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PetMed Express Inc.$16.23($.05)(.31%)

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 PetMed Express D/B/A 1-800-PetMeds Announces Its Third Quarter Financial Results and Declares Its $0.27 Per Share Dividend
   Tuesday, January 22, 2019 8:00:00 AM ET

DELRAY BEACH, Fla., Jan. 22, 2019 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (NASDAQ: PETS) today announced its financial results for the quarter ended December 31, 2018.  Net sales were $60.1 million for both the quarters ended December 31, 2018 and 2017.  Reorder sales for the quarter ended December 31, 2018 were $53.3 million, compared to $50.9 million for the quarter ended December 31, 2017, an increase of 4.6%.  Net sales for the nine months ended December 31, 2018 were $218.9 million, compared to $206.5 million for the nine months ended December 31, 2017, an increase of 6.0%.  Reorder sales for the nine months ended December 31, 2018 were $185.9 million, compared to $170.5 million for the nine months ended December 31, 2017, an increase of 9.0%.  Net income for the quarter ended December 31, 2018 was $7.8 million, or $0.38 diluted per share, compared to net income of $9.1 million, or $0.44 diluted per share, for the quarter ended December 31, 2017, a 14% decrease to net income.  Net income for the nine months ended December 31, 2018 was $31.1 million, or $1.52 diluted per share, compared to net income of $27.1 million, or $1.33 diluted per share, for the nine months ended December 31, 2017, a 15% increase to net income.  Average order size decreased to $84 for the quarter ended December 31, 2018, compared to $86 for the same quarter in the prior year. For the nine months ended December 31, 2018, online sales increased 7.0% to $185.3 million from $173.2 million for the same period the prior year, and were approximately 85% of all sales. 

Menderes Akdag, CEO and President, commented: “The market was much more competitive during the quarter, and as a result we gave additional discounts to our customers to stimulate sales, which had a negative effect on our gross margins.  We will continue to be aggressive with pricing and promotions, and increase advertising to address this more competitive online market.” 

The Board of Directors declared a quarterly dividend of $0.27 per share on the Company’s common stock.  The dividend will be payable on February 15, 2019, to shareholders of record at the close of business on February 4, 2019.  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 quarter’s financial results.  To access the call, which is open to the public, please 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. on January 22, 2019 until February 5, 2019 at 11:59 P.M.  To access the replay, call (866) 457-5505 (toll free) or (203) 369-1279 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, 2018.  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
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except for per share data)
      
  December 31,  March 31,
  2018  2018
ASSETS (Unaudited)   
      
Current assets:     
Cash and cash equivalents$  93,166 $  77,936
Accounts receivable, less allowance for doubtful accounts of $19 and $35, respectively   1,269    2,292
Inventories - finished goods   32,247    23,337
Prepaid expenses and other current assets   1,266    882
Prepaid income taxes   525    788
Total current assets   128,473    105,235
      
Noncurrent assets:     
Property and equipment, net   27,584    28,741
Intangible assets   860    860
Total noncurrent assets   28,444    29,601
      
Total assets$  156,917 $  134,836
      
LIABILITIES AND SHAREHOLDERS' EQUITY     
      
Current liabilities:     
Accounts payable$  20,283 $  15,274
Accrued expenses and other current liabilities   2,769    2,835
Total current liabilities   23,052    18,109
      
Deferred tax liabilities   1,007    996
      
Total liabilities   24,059    19,105
      
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; 20,674 and 20,601 shares issued and outstanding, respectively   21    21
Additional paid-in capital   11,693    9,381
Retained earnings   121,135    106,320
      
Total shareholders' equity   132,858    115,731
      
Total liabilities and shareholders' equity$  156,917 $  134,836
      

 

 PETMED EXPRESS, INC. AND SUBSIDIARIES 
 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
 (In thousands, except for per share amounts) (Unaudited) 
            
   Three Months Ended    Nine Months Ended 
   December 31,    December 31, 
  2018  2017  2018  2017
            
Sales $   60,068  $   60,110  $   218,854  $   206,478
Cost of sales   40,687    38,166    144,264    133,590
            
Gross profit   19,381    21,944    74,590    72,888
            
Operating expenses:           
General and administrative   5,793    5,818    18,927    18,222
Advertising   3,619    4,126    15,626    14,944
Depreciation   556    532    1,664    1,590
Total operating expenses   9,968    10,476    36,217    34,756
            
Income from operations   9,413    11,468    38,373    38,132
            
Other income:           
Interest income, net   508    191    1,315    417
Other, net   255    265    827    755
Total other income   763    456    2,142    1,172
            
Income before provision for income taxes   10,176    11,924    40,515    39,304
            
Provision for income taxes   2,389    2,860    9,394    12,204
            
Net income $   7,787  $   9,064  $   31,121  $   27,100
            
Comprehensive income $   7,787  $   9,064  $   31,121  $   27,100
            
Net income per common share:           
Basic $   0.38  $   0.45  $   1.52  $   1.33
Diluted $   0.38  $   0.44  $   1.52  $   1.33
            
Weighted average number of common shares outstanding:           
Basic   20,483    20,368    20,452    20,337
Diluted   20,493    20,425    20,487    20,437
            
Cash dividends declared per common share $   0.27  $   0.20  $   0.79  $   0.60
            

 

PETMED EXPRESS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (In thousands) (Unaudited) 
 
   Nine Months Ended 
   December 31, 
  2018   2017 
Cash flows from operating activities:     
Net income $   31,121   $   27,100 
Adjustments to reconcile net income to net cash provided by operating activities:     
Depreciation   1,664     1,590 
Share based compensation   2,312     1,858 
Deferred income taxes   11     (412)
Bad debt expense   49     72 
(Increase) decrease in operating assets and increase (decrease) in liabilities:     
Accounts receivable   974     21 
Inventories - finished goods   (8,910)    (1,679)
Prepaid income taxes   263     -  
Prepaid expenses and other current assets   (384)    45 
Accounts payable   5,009     (2,795)
Income taxes payable   -      8,815 
Accrued expenses and other current liabilities   (84)    530 
Net cash provided by operating activities   32,025     35,145 
      
Cash flows from investing activities:     
Purchases of property and equipment   (507)    (564)
Net cash used in investing activities   (507)    (564)
      
Cash flows from financing activities:     
Dividends paid   (16,288)    (12,314)
Net cash used in financing activities   (16,288)    (12,314)
      
Net increase in cash and cash equivalents   15,230     22,267 
Cash and cash equivalents, at beginning of period   77,936     58,730 
      
Cash and cash equivalents, at end of period $   93,166   $   80,997 
      
Supplemental disclosure of cash flow information:     
      
Cash paid for income taxes $   9,120   $   3,801 
      
Dividends payable in accrued expenses $   258   $   246 
      


Source: PetMed Express, Inc.


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