Petmed Express Inc (PETS)
Need to buy pills for your pets? Call 1-800-PetMeds. This company sells and markets all kinds of prescription and non-prescription medication for our four-legged friends, treating everything from ticks to thyroid problems.
PetMed Express D/B/A 1-800-PetMeds Announces Third Quarter Financial Results
Earnings Increase 18% to$0.25 EPS
Net Sales Increase 11% to$48.4 million
Reorder Sales Increase 17% to$37.6 Million
This morning at
Founded in 1996,
This press release may contain "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995 or by the
PETMED EXPRESS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
December March 31,
31,
2009 2009
----------- ----------
(UNAUDITED)
ASSETS
Current assets:
Cash and cash $ 56,601,631 $ 30,126,041
equivalents
Accounts receivable,
less allowance for
doubtful
accounts of $24,066 and 1,181,931 2,881,085
$58,525 , respectively
Inventories - finished 19,025,264 26,778,096
goods
Prepaid expenses and 784,653 753,602
other current assets
Deferred tax assets 1,150,445 724,561
Prepaid income taxes 1,801,818 361,743
----------- ----------
Total current assets 80,545,742 61,625,128
Long term investments 12,312,500 14,430,250
Property and equipment, 4,644,969 5,057,561
net
Intangible assets 850,000 850,000
----------- ----------
Total assets $ 98,353,211 $ 81,962,939
=========== ==========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,477,508 $ 4,817,097
Accrued expenses and
other current 2,010,330 2,177,838
liabilities ----------- ----------
Total current 5,487,838 6,994,935
liabilities
Deferred tax liabilities 544,016 --
----------- ----------
Total liabilities 6,031,854 6,994,935
----------- ----------
Commitments and
contingencies
Shareholders' equity:
Preferred stock,$.001
par value, 5,000,000
shares authorized;
2,500 convertible
shares issued and
outstanding with a
liquidation preference 8,898 8,898
of$4 per share
Common stock,$.001 par
value, 40,000,000
shares authorized;
22,846,686 and 22,686,836
shares issued and outstanding, 22,847 22,687
respectively
Additional paid-in 1,957,983 --
capital
Retained earnings 90,519,129 75,156,169
Accumulated other (187,500) (219,750)
comprehensive loss ----------- ----------
Total shareholders' 92,321,357 74,968,004
equity ----------- ----------
Total liabilities and $ 98,353,211 $ 81,962,939
shareholders' equity =========== ==========
PETMED EXPRESS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended Nine Months Ended
December 31, December 31,
2009 2008 2009 2008
---------- ---------- ----------- -----------
Sales $ 48,353,607 $ 43,405,846 $ 187,969,366 $ 171,341,670
Cost of sales 29,525,562 26,088,572 116,172,990 105,375,803
---------- ---------- ----------- -----------
Gross profit 18,828,045 17,317,274 71,796,376 65,965,867
---------- ---------- ----------- -----------
Operating
expenses:
General and
administrativ 4,929,385 5,019,183 17,199,443 16,448,431
e
Advertising 5,176,965 4,899,893 22,800,595 23,619,602
Depreciation
and 336,834 185,649 981,647 503,277
amortization ---------- ---------- ----------- -----------
Total operating 10,443,184 10,104,725 40,981,685 40,571,310
expenses ---------- ---------- ----------- -----------
Income from 8,384,861 7,212,549 30,814,691 25,394,557
operations ---------- ---------- ----------- -----------
Other income:
Interest 46,091 297,017 164,678 958,735
income, net
Other, net 1,162 (27,616) 3,829 301,835
Total other 47,253 269,401 168,507 1,260,570
income ---------- ---------- ----------- -----------
Income before
provision for 8,432,114 7,481,950 30,983,198 26,655,127
income taxes
Provision for 2,841,964 2,597,182 11,053,267 9,328,053
income taxes ---------- ---------- ----------- -----------
Net income $ 5,590,150 $ 4,884,768 $ 19,929,931 $ 17,327,074
========== ========== =========== ===========
Net income per
common share:
Basic $ 0.25 $ 0.21 $ 0.88 $ 0.74
========== ========== =========== ===========
Diluted $ 0.25 $ 0.21 $ 0.88 $ 0.73
========== ========== =========== ===========
Weighted average number of common
shares outstanding:
Basic 22,649,491 23,333,025 22,596,204 23,446,990
========== ========== =========== ===========
Diluted 22,789,731 23,542,120 22,742,196 23,627,969
========== ========== =========== ===========
Cash dividends
declared per $ 0.10 $ -- $ 0.20 $ --
common share ========== ========== =========== ===========
PETMED EXPRESS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
December 31,
2009 2008
----------- -----------
Cash flows from operating
activities:
Net income $ 19,929,931 $ 17,327,074
Adjustments to reconcile net
income to net cash
provided by operating
activities:
Depreciation and amortization 981,647 503,277
Share based compensation 1,158,015 1,089,889
Deferred income taxes 118,132 313,094
Bad debt expense 28,928 48,656
(Increase) decrease in
operating assets
and increase (decrease) in
liabilities:
Accounts receivable 1,670,226 (549,255)
Inventories - finished goods 7,752,832 (1,745,221)
Prepaid income taxes (1,440,075) (4,000,000)
Prepaid expenses and other (31,051) 30,283
current assets
Accounts payable (1,055,672) 119,499
Income taxes payable -- 2,500,771
Accrued expenses and other (205,446) 146,009
current liabilities ----------- -----------
Net cash provided by operating 28,907,467 15,784,076
activities ----------- -----------
Cash flows from investing
activities:
Net change in investments 2,150,000 (1,620,000)
Purchases of property and (852,972) (1,747,889)
equipment
Purchase of intangible asset -- (485,000)
Net cash provided by (used in) 1,297,028 (3,852,889)
investing activities ----------- -----------
Cash flows from financing
activities:
Dividends paid (4,529,033) --
Purchases of treasury stock -- (6,776,696)
Proceeds from the exercise of 573,918 1,535,035
stock options
Tax benefit related to stock 226,210 233,188
options exercised
Net cash used in financing (3,728,905) (5,008,473)
activities ----------- -----------
Net increase in cash and cash 26,475,590 6,922,714
equivalents
Cash and cash equivalents, at 30,126,041 20,267,829
beginning of period ----------- -----------
Cash and cash equivalents, at end $ 56,601,631 $ 27,190,543
of period =========== ===========
Supplemental disclosure of cash
flow information:
Cash paid for income taxes $ 12,149,000 $ 10,281,000
=========== ===========
Retirement of treasury stock $ -- $ 6,810,973
=========== ===========
Property and equipment purchases $ 487,842 $ 1,801,026
in accounts payable =========== ===========
Dividends payable in accured $ 37,938 $ --
expenses =========== ===========
CONTACT:PetMed Express, Inc.
Investment Relations Contact
Bruce S. Rosenbloom , CFO
954-979-5995
Events
-
May 72012PetMed Express Inc. expected to report Fiscal Year 2012 results on May 7, 2012. This event was calculated by Capital IQ (Created on January 19, 2012).
Members who own this company also own
Current price per share
Today's gain: $-0.17 (-1.40%)
