Petmed Express, Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Year Ended on March 31, 2018; Provides Effective Tax Rate Guidance for the Full Year 2018 and 2019
May 07, 2018 at 05:30 pm IST
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PetMed Express, Inc. reported consolidated unaudited earnings results for the fourth quarter and year ended on March 31, 2018. For the fourth quarter, sales were $67,322,000 compared to $63,032,000 for the same period the prior year. Income from operation was $14,004,000 compared with $11,697,000 a year ago. Income before provision for income taxes was $14,485,000 compared with $11,836,000 a year ago. Net income was $10,183,000 compared with $7,503,000 a year ago. Basic and diluted net income per share was $0.50 compared with $0.37 a year ago. The increase in sales for the quarter was due to an increase in reorder sales and the increase in sales for the fiscal year was due to increases in new order and reorder sales.
For the full year, sales were $273,800,000 compared to $249,176,000 for the same period the prior year. Income from operation was $52,136,000 compared with $37,483,000 a year ago. Income before provision for income taxes was $53,789,000 compared with $37,924,000 a year ago. Net income was $37,283,000 compared with $23,819,000 a year ago. Basic net income per share was $1.82 compared with $1.17 a year ago. Net cash provided by operating activities was $37,379,000 compared with $74,204,000 a year ago. Purchases of property and equipment was $703,000 compared with $10,604,000 a year ago.
The company saw a decline in its federal tax rate from 35% to a fiscal year 2018 blended rate of 31.5%. The company expects a further reduction to its effective tax rate in fiscal 2019, to approximately 24%.
PetMed Express, Inc., doing business as PetMeds, is a direct-to-consumer pet pharmacy. The Company is an online provider of prescription and non-prescription medications, food, supplements, supplies and vet services for dogs, cats, and horses. It markets and sells directly to consumers through its websites, toll-free numbers, and mobile applications. Its product line contains approximately 15,000 SKUs of pet medications, health products, and supplies. The Company offers various pet supplies, including food, beds, crates, stairs and other pet supplies. PetMeds products include Non-Prescription Medications (OTC) and supplies, and Prescription Medications (Rx). OTC and supplies include flea and tick control products, bone and joint care products, vitamins, treats, nutritional supplements, hygiene products, and supplies. Rx includes heartworm and flea and tick preventatives, arthritis, dermatitis, thyroid, diabetes, pain medications, heart/blood pressure, and other specialty medications.
Petmed Express, Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Year Ended on March 31, 2018; Provides Effective Tax Rate Guidance for the Full Year 2018 and 2019