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

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 PetMed Express, Inc. D/B/A 1-800-PetMeds Announces Its Financial Results for Fiscal 2016 and Its Quarterly Dividend Raised to $0.19 Per Share
   Monday, May 09, 2016 8:00:24 AM ET

Fourth Quarter New Order Sales Increased 24%

Fourth Quarter Sales Increased 11%

Fourth Quarter Net Income Increased 9.4%

PetMed Express, Inc. (PETS ) today announced its financial results for the fiscal year ended March 31, 2016. Net sales for the quarter ended March 31, 2016 were $55.4 million, compared to $50.0 million for the quarter ended March 31, 2015, an increase of 11%. For the fiscal year ended March 31, 2016 net sales were $234.7 million, compared to $229.4 million for the fiscal year ended March 31, 2015, an increase of 2.3%. The increase in sales for the quarter ended March 31, 2016 can be attributed to a 24% increase in new order sales, and an 8.4% increase in reorder sales. Net income for the quarter ended March 31, 2016 was $5.4 million, or $0.27 diluted per share, compared to net income of $5.0 million, or $0.25 diluted per share, for the same quarter the prior year, an increase to net income of 9.4%. Excluding a one-time charge for an IT-related discontinued project in the quarter ended September 30, 2014, net income for the fiscal year ended March 31, 2016 was $20.6 million, or $1.02 diluted per share, compared to net income of $18.5 million, or $0.92 diluted per share, for the fiscal year ended March 31, 2015, an increase to net income of 11%. The one-time IT-related discontinued project cost of $1.7 million was expensed in fiscal 2015, and the after tax net impact of this charge was $1.1 million, or $0.05 diluted per share. The Company’s online sales for the quarter ended March 31, 2016 were approximately 82% of all sales, compared to 81% for the same quarter the prior year.

Menderes Akdag, President and CEO, commented: "We saw sharp increases in both new order and reorder sales, helped in part by the unseasonably warmer weather in the March quarter. We were encouraged with our advertising efficiency in the quarter, as our new customer acquisition costs were reduced to $32 for the quarter ended March 31, 2016 compared to $42 for the same quarter the prior year. During the March quarter we acquired approximately 116,000 new customers, compared to 97,000 new customers acquired in the same quarter the prior year. Average order value was $83 for the March quarter compared to $81 for the same quarter the prior year. For the quarter ended March 31, 2016 our operating expenses decreased by about 185 basis points, which can be attributed to a reduction in advertising spending and the leveraging of our general and administrative expenses. In fiscal 2017, we will be preparing to move into our new corporate headquarters and distribution facility, which is expected to occur in our third fiscal quarter."

The Board of Directors declared an increased quarterly dividend of $0.19 per share on its common stock. The dividend will be payable on May 27, 2016, to shareholders of record at the close of business on May 20, 2016. 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. on May 9, 2016 until May 23, 2016 at 11:59 P.M. To access the replay, call (800) 879-6405 (toll free) or (402) 220-4745 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, 2015. 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, 954-979-5995.

PETMED EXPRESS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
                                                                    March 31,       March 31,
                                                                    2016            2015
ASSETS
Current assets:
Cash and cash equivalents                                      $    37,639     $    35,613
Short term investments - available for sale                         -               15,591
Accounts receivable, less allowance for doubtful
accounts of $13 and $8, respectively                                1,724           1,931
Inventories - finished goods                                        25,586          25,068
Prepaid expenses and other current assets                           2,435           1,380
Prepaid income taxes                                                243             -
Total current assets                                                67,627          79,583
Noncurrent assets:
Property and equipment, net                                         20,929          1,569
Intangible assets                                                   860             860
Deferred tax assets                                                 863             840
Total noncurrent assets                                             22,652          3,269
Total assets                                                   $    90,279     $    82,852
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable                                               $    5,004      $    5,153
Accrued expenses and other current liabilities                      2,080           2,214
Income taxes payable                                                -               50
Total liabilities                                                   7,084           7,417
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;
20,447 and 20,262 shares issued and outstanding, respectively       20              20
Additional paid-in capital                                          4,871           3,117
Retained earnings                                                   78,295          72,343
Accumulated other comprehensive loss                                -               (54       )
Total shareholders’ equity                                          83,195          75,435
Total liabilities and shareholders’ equity                     $    90,279     $    82,852
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,
                                                           2016              2015            2016            2015
                                                (UNAUDITED)
Sales                                    $                 55,392        $   49,994    $     234,684     $   229,395
Cost of sales                                              37,729            33,055          158,388         153,125
Gross profit                                               17,663            16,939          76,296          76,270
Operating expenses:
General and administrative                                 5,137             4,899           21,301          21,101
Advertising                                                3,715             4,048           21,837          25,182
Discontinued project costs                                 -                 -               -               1,714
Depreciation                                               226               173             770             660
Total operating expenses                                   9,078             9,120           43,908          48,657
Income from operations                                     8,585             7,819           32,388          27,613
Other income (expense):
Interest income, net                                       30                46              190             184
Realized loss on sale of short term investments            (74        )      -               (74     )       -
Other, net                                                 75                (2     )        63              1
Total other income                                         31                44              179             185
Income before provision for income taxes                   8,616             7,863           32,567          27,798
Provision for income taxes                                 3,198             2,912           12,000          10,345
Net income                               $                 5,418         $   4,951           20,567      $   17,453
Net change in unrealized gain (loss)
on short and long term investments                         87                (4     )        54              (17     )
Comprehensive income                     $                 5,505         $   4,947     $     20,621      $   17,436
Net income per common share:
Basic                                    $                 0.27          $   0.25      $     1.02        $   0.87
Diluted                                  $                 0.27          $   0.25      $     1.02        $   0.87
Weighted average number of common shares outstanding:
Basic                                                      20,152            20,044          20,124          20,015
Diluted                                                    20,322            20,146          20,254          20,136
Cash dividends declared per common share $                 0.18          $   0.17      $     0.72        $   0.68
PETMED EXPRESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
                                                        Year Ended
                                                        March 31,
                                                        2016               2015
Cash flows from operating activities:
Net income                                         $    20,567        $    17,453
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation                                            770                660
Share based compensation                                1,612              1,481
Discontinued project costs                              -                  1,714
Deferred income taxes                                   (23     )          157
Bad debt expense                                        260                94
(Increase) decrease in operating assets
and increase (decrease) in liabilities:
Accounts receivable                                     (53     )          (264    )
Inventories - finished goods                            (518    )          10,659
Prepaid income taxes                                    (243    )          54
Prepaid expenses and other current assets               (1,055  )          662
Accounts payable                                        (149    )          (616    )
Accrued expenses and other current liabilities          (65     )          (61     )
Income taxes payable                                    (50     )          50
Net cash provided by operating activities               21,053             32,043
Cash flows from investing activities:
Proceeds from the sale of short term investments        15,591             -
Net change in investments                               54                 (68     )
Purchases of property and equipment                     (20,130 )          (918    )
Net cash used in investing activities                   (4,485  )          (986    )
Cash flows from financing activities:
Dividends paid                                          (14,684 )          (13,807 )
Tax adjustment related to stock compensation            142                58
Net cash used in financing activities                   (14,542 )          (13,749 )
Net increase in cash and cash equivalents               2,026              17,308
Cash and cash equivalents, at beginning of year         35,613             18,305
Cash and cash equivalents, at end of year          $    37,639        $    35,613
Supplemental disclosure of cash flow information:
Cash paid for income taxes                         $    12,173        $    10,026
Dividends payable in accrued expenses              $    143           $    212

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