Business
PetMeds® Announces Its First Quarter Financial Results and Declares a Quarterly Dividend of $0.30 Per Share
DELRAY BEACH, Fla., July 31, 2023 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (NASDAQ: PETS) (“PetMeds” or “Company”), Your Trusted Pet Health Expert™, today
About this update from Petmed Express, Inc.
[{"type":"text","content":"DELRAY BEACH, Fla., July 31, 2023 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (NASDAQ: PETS) (“PetMeds” or “Company”), Your Trusted Pet Health Expert™, today announced its financial results for its first quarter ended June 30, 2023. Quarterly Highlights Net sales for the quarter ended June 30, 2023, were $78.2 million, compared to $70.2 million for the first quarter in the prior year, an increase of 11.5%. PetMeds reported an increase in new customers of 25% year over year for the quarter ended June 30, 2023, representing the third consecutive quarter of new customer growth. This includes new customers from the PetCareRx acquisition.Net loss for the quarter ended June 30, 2023 was $(0.9) million, or $(0.04) per diluted share, including $1.1 million of acquisition related costs expensed in the quarter. The quarterly results compare to net income of $2.8 million, or $0.14 diluted earnings per share, for the prior year quarter ended June 30, 2022. Adjusted EBITDA1 of $3.3 million for the current year quarter, compared to Adjusted EBITDA of $6.3 million, for the quarter ended June 30, 2022, a decrease of 47%. The decrease was due to increased gross profit and other income, offset by higher G&A expenses and advertising expenses.PetMeds successfully closed on the acquisition of PetCareRx on April 3, 2023 and is including almost a full quarter of results in the consolidated results ended June 30, 2023. \"This quarter's performance is a pivotal step in our Company's transformative path,” said Matt Hulett, CEO and President. “After over two years of declining revenues, we have successfully achieved year-over-year growth in our top line.” Hulett continued, “Not only did revenue increase by 11.5%, year-over-year, but 49% of our total revenue was derived from recurring sources such as our AutoShip subscription and PetPlus membership programs. Our journey towards becoming a leader in comprehensive pet health expertise is showing promising progress. The acquisition of PetCareRx has unlocked tremendous growth opportunities, allowing us to expand our product catalog and capitalize on synergies between the two. \" 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 August 18, 2023, to shareholders of record at the close of business on August 14, 2023. The declaration...