PETMED EXPRESS D/B/A 1-800-PetMeds® ANNOUNCES FIRST QUARTER FINANCIAL RESULTS - RECORD SALES OF $35.3 MILLION
Pompano Beach, Florida, July 26, 2004 - PetMed Express, Inc. (NASDAQ: PETS) today announced results for the quarter ended June 30, 2004. Net sales for the three months ended June 30, 2004 were $35.3 million, compared to $30.4 million for the three months ended June 30, 2003, an increase of 16%. Net income was $1.8 million, or $.08 diluted per share, for the quarter, compared to net income of $1.4 million or $.06 diluted per share, for same quarter in the prior year, an increase of 27%.
Mendo Akdag, CEO, commented: “We are pleased with our first quarter results. In addition to the increase in sales and profits for the quarter, our reorder sales increased 60%, from $12.5 million to $19.9 million for the three months ended June 30, 2003 and 2004, respectively. We also acquired approximately 191,000 new customers in the quarter, and approximately 52% of all orders were placed on our website for the quarter.”
Founded in 1996, PetMed Express is America’s largest pet pharmacy, delivering prescription and non-prescription pet medications and health and nutritional supplements for dogs and cats at competitive prices direct to the consumer through its 1-800-PetMeds® toll free number 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 risks 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 Financial Condition and Results of Operations in the PetMed Express Annual Report on Form 10-K for the year ended March 31, 2004.
For investment relations contact PetMed Express, Inc., Pompano Beach, Bruce S. Rosenbloom, CFO, 954-979-5995.