PetMed Express Announces Its Second Fiscal Quarter Financial Results and Its Quarterly Dividend of $0.30 Per Share
25 Outubro 2021 - 5:00PM
PetMed Express, Inc. (NASDAQ: PETS) today announced its financial
results for the quarter ended September 30, 2021. Net sales for the
quarter ended September 30, 2021 were $67.4 million, compared to
$75.4 million for the quarter ended September 30, 2020, a decrease
of 10.7%. Net sales for the six months ended September 30, 2021
were $146.7 million, compared to $171.6 million for the six months
ended September 30, 2020, a decrease of 14.5%. Net income was $6.3
million, or $0.31 diluted per share, for the quarter ended
September 30, 2021, compared to net income of $8.4 million, or
$0.42 diluted per share, for the quarter ended September 30, 2020,
a 24.5% decrease to net income. Net income was $10.8 million, or
$0.53 diluted per share, for the six months ended September 30,
2021, compared to net income of $16.2 million, or $0.81 diluted per
share, for the six months ended September 30, 2020, a 33.4%
decrease to net income. Average order size increased from $87 to
$92 for the quarters ended September 30, 2020 and 2021,
respectively.
“PetMeds has been a pioneer in the business of
pet health and wellness for over 25 years, and it’s time to take
the next step towards expanding our business in the $10 billion pet
medication market and to begin our foray into the much larger $107
billion total pet care market,” said Matt Hulett, CEO and
President. “As one example, during the quarter we recently launched
our “AutoShip and Save” program which allows us to build a greater
lifetime value and recurring relationships with our customers. The
team and I are looking forward to leveraging PetMeds’ many assets
in a variety of other new opportunity areas as we elevate our
growth prospects for the future.”
The Board of Directors declared a quarterly
dividend of $0.30 per share on the Company’s common stock. The
dividend will be payable on November 19, 2021, to shareholders of
record at the close of business on November 8, 2021. The Company
intends to continue to pay regular quarterly dividends; however,
the declaration and payment of future dividends is discretionary
and will be subject to a determination by the Board of Directors
each quarter following its review of the Company’s financial
performance.
This afternoon at 4:30 P.M. Eastern Time, the
Company will host a conference call to review the quarter’s
financial results. To access the call, which is open to the public,
please dial (877) 407-0789 (toll free) or (201) 689-8562. We will
also provide a link at
https://www.1800petmeds.com/investor.html for those who wish
to stream the call via webcast. For those unable to participate in
the live event, the call will be available for replay from 7:30
P.M. Eastern Time on October 25, 2021 until November 8, 2021 at
11:59 P.M Eastern Time. To access the replay, call (844) 512-2921
(toll free) or (412) 317-6671, and enter passcode 13724036.
Founded in 1996, PetMed Express is America’s
Most Trusted Pet Pharmacy®, delivering prescription and
non-prescription pet medications and other health products for
dogs, cats, and horses at competitive prices direct to the consumer
through its 1-800-PetMeds toll free number and on the Internet
through its website at www.petmeds.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 risks 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
Financial Condition and Results of Operations in the PetMed Express
Annual Report on Form 10-K for the year ended March 31, 2021. The
Company’s future results may also be impacted by other risk factors
listed from time to time in its SEC filings, including, but not
limited to, the Company's Form 10-Q and its Annual Report on Form
10-K. For investment relations contact PetMed Express, Inc., Bruce
S. Rosenbloom, CFO, 561-526-4444.
PETMED EXPRESS, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands, except for per share data) |
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
March 31, |
|
|
|
2021 |
|
|
2021 |
ASSETS |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
106,562 |
|
$ |
118,718 |
Accounts receivable, less allowance for doubtful accounts of $28
and $39, respectively |
|
|
1,854 |
|
|
2,587 |
Inventories - finished goods, net |
|
|
19,733 |
|
|
34,420 |
Prepaid expenses and other current assets |
|
|
4,397 |
|
|
4,503 |
Prepaid income taxes |
|
|
899 |
|
|
959 |
Total current assets |
|
|
133,445 |
|
|
161,187 |
|
|
|
|
|
|
|
Noncurrent assets: |
|
|
|
|
|
|
Property and equipment, net |
|
|
25,081 |
|
|
25,450 |
Intangible assets |
|
|
860 |
|
|
860 |
Total noncurrent assets |
|
|
25,941 |
|
|
26,310 |
|
|
|
|
|
|
|
Total assets |
|
$ |
159,386 |
|
$ |
187,497 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
11,183 |
|
$ |
39,548 |
Accrued expenses and other current liabilities |
|
|
5,089 |
|
|
5,387 |
Total current liabilities |
|
|
16,272 |
|
|
44,935 |
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
1,627 |
|
|
1,281 |
|
|
|
|
|
|
|
Total liabilities |
|
|
17,899 |
|
|
46,216 |
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
Preferred stock, $.001 par value, 5,000 shares authorized; 3
convertible shares issued and outstanding with a liquidation
preference of $4 per share |
|
|
9 |
|
|
9 |
Common stock, $.001 par value, 40,000 shares authorized; 20,943 and
20,269 shares issued and outstanding, respectively |
|
|
21 |
|
|
20 |
Additional paid-in capital |
|
|
8,711 |
|
|
7,111 |
Retained earnings |
|
|
132,746 |
|
|
134,141 |
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
141,487 |
|
|
141,281 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
159,386 |
|
$ |
187,497 |
|
|
|
|
|
|
|
PETMED EXPRESS, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(In thousands, except for per share amounts)
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
67,386 |
|
$ |
75,436 |
|
$ |
146,698 |
|
$ |
171,640 |
Cost of sales |
|
|
48,212 |
|
|
52,418 |
|
|
105,744 |
|
|
121,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
19,174 |
|
|
23,018 |
|
|
40,954 |
|
|
49,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
6,958 |
|
|
6,809 |
|
|
14,999 |
|
|
14,563 |
Advertising |
|
|
3,435 |
|
|
5,131 |
|
|
11,108 |
|
|
14,164 |
Depreciation |
|
|
694 |
|
|
607 |
|
|
1,341 |
|
|
1,169 |
Total operating expenses |
|
|
11,087 |
|
|
12,547 |
|
|
27,448 |
|
|
29,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
8,087 |
|
|
10,471 |
|
|
13,506 |
|
|
19,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
74 |
|
|
66 |
|
|
159 |
|
|
156 |
Other, net |
|
|
170 |
|
|
338 |
|
|
454 |
|
|
593 |
Total other income |
|
|
244 |
|
|
404 |
|
|
613 |
|
|
749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
|
8,331 |
|
|
10,875 |
|
|
14,119 |
|
|
20,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
1,982 |
|
|
2,463 |
|
|
3,342 |
|
|
4,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
6,349 |
|
$ |
8,412 |
|
$ |
10,777 |
|
$ |
16,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.31 |
|
$ |
0.42 |
|
$ |
0.53 |
|
$ |
0.81 |
Diluted |
|
$ |
0.31 |
|
$ |
0.42 |
|
$ |
0.53 |
|
$ |
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
|
20,178 |
|
|
20,063 |
|
|
20,144 |
|
|
20,024 |
Diluted |
|
|
20,568 |
|
|
20,154 |
|
|
20,384 |
|
|
20,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share |
|
$ |
0.30 |
|
$ |
0.28 |
|
$ |
0.60 |
|
$ |
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PETMED EXPRESS, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) (Unaudited) |
|
|
|
|
Six Months Ended |
|
|
|
September 30, |
|
|
|
2021 |
|
|
|
2020 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
10,777 |
|
|
$ |
16,180 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation |
|
|
1,341 |
|
|
|
1,169 |
|
Share based compensation |
|
|
1,600 |
|
|
|
1,513 |
|
Deferred income taxes |
|
|
346 |
|
|
|
408 |
|
Bad debt expense |
|
|
58 |
|
|
|
61 |
|
(Increase) decrease in operating assets and increase
(decrease) in liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
675 |
|
|
|
1,570 |
|
Inventories - finished goods |
|
|
14,687 |
|
|
|
(3,567 |
) |
Prepaid income taxes |
|
|
60 |
|
|
|
- |
|
Prepaid expenses and other current assets |
|
|
106 |
|
|
|
916 |
|
Accounts payable |
|
|
(28,365 |
) |
|
|
(3,600 |
) |
Accrued expenses and other current liabilities |
|
|
(210 |
) |
|
|
391 |
|
Income taxes payable |
|
|
- |
|
|
|
147 |
|
Net cash provided by operating activities |
|
|
1,075 |
|
|
|
15,188 |
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(972 |
) |
|
|
(1,193 |
) |
Net cash used in investing activities |
|
|
(972 |
) |
|
|
(1,193 |
) |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Dividends paid |
|
|
(12,259 |
) |
|
|
(11,413 |
) |
Net cash used in financing activities |
|
|
(12,259 |
) |
|
|
(11,413 |
) |
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(12,156 |
) |
|
|
2,582 |
|
Cash and cash equivalents, at beginning of period |
|
|
118,718 |
|
|
|
103,762 |
|
|
|
|
|
|
|
|
Cash and cash equivalents, at end of period |
|
$ |
106,562 |
|
|
$ |
106,344 |
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for income taxes |
|
$ |
2,935 |
|
|
$ |
4,206 |
|
|
|
|
|
|
|
|
Dividends payable in accrued expenses |
|
$ |
110 |
|
|
$ |
126 |
|
|
|
|
|
|
|
|
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