PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES RECORD FINANCIAL RESULTS FOR FISCAL 2005
Pompano Beach, Florida, May 16, 2005 - PetMed Express, Inc. (NASDAQ: PETS) today announced results for the fiscal year ended March 31, 2005. Net income was $8.0 million, or $.34 diluted per share, for fiscal 2005, compared to net income of $5.8 million, or $.25 diluted per share, for fiscal 2004, an increase to net income of 38%. Net sales for the fiscal year ended March 31, 2005 were $108.4 million, compared to $94.0 million for the fiscal year ended March 31, 2004, an increase of 15%. The Company acquired approximately 510,000 new customers for the fiscal year, and approximately 53% of all orders were placed on its website for the fiscal year.
For the quarter ended March 31, 2005, net income was $2.4 million, or $.10 diluted per share, compared to $1.3 million, or $.06 diluted per share, for the same quarter in the prior year, an increase to net income of 81%. Net sales for the quarter ended March 31, 2005 were $23.5 million, compared to $21.5 million for the same quarter in the prior year, an increase of 10%.
Mendo Akdag, CEO, commented: “We are pleased to report that our reorder sales increased 34%, from $51.4 million to $68.7 million for the years ended March 31, 2004 and 2005, respectively. We will continue to focus on reorder sales in fiscal 2006 by initiating more relevant personalized communication with our customers, approximately 1.4 million of whom have placed an order with us over the past two years. We are also pleased to report that net cash provided by operating activities increased $7.2 million, from $1.1 million in fiscal 2004 to $8.3 million in fiscal 2005.”
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 at www.1800petmeds.com.
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, 2004. 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.