UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2015
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________
Commission file number: 000-28827
PETMED EXPRESS, INC.
(Exact name of registrant as specified in its charter)
FLORIDA |
65-0680967 |
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
1441 S.W. 29th
Avenue, Pompano Beach, Florida 33069
(Address of principal executive offices, including zip code)
(954) 979-5995
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405
of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,”
“accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
|
|
|
|
Large accelerated filer ☐ |
Accelerated filer ☒ |
|
|
Non-accelerated filer ☐ |
Smaller reporting company ☐ |
|
|
(Do not check if smaller reporting company) |
|
|
Indicate by check mark whether the registrant is a shell company (defined in Rule
12b-2 of the Exchange Act).
Yes ☐ No ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 20,330,842
Common Shares, $.001 par value per share at July 28, 2015.
PART
I - FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS.
PETMED
EXPRESS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
thousands)
| |
| |
|
| |
June 30, |
| |
March 31, |
|
| |
2015 |
| |
2015 |
|
| |
(Unaudited) | |
|
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 42,685 | | |
$ | 35,613 | |
Short term investments - available for sale | |
| 15,572 | | |
| 15,591 | |
Accounts receivable, less allowance for doubtful accounts of $23 and $8, respectively | |
| 3,089 | | |
| 1,931 | |
Inventories - finished goods | |
| 27,220 | | |
| 25,068 | |
Prepaid expenses and other current assets | |
| 1,541 | | |
| 1,380 | |
Deferred tax assets | |
| 938 | | |
| 817 | |
Total current assets | |
| 91,045 | | |
| 80,400 | |
| |
| | | |
| | |
Noncurrent assets: | |
| | | |
| | |
Property and equipment, net | |
| 1,488 | | |
| 1,569 | |
Intangible assets | |
| 860 | | |
| 860 | |
Deferred tax assets | |
| 50 | | |
| 23 | |
| |
| | | |
| | |
Total assets | |
$ | 93,443 | | |
$ | 82,852 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 9,980 | | |
$ | 5,153 | |
Accrued expenses and other current liabilities | |
| 2,229 | | |
| 2,214 | |
Income taxes payable | |
| 3,352 | | |
| 50 | |
| |
| | | |
| | |
Total liabilities | |
| 15,561 | | |
| 7,417 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
| |
| | | |
| | |
Shareholders’ equity: | |
| | | |
| | |
Preferred stock, $.001 par value, 5,000 shares authorized; 3 convertible shares issued and outstanding with a liquidation preference of $4 per share | |
| 9 | | |
| 9 | |
Common stock, $.001 par value, 40,000 shares authorized; 20,259 and 20,262 shares issued and outstanding, respectively | |
| 20 | | |
| 20 | |
Additional paid-in capital | |
| 3,488 | | |
| 3,117 | |
Retained earnings | |
| 74,454 | | |
| 72,343 | |
Accumulated other comprehensive loss | |
| (89 | ) | |
| (54 | ) |
| |
| | | |
| | |
Total shareholders’ equity | |
| 77,882 | | |
| 75,435 | |
| |
| | | |
| | |
Total liabilities and shareholders’ equity | |
$ | 93,443 | | |
$ | 82,852 | |
See
accompanying notes to condensed consolidated financial statements.
PETMED
EXPRESS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In
thousands, except for per share amounts)(Unaudited)
| |
Three Months Ended |
| |
June 30, |
| |
2015 |
| |
2014 |
|
| |
| |
|
Sales | |
$ | 71,634 | | |
$ | 72,541 | |
Cost of sales | |
| 48,668 | | |
| 48,769 | |
| |
| | | |
| | |
Gross profit | |
| 22,966 | | |
| 23,772 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
General and administrative | |
| 5,799 | | |
| 5,875 | |
Advertising | |
| 7,885 | | |
| 9,896 | |
Depreciation | |
| 191 | | |
| 163 | |
Total operating expenses | |
| 13,875 | | |
| 15,934 | |
| |
| | | |
| | |
Income from operations | |
| 9,091 | | |
| 7,838 | |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Interest income, net | |
| 50 | | |
| 44 | |
Other, net | |
| (4 | ) | |
| 9 | |
Total other income | |
| 46 | | |
| 53 | |
| |
| | | |
| | |
Income before provision for income taxes | |
| 9,137 | | |
| 7,891 | |
| |
| | | |
| | |
Provision for income taxes | |
| 3,380 | | |
| 2,918 | |
| |
| | | |
| | |
Net income | |
$ | 5,757 | | |
$ | 4,973 | |
| |
| | | |
| | |
Net change in unrealized gain (loss) on short term investments | |
| (35 | ) | |
| 8 | |
| |
| | | |
| | |
Comprehensive income | |
$ | 5,722 | | |
$ | 4,981 | |
| |
| | | |
| | |
Net income per common share: | |
| | | |
| | |
Basic | |
$ | 0.29 | | |
$ | 0.25 | |
Diluted | |
$ | 0.29 | | |
$ | 0.25 | |
| |
| | | |
| | |
Weighted average number of common shares outstanding: | |
| | | |
| | |
Basic | |
| 20,074 | | |
| 19,961 | |
Diluted | |
| 20,198 | | |
| 20,092 | |
| |
| | | |
| | |
Cash dividends declared per common share | |
$ | 0.18 | | |
$ | 0.17 | |
See
accompanying notes to condensed consolidated financial statements.
PETMED
EXPRESS, INC. AND SUBSIDIARIES
condensed
consolidated statementS of cash flows
(In
thousands)(Unaudited)
| |
Three Months Ended |
| |
June 30, |
| |
2015 |
| |
2014 |
|
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 5,757 | | |
$ | 4,973 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation | |
| 191 | | |
| 163 | |
Share based compensation | |
| 371 | | |
| 373 | |
Deferred income taxes | |
| (148 | ) | |
| (90 | ) |
Bad debt expense | |
| 168 | | |
| 17 | |
(Increase) decrease in operating assets and increase (decrease) in liabilities: | |
| | | |
| | |
Accounts receivable | |
| (1,326 | ) | |
| 146 | |
Inventories - finished goods | |
| (2,152 | ) | |
| 2,840 | |
Prepaid income taxes | |
| - | | |
| 54 | |
Prepaid expenses and other current assets | |
| (161 | ) | |
| 27 | |
Accounts payable | |
| 4,827 | | |
| 2,821 | |
Income taxes payable | |
| 3,302 | | |
| 2,889 | |
Accrued expenses and other current liabilities | |
| (18 | ) | |
| 44 | |
Net cash provided by operating activities | |
| 10,811 | | |
| 14,257 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Net change in investments | |
| (16 | ) | |
| (20 | ) |
Purchases of property and equipment | |
| (110 | ) | |
| (6 | ) |
Net cash used in investing activities | |
| (126 | ) | |
| (26 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Dividends paid | |
| (3,613 | ) | |
| (3,395 | ) |
Net cash used in financing activities | |
| (3,613 | ) | |
| (3,395 | ) |
| |
| | | |
| | |
Net increase in cash and cash equivalents | |
| 7,072 | | |
| 10,836 | |
Cash and cash equivalents, at beginning of period | |
| 35,613 | | |
| 18,305 | |
| |
| | | |
| | |
Cash and cash equivalents, at end of period | |
$ | 42,685 | | |
$ | 29,141 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow information: | |
| | | |
| | |
| |
| | | |
| | |
Cash paid for income taxes | |
$ | 226 | | |
$ | 66 | |
| |
| | | |
| | |
Dividends payable in accrued expenses | |
$ | 245 | | |
$ | 300 | |
See
accompanying notes to condensed consolidated financial statements.
PETMED
EXPRESS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note
1: Summary of Significant Accounting Policies
Organization
PetMed
Express, Inc. and subsidiaries, d/b/a 1-800-PetMeds (the “Company”), is a leading nationwide pet pharmacy. The
Company markets prescription and non-prescription pet medications, health products, and supplies for dogs and cats, direct to
the consumer. The Company offers consumers an attractive alternative for obtaining pet medications in terms of convenience,
price, and speed of delivery. The Company markets its products through national television, online, and direct mail/print
advertising campaigns, which aim to increase the recognition of the “1-800-PetMeds” brand name, and “PetMeds”
family of trademarks, increase traffic on its website at www.1800petmeds.com, acquire
new customers, and maximize repeat purchases. The majority of the Company’s sales are to residents in the United
States. The Company’s executive offices are located in Pompano Beach, Florida. The Company’s
fiscal year end is March 31, and references herein to Fiscal 2016 or Fiscal 2015 refer to the Company's fiscal years ending March
31, 2016 and 2015, respectively.
Basis
of Presentation and Consolidation
The
accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form
10-Q and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted
in the United States of America for complete financial statements. In the opinion of management, the accompanying Condensed
Consolidated Financial Statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly
the financial position of the Company at June 30, 2015, the Statements of Comprehensive Income for the three months ended June
30, 2015 and 2014, and Cash Flows for the three months ended June 30, 2015 and 2014. The results of operations for
the three months ended June 30, 2015 are not necessarily indicative of the operating results expected for the fiscal year ending
March 31, 2016. These financial statements should be read in conjunction with the financial statements and notes thereto
contained in the Company’s annual report on Form 10-K for the fiscal year ended March 31, 2015. The Condensed
Consolidated Financial Statements include the accounts of PetMed Express, Inc. and its wholly owned subsidiaries. All
significant intercompany transactions have been eliminated upon consolidation.
Use
of Estimates
The
preparation of Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.
Fair
Value of Financial Instruments
The
carrying amounts of the Company's cash and cash equivalents, short term investments, accounts receivable, and accounts payable
approximate fair value due to the short-term nature of these instruments.
Recent
Accounting Pronouncements
The
Company does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, will have
a material effect on the Company’s consolidated financial position, results of operations, or cash flows.
Note
2: Net Income Per Share
In
accordance with the provisions of ASC Topic 260 (“Earnings Per Share”) basic net income per share is computed
by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the
period. Diluted net income per common share includes the dilutive effect of potential restricted stock and the effects
of the potential conversion of preferred shares, calculated using the treasury stock method. Unvested restricted stock
and convertible preferred shares issued by the Company represent the only dilutive effect reflected in the diluted weighted average
shares outstanding.
The
following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for
the periods presented (in thousands, except for per share amounts):
|
|
Three
Months Ended June 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
Net income (numerator): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
5,757 |
|
|
$ |
4,973 |
|
|
|
|
|
|
|
|
|
|
Shares (denominator): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares |
|
|
|
|
|
|
|
|
outstanding
used in basic computation |
|
|
20,074 |
|
|
|
19,961 |
|
Common shares
issuable upon vesting of |
|
|
|
|
|
|
|
|
restricted
stock |
|
|
114 |
|
|
|
121 |
|
Common shares
issuable upon conversion |
|
|
|
|
|
|
|
|
of
preferred shares |
|
|
10 |
|
|
|
10 |
|
Shares
used in diluted computation |
|
|
20,198 |
|
|
|
20,092 |
|
|
|
|
|
|
|
|
|
|
Net income per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.29 |
|
|
$ |
0.25 |
|
Diluted |
|
$ |
0.29 |
|
|
$ |
0.25 |
|
At
June 30, 2015 and 2014, all common restricted stock was included in the diluted net income per common share computation.
Note
3: Accounting for Stock-Based Compensation
The
Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“Share Based
Payment”). The Company adopted the modified prospective transition method provided under ASC Topic 718. The
compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of
general and administrative expenses.
The
Company had 770,713 restricted common shares issued under the 2006 Employee Equity Compensation Restricted Stock Plan (“Employee
Plan”) and 242,000 restricted common shares issued under the 2006 Outside Director Equity Compensation Restricted Stock
Plan (“Director Plan”) at June 30, 2015, all shares of which were issued subject to a restriction or forfeiture period
which lapse ratably on the first, second, and third anniversaries of the date of grant, and the fair value of which is being amortized
over the three-year restriction period. The Company did not issue any shares of restricted stock during the quarter. For
the quarters ended June 30, 2015 and 2014, the Company recognized $371,000 and $373,000, respectively, of compensation expense
related to the Employee Plan and Director Plan. At June 30, 2015 and 2014, there was $1.5 million and $2.1 million
of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized
over the next three years.
Note
4: Short Term Investments
The
Company’s short term investment balance consists of short term bond mutual funds. In accordance with ASC Topic
320 (“Accounting for Certain Investments in Debt and Equity Securities”), short term investments are accounted
for as available for sale securities with any changes in fair value to be reflected in other comprehensive income. The Company
had a short term investments balance of $15.6 million as of both June 30, 2015 and March 31, 2015.
Note
5: Fair Value
The
Company carries various assets and liabilities at fair value in the Condensed Consolidated Balance Sheets. Fair value
is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants. As such, fair value is a market-based measurement that should be
determined based on assumptions that market participants would use in pricing an asset or a liability. ASC Topic 820
establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair
value:
Level 1
- Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2
- Include other inputs that are directly or indirectly observable in the marketplace.
Level 3
- Unobservable inputs which are supported by little or no market activity.
The
fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs
when measuring fair value. The Company’s cash equivalents and short term investments are classified within Level 1. Assets
and liabilities measured at fair value are summarized below:
|
|
|
|
|
Fair
Value Measurement at June 30, 2015 Using |
|
|
|
|
|
|
Quoted
Prices |
|
|
Significant |
|
|
|
|
|
|
|
|
|
in
Active |
|
|
Other |
|
|
Significant |
|
|
|
|
|
|
Markets
for |
|
|
Observable |
|
|
Unobservable |
|
|
|
June
30, |
|
|
Identical
Assets |
|
|
Inputs |
|
|
Inputs |
|
(In
thousands) |
|
2015 |
|
|
(Level
1) |
|
|
(Level
2) |
|
|
(Level
3) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents - |
|
|
|
|
|
|
|
|
|
|
|
|
money
market funds |
|
$ |
42,685 |
|
|
$ |
42,685 |
|
|
$ |
- |
|
|
$ |
- |
|
Short
term investments - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
bond
mutual funds |
|
|
15,572 |
|
|
|
15,572 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
58,257 |
|
|
$ |
58,257 |
|
|
$ |
- |
|
|
$ |
- |
|
Note
6: Commitments and Contingencies
The
Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can
be no assurances made that other states will not attempt to take similar actions against the Company in the future. The
Company initiates litigation to protect its trade or service marks. There can be no assurance that the Company will
be successful in protecting its trade or service marks. Legal costs related to the above matters are expensed as incurred.
Note
7: Changes in Stockholders’ Equity and Comprehensive Income:
Changes
in stockholders’ equity for the three months ended June 30, 2015 is summarized below (in thousands):
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
Additional |
|
|
|
|
|
Other |
|
|
|
Paid-In |
|
|
Retained |
|
|
Comprehensive |
|
|
|
Capital |
|
|
Earnings |
|
|
Gain
(Loss) |
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance at March 31, 2015: |
|
$ |
3,117 |
|
|
$ |
72,343 |
|
|
$ |
(54 |
) |
Share
based compensation |
|
|
371 |
|
|
|
- |
|
|
|
- |
|
Dividends
declared |
|
|
- |
|
|
|
(3,646 |
) |
|
|
- |
|
Net
Income |
|
|
- |
|
|
|
5,757 |
|
|
|
- |
|
Net
change in unrealized loss on short term investments |
|
|
- |
|
|
|
- |
|
|
|
(35 |
) |
Ending
balance at June 30, 2015: |
|
$ |
3,488 |
|
|
$ |
74,454 |
|
|
$ |
(89 |
) |
No
shares of treasury stock were purchased or retired in the three months ended June 30, 2015 and 2014.
Note
8: Income Taxes
For
the quarters ended June 30, 2015 and 2014, the Company recorded an income tax provision for approximately $3.4 million and $2.9
million, respectively. The effective tax rate was 37% for both of the quarters ended June 30, 2015 and 2014.
Note
9: Subsequent Events
On
July 20, 2015, the Board of Directors declared a quarterly dividend of $0.18 per share. The Board established an August
3, 2015 record date and an August 14, 2015 payment date. Based on the outstanding share balance as of July 28,
2015 the Company estimates the dividend payable to be approximately $3.6 million.
On
July 24, 2015, the Board of Directors approved the issuance of approximately 77,500 restricted shares to certain employees and
the outside directors of the Company, pursuant to the Employee and Director Plans, respectively. All shares that were
issued are subject to a restriction or forfeiture period which will lapse ratably on the first, second, and third anniversaries
of the date of grant, and the fair value will be amortized over the three-year restriction period.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Executive
Summary
PetMed
Express was incorporated in the state of Florida in January 1996. The Company’s common stock is traded on the
NASDAQ Global Select Market under the symbol “PETS.” The Company began selling pet medications and other
pet health products in September 1996. In March 2010 the Company started offering for sale additional pet supplies
on its website, and these items are drop shipped to customers by third party vendors.
Presently,
the Company’s product line includes approximately 3,000 SKUs of the most popular pet medications, health products, and supplies
for dogs and cats.
The
Company markets its products through national television, online, and direct mail/print advertising campaigns which aim to increase
the recognition of the “1-800-PetMeds” brand name, and “PetMeds” family of trademarks, increase traffic
on its website at www.1800petmeds.com, acquire new customers, and maximize repeat purchases. Approximately
81% of all sales were generated via the Internet for the three months ended June 30, 2015, compared to 80% for the quarter ending
June 30, 2014. The Company’s sales consist of products sold mainly to retail consumers. The three-month
average purchase was approximately $82 and $78 per order for the quarters ended on June 30, 2015 and 2014, respectively.
Critical
Accounting Policies
Our
discussion and analysis of our financial condition and the results of our operations are based upon our Consolidated Financial
Statements and the data used to prepare them. The Company’s Condensed Consolidated Financial Statements have
been prepared in accordance with accounting principles generally accepted in the United States of America. On an ongoing
basis we re-evaluate our judgments and estimates including those related to product returns, bad debts, inventories, and income
taxes. We base our estimates and judgments on our historical experience, knowledge of current conditions, and our beliefs
of what could occur in the future considering available information. Actual results may differ from these estimates
under different assumptions or conditions. Our estimates are guided by observing the following critical accounting
policies.
Revenue
recognition
The
Company generates revenue by selling pet medication products and pet supplies primarily to retail consumers. The
Company’s policy is to recognize revenue from product sales upon shipment, when the rights of ownership and risk of
loss have passed to the customer. Outbound shipping and handling fees are included in sales and are billed upon
shipment. Shipping expenses are included in cost of sales. The majority of the Company’s sales
are paid by credit cards and the Company usually receives the cash settlement in two to three banking days. Credit
card sales minimize accounts receivable balances relative to sales. The Company maintains an allowance for
doubtful accounts for losses that the Company estimates will arise from customers’ inability to make required payments,
arising from either credit card charge-backs or insufficient funds checks. The Company determines its estimates of
the uncollectibility of accounts receivable by analyzing historical bad debts and current economic trends. The
allowance for doubtful accounts was approximately $23,000 at June 30, 2015, compared to $8,000 at March 31, 2015.
Valuation
of inventory
Inventories
consist of prescription and non-prescription pet medications and pet supplies that are available for sale and are priced at the
lower of cost or market value using a weighted average cost method. The Company writes down its inventory for estimated
obsolescence. The inventory reserve was approximately $68,000 at June 30, 2015 compared to $63,000 at March 31, 2015.
Advertising
The
Company’s advertising expense consists primarily of television advertising, Internet marketing, and direct mail/print advertising. Television
advertising costs are expensed as the advertisements are televised. Internet costs are expensed in the month incurred
and direct mail/print advertising costs are expensed when the related catalogs, brochures, and postcards are produced, distributed,
or superseded.
Accounting
for income taxes
The
Company accounts for income taxes under the provisions of ASC Topic 740 (“Accounting for Income Taxes”), which
generally requires recognition of deferred tax assets and liabilities for the expected future tax benefits or consequences of
events that have been included in the Consolidated Financial Statements or tax returns. Under this method, deferred
tax assets and liabilities are determined based on differences between the financial reporting carrying values and the tax bases
of assets and liabilities, and are measured by applying enacted tax rates and laws for the taxable years in which those differences
are expected to reverse.
Results
of Operations
The
following should be read in conjunction with the Company’s Condensed Consolidated Financial Statements and the related notes
thereto included elsewhere herein. The following table sets forth, as a percentage of sales, certain operating data
appearing in the Company’s Condensed Consolidated Statements of Comprehensive Income:
|
|
Three
Months Ended |
|
|
|
June 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
Sales |
|
|
100.0 |
% |
|
|
100.0 |
% |
Cost of sales |
|
|
67.9 |
|
|
|
67.2 |
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
32.1 |
|
|
|
32.8 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
General
and administrative |
|
|
8.1 |
|
|
|
8.1 |
|
Advertising |
|
|
11.0 |
|
|
|
13.7 |
|
Depreciation |
|
|
0.3 |
|
|
|
0.2 |
|
Total
operating expenses |
|
|
19.4 |
|
|
|
22.0 |
|
|
|
|
|
|
|
|
|
|
Income
from operations |
|
|
12.7 |
|
|
|
10.8 |
|
|
|
|
|
|
|
|
|
|
Total
other income |
|
|
- |
|
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes |
|
|
12.7 |
|
|
|
10.9 |
|
|
|
|
|
|
|
|
|
|
Provision
for income taxes |
|
|
4.7 |
|
|
|
4.0 |
|
|
|
|
|
|
|
|
|
|
Net
income |
|
|
8.0
|
% |
|
|
6.9
|
% |
Three Months Ended June 30, 2015 Compared With
Three Months Ended June 30, 2014
Sales
Sales
decreased by approximately $907,000, or 1.3%, to approximately $71.6 million for the quarter ended June 30, 2015, from approximately
$72.5 million for the quarter ended June 30, 2014. The decrease in sales for the three months ended June 30, 2015 was primarily
due to decreased new order sales offset by increased reorder sales. The decrease in new order sales may be attributed to decreased
advertising spending. The Company acquired approximately 148,000 new customers for the quarter ended June 30, 2015, compared to
approximately 184,000 new customers for the same period the prior year. The following chart illustrates sales by various sales
classifications:
Three Months Ended June 30, |
Sales (In thousands) | |
2015 | |
% | |
2014 | |
% | |
$ Variance | |
% Variance |
| |
| |
| |
| |
| |
| |
|
Reorder Sales | |
$ | 59,562 | | |
| 83.1 | % | |
$ | 58,488 | | |
| 80.6 | % | |
$ | 1,074 | | |
| 1.8 | % |
New Order Sales | |
$ | 12,072 | | |
| 16.9 | % | |
$ | 14,053 | | |
| 19.4 | % | |
$ | (1,981 | ) | |
| -14.1 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Net Sales | |
$ | 71,634 | | |
| 100.0 | % | |
$ | 72,541 | | |
| 100.0 | % | |
$ | (907 | ) | |
| -1.3 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Internet Sales | |
$ | 57,690 | | |
| 80.5 | % | |
$ | 58,014 | | |
| 80.0 | % | |
$ | (324 | ) | |
| -0.6 | % |
Contact Center Sales | |
$ | 13,944 | | |
| 19.5 | % | |
$ | 14,527 | | |
| 20.0 | % | |
$ | (583 | ) | |
| -4.0 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Net Sales | |
$ | 71,634 | | |
| 100.0 | % | |
$ | 72,541 | | |
| 100.0 | % | |
$ | (907 | ) | |
| -1.3 | % |
Going
forward sales may be adversely affected due to increased competition and consumers giving more consideration to price. The majority
of our product sales are affected by the seasons, due to the seasonality of mainly heartworm, and flea and tick medications. For
the quarters ended June 30, September 30, December 31, and March 31 of Fiscal 2015, the Company’s sales were approximately
32%, 25%, 21%, and 22%, respectively.
Cost
of sales
Cost
of sales decreased by approximately $101,000, to approximately $48.7 million for the quarter ended June 30, 2015, from approximately
$48.8 million for the quarter ended June 30, 2014. The decrease in cost of sales is directly
related to the decrease in sales during the quarter ended June 30, 2015. As a percent of sales, the cost of sales was 67.9% and
67.2% for the quarters ended June 30, 2015 and 2014, respectively. The increase in the cost of sales percentage can be attributed
to an increase to product costs on certain brands.
Gross
profit
Gross
profit decreased by approximately $806,000, or 3.4%, to approximately $23.0 million for the quarter ended June 30, 2015, from
approximately $23.8 million for the quarter ended June 30, 2014. The
decrease in gross profit is directly related to the decrease in sales during the quarter ended June 30, 2015, along with an increase
to product costs on certain brands. Gross
profit as a percentage of sales was 32.1% and 32.8% for the quarters ended June 30, 2015 and
2014, respectively. The decrease in
the gross profit percentage can be attributed to an increase to product costs on certain brands.
General
and administrative expenses
General
and administrative expenses decreased by approximately $76,000, or 1.3%, to approximately $5.8 million for the quarter ended June
30, 2015, from approximately $5.9 million for the quarter ended June 30, 2014. The decrease in general and administrative expenses
for the three months ended June 30, 2015 was primarily due to the following: a $120,000 reduction in payroll expense; a $53,000
decrease in a one-time charge relating to state/county sales tax, which was not collected on behalf of our customers, that was
realized in the quarter ended June 30, 2014; a $31,000 decrease in professional fees; a $17,000 decrease in telephone expenses;
and a $6,000 net decrease in other expenses which included bank service fees, insurance, travel and property expense. Offsetting
the decrease was a $151,000 increase to bad debt expenses relating to increased credit card chargebacks during the quarter.
Advertising
expenses
Advertising
expenses decreased by approximately $2.0 million, or 20.3%, to approximately $7.9 million for the quarter ended June 30, 2015,
from approximately $9.9 million for the quarter ended June 30, 2014. The decrease in advertising expenses for the quarter can
be mainly attributed to a reduction in television and on-line advertising spending. The advertising costs of acquiring a new customer,
defined as total advertising costs divided by new customers acquired, was $53 for the quarter ended June 30, 2015, compared to
$54 for the quarter ended June 30, 2014. Advertising cost of acquiring a new customer can be impacted by the advertising environment,
the effectiveness of our advertising creative, advertising spending, and price competition. Historically, the advertising environment
fluctuates due to supply and demand. A more favorable advertising environment may positively impact future new order sales, whereas
a less favorable advertising environment may negatively impact future new order sales.
As
a percentage of sales, advertising expense was 11.0% and 13.7% for the quarters ended June 30, 2015 and 2014, respectively. The
decrease in advertising expense as a percentage of total sales for the quarter ended June 30, 2015 can be attributed to a reduction
in advertising spending. The Company currently anticipates advertising as a percentage of sales to be approximately 10.0% for
Fiscal 2016. However, the advertising percentage will fluctuate quarter to quarter due to seasonality and advertising availability.
For the fiscal year ended March 31, 2015, quarterly advertising expenses as a percentage of sales ranged between 8% and 14%.
Depreciation
Depreciation
expenses increased by approximately $28,000, to approximately $191,000 for the quarter ended June 30, 2015, from approximately
$163,000 for the quarter ended June 30, 2014. This increase to depreciation expense for the quarter ended June 30, 2015 can be
attributed to an increase in new property and equipment additions.
Other
income
Other
income decreased slightly, to approximately $46,000 for the quarter ended June 30, 2015 from approximately $53,000 for the quarter
ended June 30, 2014. Interest income may decrease in the future as the Company utilizes its cash balances on its share repurchase
plan, with approximately $10.2 million remaining as of June 30, 2015, on any quarterly dividend payment, or on its operating activities.
Provision
for income taxes
For
the quarters ended June 30, 2015 and 2014, the Company recorded an income tax provision for approximately $3.4 million and $2.9
million, respectively. The increase in the income tax provision for the quarter ended June 30, 2015 is related to an increase
to operating income at June 30, 2015. The effective tax rate was 37% for the both of the quarters ended June 30, 2015 and 2014.
The Company estimates its effective tax rate will be approximately 37.0% for Fiscal 2016.
Liquidity
and Capital Resources
The
Company’s working capital at June 30, 2015 and March 31, 2015 was $75.5 million and $73.0 million, respectively. The $2.5
million increase in working capital was primarily attributable to cash flow generated from operations, offset by dividends paid.
Net cash provided by operating activities was $10.8 million and $14.3 million for the three months ended June 30, 2015 and 2014,
respectively. This reduction can be mainly attributed to a decrease in the Company’s inventory balance for the three months
ended June 30, 2014, compared to an increased inventory balance for the three months ended June 30, 2015. Net cash used in investing
activities increased to $126,000 for the three months ended June 30, 2015, compared to $26,000 used in investing activities for
the three months ended June 30, 2014. This change in investing activities is related to increased property additions during the
quarter. Net cash used in financing activities was $3.6 million for the quarter ended June 30, 2015 compared to $3.4 million for
the quarter ended June 30, 2014, which represented an increase in the dividend paid in the quarters. As of June 30, 2015 the Company
had approximately $10.2 million remaining under the Company’s share repurchase plan. On July 20, 2015 our Board of Directors
declared a $0.18 per share dividend. The Board established an August 3, 2015 record date and an August 14, 2015 payment date.
Depending on future market conditions the Company may utilize its cash and cash equivalents on the remaining balance of its current
share repurchase plan, on quarterly dividends, or on its operating activities.
As
of June 30, 2015 the Company had no outstanding lease commitments except for the lease for its 65,300 square foot facility. We
are not currently bound by any long or short term agreements for the purchase or lease of capital expenditures. Any amounts expended
for capital expenditures would be the result of an increase in the capacity needed to adequately provide for any increase in our
business. To date we have paid for any needed additions to our capital equipment infrastructure from working capital funds and
anticipate this being the case in the future. Presently, we have approximately $1.5 million forecasted for capital expenditures
for the remainder of Fiscal 2016, which will be funded through cash from operations. The Company’s primary source of working
capital is cash from operations. The Company presently has no need for alternative sources of working capital, and has no commitments
or plans to obtain additional capital.
Off-Balance
Sheet Arrangements
The
Company had no off-balance sheet arrangements as of June 30, 2015.
Cautionary
Statement Regarding Forward-Looking Information
Certain
information in this Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these forward-looking statements
by the words “believes,” “intends,” “expects,” “may,” “will,” “should,”
“plans,” “projects,” “contemplates,” “intends,” “budgets,” “predicts,”
“estimates,” “anticipates,” or similar expressions. These statements are based on our beliefs, as well
as assumptions we have used based upon information currently available to us. Because these statements reflect our current views
concerning future events, these statements involve risks, uncertainties, and assumptions. Actual future results may differ significantly
from the results discussed in the forward-looking statements. A reader, whether investing in our common stock or not, should not
place undue reliance on these forward-looking statements, which apply only as of the date of this quarterly report. When used
in this quarterly report on Form 10-Q, “PetMed Express,” “1-800-PetMeds,” “PetMeds,” “PetMed,”
“PetMeds.com,” “PetMed.com,” “PetMed Express.com,” “the Company,” “we,”
“our,” and “us” refers to PetMed Express, Inc. and our subsidiaries.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Market
risk generally represents the risk that losses may occur in the value of financial instruments as a result of movements in interest
rates, foreign currency exchange rates, and commodity prices. Our financial instruments include cash and cash equivalents, short
term investments, accounts receivable, and accounts payable. The book values of cash equivalents, short term investments, accounts
receivable, and accounts payable are considered to be representative of fair value because of the short maturity of these instruments.
Interest rates affect our return on excess cash and investments. As of June 30, 2015, we had $42.7 million in cash and cash equivalents
and $15.6 million in short term investments. A majority of our cash and cash equivalents and investments generate interest income
based on prevailing interest rates.
A
significant change in interest rates would impact the amount of interest income generated from our excess cash and investments.
It would also impact the market value of our short term investments. Our investments are subject to market risk, primarily interest
rate and credit risk. Our investments are managed by a limited number of outside professional managers within investment guidelines
set by our Board of Directors. Such guidelines include security type, credit quality, and maturity, and are intended to limit
market risk by restricting our investments to high-quality debt instruments with both short and long term maturities. We do not
hold any derivative financial instruments that could expose us to significant market risk. At June 30, 2015, we had no debt obligations.
ITEM
4. CONTROLS AND PROCEDURES.
The
Company’s management, including our Chief Executive Officer and Chief Financial Officer, has conducted an evaluation of
the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 promulgated
under the Securities Exchange Act of 1934, as amended) as of the quarter ended June 30, 2015, the end of the period covered by
this report (the “Evaluation Date”). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer
have concluded that our disclosure controls and procedures are effective such that the information relating to our Company, including
our consolidated subsidiaries, required to be disclosed by the Company in reports that it files or submits under the Exchange
Act: (1) is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission
rules and forms, and (2) is accumulated and communicated to our management, including our principal executive officer and principal
financial officer, as appropriate, to allow timely decisions regarding required disclosure. There have been no significant changes
made in our internal controls over financial reporting or in other factors that could significantly affect, or are reasonably
likely to materially affect, our internal controls over financial reporting during the period covered by this report.
part
ii - other information
ITEM
1. LEGAL PROCEEDINGS.
None.
ITEM
1A. RISK FACTORS.
Our
operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial
condition, results of operations, and trading price of our common stock. Please refer to our Annual Report on Form 10-K for Fiscal
Year 2015 for additional information concerning these and other uncertainties that could negatively impact the Company.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
The
Company did not make any sales of unregistered securities during the first quarter of Fiscal 2016.
Issuer
Purchases of Equity Securities
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM
4. MINE SAFETY DISCLOSURES.
Not
applicable.
ITEM
5. OTHER INFORMATION.
None.
ITEM
6. EXHIBITS
The
following exhibits are filed as part of this report.
| 31.1 | Certification
of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002,
promulgated under the Securities Exchange Act of 1934, as amended (filed herewith to
Exhibit 31.1 of the Registrant’s Report on Form 10-Q for the quarter ended June
30, 2015, Commission File No. 000-28827). |
| 31.2 | Certification
of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002,
promulgated under the Securities Exchange Act of 1934, as amended (filed herewith to
Exhibit 31.2 of the Registrant’s Report on Form 10-Q for the quarter ended June
30, 2015, Commission File No. 000-28827). |
| 32.1 | Certification
Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 (filed herewith to Exhibit 32.1 of the Registrant’s Report on Form
10-Q for the quarter ended June 30, 2015, Commission File No. 000-28827). |
signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
|
|
|
PETMED EXPRESS, INC. |
|
|
(The “Registrant”) |
|
|
|
|
Date: July 28, 2015 |
|
|
|
|
By: |
/s/ Menderes Akdag |
|
|
Menderes Akdag |
|
|
|
|
|
Chief Executive Officer and President |
|
|
(principal executive officer) |
|
|
|
|
By: |
/s/ Bruce S. Rosenbloom |
|
|
Bruce S. Rosenbloom |
|
|
|
|
|
Chief Financial Officer |
|
|
(principal financial and accounting officer) |
|
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
PETMED
EXPRESS, INC
FORM
10-Q
FOR
THE QUARTER ENDED:
JUNE
30, 2015
EXHIBITS
EXHIBIT
INDEX
Exhibit
Number |
Description |
Number
of Pages
in
Original
Document |
Incorporated
By
Reference |
|
|
|
|
|
|
31.1 |
Certification
of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
1 |
|
** |
|
|
|
|
|
|
31.2 |
Certification
of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
1 |
|
** |
|
|
|
|
|
|
32.1 |
Certification
Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
1 |
|
** |
** Filed
herewith
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Menderes Akdag, certify that:
| 1. | I
have reviewed this report on Form 10-Q for the quarter ended June 30, 2015 of PetMed
Express, Inc.; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented
in this report; |
| 4. | The
registrant’s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and
| 5. | The
registrant’s other certifying officers and I have disclosed, based on our most
recent evaluation of the internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s Board of Directors (or persons
performing the equivalent functions): |
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
|
July 28, 2015 |
|
|
|
|
|
By: |
/s/ Menderes Akdag |
|
|
Menderes Akdag |
|
|
Chief Executive Officer and President |
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Bruce S. Rosenbloom, certify that:
| 1. | I
have reviewed this report on Form 10-Q for the quarter ended June 30, 2015 of PetMed
Express, Inc.; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented
in this report; |
| 4. | The
registrant’s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and
| 5. | The
registrant’s other certifying officers and I have disclosed, based on our most
recent evaluation of the internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s Board of Directors (or persons
performing the equivalent functions): |
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
|
July 28, 2015 |
|
|
|
|
|
By: |
/s/ Bruce S. Rosenbloom |
|
|
Bruce S. Rosenbloom |
|
|
Chief Financial Officer |
|
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
I,
Menderes Akdag, and I, Bruce S. Rosenbloom, each certify to the best of our knowledge, based upon a review of the report on Form
10-Q for the quarter ended June 30, 2015 (the “Report”) of the Registrant, that:
| (1) | the
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and |
| (2) | the
information contained in the Report, fairly presents, in all material respects, the financial
condition and results of operations of the Registrant. |
|
Date: July 28, 2015 |
|
|
|
|
|
By: |
/s/ Menderes Akdag |
|
|
Menderes Akdag |
|
|
Chief Executive Officer and President |
|
|
|
|
By: |
/s/ Bruce S. Rosenbloom |
|
|
Bruce S. Rosenbloom |
|
|
Chief Financial Officer |
|
PetMed Express (NASDAQ:PETS)
Historical Stock Chart
From Mar 2024 to Apr 2024
PetMed Express (NASDAQ:PETS)
Historical Stock Chart
From Apr 2023 to Apr 2024