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1800PetMeds® Press Releases
Call Us: 1-800-738-6337
06.16.2003
 
PETMED EXPRESS D/B/A 1-800-PetMeds® ANNOUNCESRECORD SALES AND PROFITS FOR FISCAL 2003 FINANCIAL RESULTS – EXPECTS STRONGREVENUES FOR THE FIRST QUARTER OF FISCAL 2004

Pompano Beach, Florida, June16, 2003 - PetMed Express, Inc. (OTCBB: PETS) today announced results for thefiscal year ended March 31, 2003.  Net income was $3,258,000, including a taxbenefit of $581,000 which was recognized in the fourth quarter of fiscal 2003,or $.19 per share, $.16 diluted per share, for fiscal 2003, compared to netincome of $825,000 or $.05 per share, $.04 diluted per share for fiscal 2002. Net sales for the fiscal year ended March 31, 2003 were $55.0 million, comparedto $32.0 million for the year ended March 31, 2002, an increase of 72%.  PetMedExpress also reported new customer growth of approximately 414,000 customers infiscal 2003. 

Mendo Akdag, CEO, commented:“We are very pleased with the sustained profitability and the incrementalincrease in sales over the past year.  The Company’s business model, which wasinitiated in April 2001, with the vision of becoming the leading direct marketerof pet medications and a national household name has yielded strong results. Our sales have increased from $10.0 million for fiscal 2001, to $32.0 millionfor fiscal 2002, and to $55.0 million for fiscal 2003.

We are also excited aboutour prospects for our current fiscal year, and in particular our first quarterending June 30, 2003.  Net sales for the first two months of the quarter haveincreased 96% over the same period prior year.  This increase during our “peakseason” can be attributed to a boost from increased advertising spending and anincrease in customer reorders.”

Founded in 1996, PetMedExpress is America’s largest pet pharmacy, delivering prescription andnon-prescription pet medications, health and nutritional supplements atcompetitive prices through the PetMed Express catalog, customer servicerepresentatives, and on the Internet through its website atwww.1800PetMeds.com

This press release may contain “forward-looking”statements, as defined in the Private Securities Litigation Reform Act of 1995or by the Securities and Exchange Commission, that involve a number of risk anduncertainties, including the Company’s ability to meet the objectives includedin its business plan.  Important factors that could cause results to differmaterially from those indicated by such “forward-looking” statements are setforth in Management’s Discussion and Analysis or Plan of Operations in thePetMed Express Annual Report on Form 10-KSB for the year ended March 31, 2003.

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

                 PETMED EXPRESS, INC. AND SUBSIDIARIES                         FINANCIAL HIGHLIGHTS                   CONSOLIDATED STATEMENTS OF INCOME                               (AUDITED)                                                 Year Ended March 31,                                               -----------------------                                                  2003        2002                                               ----------- ----------- Sales                                        $54,974,916 $32,025,931 Cost of sales                                 31,517,639  18,894,493                                               ----------- ----------- Gross profit                                  23,457,277  13,131,438                                               ----------- ----------- Operating expenses:      General and administrative                7,956,786   6,094,493      Advertising                              11,649,811   5,717,242      Severance charges                                 -     195,000      Depreciation and amortization               367,673     376,763                                               ----------- ----------- Total operating expenses                      19,974,270  12,383,498                                               ----------- ----------- Income from operations                         3,483,007     747,940                                               ----------- ----------- Other income (expense)      Adjustment of estimate for legal       settlement                                       -     345,000      Gain (loss) on disposal of property and       equipment                                   15,000    (314,332)      Interest expense                            (30,658)    (48,835)      Interest income                               6,973      18,582      Other, net                                    6,084      77,058                                               ----------- ----------- Total other income (expense)                      (2,601)     77,473                                               ----------- ----------- Income before provision for income taxes       3,480,406     825,413 Provision for income taxes                       222,841           -                                               ----------- ----------- Net income                                   $ 3,257,565 $   825,413                                               =========== =========== Net income per common share:      Basic                                   $      0.19 $      0.05                                               =========== ===========      Diluted                                 $      0.16 $      0.04                                               =========== ===========                          BALANCE SHEET DATA                               (AUDITED)                                                March 31,   March 31,                                                  2003        2002                                               ----------- ----------- Working capital                              $ 3,017,641 $   690,588 Total assets                                   9,025,796   4,654,236 Total liabilities                              3,433,108   3,071,536 Total shareholders' equity                     5,592,688   1,582,700
 
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