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PETMED EXPRESS D/B/A 1-800-PetMeds® ANNOUNCES THIRD QUARTER RESULTS WITH CONTINUED GROWTH IN REORDER SALES
Pompano Beach, Florida, February 11, 2003 - PetMed Express, Inc. (OTCBB: PETS) today announced results for the quarter ended December 31, 2002. Net sales for the nine months ended December 31, 2002 were $40.1 million, compared to $21.4 million for the nine months ended December 31, 2001, an increase of 88%. Net sales for the quarter ended December 31, 2002 were $11.1 million, compared to $8.2 million for the quarter ended December 31, 2001, an increase of 34%. Net income for the nine months ended December 31, 2002 was $1.5 million or $.09 per share, $.07 diluted per share, compared to a net loss of $344,000 or $.02 loss per share for the nine months ended December 31, 2001. Net income was $435,000 or $.03 per share, $.02 diluted per share, for the third quarter of fiscal 2003, compared to net income of $353,000 or $.02 per share for the third quarter of fiscal 2002.
Mendo Akdag, CEO, announced, “We are pleased with our continued sales growth and with our strong customer reorder sales. Our customer reorder sales have increased $11.9 million, or 189%, to $18.1 million for the nine months ended December 31, 2002, from $6.3 million for the nine months ended December 31, 2001.
The majority of our product sales are affected by the seasons, due to the seasonality of mainly heartworm and flea and tick medications. The third quarter is considered our off season, and the first and second quarters encompass our peak season. Industry seasonality trends, according to Fountain Agricounsel LLC, Management Consultants to Agribusiness, are divided into percentage of industry sales by quarter. For the quarters ended March 31, June 30, September 30, and December 31 industry sales are 19%, 37%, 28%, and 16%, respectively.
We are excited about our new advertising campaign, which started airing nationwide earlier this month. We believe branding our 1-800-PetMeds® name is critical for our long term success and profitability. We invite everyone to preview our new commercial at our website, http://www.1800PetMeds.com/videos.asp.”
PetMed Express also reported new customer growth of approximately 74,000 customers for the third quarter of fiscal 2003, with 47% of those new customers ordering through our website at www.1800PetMeds.com.
Founded in 1996, PetMed Express is America’s largest pet pharmacy, delivering prescription and non-prescription pet medications, and 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 of Results of Financial Condition and Results of Operations in PetMed Express’ Annual Report on Form 10K for the year ended March 31, 2002.
For investment relations contact PetMed Express, Inc., Pompano Beach, Florida, Mendo Akdag, CEO, 954-979-5995.