Business
PetMeds® Announces Its Third Quarter Financial Results and Declares a Quarterly Dividend of $0.30 Per Share
DELRAY BEACH, Fla., Feb. 06, 2023 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (NASDAQ: PETS), Your Trusted Pet Health Expert™, today announced its financial
About this update from Petmed Express, Inc.
[{"type":"text","content":"DELRAY BEACH, Fla., Feb. 06, 2023 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (NASDAQ: PETS), Your Trusted Pet Health Expert™, today announced its financial results for its third quarter ended December 31, 2022. Quarterly Highlights Net sales for the quarter ended December 31, 2022, were $58.9 million, compared to $60.7 million for third quarter in the prior year, a decrease of 3.0%. PetMeds® reports new customers increased 9% year over year for the quarter ended December 31, 2022 representing the first customer increase in 2 ½ years.Net loss for the quarter ended December 31, 2022 was $19.0 thousand, or $(0.0) diluted earnings per share or $0.02 per diluted share excluding the effects of certain acquisition related costs not indicative of our ongoing operations. This compares to net income of $4.3 million, or $0.21 diluted earnings per share, for the prior year quarter ended December 31, 2021. Adjusted EBITDA1 was $2.7 million, for the current year quarter, compared to Adjusted EBITDA of $7.6 million, for the quarter ended December 31, 2021, a decrease of 64%. “We’re pleased to see the first year over year increase in customers for PetMeds in the last 10 quarters. Revenue was down year over year 3.0%, but stable sequentially despite the prior quarter benefiting from an elongated flea and tick season,\" said Matt Hulett, CEO and President. Mr. Hulett continued, “We believe that we are making progress towards being a leader in total pet health expertise. We are confident that our investments in the core PetMeds business, our unique on-demand digital veterinarian and pet telemedicine service and our recently announced acquisition of PetCareRx, will position PetMeds for future long-term growth.” 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 February 27, 2023, to shareholders of record at the close of business on February 20, 2023. The declaration and payment of future dividends is discretionary and will be subject to the determination by the Board of Directors. Based on a sales tax assessment received and accrued in the second quarter fiscal year 2023, the Company initiated a process to evaluate the potential for further sales tax contingencies, We expect to complete the evaluation in the quarter ending March 31, 2023, the results of which could h...