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1800PetMeds® Press Releases
Call Us: 1-800-738-6337
10.22.2007
 
PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES SECOND QUARTER FINANCIAL RESULTS – NET INCOME INCREASES 37% TO $0.18 EPS

Pompano Beach, Florida, October 22, 2007 - PetMed Express, Inc. (NASDAQ: PETS) today announced its financial results for the quarter ended September 30, 2007. Net income was $4.5 million, or $0.18 diluted per share, for the quarter ended September 30, 2007, compared to net income of $3.3 million, or $0.14 diluted per share, for the quarter ended September 30, 2006, an increase to net income of 37%. For the six months ended September 30, 2007, net income was $10.7 million, or $0.44 diluted per share, compared to net income of $8.1 million, or $0.33 diluted per share, for the six months ended September 30, 2006, an increase to net income of 33%. The Company recognized a $134,000 income tax benefit relating to certain incentive stock option exercises, which was netted against the income tax provision for the quarter ended September 30, 2007. Net sales for the quarter ended September 30, 2007 were $51.5 million, compared to $43.8 million for the quarter ended September 30, 2006, an increase of 18%. Net sales for the six months ended September 30, 2007 were $110.6 million, compared to $94.5 million for the six months ended September 30, 2006, an increase of 17%.

Menderes Akdag, CEO and President, commented: “We are pleased to report that our reorder sales increased by 25%, from $28.1 million to $35.0 million for the quarters ended September 30, 2007 and 2006, respectively, and for the six months ended September 30, 2007 our reorder sales increased by 21%, to $75.0 million, compared to $62.0 million for the six months in the prior year. We acquired approximately 222,000 new customers in our second fiscal quarter compared to 212,000 for the same quarter in the prior year. We are also pleased to report that our Internet sales increased by 23%, to $33.7 million for the quarter ended September 30, 2007, compared to $27.4 million for the same quarter in the prior year, and for the six months ended September 30, 2007 our internet sales increased by 24%, to $71.6 million, compared to $57.6 million for the same six months in the prior year. Approximately 65% of all sales were placed on the Company’s website for the second fiscal quarter, compared to 62% for the same quarter in the prior year. We will continue to focus on capturing additional market share, and on improving reorders and our customer service levels in fiscal 2008. Additionally, the Company repurchased approximately 70,000 shares of its outstanding common stock for approximately $992,000 during the second quarter of fiscal 2008.”

This morning at 8:30 A.M. Eastern Time, Mr. Akdag will host a conference call to review the quarter’s financial results. To access the call which is open to the public, dial (888) 889-4951 (toll free) or (210) 839-8505. Callers will be required to supply PETMEDS as the passcode. For those unable to participate in the live event, the call will be available for replay from 10 A.M. on October 22, 2007 until November 5, 2007 at 11:59 P.M. To access the replay, call (800) 685-0230 (toll free) or (203) 369-3628, and enter passcode 5500.

Founded in 1996, PetMed Express is America’s Largest Pet Pharmacy, delivering prescription and non-prescription pet medications and other health products for dogs, cats and horses 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, 2007. The Company’s future results may also be impacted by other risk factors listed from time to time in its SEC filings, including, but not limited to, the Company's Form 10-Q and its Annual Report on Form 10-K.

For investment relations contact PetMed Express, Inc., Bruce S. Rosenbloom, CFO, 954-979-5995.

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