Full Press Release Details
form8k-nov8ex991.txt
PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES $20 MILLION SHARE
Pompano Beach, Florida, November 8, 2006 - The Board of Directors
of PetMed Express, Inc. (NASDAQ:PETS) has approved a share
repurchase program of up to $20 million, effective immediately.
This program is intended to be implemented through purchases made
from time to time in either the open market or through private
transactions at the Company's discretion, subject to market
conditions and other factors, in accordance with Securities and
Exchange Commission requirements. As of November 8, 2006, PetMed
Express, Inc. has 24.2 million shares outstanding.
"The authorization from the Board to repurchase shares is an
indication of our Company's financial strength and demonstrates
the confidence we have in our Company," commented Menderes Akdag,
CEO and President of PetMed Express, Inc. "The cash productivity
of our business model enables us to actively invest cash in areas
that we believe will drive future value for shareholders. This
share repurchase plan demonstrates our continued commitment to
deliver long-term shareholder value."
Founded in 1996, PetMed Express is America'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
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 Operation in the PetMed Express Annual
Report on Form 10-K for the year ended March 31, 2006. 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
For investment relations contact PetMed Express, Inc., Bruce S.
Rosenbloom, CFO, 954-979-5995.