PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES THIRD QUARTER FINANCIAL RESULTS – NET INCOME INCREASES 60% TO $0.18 EPS
Pompano Beach, Florida, January 22, 2008 - PetMed Express, Inc. (NASDAQ:PETS) today announced its financial results for the quarter ended December 31, 2007. Net income was $4.4 million or $0.18 diluted per share for the quarter ended December 31, 2007, compared to net income of $2.8 million or $0.11 diluted per share for the quarter ended December 31, 2006, an increase to net income of 60%. For the nine months ended December 31, 2007, net income was $15.1 million or $0.62 diluted per share, compared to net income of $10.8 million or $0.44 diluted per share for the nine months ended December 31, 2006, an increase to net income of 40%. Net sales for the quarter ended December 31, 2007 were $37.3 million, compared to $31.4 million for the quarter ended December 31, 2006, an increase of 19%. Net sales for the nine months ended December 31, 2007 were $147.9 million, compared to $125.8 million for the nine months ended December 31, 2006, an increase of 18%.
Menderes Akdag, CEO and President, commented: “We are pleased to report high profitability for the quarter, which can be attributed to strong reorders and our success in leveraging operating expenses. Our reorder sales increased by 28%, from $22.1 million to $28.4 million for the quarters ended December 31, 2006 and 2007, respectively, and for the nine months ended December 31, 2007, our reorder sales increased by 23% to $103.4 million, compared to $84.1 million for the same nine months in the prior year. We are also pleased to report that our Internet sales increased by 23% to $24.4 million for the quarter ended December 31, 2007, compared to $19.8 million for the same quarter in the prior year, and for the nine months ended December 31, 2007, our Internet sales increased by 24%, to $96.0 million, compared to $77.4 million for the same nine months in the prior year. Approximately 65% of all sales were placed on the Company’s website for the third fiscal quarter, compared to 63% for the same quarter in the prior year. Also, during the third quarter of fiscal 2008 the Company repurchased approximately 182,000 shares of its outstanding common stock for approximately $2,364,000.”
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) 455-1758 (toll free) or (210) 234-0009. 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 January 22, 2008 until February 5, 2008 at 11:59 P.M. To access the replay, call (866) 386-1321 (toll free) or (203) 369-0407, 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.