PetMed Express, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2012
January 22, 2013 at 08:00 am
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PetMed Express, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported sales of $49,609,000 compared to $50,523,000 a year ago. Income from operations was $7,209,000 compared to $6,102,000 a year ago. Income before provision for income taxes was $7,347,000 compared to $6,171,000 a year ago. Net income was $4,577,000 or $0.23 per basic and diluted share compared to $3,898,000 or $0.19 a per basic and diluted share year ago. The increase in EPS was mainly due to decrease in operating expenses.
For the nine months period, the company reported sales of $176,709,000 compared to $182,326,000 a year ago. Income from operations was $19,739,000 compared to $19,747,000 a year ago. Income before provision for income taxes was $20,000,000 compared to $20,037,000 a year ago. Net income was $12,563,000 or $0.63 per basic and diluted share compared to $12,665,000 or $0.61 a per basic and diluted share year ago. Net cash provided by operating activities was $21,841,000 compared to $13,722,000 a year ago. Purchases of property and equipment were $529,000 compared to $624,000 a year ago. Net cash from operations for the nine months increased mainly due to reduction in inventory.
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. 
