PetMed Express D/B/A 1-800-PetMeds Announces Its Third Quarter Financial Results

POMPANO BEACH, Fla., Jan. 21, 2014 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (Nasdaq:PETS) today announced its financial results for the quarter ended December 31, 2013. Net sales for the quarter ended December 31, 2013 were $50.1 million, compared to $49.6 million for the quarter ended December 31, 2012, an increase of 1.0%. Net sales for the nine months ended December 31, 2013 were $184.8 million, compared to $176.7 million for the nine months ended December 31, 2012, an increase of 4.6%. Net income was $4.5 million, or $0.23 diluted per share, for the quarter ended December 31, 2013, compared to net income of $4.6 million, or the same $0.23 diluted per share, for the quarter ended December 31, 2012. Net income was $13.4 million, or $0.67 diluted per share, for the nine months ended December 31, 2013, compared to net income of $12.6 million, or $0.63 diluted per share, for the nine months ended December 31, 2012, a 7.2% increase to EPS. Reorder sales increased by 3.6%, from $40.9 million to $42.4 million for the quarters ended December 31, 2012 and 2013, respectively. Additionally, the Company's online sales increased by 2.1% to $39.5 million for the quarter ended December 31, 2013, compared to $38.7 million for the same quarter the prior year, with approximately 79% of all orders being generated from its website during the quarter compared to 78% for the same quarter the prior year. 

Menderes Akdag, CEO and President, commented: "We are pleased with the increased reorder sales for the quarter. Our sales increase for the quarter was also highlighted by an increased average order size - $72 for the quarter ended December 31, 2013 compared to $71 for the same quarter in the prior year. For the quarter ended December 31, 2013 our operating expenses decreased by 50 basis points. Going forward we are focusing on improving our gross profit margins and new order sales."

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