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PetMed Express Inc.$16.95$.09.53%

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 PetMed Express, Inc. D/B/A 1-800-PetMeds Announces Record Earnings for its 4th Fiscal Quarter and its Quarterly Dividend of $0.25 per Share
   Monday, May 07, 2018 8:00:00 AM ET

Fourth Quarter Net Income Increased 36%
Fourth Quarter EPS $0.50 per share vs $0.37 per share

DELRAY BEACH, Fla., May 07, 2018 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (NASDAQ:PETS) today announced its financial results for the fiscal year ended March 31, 2018. Net sales for the quarter ended March 31, 2018 were $67.3 million, compared to $63.0 million for the quarter ended March 31, 2017, an increase of 6.8%. For the fiscal year ended March 31, 2018 net sales were $273.8 million, compared to $249.2 million for the fiscal year ended March 31, 2017, an increase of 9.9%. The increase in sales for the quarter ended March 31, 2018 can be attributed to a 9.4% increase in reorder sales. Net income for the quarter ended March 31, 2018 was $10.2 million, or $0.50 diluted per share, compared to net income of $7.5 million, or $0.37 diluted per share, for the same quarter the prior year, an increase to net income of 36%. Net income for the fiscal year ended March 31, 2018 was $37.3 million, or $1.82 diluted per share, compared to net income of $23.8 million, or $1.17 diluted per share, for the fiscal year ended March 31, 2017, an increase to net income of 57%. The Company’s online sales for the quarter ended March 31, 2018 were approximately 85% of all sales, compared to 83% for the same quarter the prior year.

Menderes Akdag, President and CEO, commented: “We were pleased with increases in sales during the fiscal year, along with an accelerated increase to net income. Gross profit as a percentage of sales increased to 37.0% for the quarter ended March 31, 2018 compared to 35.1% for the quarter ended March 31, 2017. The increase to gross profit margin can be attributed to a continued product mix shift to higher margin items. In addition, our net income growth was also boosted by the Tax Reform Act of 2017, where we saw a decline in our federal tax rate from 35% to a fiscal year 2018 blended rate of 31.5%. We expect a further reduction to our effective tax rate in fiscal 2019, to approximately 24%. Average order value was $89 for the March quarter compared to $86 for the same quarter the prior year. In fiscal 2019, we will look to build on past successes by focusing on sales growth and further improving our customer service levels.”

The Board of Directors declared a quarterly dividend of $0.25 per share on its common stock. The dividend will be payable on May 25, 2018, to shareholders of record at the close of business on May 18, 2018. The Company intends to continue to pay regular quarterly dividends; however the declaration and payment of future dividends is discretionary and will be subject to a determination by the Board of Directors each quarter following its review of the Company’s financial performance.

This morning at 8:30 A.M. Eastern Time, Mr. Akdag will host a conference call to review the year-end financial results. To access the call which is open to the public, dial (888) 455-1758 (toll free) or (203) 827-7025. Callers will be required to supply PETMEDS as the passcode. For those unable to participate in the live event, the call will be available for replay from 10:00 A.M. Eastern Time on May 7, 2018 until May 21, 2018 at 11:59 P.M. To access the replay, call (866) 423-4837 (toll free) or (203) 369-0849 and enter passcode 5500.

Founded in 1996, PetMed Express is America’s Largest Pet Pharmacy, delivering prescription and non-prescription pet medications and other health products for dogs and cats 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, 2017. 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, 561-526-4444.

 
PETMED EXPRESS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except for per share amounts)
  March 31, March 31,
  2018 2017
     
ASSETS (UNAUDITED)  
     
Current assets:    
Cash and cash equivalents$77,936$58,730
Accounts receivable, less allowance for doubtful    
accounts of $35 and $27, respectively 2,292 1,808
Inventories - finished goods 23,337 20,228
Prepaid expenses and other current assets 882 1,019
Prepaid income taxes 788 -
Total current assets 105,235 81,785
     
Noncurrent assets:    
Property and equipment, net 28,741 30,164
Intangible assets 860 860
Total noncurrent assets 29,601 31,024
     
Total assets$134,836$112,809
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
     
Current liabilities:    
Accounts payable$15,274$15,221
Accrued expenses and other current liabilities 2,835 2,475
Income taxes payable - 659
Total current liabilities 18,109 18,355
     
Deferred tax liabilities 996 1,088
     
Total liabilities 19,105 19,443
     
Commitments and contingencies    
     
Shareholders' equity:    
Preferred stock, $.001 par value, 5,000 shares authorized;    
3 convertible shares issued and outstanding with a    
liquidation preference of $4 per share 9 9
Common stock, $.001 par value, 40,000 shares authorized;    
20,601 and 20,526 shares issued and outstanding, respectively 21 21
Additional paid-in capital 9,381 6,806
Retained earnings 106,320 86,530
     
Total shareholders' equity 115,731 93,366
     
Total liabilities and shareholders' equity$134,836$112,809


PETMED EXPRESS, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 (In thousands, except for per share amount)
         
   Three Months Ended   Year Ended
   March 31,   March 31,
  2018 2017 2018 2017
   (UNAUDITED)   (UNAUDITED)   
Sales$67,322$63,032$273,800$249,176
Cost of sales 42,403 40,877 175,993 169,862
         
Gross profit 24,919 22,155 97,807 79,314
         
Operating expenses:        
General and administrative 6,068 5,593 24,290 22,799
Advertising 4,311 4,351 19,255 17,663
Depreciation 536 514 2,126 1,369
Total operating expenses 10,915 10,458 45,671 41,831
         
Income from operations 14,004 11,697 52,136 37,483
         
Other income:        
Interest income, net 241 45 658 141
Other, net 240 94 995 300
Total other income 481 139 1,653 441
         
Income before provision for income taxes 14,485 11,836 53,789 37,924
         
Provision for income taxes 4,302 4,333 16,506 14,105
         
Net income$10,183$7,503$37,283$23,819
         
Comprehensive income$10,183$7,503$37,283$23,819
         
Net income per common share:        
Basic$0.50$0.37$1.83$1.18
Diluted$0.50$0.37$1.82$1.17
         
Weighted average number of common shares outstanding:      
Basic 20,375 20,260 20,346 20,232
Diluted 20,422 20,392 20,433 20,378
         
Cash dividends declared per common share$0.25$0.19$0.85$0.76


PETMED EXPRESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
   Year Ended
   March 31,
  2018 2017
  (UNAUDITED)  
Cash flows from operating activities:    
Net income$37,283 $23,819 
Adjustments to reconcile net income to net cash    
provided by operating activities:    
Depreciation 2,126  1,369 
Share based compensation 2,575  1,935 
Deferred income taxes (92) 1,951 
Bad debt expense 112  421 
(Increase) decrease in operating assets    
and increase (decrease) in liabilities:    
Accounts receivable (596) (505)
Inventories - finished goods (3,109) 5,358 
Prepaid income taxes (788) 243 
Prepaid expenses and other current assets 137  1,416 
Accounts payable 53  10,217 
Accrued expenses and other current liabilities 337  321 
Income taxes payable (659) 659 
Net cash provided by operating activities 37,379  47,204 
     
Cash flows from investing activities:    
Purchases of property and equipment (703) (10,604)
Net cash used in investing activities (703) (10,604)
     
Cash flows from financing activities:    
Dividends paid (17,470) (15,509)
Net cash used in financing activities (17,470) (15,509)
     
Net increase in cash and cash equivalents 19,206  21,091 
     
Cash and cash equivalents, at beginning of year 58,730  37,639 
     
Cash and cash equivalents, at end of year$77,936 $58,730 
     
Supplemental disclosure of cash flow information:    
     
Cash paid for income taxes$18,046 $11,373 
     
Dividends payable in accrued expenses$240 $217 

Source: PetMed Express, Inc.


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