-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QoxyPtvWQIsyiSp3+JTXpkEEu1kEAGaDypwurSUBjroHzQkl6DeTl3sfCZ/bH1sR fJz2zCnyFOvx3U0QBnzWnA== 0000943440-03-000548.txt : 20031027 0000943440-03-000548.hdr.sgml : 20031027 20031027161322 ACCESSION NUMBER: 0000943440-03-000548 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031027 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PETMED EXPRESS INC CENTRAL INDEX KEY: 0001040130 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MISCELLANEOUS NONDURABLE GOODS [5190] IRS NUMBER: 650680967 STATE OF INCORPORATION: FL FISCAL YEAR END: 0330 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28827 FILM NUMBER: 03958696 BUSINESS ADDRESS: STREET 1: 1441 SW 29 AVENUE CITY: POMPANO BEACH STATE: FL ZIP: 33069 BUSINESS PHONE: 9549794788 MAIL ADDRESS: STREET 1: 1441 SW 29 AVENUE CITY: POMPANO BEACH STATE: FL ZIP: 33069 8-K 1 form8k-1027.txt ========================================================================= UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 27, 2003 --------------------- PETMED EXPRESS, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Commission file number 000-28827 FLORIDA 65-0680967 - --------------------------------- ------------------- (State or other jurisdiction (IRS Employer of incorporation or organization) Identification No.) 1441 S.W. 29th Avenue, Pompano Beach, Florida 33069 - --------------------------------------------- ------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (954) 979-5995 ------------------- Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits - ------- --------------------------------- (c) Exhibits Exhibit No. Description - ----------- ----------- 99.1 Press Release issued by PetMed Express, Inc. on October 27, 2003 Item 9. Regulation FD Disclosure. - ------- ------------------------- On October 27, 2003, PetMed Express, Inc. issued a press release reporting its results for the quarter ended September 30, 2003. A copy of this news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information furnished in this Item 9, intended to be furnished under Item 12, is instead furnished under Item 9 in accordance with SEC Release 33-8216. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") nor shall such information be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 12. Results of Operations and Financial Condition. - -------- ---------------------------------------------- See Item 9. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PETMED EXPRESS, INC. (The "Registrant") Date: October 27, 2003 By: /s/ Menderes Akdag -------------------------------- Menderes Akdag Chief Executive Officer (principal executive officer) By: /s/ Bruce S. Rosenbloom -------------------------------- Bruce S. Rosenbloom Chief Financial Officer (principal financial and accounting officer) EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press Release issued by PetMed Express on October 27, 2003 EX-99.1 3 form8k1027-ex99.txt EXHIBIT 99.1 Date: October 27, 2003 Contact: Mendo Akdag, CEO Phone: (954) 979-5995 Fax: (954) 971-0544 PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES SECOND QUARTER FINANCIAL RESULTS - SALES OF $25.0 MILLION / NET INCOME OF $1.8 MILLION Pompano Beach, Florida, October 27, 2003 - PetMed Express, Inc. (OTCBB: PETS) today announced results for the quarter ended September 30, 2003. Net sales were $25.0 million, compared to $14.2 million for the three months ended September 30, 2002, an increase of 76%. Net income was $1.8 million, or $.08 diluted per share, for the quarter, compared to net income of $205,000 or $.01 diluted per share, for the same quarter a year ago, an increase of 787%. Net sales for the six months ended September 30, 2003 were $55.4 million, compared to $29.1 million for the six months ended September 30, 2002, an increase of 91%. Net income was $3.3 million, or $.14 diluted per share, for the six month period, compared to net income of $1.1 million or $.05 diluted per share, for the same period a year ago, an increase of 194%. Mendo Akdag, CEO, commented: "We are very pleased with our second quarter results, and proud to announce that we were able to exceed fiscal year 2003 sales, and equal fiscal year 2003 net income within the first six months of fiscal 2004. In addition to the increases in sales and profits for the quarter, our reorder sales increased 103%, from $6.4 million to $12.9 million for the three months ended September 30, 2002 and 2003, respectively. We also reported new customer growth of approximately 166,000 customers for the quarter, and approximately 49% of all orders were placed on our website for the quarter in comparison to 40% for the same period a year ago." Added Mr. Akdag: "On August 28, 2003, we signed an amendment to our existing line of credit agreement, which extended our line of credit from $2,000,000 up to $5,000,000. This increase to our borrowing capacity will give us added financial flexibility in the future." On Monday, November 10, 2003 at 5 p.m. Eastern Standard Time, Mr. Akdag, CEO, will host a conference call to review the second quarter financial results of fiscal 2004. The associated quarterly filing will be issued before the market opens on November 10, 2003. To access the call, which is open to the public, call (888) 790- 1641 (toll free) 15 minutes prior to the scheduled start time. Callers will be required to supply EARNINGS as the passcode. Callers will be placed on hold with music until the call begins. For those unable to participate in the live event, the call will be available for replay from 8 p.m. on November 10, 2003 until November 25, 2003 at 11:59 p.m. To access the replay, call (800) 925-4890 (toll free), and enter passcode 5500. 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.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 or Plan of Operations in the PetMed Express Annual Report on Form 10-KSB for the year ended March 31, 2003. For investment relations contact PetMed Express, Inc., Pompano Beach, Mendo Akdag, CEO, 954-979-5995. ### 99.1 page 1 - 2 PETMED EXPRESS, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended Six Months Ended September 30, September 30, 2003 2002 2003 2002 ------------ ------------ ------------ ------------ Sales $ 24,969,228 $ 14,229,702 $ 55,356,791 $ 29,060,457 Cost of sales 14,745,824 8,029,410 33,328,504 16,597,663 ---------- ---------- ---------- ---------- Gross profit 10,223,404 6,200,292 22,028,287 12,462,794 Operating expenses: General and administrative 2,718,371 1,974,189 5,739,625 4,057,612 Advertising 4,443,980 3,832,241 10,952,970 6,639,421 Depreciation and amortization 132,049 86,108 259,400 166,772 ---------- ---------- ---------- ---------- Total operating expenses 7,294,400 5,892,538 16,951,995 10,863,805 Income from operations 2,929,004 307,754 5,076,292 1,598,989 ---------- ---------- ---------- ---------- Other income (expense): Interest expense (1,526) (4,450) (4,207) (10,040) Interest income 4,705 1,824 6,854 5,957 Other, net 378 952 986 3,287 ---------- ---------- ---------- ---------- Total other income (expense) 3,557 (1,674) 3,633 (796) ---------- ---------- ---------- ---------- Income before provision for income taxes 2,932,561 306,080 5,079,925 1,598,193 Provision for income taxes 1,114,373 101,193 1,829,153 490,977 ---------- ---------- ---------- ---------- Net income $ 1,818,188 $ 204,887 $ 3,250,772 $ 1,107,216 ========== ========== ========== ========== Net income per common share: Basic $ 0.09 $ 0.01 $ 0.17 $ 0.07 ========== ========== ========== ========== Diluted $ 0.08 $ 0.01 $ 0.14 $ 0.05 ========== ========== ========== ========== Weighted average number of common shares outstanding: Basic 19,372,365 17,173,499 19,192,390 16,883,731 ========== ========== ========== ========== Diluted 23,425,269 21,356,196 23,103,919 20,655,407 ========== ========== ========== ==========
BALANCE SHEET DATA
September 30, March 31, 2003 2003 ------------- ------------ (Unaudited) Working capital $ 8,111,544 $ 3,017,641 Total assets 15,303,571 9,025,796 Total liabilities 4,788,826 3,433,108 Total shareholders' equity 10,514,745 5,592,688
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