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1800PetMeds® Press Releases
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08.12.2002
 
PETMED EXPRESS D/B/A 1-888-PETMEDS ANNOUNCES RECORD SALES GROWTH AND FOURTH CONSECUTIVE PROFITABLE QUARTER

Pompano Beach, Florida, August 12, 2002 - PetMed Express, Inc. (OTCBB: PETS) today announced results for the quarter ended June 30, 2002. Net income was $902,000 or $.054 per share, $.045 diluted per share, for the first quarter of fiscal 2003, compared to a net loss of $1,091,000 or $.07 loss per share for the first quarter of fiscal 2002. Net sales for the quarter ended June 30, 2002 was $14.8 million, compared to $5.4 million for the quarter ended June 30, 2001, an increase of 177%. PetMed Express also reported new customer growth of approximately 121,000 customers, of which 47% of those new customers ordered through our website at www.1888PetMeds.com, for the first quarter of fiscal 2003.

Mendo Akdag, CEO, announced, "We are pleased with the sustained profitability in the last four quarters and continued sales growth this quarter. We will continue to aggressively advertise to capture additional market share. Our growth over the past year can be directly attributed to the consumer's acceptance of this new distribution channel which offers savings and convenience, branding of our "1-888-PetMeds" name, increased advertising and our dedication to customer service.

In July 2002, our new warehouse and fulfillment automation project was completed. With this expansion, we have tripled our current capacity, which will enable us to sustain future growth.

On July 22, 2002, we signed a new agreement with our bank, which extended our existing line of credit from $150,000 to $1,000,000. This line of credit extension will give us added financial flexibility."

Founded in 1996, PetMed Express is America's largest pet pharmacy, delivering prescription and non-prescription pet medications, health and nutritional supplements at competitive prices through the PetMed Express catalog, customer service representatives, and on the Internet through its website at www.1888PetMeds.com.

This press release may contain "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission, that involve a number of risk and uncertainties, including the Company's ability to meet the objectives included in its business plan. Important factors that could cause results to differ materially from those indicated by such "forward-looking" statements are set forth in Management's Discussion and Analysis of Results of Financial Condition and Results of Operations in PetMed Express's Annual Report on Form 10K for the year ended March 31, 2002.

For investment relations contact PetMed Express, Inc., Pompano Beach, Florida, Mendo Akdag, CEO, 954-979-5995.

                 PETMED EXPRESS, INC. AND SUBSIDIARIES                         FINANCIAL HIGHLIGHTS            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                              (UNAUDITED)                                                Three Months Ended                                                      June 30,                                                  2002         2001                                              -----------  ----------- Sales                                      $ 14,830,755 $  5,363,650 Cost of sales                                 8,568,253    3,450,889                                              -----------  ----------- Gross profit                                  6,262,502    1,912,761                                              -----------  ----------- Operating expenses:      General and administrative               2,083,423    1,152,517      Advertising                              2,807,180    1,347,653      Severance charges                                -      195,000      Depreciation and amortization               80,664       98,356                                              -----------  ----------- Total operating expenses                      4,971,267    2,793,526                                              -----------  ----------- Income (loss) from operations                 1,291,235     (880,765)                                              -----------  ----------- Other income (expense):      Loss on disposal of property and       equipment                                       -     (185,374)      Interest expense                            (5,590)     (32,060)      Interest income                              4,133        7,515      Other, net                                   2,335            -                                              -----------  ----------- Total other income (expense)                        878     (209,919)                                              -----------  ----------- Income (loss) before provision for income  taxes                                        1,292,113   (1,090,684) Provision for income taxes                      389,784            -                                              -----------  ----------- Net income (loss)                          $    902,329 $ (1,090,684)                                              ===========  =========== Net income (loss) per common share:       Basic                                $       0.05 $      (0.07)                                              ===========  ===========       Diluted                              $       0.04 $      (0.07)                                              ===========  =========== Weighted average number of common shares  outstanding:       Basic                                  16,590,779   16,360,010                                              ===========  ===========       Diluted                                20,092,544   16,360,010                                              ===========  ===========                          BALANCE SHEET DATA                              (UNAUDITED)                                               June 30,     June 30,                                                 2002         2001                                              -----------  ----------- Working Capital (deficiency)                  1,503,010   (1,347,231) Total assets                                  6,429,750    2,489,467 Total liabilities                             3,785,721    2,822,864 Total shareholders' equity (deficiency)       2,644,029     (333,397)--------------------------------------------------------------------Contact:      PetMed Express, Inc., Pompano Beach     Mendo Akdag, 954/979-5995     Fax: 954/971-0544
 
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