UPDATE 1-Nutrisystem sees weak third quarter

(Adds share movement, credit facility news)

Oct 3 (Reuters) - Nutrisystem Inc (NTRI.O), a provider of weight management programs, said it sees third-quarter earnings below expectations, on higher customer acquisition costs and fewer-than-anticipated new direct business customers.

Shares of the company were down about 22 percent in late electronic trade after closing at $47.57 on the Nasdaq.

The company expects to earn between 62 cents to 66 cents a share in the third quarter on revenue of about $188 million.

The Horsham, Pennsylvania-based company said it may buy back up to an additional $100 million of its common stock in open-market transactions under its existing share repurchase program.

Nutrisystem also said it had entered into a five year $200 million unsecured revolving credit facility.

(Reporting by Anirvan Ghosh in Bangalore)

((Editing by Anthony Kurian, Jarshad Kakkrakandy; Reuters Messaging: Anirvan.Ghosh.reuters.com@reuters.net; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800)) Keywords: NUTRISYSTEM OUTLOOK/

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