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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PetMed Express Inc | NASDAQ:PETS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.305 | -6.31% | 4.53 | 4.51 | 4.66 | 4.85 | 4.42 | 4.85 | 514,200 | 00:46:59 |
FLORIDA
|
65-0680967
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer o | Accelerated filer x | |
Non-accelerated filer o | Smaller reporting company o | |
(Do not check if smaller reporting company) |
June 30,
|
March 31,
|
|||||||
2014
|
2014
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 29,141 | $ | 18,305 | ||||
Short term investments - available for sale
|
15,567 | 15,539 | ||||||
Accounts receivable, less allowance for doubtful
|
||||||||
accounts of $6 and $7, respectively
|
1,598 | 1,761 | ||||||
Inventories - finished goods
|
32,887 | 35,727 | ||||||
Prepaid expenses and other current assets
|
1,516 | 1,761 | ||||||
Deferred tax assets
|
1,087 | 1,062 | ||||||
Prepaid income taxes
|
- | 54 | ||||||
Total current assets
|
81,796 | 74,209 | ||||||
Noncurrent assets:
|
||||||||
Prepaid expenses
|
2,214 | 1,996 | ||||||
Property and equipment, net
|
1,153 | 1,310 | ||||||
Intangible assets
|
860 | 860 | ||||||
Total assets
|
$ | 86,023 | $ | 78,375 | ||||
LIABILITIES AND SHAREHOLDERS
’
EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 8,589 | $ | 5,768 | ||||
Accrued expenses and other current liabilities
|
2,406 | 2,325 | ||||||
Income taxes payable
|
2,889 | - | ||||||
Total current liabilities
|
13,884 | 8,093 | ||||||
Deferred tax liabilities
|
- | 65 | ||||||
Total liabilities:
|
13,884 | 8,158 | ||||||
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;
|
||||||||
20,189 and 21,190 shares issued and outstanding, respectively
|
20 | 20 | ||||||
Additional paid-in capital
|
1,950 | 1,578 | ||||||
Retained earnings
|
70,189 | 68,647 | ||||||
Accumulated other comprehensive loss
|
(29 | ) | (37 | ) | ||||
Total shareholders’ equity
|
72,139 | 70,217 | ||||||
Total liabilities and shareholders’ equity
|
$ | 86,023 | $ | 78,375 |
1 |
Three Months Ended
|
||||||||
June 30,
|
||||||||
2014
|
2013
|
|||||||
Sales
|
$ | 72,541 | $ | 74,194 | ||||
Cost of sales
|
48,769 | 50,181 | ||||||
Gross profit
|
23,772 | 24,013 | ||||||
Operating expenses:
|
||||||||
General and administrative
|
5,875 | 5,873 | ||||||
Advertising
|
9,896 | 10,395 | ||||||
Depreciation
|
163 | 248 | ||||||
Total operating expenses
|
15,934 | 16,516 | ||||||
Income from operations
|
7,838 | 7,497 | ||||||
Other income (expense):
|
||||||||
Interest income, net
|
44 | 47 | ||||||
Other, net
|
9 | (2 | ) | |||||
Total other income
|
53 | 45 | ||||||
Income before provision for income taxes
|
7,891 | 7,542 | ||||||
Provision for income taxes
|
2,918 | 2,787 | ||||||
Net income
|
$ | 4,973 | $ | 4,755 | ||||
Net change in unrealized gain (loss) on short
|
||||||||
term investments
|
8 | (46 | ) | |||||
Comprehensive income
|
$ | 4,981 | $ | 4,709 | ||||
Net income per common share:
|
||||||||
Basic
|
$ | 0.25 | $ | 0.24 | ||||
Diluted
|
$ | 0.25 | $ | 0.24 | ||||
Weighted average number of common shares outstanding:
|
||||||||
Basic
|
19,961 | 19,848 | ||||||
Diluted
|
20,092 | 20,004 | ||||||
Cash dividends declared per common share
|
$ | 0.17 | $ | 0.15 |
2 |
Three Months Ended
|
||||||||
June 30,
|
||||||||
2014
|
2013
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 4,973 | $ | 4,755 | ||||
Adjustments to reconcile net income to net cash
|
||||||||
provided by operating activities:
|
||||||||
Depreciation
|
163 | 248 | ||||||
Share based compensation
|
373 | 362 | ||||||
Deferred income taxes
|
(90 | ) | 35 | |||||
Bad debt expense
|
17 | 24 | ||||||
(Increase) decrease in operating assets
|
||||||||
and increase (decrease) in liabilities:
|
||||||||
Accounts receivable
|
146 | (1,112 | ) | |||||
Inventories - finished goods
|
2,840 | 10,025 | ||||||
Prepaid income taxes
|
54 | - | ||||||
Prepaid expenses and other current assets
|
27 | (609 | ) | |||||
Accounts payable
|
2,821 | 3,818 | ||||||
Income taxes payable
|
2,889 | 2,474 | ||||||
Accrued expenses and other current liabilities
|
44 | (175 | ) | |||||
Net cash provided by operating activities
|
14,257 | 19,845 | ||||||
Cash flows from investing activities:
|
||||||||
Net change in investments
|
(20 | ) | (21 | ) | ||||
Purchases of property and equipment
|
(6 | ) | (4 | ) | ||||
Net cash used in investing activities
|
(26 | ) | (25 | ) | ||||
Cash flows from financing activities:
|
||||||||
Dividends paid
|
(3,395 | ) | (2,977 | ) | ||||
Net cash used in financing activities
|
(3,395 | ) | (2,977 | ) | ||||
Net increase in cash and cash equivalents
|
10,836 | 16,843 | ||||||
Cash and cash equivalents, at beginning of period
|
18,305 | 18,155 | ||||||
Cash and cash equivalents, at end of period
|
$ | 29,141 | $ | 34,998 | ||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for income taxes
|
$ | 66 | $ | 279 | ||||
Dividends payable in accrued expenses
|
$ | 300 | $ | 315 |
3 |
4 |
Three Months Ended June 30,
|
||||||||
2014
|
2013
|
|||||||
Net income (numerator):
|
||||||||
Net income
|
$ | 4,973 | $ | 4,755 | ||||
Shares (denominator):
|
||||||||
Weighted average number of common shares
|
||||||||
outstanding used in basic computation
|
19,961 | 19,848 | ||||||
Common shares issuable upon vesting of
|
||||||||
restricted stock
|
121 | 146 | ||||||
Common shares issuable upon conversion
|
||||||||
of preferred shares
|
10 | 10 | ||||||
Shares used in diluted computation
|
20,092 | 20,004 | ||||||
Net income per common share:
|
||||||||
Basic
|
$ | 0.25 | $ | 0.24 | ||||
Diluted
|
$ | 0.25 | $ | 0.24 |
5 |
Fair Value Measurement at June 30, 2014 Using
|
||||||||||||||||
Quoted Prices
|
Significant
|
|||||||||||||||
in Active
|
Other
|
Significant
|
||||||||||||||
Markets for
|
Observable
|
Unobservable
|
||||||||||||||
June 30,
|
Identical Assets
|
Inputs
|
Inputs
|
|||||||||||||
(In thousands)
|
2014
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets:
|
||||||||||||||||
Cash and cash equivalents -
|
||||||||||||||||
money market funds
|
$ | 29,141 | $ | 29,141 | $ | - | $ | - | ||||||||
Short term investments -
|
||||||||||||||||
bond mutual funds
|
15,567 | 15,567 | - | - | ||||||||||||
$ | 44,708 | $ | 44,708 | $ | - | $ | - |
Accumulated
|
||||||||||||
Additional
|
Other
|
|||||||||||
Paid-In
|
Retained
|
Comprehensive
|
||||||||||
Capital
|
Earnings
|
Gain (Loss)
|
||||||||||
Beginning balance at March 31, 2014:
|
$ | 1,578 | $ | 68,647 | $ | (37 | ) | |||||
Share based compensation
|
372 | - | - | |||||||||
Dividends declared
|
- | (3,431 | ) | - | ||||||||
Net Income
|
- | 4,973 | - | |||||||||
Net change in unrealized gain on short term investments
|
- | - | 8 | |||||||||
Ending balance at June 30, 2014:
|
$ | 1,950 | $ | 70,189 | $ | (29 | ) |
6 |
7 |
8 |
Three Months Ended
|
||||||||
June 30,
|
||||||||
2014
|
2013
|
|||||||
Sales
|
100.0 | % | 100.0 | % | ||||
Cost of sales
|
67.2 | 67.6 | ||||||
Gross profit
|
32.8 | 32.4 | ||||||
Operating expenses:
|
||||||||
General and administrative
|
8.1 | 7.9 | ||||||
Advertising
|
13.7 | 14.0 | ||||||
Depreciation
|
0.2 | 0.4 | ||||||
Total operating expenses
|
22.0 | 22.3 | ||||||
Income from operations
|
10.8 | 10.1 | ||||||
Total other income
|
0.1 | 0.1 | ||||||
Income before provision for income taxes
|
10.9 | 10.2 | ||||||
Provision for income taxes
|
4.0 | 3.8 | ||||||
Net income
|
6.9 | % | 6.4 | % |
9 |
Three Months Ended June 30,
|
||||||||||||||||||||||||
Sales (In thousands)
|
2014
|
%
|
2013
|
%
|
$ Variance
|
% Variance
|
||||||||||||||||||
Reorder Sales
|
$
|
58,488
|
80.6
|
%
|
$
|
58,970
|
79.5
|
%
|
$
|
(482
|
)
|
-0.8
|
%
|
|||||||||||
New Order Sales
|
$
|
14,053
|
19.4
|
%
|
$
|
15,224
|
20.5
|
%
|
$
|
(1,171
|
)
|
-7.7
|
%
|
|||||||||||
Total Net Sales
|
$
|
72,541
|
100.0
|
%
|
$
|
74,194
|
100.0
|
%
|
$
|
(1,653
|
)
|
-2.2
|
%
|
|||||||||||
Internet Sales
|
$
|
58,014
|
80.0
|
%
|
$
|
58,364
|
78.7
|
%
|
$
|
(350
|
)
|
-0.6
|
%
|
|||||||||||
Contact Center Sales
|
$
|
14,527
|
20.0
|
%
|
$
|
15,830
|
21.3
|
%
|
$
|
(1,303
|
)
|
-8.2
|
%
|
|||||||||||
Total Net Sales
|
$
|
72,541
|
100.0
|
%
|
$
|
74,194
|
100.0
|
%
|
$
|
(1,653
|
)
|
-2.2
|
%
|
10 |
11 |
12 |
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, 2014, 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, 2014, 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, 2014, Commission File No. 000-28827).
|
13 |
PETMED EXPRESS, INC.
|
|||
(The “Registrant”)
|
|||
Date: July 29, 2014
|
|||
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)
|
14 |
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
|
**
|
1 Year PetMed Express Chart |
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