PetMed Express, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2017. For the quarter, the company reported sales of $60,110,000 against $52,866,000 a year ago. Income from operations was $11,468,000 against $7,655,000 a year ago. Income before provision for income taxes was $11,924,000 against $7,821,000 a year ago. Net income was $9,064,000 or $0.44 per diluted share against $4,823,000 or $0.24 per basic and diluted share a year ago. The increase in sales for the quarter ended December 31, 2017 can be attributed to increased new order sales, which increased 15.5%, and reorder sales, which increased 13.4%.

For the nine months, the company reported sales of $206,478,000 against $186,144,000 a year ago. Income from operations was $38,132,000 against $25,786,000 a year ago. Income before provision for income taxes was $39,304,000 against $26,088,000 a year ago. Net income was $27,100,000 or $1.33 per basic and diluted share against $16,316,000 or $0.80 per diluted share a year ago. Net cash provided by operating activities was $35,145,000 against $31,642,000 a year ago. Purchases of property and equipment were $564,000 against $9,860,000 a year ago. The increases in sales were due to increases in new order and reorder sales. The average order value for the quarter was approximately $86 compared to $81 for the same quarter the prior year. The accelerated increase in net income was mainly due to higher gross profit margins.

For three months ending March 31, 2018, the company expects an effective income tax rate of approximately 34%.

For the fiscal year 2019, the company expects an effective income tax rate of approximately 24%.