PetMeds®Press Releases
01.23.2012
Net Sales Increased 12% to $50.5 Million
New Order Sales Increased 29% to $10.1 Million
Online Sales Increased 19% to $38.7 Million
Pompano Beach, Florida, January 23, 2012 - PetMed Express,
Inc. (NASDAQ: PETS) today announced its financial results for
the quarter ended December 31, 2011. Net sales for the
quarter ended December 31, 2011 were $50.5 million, compared
to $45.1 million for the quarter ended December 31, 2010, an
increase of 12%. Net sales for the nine months ended December
31, 2011 were $182.3 million, compared to $180.7 million for
the nine months ended December 31, 2010, an increase of 1%.
Net income was $3.9 million or $0.19 diluted per share for
the quarter ended December 31, 2011, compared to net income
of $4.5 million or $0.20 diluted per share for the quarter
ended December 31, 2010, a 3% decrease to EPS. For the nine
months ended December 31, 2011, net income was $12.7 million
or $0.61 diluted per share, compared to net income of $16.7
million or $0.74 diluted per share for the nine months ended
December 31, 2010, a decrease to earnings per share of 17%.
New order sales increased by 29%, from $7.8 million to $10.1
million for the quarters ended December 31, 2010 and 2011,
respectively. New order sales for the nine months ended
December 31, 2011 were $39.8 million, compared to $37.9
million for the nine months ended December 31, 2010, an
increase of 5%.
Menderes Akdag, President and CEO, commented: "We are
pleased to report that we acquired 150,000 new customers in
the quarter ended December 31, 2011, compared to 111,000 new
customers acquired for the same period in the prior year, a
35% increase. Our advertising cost to acquire a new customer
decreased by 11% to $36 for the quarter ended December 31,
2011, compared to $40 for the same period in the prior year.
We are also pleased to report that our online sales increased
by 19% to $38.7 million for the quarter, compared to $32.4
million for the same quarter the prior year, with
approximately 77% of our orders being generated from our
website during the quarter, compared to 72% in the same
quarter in the prior year. Our reorder sales increased by 8%
to $40.5 million for the quarter compared to $37.3 million
for the same quarter the prior year. During the quarter, the
Company leveraged its operating expenses as a percent of
sales, by 92 basis points as compared to the same quarter in
the prior year. Going forward, we will continue to advertise
aggressively while expanding our product offerings, which
include generic pet medications."
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, please dial
(888) 455-1758 (toll free) or (210) 234-0009. 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. Eastern Time on January 23, 2012
until February 6, 2012 at 10:59 P.M. Eastern Time. To access
the replay, call (888) 562-3875 (toll free) or (203)
369-3173, 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 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 .
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, 2011. 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., Bruce S. Rosenbloom, CFO, 954-979-5995.
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