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1800PetMeds® Press Releases
Call Us: 1-800-738-6337
10.27.2003
 
PETMED EXPRESS D/B/A 1-800-PetMeds® ANNOUNCES SECOND QUARTER FINANCIAL RESULTS - SALES OF $25.0 MILLION / NET INCOME OF $1.8 MILLION

Pompano Beach, Florida, October 27, 2003 - PetMed Express, Inc. (OTCBB: PETS) today announced results for the quarter ended September 30, 2003. Net sales were $25.0 million, compared to $14.2 million for the three months ended September 30, 2002, an increase of 76%. Net income was $1.8 million, or $.08 diluted per share, for the quarter, compared to net income of $205,000 or $.01 diluted per share, for the same quarter a year ago, an increase of 787%. Net sales for the six months ended September 30, 2003 were $55.4 million, compared to $29.1 million for the six months ended September 30, 2002, an increase of 91%. Net income was $3.3 million, or $.14 diluted per share, for the six month period, compared to net income of $1.1 million or $.05 diluted per share, for the same period a year ago, an increase of 194%.

Mendo Akdag, CEO, commented: “We are very pleased with our second quarter results, and proud to announce that we were able to exceed fiscal year 2003 sales, and equal fiscal year 2003 net income within the first six months of fiscal 2004. In addition to the increases in sales and profits for the quarter, our reorder sales increased 103%, from $6.4 million to $12.9 million for the three months ended September 30, 2002 and 2003, respectively. We also reported new customer growth of approximately 166,000 customers for the quarter, and approximately 49% of all orders were placed on our website for the quarter in comparison to 40% for the same period a year ago.”

Added Mr. Akdag: “On August 28, 2003, we signed an amendment to our existing line of credit agreement, which extended our line of credit from $2,000,000 up to $5,000,000. This increase to our borrowing capacity will give us added financial flexibility in the future.”

On Monday, November 10, 2003 at 5 p.m. Eastern Standard Time, Mr. Akdag, CEO, will host a conference call to review the second quarter financial results of fiscal 2004. The associated quarterly filing will be issued before the market opens on November 10, 2003.

To access the call, which is open to the public, call (888) 790-1641 (toll free) 15 minutes prior to the scheduled start time. Callers will be required to supply EARNINGS as the passcode. Callers will be placed on hold with music until the call begins.

For those unable to participate in the live event, the call will be available for replay from 8 p.m. on November 10, 2003 until November 25, 2003 at 11:59 p.m. To access the replay, call (800) 925-4890 (toll free), and enter passcode 5500.

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.1800PetMeds.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 or Plan of Operations in the PetMed Express Annual Report on Form 10-KSB for the year ended March 31, 2003.

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

 PETMED EXPRESS, INC. AND SUBSIDIARIES 
 FINANCIAL HIGHLIGHTS 
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
 (UNAUDITED) 
   Three Months Ended     Six Months Ended 
   September 30,     September 30, 
   2003     2002     2003     2002 
               
Sales $     24,969,228 $     14,229,702 $     55,356,791 $     29,060,457
Cost of sales       14,745,824         8,029,410       33,328,504       16,597,663
               
Gross profit       10,223,404         6,200,292       22,028,287       12,462,794
               
Operating expenses:                
      General and administrative          2,718,371         1,974,189         5,739,625         4,057,612
      Advertising          4,443,980         3,832,241       10,952,970         6,639,421
      Depreciation and amortization             132,049              86,108            259,400            166,772
 Total operating expenses          7,294,400         5,892,538       16,951,995       10,863,805
               
 Income from operations          2,929,004            307,754         5,076,292         1,598,989
               
 Other income (expense):                 
      Interest expense                (1,526)               (4,450)               (4,207)             (10,040)
      Interest income                 4,705                1,824                6,854                5,957
      Other, net                    378                   952                   986                3,287
 Total other income (expense)                 3,557               (1,674)                3,633                  (796)
               
 Income before provision for income taxes          2,932,561            306,080         5,079,925         1,598,193
               
 Provision for income taxes          1,114,373            101,193         1,829,153            490,977
               
 Net income   $        1,818,188  $           204,887  $        3,250,772  $        1,107,216
               
 Net income per common share:                 
       Basic   $                 0.09  $                 0.01  $                 0.17  $                 0.07
       Diluted   $                 0.08  $                 0.01  $                 0.14  $                 0.05
               
 Weighted average number of common shares outstanding:             
       Basic        19,372,365       17,173,499       19,192,390       16,883,731
       Diluted        23,425,269       21,356,196       23,103,919       20,655,407
               
 BALANCE SHEET DATA 
  September 30,   March 31,        
  2003   2003        
               
  (Unaudited)            
 Working capital   $        8,111,544  $        3,017,641        
 Total assets        15,303,571         9,025,796        
 Total liabilities          4,788,826         3,433,108        
 Total shareholders' equity        10,514,745         5,592,688        


 
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