Exhibit 99.1
PetMed Express d/b/a 1-800-PetMeds Announces First Quarter Financial
Results - Record Sales of $35.3 Million
POMPANO BEACH, Fla.--(BUSINESS WIRE)--July 26, 2004--PetMed
Express, Inc. (NASDAQ:PETS) today announced results for the quarter
ended June 30, 2004. Net sales for the three months ended June 30,
2004 were $35.3 million, compared to $30.4 million for the three
months ended June 30, 2003, an increase of 16%. Net income was $1.8
million, or $.08 diluted per share, for the quarter, compared to net
income of $1.4 million or $.06 diluted per share, for same quarter in
the prior year, an increase of 27%.
Mendo Akdag, CEO, commented: "We are pleased with our first
quarter results. In addition to the increase in sales and profits for
the quarter, our reorder sales increased 60%, from $12.5 million to
$19.9 million for the three months ended June 30, 2003 and 2004,
respectively. We also acquired approximately 191,000 new customers in
the quarter, and approximately 52% of all orders were placed on our
website for the quarter."
Founded in 1996, PetMed Express is America's largest pet pharmacy,
delivering prescription and non-prescription pet medications and
health and nutritional supplements 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
http://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,
2004.
For investment relations contact PetMed Express, Inc., Pompano
Beach, Bruce S. Rosenbloom, CFO, 954-979-5995.
PETMED EXPRESS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended
June 30,
2004 2003
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Sales $35,288,528 $30,387,563
Cost of sales 21,426,719 18,582,680
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Gross profit 13,861,809 11,804,883
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Operating expenses:
General and administrative 3,221,905 3,021,254
Advertising 7,754,829 6,508,990
Depreciation and amortization 159,059 127,351
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Total operating expenses 11,135,793 9,657,595
----------- -----------
Income from operations 2,726,016 2,147,288
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Other income (expense)
Interest expense (742) (2,681)
Interest income 4,633 2,149
Other, net (410) 608
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Total other income (expense) 3,481 76
----------- -----------
Income before provision for income taxes 2,729,497 2,147,364
Provision for income taxes 911,359 714,780
----------- -----------
Net Income 1,818,138 1,432,584
=========== ===========
Net income per common share:
Basic $ 0.08 $ 0.08
=========== ===========
Dilutive $ 0.08 $ 0.06
=========== ===========
Weighted average number of common shares
outstanding:
Basic 22,017,221 19,010,438
=========== ===========
Dilutive 23,882,936 23,012,611
=========== ===========
BALANCE SHEET DATA
June 30, March 31,
2004 2004
----------- -----------
(Unaudited)
Working capital $13,515,136 $11,338,004
Total assets 23,189,644 18,480,808
Total liabilities 7,117,507 4,486,299
Total shareholders' equity 16,072,137 13,994,509
CONTACT: PetMed Express, Inc., Pompano Beach
Bruce S. Rosenbloom, CFO, 954-979-5995
Fax: 954-971-0544