PetMed Express Q4 Profit Declines, Yet Beats Estimates - Update

(RTTNews) - Pet pharmacy retailer PetMed Express, Inc. (PETS) Monday reported a lower fourth-quarter profit, as sales were negatively impacted by colder-than-normal weather. Earnings per share, however, beat analysts' expectations, while revenues missed view.

For the fourth quarter ended March 31, 2014, the company posted net income of $4.53 million, slightly down from $4.6 million in the prior year. Meanwhile, earnings per share remained flat with last year at $0.23.

On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined 4.9 percent to $48.63 million from $51.12 million last year, while analysts estimated revenues of $52.02 million.

Menderes Akdag, president and CEO of the company said, "We were able to increase our gross margins for the quarter and decrease our operational expenses to improve our bottom line results for the fiscal year...For fiscal 2015 we are focusing on improving our new order sales."

For the fiscal year, the company posted net income of $17.97 million or $0.90 per share, compared to net income of $17.17 million or $0.86 per share in the prior fiscal. Net sales were $233.39 million, an increase of 2.4 percent from $227.83 million reported last year.

The board has also declared a quarterly dividend of $0.17 per share, to shareholders on record May 16, 2014, payable May 23.

PETS is currently trading at $12.60, down 0.47 percent.