PETMED EXPRESS D/B/A 1-800-PetMeds® ANNOUNCESRECORD SALES AND PROFITS FOR FISCAL 2003 FINANCIAL RESULTS – EXPECTS STRONGREVENUES FOR THE FIRST QUARTER OF FISCAL 2004
Pompano Beach, Florida, June16, 2003 - PetMed Express, Inc. (OTCBB: PETS) today announced results for thefiscal year ended March 31, 2003. Net income was $3,258,000, including a taxbenefit of $581,000 which was recognized in the fourth quarter of fiscal 2003,or $.19 per share, $.16 diluted per share, for fiscal 2003, compared to netincome of $825,000 or $.05 per share, $.04 diluted per share for fiscal 2002. Net sales for the fiscal year ended March 31, 2003 were $55.0 million, comparedto $32.0 million for the year ended March 31, 2002, an increase of 72%. PetMedExpress also reported new customer growth of approximately 414,000 customers infiscal 2003.
Mendo Akdag, CEO, commented:“We are very pleased with the sustained profitability and the incrementalincrease in sales over the past year. The Company’s business model, which wasinitiated in April 2001, with the vision of becoming the leading direct marketerof pet medications and a national household name has yielded strong results. Our sales have increased from $10.0 million for fiscal 2001, to $32.0 millionfor fiscal 2002, and to $55.0 million for fiscal 2003.
We are also excited aboutour prospects for our current fiscal year, and in particular our first quarterending June 30, 2003. Net sales for the first two months of the quarter haveincreased 96% over the same period prior year. This increase during our “peakseason” can be attributed to a boost from increased advertising spending and anincrease in customer reorders.”
Founded in 1996, PetMedExpress is America’s largest pet pharmacy, delivering prescription andnon-prescription pet medications, health and nutritional supplements atcompetitive prices through the PetMed Express catalog, customer servicerepresentatives, and on the Internet through its website atwww.1800PetMeds.com
This press release may contain “forward-looking”statements, as defined in the Private Securities Litigation Reform Act of 1995or by the Securities and Exchange Commission, that involve a number of risk anduncertainties, including the Company’s ability to meet the objectives includedin its business plan. Important factors that could cause results to differmaterially from those indicated by such “forward-looking” statements are setforth in Management’s Discussion and Analysis or Plan of Operations in thePetMed Express Annual Report on Form 10-KSB for the year ended March 31, 2003.
For investment relationscontact PetMed Express, Inc., Pompano Beach, Mendo Akdag, CEO, 954-979-5995.