A company I really like just reported solid financial results thatbeat Wall Street expectations. The company I’m talking about is PetMed Express, Inc. (NASDAQ/PETS).
This innovator, founded in 1996, is one of America’s largest direct-to-consumer pet pharmacies. Forget the overpriced pet medications at veterinary hospitals, this company delivers prescription and non-prescription pet medications as well as health and nutritional supplements for dogs and cats direct to the consumer through its 1- 800-PetMeds toll free number and on the Internet through its web site at www.1800PetMeds.com.
Recently, PetMed reported its financial results for the quarter ended June 30, 2008. According to the company, its revenues were more than sixty-eight million dollars, as compared to revenues of fifty-nine million dollars generated in the comparable quarter, representing an increase of 16%.
PetMed cited that its new order sales increased by 17% to just over twenty-two million dollars, up from nineteen million dollars in the comparable quarter.
Net income was $6.6 million, or $0.28 diluted per share, as compared to net income of $6.2 million, or $0.25 diluted per share, for the quarter ended June 30, 2007, representing a 10% increase in earnings per share.
During the company’s latest quarter, it acquired approximately 267,000 new customers, as compared to 236,000 new customers for the same quarter in the previous year. The company’s reorder revenues also improved some 16% to just over forty-six million dollars.
Going forward, PetMed Express plans to capture more market share, improve its reorder rate, and improve customer service levels in fiscal 2009.
I like this small-cap company and I think it has a bright future ahead. Anyone who is a pet owner knows just how expensive basic flea medication is from your local veterinarian. I really like the fact that PetMed Express took the initiative to give pet owners another alternative.