PetMed Express, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016; Provides Gross Margin Guidance
January 23, 2017 at 08:00 am
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PetMed Express, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, the company reported sales of $52,866,000 against $50,933,000 a year ago. Income from operations was $7,655,000 against $7,622,000 a year ago. Income before provision for income taxes was $7,821,000 against $7,673,000 a year ago. Net income was $4,823,000 against $4,890,000 a year ago. Basic and diluted net income per common share was $0.24 against $0.24 a year ago. The company's online sales for the quarter ended December 31, 2016 were approximately 83% of all sales, compared to 81% for the same quarter the prior year.
For the year, the company reported sales of $186,144,000 against $179,292,000 a year ago. Income from operations was $25,786,000 against $23,803,000 a year ago. Income before provision for income taxes was $26,088,000 against $23,951,000 a year ago. Net income was $16,316,000 against $15,149,000 a year ago. Diluted net income per common share was $0.80 against $0.75 a year ago. Net cash provided by operating activities was $31,642,000 against $22,635,000 a year ago. Purchases of property and equipment was $9,860,000 against $177,000 a year ago.
The company anticipated that gross margins should stabilize or the drop should not be as dramatic as seen in the last few quarters with a caveat that it will also depend on how the competition behaves price-wise.
PetMed Express, Inc., doing business as PetMeds, is a direct-to-consumer pet pharmacy. The Company is an online provider of prescription and non-prescription medications, food, supplements, and supplies and has veterinary and pet insurance service partnerships for dogs, cats, and horses. It markets and sells directly to consumers through their Websites, toll-free numbers, and employer benefit partnerships. Its product line contains over 15,000 SKUs of pet medications, health products, foods, and supplies. The Company offers various pet supplies, including beds, crates, stairs and other pet supplies. Its products include Prescription Medications (Rx), Non-Prescription Medications (OTC) and supplies, Pet Foods, Private Label and Holistic Wellness Services. Rx includes heartworm and flea and ticks preventatives, arthritis, dermatitis, thyroid, diabetes, pain medications, heart/blood pressure, and other specialty medications, as well as generic substitutes.
PetMed Express, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016; Provides Gross Margin Guidance