PetMeds® Announces Its Fourth Quarter and Fiscal Year End Financial Results and Declares a Quarterly Dividend of $0.30 Per Share

About this update from Petmed Express, Inc.

[{"type":"text","content":"DELRAY BEACH, Fla., May 22, 2023 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (NASDAQ: PETS), Your Trusted Pet Health Expert™, today announced its financial results for its fourth quarter and fiscal year ended March 31, 2023. Quarterly Highlights Net sales for the quarter ended March 31, 2023, were $62.4 million, compared to $66.0 million for the fourth quarter in the prior year, a decrease of 5.4%. New customers increased 12% year over year for the quarter ended March 31, 2023 representing the second consecutive quarter of quarterly year-over-year new customer growth following a 2 ½ year period without such growth.Net loss for the quarter ended March 31, 2023 was $(5.1) million, or $(0.25) diluted earnings per share, and includes $7.9 million, or $0.29 per diluted share, for items which management believes are not indicative of our ongoing operations. This compares to net income of $6.1 million, or $0.30 diluted earnings per share, for the prior year quarter ended March 31, 2022. Adjusted EBITDA1 was $3.6 million for the current year quarter, compared to Adjusted EBITDA of $9.5 million, for the quarter ended March 31, 2022, a decrease of 61.8%. Annual Highlights Net sales for the fiscal year ended March 31, 2023, were $256.9 million, compared to $273.4 million for the prior year, a decrease of 6.1%.Net income for the fiscal year ended March 31, 2023 was $233.0 thousand, or $0.01 diluted earnings per share, and includes $9.7 million, or $0.36 per diluted share, for items not indicative of our ongoing operations. This compares to net income of $21.1 million, or $1.04 diluted earnings per share, for the prior fiscal year ended March 31, 2022.Adjusted EBITDA was $19.8 million, for the fiscal year ended March 31, 2023, compared to Adjusted EBITDA of $34.0 million for the fiscal year ended March 31, 2022, a decrease of 41.9%. \"Fiscal 2023, particularly in the final quarter, represented a critical investment timeframe for PetMeds, as we strengthened the team, enhanced our systems, identified PetCareRx as a strategic acquisition opportunity, and turned our focus to incorporating our newly added investments. Revenue was down year over year by 6.1% but higher quarter over quarter. AutoShip & Save recurring revenue is the highest it's ever been at 44%, and new customers increased 12% for the quarter,\" said Matt Hulett, CEO and President. Mr...

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