PETMED EXPRESS D/B/A 1-888-PETMEDS' ANNOUNCES CONTINUED RECORD SALES GROWTH AND PROFITABLE THIRD QUARTER FINANCIAL RESULTS
Pompano Beach, Florida, February 13, 2002 - PetMed Express, Inc. (OTCBB: PETS) today announced results for the third quarter ended December 31, 2001. Mendo Akdag, CEO, announced net income for the third quarter of $353,000 or $.02 per share, compared to a loss of $.03 per share for the third quarter of 2000, and net sales for the third quarter ended December 31, 2001 were $8.2 million, compared to $1.8 million for the third quarter ended December 31, 2000, an increase of 360%. PetMed Express also reported new customer growth of approximately 77,000 new customers, of which 40% of those new customers ordered through our website at www.1888PetMeds.com, in the third quarter ended December 31, 2001.
Mendo Akdag, CEO, announced, "We are very excited with the sustained profitability and continued increase in sales this quarter. We anticipate this trend to continue into our fiscal fourth quarter, with a boost from our new advertising campaign. We invite everyone to preview our new commercial at our website, http://www.1888PetMeds.com/videos.asp."
Founded in 1996, PetMed Express is America's largest pet pharmacy, delivering prescription and non-prescription pet medications, health and nutritional supplements at competitive prices through the PetMed Express catalog, customer service representatives, and on the Internet through its website at www.1888PetMeds.com.
This press release may contain "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission, that involve a number of risk and uncertainties, including the Company's ability to meet the objectives included in its business plan. Important factors that could cause results to differ materially from those indicated by such "forward-looking" statements are set forth in Management's Discussion and Analysis of Results of Financial Condition and Results of Operations in PetMed Express's Annual Report on Form 10K for the year ended March 31, 2001.
For investment relations contact PetMed Express, Inc., Pompano Beach, Mendo Akdag, CEO, 954-979-5995.