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PETMED EXPRESS D/B/A 1-888-PETMEDS ANNOUNCES RECORD SALES AND PROFITS FOR THE FISCAL 2002 FINANCIAL RESULTS
Pompano Beach, Florida, June 10, 2002 - PetMed Express, Inc. (OTCBB: PETS) today announced results for the year ended March 31, 2002. Net income was $825,000 or $.05 per share, $.04 diluted per share, for fiscal 2002, compared to a net loss of $2,827,000 or $.28 loss per share for fiscal 2001. Net sales for the year ended March 31, 2002 were $32.0 million, compared to $10.0 million for the year ended March 31, 2001, an increase of 220%. PetMed Express also reported new customer growth of approximately 275,000 customers, of which 41% of those new customers ordered through our website at www.1888PetMeds.com, for fiscal 2002.
Mendo Akdag, CEO, announced, "We are very excited with the sustained profitability in the last three quarters and continued increase in sales this year. We anticipate this trend to continue into the first and second quarters of fiscal 2003, with a boost from increased spending on our advertising campaigns. We currently have approximately 407,000 satisfied customers, which are presently growing at a pace of approximately 40,000 new customers per month. Also, we believe that our current warehouse expansion plans, which are expected to be completed by July 1, 2002, will ready our operations for future growth."
The Company's business model focusing on customer acquisition has yielded better than expected results. Our sales have increased from $5.4 million in the first quarter of fiscal 2002 to $7.8 million, $8.3 million, and $10.7 million in the second, third and fourth quarters of fiscal 2002. For the fourth quarter of fiscal 2002 we reported net income of $1.2 million compared to a net loss of $1.1 million for the same quarter in fiscal 2001. Our sales for the fourth quarter of fiscal 2002 exceeded our entire fiscal 2001 sales.
Founded in 1996, PetMed Express is America's largest pet pharmacy, delivering prescription and non-prescription pet medications, health and nutritional supplements at competitive prices through the PetMed Express catalog, customer service representatives, and on the Internet through its website at www.1888PetMeds.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's Annual Report on Form 10K for the year ended March 31, 2002.
For investment relations contact PetMed Express, Inc., Pompano Beach, Mendo Akdag, CEO, 954-979-5995.