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Doug Gerlach
Cambridge, MA
http://www.iclub.com/
President, ICLUBcentral
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| 01/26/2007 12:13 PM |
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POMPANO BEACH, Fla.--(BUSINESS WIRE)--PetMed Express, Inc. (NASDAQ:PETS) today announced its financial results for the quarter ended December 31, 2006. Net sales for the quarter ended December 31, 2006 were $31.4 million, compared to $25.9 million for the quarter ended December 31, 2005, an increase of 21%. Net income was $2.8 million, or $0.11 diluted per share, for the quarter ended December 31, 2006, compared to net income of $2.7 million, or $0.11 diluted per share, for the quarter ended December 31, 2005, an increase to net income of 3%. Net sales for the nine months ended December 31, 2006 were $125.8 million, compared to $108.2 million for the nine months ended December 31, 2005, an increase of 16%. Net income was $10.8 million, or $0.44 diluted per share, for the nine months ended December 31, 2006, compared to net income of $8.9 million, or $0.37 diluted per share, for the nine months ended December 31, 2005, an increase to net income of 21%. Approximately 63% of all sales were placed on the Company’s website for the third quarter, compared to 57% for the same quarter in the prior year.
Menderes Akdag, CEO and President, commented: “We are pleased to report that our retail new order sales increased by 27%, from $7.3 million to $9.2 million for the quarters ended December 31, 2005 and 2006, respectively. We acquired approximately 130,000 new customers for the quarter ended December 31, 2006, compared to 105,000 for the same quarter in the prior year. Retail reorder sales increased by 22%, from $18.1 million to $22.1 million for the quarters ended December 31, 2005 and 2006, respectively, and for the nine months ended December 31, 2006 our retail reorder sales increased by 26% to $84.1 million from $66.7 million for the nine months ended December 31, 2005. We are also pleased to report that net cash provided by operating activities increased by $1.6 million, from $13.5 million for the nine months ended December 31, 2005 to $15.1 million for the nine months ended December 31, 2006.
Here is the full text of the press release:
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070122005504&newsLang=en
Because PETS missed its analyst EPS estimate and 3rd quarter EPS were flat, the stock has taken a price hit since January 1. Bad for me in the Top 25 Stocks for 2007 competition, since the PE Ratio is still a bit high even though the price has fallen, but perhaps a buying opportunity for anyone who might be interested in the stock now. Attached is an updated SSG with 3rd quarter data and 1/25/2007 price.
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 Attachment: PETS.SSG
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