Petmed Express, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended September 30, 2018; Provides Effective Tax Rate Guidance for the Year 2019
October 22, 2018 at 01:00 pm
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PetMed Express, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended September 30, 2018. For the quarter, the company reported sales of $71,396,000 compared with $66,711,000 for the same period a year ago. Income from operations was $13,203,000 compared with $12,248,000 for the same period a year ago. Income before provision for income taxes was $13,886,000 compared with $12,640,000 for the same period a year ago. Net income was $10,752,000 compared with $8,760,000 for the same period a year ago. Net income per diluted share was $0.52 compared with $0.43 for the same period a year ago.
For the six months, the company reported sales of $158,786,000 compared with $146,368,000 for the same period a year ago. Income from operations was $28,960,000 compared with $26,664,000 for the same period a year ago. Income before provision for income taxes was $30,339,000 compared with $27,380,000 for the same period a year ago. Net income was $23,334,000 compared with $18,036,000 for the same period a year ago. Net income per diluted share was $1.14 compared with $0.89 for the same period a year ago. Net cash provided by operating activities was $20,402,000 compared with $18,303,000 for the same period a year ago. Purchases of property and equipment were $450,000 compared to $350,000 a year ago.
The company expect effective tax rate in fiscal 2019 to be 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 Second Quarter and Six Months Ended September 30, 2018; Provides Effective Tax Rate Guidance for the Year 2019