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1800PetMeds® Press Releases
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08.23.2000
 
(BW)(FL-PETMED-EXPRESS)(PETS) PetMed Express Announces Fourth Quarter and Year-End Results
 
Business Editors
 
POMPANO BEACH, Fla.--(BUSINESS WIRE)--Aug. 23, 2000--PetMed Express, Inc. (OTCBB:PETS) today announced its results for the fiscal year ended March 31, 2000. Sales for the year were $14,677,146, an increase of 44% over sales of $10,224,178 for fiscal 1999. The reported net loss available to common shareholders for fiscal 2000 was $(1,794,237), or basic and diluted loss per common share of $(0.28), versus a net loss available to common shareholders of $(468,389) or $(0.09) per common share for fiscal 1999.
 
Sales for the three months ended March 31, 2000 were $3,080,000 an increase of 18.7% over sales of $2,595,000 during the comparable three month period in fiscal 1999. The net loss of $1,322, or $ 0.28 per diluted share for the three months ended March 31, 2000 versus a net loss of $209 or $ 0.09 per diluted share for the three months ended March 31, 1999.
 
Total operating expenses increased approximately $3.9 million for the fiscal year ended March 31, 2000 from the fiscal year ended March 31, 1999, which attributed to the net loss for the year. This increase in operating expenses was due to increases of approximately $577,000 in advertising expense and approximately $299,000 in depreciation and amortization, which reflected a full year of occupancy in PetMed Express' new facility. The increase in operating expenses was also due to an increase of approximately $3 million, or 104%, in general and administrative expenses which was attributable to additional sales, marketing and administrative employees hired to support PetMed Express' sales growth, an increase of approximately $111,000 in credit card fees as a result of the increased sales during fiscal 2000, as well as non-recurring expenses of approximately $378,000 related to PetMed Express becoming a reporting company and approximately $259,000 for investment banking fees.
 
Marc Puleo, CEO, announced, "We are pleased with the top line sales growth we experienced during our last fiscal year. As we move forward, we will continue to focus on revenue growth and expense management."
 
Founded in 1996, PetMed Express is the leading nationwide pet pharmacy, marketing prescription and non-prescription pet medications, health and nutritional supplements and accessories at discounted prices through the PetMed Express catalog, telemarketing sales representatives and on the Internet through its web site at www.petmedexpress.com.
 
PETMED EXPRESS, INC.
SUMMARY CONSOLIDATED STATEMENTS OF INCOME
Fiscal Year Ended March 31,
  1999 2000
  (in thousands, except per share and share data)
Sales $10,224 $14,667
Gross profit 4,104 6,180
Total operating expenses 3,876 7,766
Income (loss) from operations 227 (1,586)
Net income (loss) 303 (1,794)
Net income (loss) available to common stockholders (468) (1,794)
Basic and diluted loss per common share: (0.09) (0.28)
Weighted average number of common shares outstanding: 5,333,355 6,639,822

PETMED EXPRESS, INC.
CONSOLIDATED BALANCE SHEET DATA:

  March 31, 2000
  (in thousands)
Cash and cash equilvalents $ 311
Total assets $ 6,326
Long-term liabilities $ 2,191
Working capital $ 398
Total stockholders' equity $ 1,631


CONTACT:
      PetMed Express, Inc., Pompano Beach
      Christopher Lloyd, President and COO
      954/979-5995 ext. 8200

 
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