PetMed Express, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2017; Provides Effective Income Tax Rate Guidance for Three Months Ending March 31, 2018 and Full Fiscal Year 2019
January 22, 2018 at 08:00 am EST
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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%.
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, supplies and vet services for dogs, cats, and horses. It markets and sells directly to consumers through its websites, toll-free numbers, and mobile applications. Its product line contains approximately 15,000 SKUs of pet medications, health products, and supplies. The Company offers various pet supplies, including food, beds, crates, stairs and other pet supplies. PetMeds products include Non-Prescription Medications (OTC) and supplies, and Prescription Medications (Rx). OTC and supplies include flea and tick control products, bone and joint care products, vitamins, treats, nutritional supplements, hygiene products, and supplies. Rx includes heartworm and flea and tick preventatives, arthritis, dermatitis, thyroid, diabetes, pain medications, heart/blood pressure, and other specialty medications.
PetMed Express, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2017; Provides Effective Income Tax Rate Guidance for Three Months Ending March 31, 2018 and Full Fiscal Year 2019