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PetMed Express D/b/a 1-800-PetMeds Announces Its Second Fiscal Quarter Financial Results

Stocks in this article: PETS

POMPANO BEACH, Fla., Oct. 22, 2012 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (Nasdaq:PETS) today announced its financial results for the quarter ended September 30, 2012. Net income was $4.0 million, or $0.20 diluted per share, for the quarter ended September 30, 2012, compared to net income of $3.9 million, or $0.19 diluted per share, for the quarter ended September 30, 2011, a 6.0% increase to EPS. Net income was $8.0 million, or $0.40 diluted per share, for the six months ended September 30, 2012, compared to net income of $8.8 million, or $0.41 diluted per share, for the six months ended September 30, 2011, a 4.0% decrease to EPS. Net sales for the quarter ended September 30, 2012 were $58.1 million, compared to $58.2 million for the quarter ended September 30, 2011. Net sales for the six months ended September 30, 2012 were $127.1 million, compared to $131.8 million for the six months ended September 30, 2011, a decrease of 3.6%. Online sales increased 2.9% for the quarter ended September 30, 2012, with approximately 77% of all sales being generated via the Internet, compared to 74% for the same period the prior year.

Menderes Akdag, CEO and President, commented: "We were able to stabilize our top line and improve our bottom line results this quarter. Net income growth in the quarter can be attributed to the leveraging of our operating expenses by saving 136 basis points. The advertising costs of acquiring a new customer were reduced to $42 for the quarter ended September 30, 2012, compared to $43 for the same quarter the prior year. Although sales were relatively flat during the quarter ended September 30, 2012, total orders increased by 5.5%, and reorder sales increased by 2.1%. The unavailability of Novartis brands, due to the manufacturer's suspended production, continued to negatively impact our sales. During the quarter we repurchased 397,000 shares of our common stock for $3.9 million, at an average share price of $9.74. Looking to the future, we will continue to focus on advertising efficiency and shifting sales to higher margin items, including generics, while continuing to expand our product offerings."

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