PetMed Express, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, the company reported sales of $52,866,000 against $50,933,000 a year ago. Income from operations was $7,655,000 against $7,622,000 a year ago. Income before provision for income taxes was $7,821,000 against $7,673,000 a year ago. Net income was $4,823,000 against $4,890,000 a year ago. Basic and diluted net income per common share was $0.24 against $0.24 a year ago. The company's online sales for the quarter ended December 31, 2016 were approximately 83% of all sales, compared to 81% for the same quarter the prior year.

For the year, the company reported sales of $186,144,000 against $179,292,000 a year ago. Income from operations was $25,786,000 against $23,803,000 a year ago. Income before provision for income taxes was $26,088,000 against $23,951,000 a year ago. Net income was $16,316,000 against $15,149,000 a year ago. Diluted net income per common share was $0.80 against $0.75 a year ago. Net cash provided by operating activities was $31,642,000 against $22,635,000 a year ago. Purchases of property and equipment was $9,860,000 against $177,000 a year ago.

The company anticipated that gross margins should stabilize or the drop should not be as dramatic as seen in the last few quarters with a caveat that it will also depend on how the competition behaves price-wise.