EXHIBIT 99.1
Date: July 28, 2003
Contact: Mendo Akdag, CEO
Phone: (954) 979-5995
Fax: (954) 971-0544
PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES FIRST QUARTER FINANCIAL
RESULTS - RECORD SALES OF $30.4 MILLION
Pompano Beach, Florida, July 28, 2003 - PetMed Express, Inc.
(OTCBB: PETS) today announced results for the quarter ended June
30, 2003. Net sales for the three months ended June 30, 2003
were $30.4 million, compared to $14.8 million for the three
months ended June 30, 2002, an increase of 105%. Net income was
$1,433,000, or $.08 per share, $.06 diluted per share, for the
quarter, compared to net income of $902,000 or $.05 per share,
$.04 diluted per share, for same quarter in fiscal 2003, an
increase of 59%.
Mendo Akdag, CEO, commented: "We are very pleased with our first
quarter results during our peak season. In addition to the sharp
increase in sales and profits for the quarter, our reorder sales
increased 117%, from $5.8 million to $12.5 million for the three
months ended June 30, 2002 and 2003, respectively. We also
reported new customer growth of approximately 234,000 customers
for the quarter, and approximately 49% of all orders were placed
on our website for the quarter in comparison to 39% for the same
period prior year."
On Tuesday, August 12, 2003 at 5 p.m. Eastern Daylight Time, Mr.
Akdag, CEO, will host a conference call to review the first
quarter financial results of fiscal 2004. The associated
quarterly filing will be issued before the market opens on August
11, 2003.
To access the call, which is open to the public, call (888) 395-
1810 (toll free) 15 minutes prior to the scheduled start time.
Callers will be required to supply EARNINGS as the passcode.
Callers will be placed on hold with music until the call begins.
If you are unable to participate in the live event, the call will
be available for replay from 8 p.m. on August 12 until August 27
at 11:59 p.m. To access the replay, call (800) 925-4890 (toll
free), and enter passcode 5500.
Founded in 1996, PetMed Express is America's largest pet
pharmacy, delivering prescription and non-prescription pet
medications, health and nutritional supplements at competitive
prices through the PetMed Express catalog, customer service
representatives, 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 risk 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 or Plan of Operations in the
PetMed Express Annual Report on Form 10-KSB for the year ended
March 31, 2003.
For investment relations contact PetMed Express, Inc., Pompano
Beach, Mendo Akdag, CEO, 954-979-5995.
###
99.1 page 1 - 2
PETMED EXPRESS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended June 30,
2003 2002
------------- -------------
Sales $ 30,387,563 $ 14,830,755
Cost of sales 18,582,680 8,568,253
------------- -------------
Gross profit 11,804,883 6,262,502
------------- -------------
Operating expenses:
General and administrative 3,021,254 2,083,423
Advertising 6,508,990 2,807,180
Depreciation and amortization 127,351 80,664
------------- -------------
Total operating expenses 9,657,595 4,971,267
------------- -------------
Income from operations 2,147,288 1,291,235
------------- -------------
Other income (expense):
Interest expense (2,681) (5,590)
Interest income 2,149 4,133
Other, net 608 2,335
------------- -------------
Total other income (expense) 76 878
------------- -------------
Income before provision for income taxes 2,147,364 1,292,113
Provision for income taxes 714,780 389,784
------------- -------------
Net income $ 1,432,584 $ 902,329
============= =============
Net income per common share:
Basic $ 0.08 $ 0.05
============= =============
Diluted 0.06 0.04
============= =============
Weighted average number of common shares
outstanding:
Basic 19,010,438 16,590,779
============= =============
Diluted 23,012,611 20,092,544
============= =============
BALANCE SHEET DATA
June 30, March 31,
2003 2003
------------- -------------
(Unaudited)
Working capital $ 5,564,699 $ 3,017,641
Total assets 12,831,377 9,025,796
Total liabilities 4,620,302 3,433,108
Total shareholders' equity 8,211,075 5,592,688
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