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PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
Earnings Increase 18% to $0.25 EPS
Net Sales Increase 11% to $48.4 million
Reorder Sales Increase 17% to $37.6 Million
Pompano Beach, Florida, January 19, 2010 - PetMed Express, Inc. (NASDAQ: PETS) today announced its financial results for the quarter ended December 31, 2009. Net income was $5.6 million or $0.25 diluted per share for the quarter ended December 31, 2009, compared to net income of $4.9 million or $0.21 diluted per share for the quarter ended December 31, 2008, an 18% increase to EPS. For the nine months ended December 31, 2009, net income was $19.9 million or $0.88 diluted per share, compared to net income of $17.3 million or $0.73 diluted per share for the nine months ended December 31, 2008, an increase to earnings per share of 20%. Net sales for the quarter ended December 31, 2009 were $48.4 million, compared to $43.4 million for the quarter ended December 31, 2008, an increase of 11%. Net sales for the nine months ended December 31, 2009 were $188.0 million, compared to $171.3 million for the nine months ended December 31, 2008, an increase of 10%. Reorder sales increased by 17%, from $32.2 million to $37.6 million for the quarters ended December 31, 2008 and 2009, respectively. Reorder sales for the nine months ended December 31, 2009 were $137.4 million, compared to $119.6 million for the nine months ended December 31, 2008, an increase of 15%.
Menderes Akdag, President and CEO, commented: â€œWe are pleased to report that our internet sales increased by 18% to $33.6 million for the quarter, compared to $28.6 million for the same quarter the prior year, with approximately 70% of our orders being generated from our website during the quarter, compared to 66% in the prior year. During the quarter, the Company leveraged its operating expenses as a percent of sales, by 170 basis points as compared to the same quarter in the prior year. We acquired approximately 151,000 new customers in the December quarter. We are also pleased to report that our cash flows from operations increased to $28.9 million for the nine months ended December 31, 2009 from $15.8 million for the same period the prior year. Going forward, our continuing focus will be on capturing additional market share, increasing reorders with personalized communication and health education content, and improving our customer service levels in fiscal 2010.â€
This morning at 8:30 A.M. Eastern Time, Mr. Akdag will host a conference call to review the quarterâ€™s financial results. To access the call, which is open to the public, please 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 10:00 A.M. on January 19, 2010 until February 2, 2010 at 11:59 P.M. To access the replay, call (866) 511-5160 (toll free) or (203) 369-1959, and enter passcode 5500.
Founded in 1996, PetMed Express is Americaâ€™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 â€œforward-lookingâ€ 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 Companyâ€™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 â€œforward-lookingâ€ statements are set forth in Managementâ€™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, 2009. The Companyâ€™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.
For investment relations contact PetMed Express, Inc., Bruce S. Rosenbloom, CFO, 954-979-5995.