Business
PetMeds® Announces Fiscal 2025 First Quarter Financial Results
Net Income for first quarter fiscal 2025 was $3.8 million or $0.18 diluted earnings per share DELRAY BEACH, Fla., Aug. 06, 2024 (GLOBE NEWSWIRE) -- PetMed
About this update from Petmed Express, Inc.
[{"type":"text","content":"Net Income for first quarter fiscal 2025 was $3.8 million or $0.18 diluted earnings per share\nDELRAY BEACH, Fla., Aug. 06, 2024 (GLOBE NEWSWIRE) -- PetMed Express, Inc. dba PetMeds and parent company of PetCareRx (NASDAQ: PETS) today announced its financial results for its first quarter ended June 30, 2024. Quarterly Highlights for Q1, Fiscal 2025 Net sales were $68 million, (13)% lower than the prior year comparable quarter.Net income was $3.8 million, or $0.18 diluted earnings per share. This compares to net loss of $(1.1) million, or $(0.06) diluted earnings per share, for the prior year comparable quarter.Increase in net income is primarily attributed to a $8.7 million reversal of accumulated stock compensation expense associated with departure of the former CEO, partially offset by lower gross profit of $4.6 million.Adj. EBITDA of $(1.5) million was $4.9 million lower than prior year comparable quarter driven by lower sales and associated gross profit. “Q1 FY‘25 results reflect a transition quarter as we position the Company for future profitable growth by optimizing our cost structure and leaning into our many customer-centric attributes. During the first quarter, we saw a changeover of the CEO and other key executives,” said Sandra Campos, CEO & President. “May marked my first full month in the CEO role, and in May and June we added a new Chief Marketing Officer, Chief Operating Officer and Chief Digital and Technology Officer, along with two new board members. As mentioned during the Q4 FY‘24 earnings results, this new team is taking significant action in areas that will reposition PETS for growth and profitability.” “To be clear, the Q1 financial results do not reflect the full impact of these improvements which began in the back half of the quarter,” Ms. Campos continued. “We have made strong progress on key cost reduction initiatives including combining and streamlining operations between PetMeds and PetCareRx, and the new team has begun to advance our customer growth strategies. We are gaining momentum and seeing early positive signs of our key leading indicators, validating our strategy to create an ecosystem of products and services for pets’ well-being and longevity.” This afternoon the Company will host a conference call to review the quarter’s financial results. Time: 4:30 P.M. Eastern Time, August 6, 2024. Pub...