For the first quarter of fiscal 2009, APS reported a slight drop in revenue, but this does not appear to have hurt the company's bottom line, as EPS improved 45.6%. The company has reported somewhat volatile earnings recently, but we feel that it is poised for EPS growth in the coming year. The company's net income also increased significantly in the first quarter, rising 39.9% when compared to the prior year's quarter. Its gross profit margin increased since the first quarter of last year, and we consider it to be strong at 43.9%. Management was pleased to see its momentum from fiscal 2008 continue into fiscal 2009, and expects to see continued progress as the year continues. Although the company may harbor some minor weaknesses, we do not feel that they are likely to have a significant impact on future results. PetMed Express ( PETS), which does business as 1-800-PetMeds, markets and sells prescription and non-prescription pet medications, along with other health products for dogs, cats, and horses. We have rated PetMed Express a buy since November 2004 due to such strengths as its solid stock price performance, largely solid financial position, and growth in net income, EPS and revenue. For the fourth quarter of fiscal 2009, PetMed recorded revenue growth of 18.9% year over year. This trails the industry average, but appears to have helped boost EPS, which improved 25% in the fourth quarter. We feel that the company's trend of positive EPS growth over the past two years should continue. Net income also increased in the fourth quarter, rising 15.2% from $4.9 million to $5.65 million. PetMed has no debt to speak of, and we consider its zero debt-to-equity ratio to be a favorable sign. In addition, a quick ratio of 4.72 clearly demonstrates the company's ability to cover its short-term cash needs.