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PETMED EXPRESS D/B/A 1-800-PetMeds® ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
Pompano Beach, Florida, October 25, 2004 - PetMed Express, Inc. (NASDAQ: PETS) today announced results for the quarter ended September 30, 2004. Net sales for the three months ended September 30, 2004 were $28.8 million, compared to $25.0 million for the three months ended September 30, 2003, an increase of 15%. Net income was $1.8 million, or $.08 diluted per share, in each of the quarters ended September 30, 2004 and 2003. Net sales for the six months ended September 30, 2004 were $64.0 million, compared to $55.4 million for the six months ended September 30, 2003, an increase of 16%. Net income was $3.6 million, or $.15 diluted per share, for the six month period, compared to net income of $3.3 million or $.14 diluted per share, for the same period a year ago, an increase of 12%.
Mendo Akdag, CEO, commented: “Our reorder sales increased 34%, from $12.9 million to $17.2 million for the three months ended September 30, 2003 and 2004, and our reorder sales increased 46%, from $25.4 million to $37.2 million for the six months ended September 30, 2003 and 2004, respectively. We also acquired approximately 154,000 new customers in the quarter and approximately 345,000 new customers for the six month period, and approximately 52% of all orders were placed on our website for the quarter.”
Founded in 1996, PetMed Express is America’s largest pet pharmacy, delivering prescription and non-prescription pet medications and health and nutritional supplements for dogs and cats 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, 2004. 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., Pompano Beach, Bruce S. Rosenbloom, CFO, 954-979-5995.