-----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, IQBiaKj75WNjdWZ9v2RRttxzxqObss8UsFFbgPmyRtW79rNWdYBr8RkSrKWtxYUm ZaV71zldnZc4JWg1h+fXYQ== 0000943440-05-000027.txt : 20050125 0000943440-05-000027.hdr.sgml : 20050125 20050125161317 ACCESSION NUMBER: 0000943440-05-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050124 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050125 DATE AS OF CHANGE: 20050125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PETMED EXPRESS INC CENTRAL INDEX KEY: 0001040130 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DRUG STORES AND PROPRIETARY STORES [5912] 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: 05547339 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 jan2405-8k.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): January 24, 2005 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) Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act 1 Item 7.01 Regulation FD Disclosure On January 24, 2005, PetMed Express, Inc. issued a press release announcing its December 31, 2004 quarter end financial results. 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 9.01 Financial Statements and Exhibits (c) Exhibits 99.1 Press Release issued by PetMed Express, Inc. on January 24, 2005 2 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: January 25, 2005 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) 3 EXHIBIT INDEX Exhibit No. Description 99.1 Press Release issued by PetMed Express on January 24, 2005 EX-99.1 2 jan2405-8kex99.txt EXHIBIT 99.1 Date: January 24, 2005 Contact: Bruce S. Rosenbloom, CFO Phone: (954) 979-5995 Fax: (954) 971-0544 PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES THIRD QUARTER FINANCIAL RESULTS Pompano Beach, Florida, January 24, 2005 - PetMed Express, Inc. (NASDAQ: PETS) today announced results for the quarter ended December 31, 2004. Net sales for the three months ended December 31, 2004 were $20.8 million, compared to $17.2 million for the three months ended December 31, 2003, an increase of 21%. Net income was $2.0 million, or $.08 diluted per share, for the quarter ended December 31, 2004, compared to $1.2 million, or $.05 diluted per share, for the quarter ended December 31, 2003, an increase to net income of 60%. Net sales for the nine months ended December 31, 2004 were $84.8 million, compared to $72.5 million for the nine months ended December 31, 2003, an increase of 17%. Net income was $5.6 million, or $.23 diluted per share, for the nine month period, compared to net income of $4.5 million or $.19 diluted per share, for the same period a year ago, an increase to net income of 25%. Mendo Akdag, CEO, commented: "Our reorder sales increased 27%, from $11.4 million to $14.5 million for the three months ended December 31, 2003 and 2004, and our reorder sales increased 40%, from $36.8 million to $51.7 million for the nine months ended December 31, 2003 and 2004, respectively. We also acquired approximately 85,000 new customers in the quarter and approximately 430,000 new customers for the nine month period, and approximately 53% of all orders were placed on our website for the quarter." Founded in 1996, PetMed Express is America's largest pet pharmacy, delivering prescription and non-prescription pet medications and other health products for dogs and cats at competitive prices direct to the consumer through its 1-800- PetMeds toll free number 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 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, 2004. 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., Pompano Beach, Bruce S. Rosenbloom, CFO, 954-979-5995. ### 99.1 page 1 - 2 PETMED EXPRESS, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended Nine Months Ended December 31, December 31, 2004 2003 2004 2003 ---------- ---------- ---------- ---------- Sales $ 20,782,837 $ 17,169,571 $ 84,826,062 $ 72,526,362 Cost of sales 12,337,310 10,119,515 50,905,585 43,448,019 ---------- ---------- ---------- ---------- Gross profit 8,445,527 7,050,056 33,920,477 29,078,343 ---------- ---------- ---------- ---------- Operating expenses: General and administrative 2,541,197 2,318,094 8,734,370 8,057,719 Advertising 2,628,090 2,618,149 16,012,910 13,571,119 Depreciation and amortization 146,609 137,705 460,962 397,105 ---------- ---------- ---------- ---------- Total operating expenses 5,315,896 5,073,948 25,208,242 22,025,943 ---------- ---------- ---------- ---------- Income from operations 3,129,631 1,976,108 8,712,235 7,052,400 ---------- ---------- ---------- ---------- Other income (expense) Interest expense - (4,213) (880) (8,420) Interest income 33,409 2,085 55,414 8,939 Other, net 906 90 2,317 1,076 ---------- ---------- ---------- ---------- Total other income (expense) 34,315 (2,038) 56,851 1,595 ---------- ---------- ---------- ---------- Income before provision for income taxes 3,163,946 1,974,070 8,769,086 7,053,995 Provision for income taxes 1,206,835 750,146 3,182,182 2,579,299 ---------- ---------- ---------- ---------- Net income $ 1,957,111 $ 1,223,924 $ 5,586,904 $ 4,474,696 ========== ========== ========== ========== Net income per common share: Basic $ 0.08 $ 0.06 $ 0.25 $ 0.23 ========== ========== ========== ========== Diluted $ 0.08 $ 0.05 $ 0.23 $ 0.19 ========== ========== ========== ========== Weighted average number of common shares outstanding: Basic 23,266,549 19,631,732 22,670,044 19,339,370 ========== ========== ========== ========== Diluted 23,903,297 23,739,336 23,867,698 23,333,622 ========== ========== ========== ========== BALANCE SHEET DATA December 31, March 31, 2004 2004 ---------- ----------- (UNAUDITED) Working capital $ 19,221,758 $ 11,338,004 Total assets 24,288,805 18,480,808 Total liabilities 2,655,081 4,486,299 Total shareholders' equity 21,633,724 13,994,509
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