Full Press Release Details
form8k72406-ex99.txt
PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES FIRST QUARTER
FINANCIAL RESULTS - NET INCOME INCREASES 34% TO RECORD $0.20 EPS
Pompano Beach, Florida, July 24, 2006 - PetMed Express, Inc.
(NASDAQ: PETS) today announced its financial results for the
quarter ended June 30, 2006. Net income was $4.8 million, or
$0.20 diluted per share, for the quarter ended June 30, 2006,
compared to net income of $3.5 million, or $0.15 diluted per
share, for the quarter ended June 30, 2005, an increase to net
income of 34%. Net sales for the quarter ended June 30, 2006
were $50.7 million, compared to $43.6 million for the quarter
ended June 30, 2005, an increase of 16%. Approximately 59% of
all sales were placed on the Company's website for the first
fiscal quarter, compared to 54% for the same quarter in the prior
Menderes Akdag, CEO and President, commented: "We are pleased to
report that our retail reorder sales increased by 32%, from $25.8
million to $33.9 million for the quarters ended June 30, 2005 and
2006, respectively. We will continue to focus on reorder sales
in fiscal 2007 by initiating more relevant personalized
communication and health education content to build value for our
customers and assist them in choosing the right products for
their pets. Earlier in the year we made a strategic business
decision to focus more on retail customers, and to limit
wholesale sales. Our retail sales, excluding wholesale sales,
increased by 19%, compared to an increase of 21% for the same
quarter in the prior year. We are also pleased to report that
net cash provided by operating activities increased by $1.8
million, from $8.0 million for the quarter ended June 30, 2005 to
$9.8 million for the quarter ended June 30, 2006."
This morning at 8:30 A.M. Eastern Time, Mr. Akdag will host a
conference call to review the quarter's financial results. To
access the call which is open to the public, dial (888) 455-1758
(toll free) or (312) 470-7365. Callers will be required to
supply PETMEDS as the passcode. For those unable to participate
in the live event, the call will be available for replay from 10
A.M. on July 24, 2006 until August 8, 2006 at 11:59 P.M. To
access the replay, call (866) 419-5472 (toll free) or (203) 369-
0770, and enter passcode 5500.
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
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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, 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.
PETMED EXPRESS, INC. AND SUBSIDIARIES
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PETMED EXPRESS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
PETMED EXPRESS, INC. AND SUBSIDIARIES
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