease payments on the date of adoption.

The Company determines if an arrangement is a lease at inception. The ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments and lease incentives received. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense. See Note 5 “LEASES” for additional information about this adoption.

2. INVENTORIES

Inventories consist principally of packaged meal replacements held in the Company’s warehouses. Inventory is stated at the lower of cost or net realizable value, utilizing the first-in, first-out method. The cost of finished goods includes the cost of raw materials, packaging supplies, direct and indirect labor and other indirect manufacturing costs. On a quarterly basis, management reviews inventory for unsalable or obsolete inventory.

Inventories consisted of the following (in thousands):


	June 30, 2019		December 31, 2018

Raw materials	$	11,204	$	11,156
Packaging		2,264		1,563
Non-food finished goods		5,186		2,391
Finished goods		32,474		25,509
Reserve for obsolete inventory		(2,655)		(1,731)
Total	$	48,473	$	38,888

3. EARNINGS PER SHARE

Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of the Company’s common stock outstanding adjusted for the effect of dilutive common stock equivalents.

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The following table sets forth the computation of basic and diluted EPS (in thousands, except per share data):


	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018

Numerator:
Net income	$	21,383	$	14,133	$	42,133	$	26,355

Denominator:
Weighted average shares of common stock outstanding		11,861		12,037		11,870		12,032
Effect of dilutive common stock equivalents		357		137		359		97
Weighted average shares of common stock outstanding		12,218		12,174		12,229		12,129

Earnings per share - basic	$	1.80	$	1.17	$	3.55	$	2.19

Earnings per share - diluted	$	1.75	$	1.16	$	3.45	$	2.17

The calculation of diluted EPS excluded 611 and 56 antidilutive options outstanding for the three months ended June 30, 2019 and 2018, respectively, and 752 and 6,220 antidilutive options outstanding for the six months ended June 30, 2019 and 2018, respectively. The calculation of diluted EPS also excluded 350 and 0 antidilutive restricted stock awards for the three months ended June 30, 2019 and 2018, respectively, and 705 and 0 antidilutive restricted stock awards for the six months ended June 30, 2019 and 2018, respectively. EPS is computed independently for each of the periods presented above, and accordingly, the sum of the quarterly earnings per common share may not equal the year-to-date total computed.

4. SHARE-BASED COMPENSATION

Stock Options:

The Company has issued non-qualified and incentive stock options to employees and nonemployee directors. The fair value of these options are estimated on the date of grant using the Black-Scholes option pricing model, which requires estimates of the expected term of the option, the risk-free interest rate, the expected volatility of the price of the Company’s common stock, and dividend yield. Options outstanding as of June 30, 2019 generally vest over a period of three years and expire ten years from the date of grant. The exercise price of these options ranges from $26.52 to $171.68. Due to the Company’s lack of option exercise history, the expected term is calculated using the simplified method defined as the midpoint between the vesting period and the contractual term of each option. The risk free interest rate is based on the U.S. Treasury yield curve in effect on the date of grant that most closely corresponds to the expected term of the option. The expected volatility is based on the historical volatility of the Company’s common stock over the period of time equivalent to the expected term for each award. For the six months ended June 30, 2019, the Company did not grant stock options. For the six months ended June 30, 2018, the weighted average input assumptions used were as follows:


	2018
Expected term (in years)	6.4
Risk-free interest rate	2.62%
Expected volatility	33.30%
Dividend yield	2.87%

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The following table is a summary of our stock option activity:


	Six months ended June 30,
	2019			2018
	Shares	Weighted-Average Exercise Price		Shares	Weighted-Average Exercise Price
(shares in thousands)
Outstanding at beginning of period	107	$	49.26	106	$	31.18
Granted	-		-	51		67.50
Exercised	(10)		28.21	(21)		28.87
Outstanding at end of the period	97	$	52.53	136	$	45.17
Exercisable at end of the period	52	$	40.96	60	$	29.94

As of June 30, 2019, the weighted-average remaining contractual life for outstanding stock options was 7.61 years with an aggregate intrinsic value of $7.5 million and the weighted-average remaining contractual life for exercisable stock options was 6.85 years with an aggregate intrinsic value of $4.6 million. For the six months ended June 30, 2019, the Company did not grant stock options. The weighted-average grant date fair value of options granted during the six months ended June 30, 2018 was $18.08. The unrecognized compensation expense calculated under the fair value method for stock options expected to vest as of June 30, 2019 was $0.7 million and is expected to be recognized over a weighted average period of 2.92 years. The Company received $279 thousand and $62 thousand in cash proceeds from the exercise of stock options during the six months ended June 30, 2019 and 2018, respectively. Upon exercising of stock options, the Company withheld shares of the Company’s common stock for employee taxes of 1 thousand and 3 thousand for the six months ended June 30, 2019 and 2018, respectively. The total intrinsic value for stock options exercised during the six months ended June 30, 2019 and 2018 was $1.0 million and $1.4 million, respectively.

Restricted Stock:

The Company has issued restricted stock to employees and nonemployee directors generally with vesting terms up to five years after the date of grant. The fair value of the restricted stock is equal to the market price of the Company’s common stock on the date of grant. Expense for restricted stock is amortized ratably over the vesting period. The following table summarizes our restricted stock activity:


	Six months ended June 30,
	2019			2018
	Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value
(shares in thousands)
Outstanding at beginning of period	57	$	50.55	129	$	32.15
Granted

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$103.74	12	$1,234

10-Q	2019-06-30	Quarter: 2019-06-30
10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-30	Quarter: 2018-09-30
10-Q	2018-06-30	Quarter: 2018-06-30
10-Q	2018-03-31	Quarter: 2018-03-31
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-30	Quarter: 2017-09-30
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-06-30	Quarter: 2016-06-30
10-Q	2016-03-31	Quarter: 2016-03-31
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30
10-Q	2014-06-30	Quarter: 2014-06-30
10-Q	2014-03-31	Quarter: 2014-03-31
10-K	2013-12-31	Annual: 2013-12-31

8-K	2019-09-12	Officers, Other Events, Exhibits
8-K	2019-08-01	Earnings, Exhibits
8-K	2019-06-12	Amend Bylaw, Shareholder Vote, Other Events, Exhibits
8-K	2019-05-01	Earnings, Exhibits
8-K	2019-03-13	Other Events, Exhibits
8-K	2019-02-26	Earnings, Exhibits
8-K	2019-01-14	Regulation FD, Exhibits
8-K	2018-12-11	Other Events, Exhibits
8-K	2018-11-06	Earnings, Exhibits
8-K	2018-09-06	Other Events, Exhibits
8-K	2018-08-02	Earnings, Exhibits
8-K	2018-07-24	Regulation FD, Exhibits
8-K	2018-06-15	Regulation FD
8-K	2018-06-14	Other Events, Exhibits
8-K	2018-06-13	Shareholder Vote
8-K	2018-05-03	Earnings, Exhibits
8-K	2018-03-15	Other Events, Exhibits
8-K	2018-03-06	Earnings, Officers, Exhibits
8-K	2018-02-28	Other Events, Exhibits
8-K	2018-01-09	Regulation FD, Exhibits

KHC	Kraft Heinz	31,206
ADM	Archer Daniels Midland	20,961
CPB	Campbell Soup	13,043
POST	Post Holdings	7,186
INGR	Ingredion	4,982
LANC	Lancaster Colony	3,970
HAIN	Hain Celestial Group	1,982
DF	Dean Foods	96
PETZ	TDH Holdings	19
SMPL	Simplicity Bancorp	0

EX-31.1	med-20190630ex3116e41a2.htm
EX-31.2	med-20190630ex3120eff47.htm
EX-32.1	med-20190630ex321c55eee.htm