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11.05.2002
PETMED EXPRESS D/B/A 1-800-PetMedsŪ ANNOUNCES SECOND QUARTER RESULTS WITH RECORD REORDER SALES Pompano Beach, Florida, November 5, 2002 - PetMed Express, Inc. (OTCBB: PETS) today announced results for the quarter ended September 30, 2002. Net sales for the quarter ended September 30, 2002 was $14.2 million, compared to $7.8 million for the quarter ended September 30, 2001, an increase of 83%. Net sales for the six months ended September 30, 2002 was $29.1 million, compared to $13.1 million for the six months ended September 30, 2001, an increase of 121%. Net income was $205,000 or $.01 per share, for the second quarter of fiscal 2003, compared to net income of $393,000 or $.02 per share for the second quarter of fiscal 2002. Net income for the six months ended September 30, 2002 was $1,107,000 or $.07 per share, $.05 diluted per share, compared to a net loss of $697,000 or $.04 loss per share for the six months ended September 30, 2001. PetMed Express also reported new customer growth of approximately 114,000 customers for the second quarter of fiscal 2003, with 47% of those new customers ordering through our website at www.1800PetMeds.com. Mendo Akdag, CEO, announced, "We are pleased with our continued sales growth and with our strong customer reorder sales. Our customer reorder sales have increased $8,496,000, or 234%, to $12,123,000 for the six months ended September 30, 2002, from $3,627,000 for the six months ended September 30, 2001. We spent 27% of our revenues on advertising, branding our 1-800-PetMedsŪ name for the quarter ending September 30, 2002, compared with 19% for the same period prior year. We believe branding our 1-800-PetMedsŪ name is critical for our long term success and profitability. "In October 2002, the Company submitted an application for listing on the American Stock Exchange. We are excited with the prospect of greater visibility that listing on a major exchange delivers to the Company and our shareholders. The application is presently in the review stage, and no assurances can be made that the Company will be accepted for listing." Founded in 1996, PetMed Express is America's largest pet pharmacy, delivering prescription and non-prescription pet medications, and health and nutritional supplements at competitive prices through the PetMed Express catalog, customer service representatives, and on the Internet through its website at www.1800PetMeds.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' Annual Report on Form 10K for the year ended March 31, 2002. For investment relations contact PetMed Express, Inc., Pompano Beach, Florida, Mendo Akdag, CEO, 954-979-5995. PETMED EXPRESS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
September 30, September 30,
2002 2001 2002 2001
------------ ----------- ------------ ------------
Sales $14,229,702 $7,762,825 $29,060,457 $13,126,475
Cost of sales 8,029,410 4,681,379 16,597,663 8,132,268
------------ ----------- ------------ ------------
Gross profit 6,200,292 3,081,446 12,462,794 4,994,207
------------ ----------- ------------ ------------
Operating expenses:
General and
administrative 1,974,189 1,497,590 4,057,612 2,650,107
Advertising 3,832,241 1,437,810 6,639,421 2,785,463
Severance charges - - - 195,000
Depreciation and
amortization 86,108 89,800 166,772 188,156
------------ ----------- ------------ ------------
Total operating
expenses 5,892,538 3,025,200 10,863,805 5,818,726
------------ ----------- ------------ ------------
Income (loss) from
operations 307,754 56,246 1,598,989 (824,519)
------------ ----------- ------------ ------------
Other income
(expense):
Adjustment of
estimate for
legal settlement - 345,000 - 345,000
Loss on disposal
of property and
equipment - - - (185,374)
Interest expense (4,450) (8,985) (10,040) (41,045)
Interest income 1,824 4,934 5,957 12,449
Other, net 952 (3,817) 3,287 (3,817)
------------ ----------- ------------ ------------
Total other income
(expense) (1,674) 337,132 (796) 127,213
------------ ----------- ------------ ------------
Income (loss)
before provision
for income taxes 306,080 393,378 1,598,193 (697,306)
Provision for
income taxes 101,193 - 490,977 -
------------ ----------- ------------ ------------
Net income (loss) $204,887 $393,378 $1,107,216 $(697,306)
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Net income (loss)
per common share:
Basic $0.01 $0.02 $0.07 $(0.04)
============ =========== ============ ============
Diluted $0.01 $0.02 $0.05 $(0.04)
============ =========== ============ ============
Weighted average
common shares
outstanding:
Basic 17,173,499 16,360,010 16,883,731 16,360,010
============ =========== ============ ============
Diluted 21,356,196 18,101,946 20,655,407 16,360,010
============ =========== ============ ============
BALANCE SHEET DATA
(UNAUDITED)
Sept. 30, Sept. 30,
2002 2001
------------ -----------
Working capital
(deficiency) 1,195,126 (964,727)
Total assets 7,805,963 3,652,785
Total liabilities 4,643,724 3,592,804
Total shareholders'
equity 3,162,239 59,981
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