Full Press Release Details
PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES THIRD QUARTER
FINANCIAL RESULTS - NET SALES INCREASE 21%
Pompano Beach, Florida, January 22, 2007 - PetMed Express, Inc.
(NASDAQ: PETS) today announced its financial results for the
quarter ended December 31, 2006. Net sales for the quarter ended
December 31, 2006 were $31.4 million, compared to $25.9 million
for the quarter ended December 31, 2005, an increase of 21%. Net
income was $2.8 million, or $0.11 diluted per share, for the
quarter ended December 31, 2006, compared to net income of $2.7
million, or $0.11 diluted per share, for the quarter ended
December 31, 2005, an increase to net income of 3%. Net sales
for the nine months ended December 31, 2006 were $125.8 million,
compared to $108.2 million for the nine months ended December 31,
2005, an increase of 16%. Net income was $10.8 million, or $0.44
diluted per share, for the nine months ended December 31, 2006,
compared to net income of $8.9 million, or $0.37 diluted per
share, for the nine months ended December 31, 2005, an increase
to net income of 21%. Approximately 63% of all sales were placed
on the Company's website for the third quarter, compared to 57%
for the same quarter in the prior year.
Menderes Akdag, CEO and President, commented: "We are pleased to
report that our retail new order sales increased by 27%, from
$7.3 million to $9.2 million for the quarters ended December 31,
2005 and 2006, respectively. We acquired approximately 130,000
new customers for the quarter ended December 31, 2006, compared
to 105,000 for the same quarter in the prior year. Retail
reorder sales increased by 22%, from $18.1 million to $22.1
million for the quarters ended December 31, 2005 and 2006,
respectively, and for the nine months ended December 31, 2006 our
retail reorder sales increased by 26% to $84.1 million from $66.7
million for the nine months ended December 31, 2005. We are also
pleased to report that net cash provided by operating activities
increased by $1.6 million, from $13.5 million for the nine months
ended December 31, 2005 to $15.1 million for the nine months
ended December 31, 2006.
Our focus in 2007 will be on capturing additional market share
and on improving our customer service levels. As previously
announced, our new 2007 advertising campaign features America's
Sweetheart Betty White and we are excited about teaming up with
her to help educate pet owners on keeping their pets healthy
through 1-800-PetMeds where they can purchase their pets'
medications conveniently and at a savings. We invite everyone to
preview our new commercial at our website,
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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
10:00 A.M. on January 22, 2007 until 11:59 P.M. on February 5,
2007. To access the replay, call (866) 454-2124 (toll free) or
(203) 369-1243, 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
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.
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