PETMED EXPRESS, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
June 30, | March 31, | ||||||
2017 | 2017 | ||||||
ASSETS | (Unaudited) | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 68,525 | $ | 58,730 | |||
Accounts receivable, less allowance for doubtful | |||||||
accounts of $31 and $27, respectively | 2,059 | 1,808 | |||||
Inventories - finished goods | 23,032 | 20,228 | |||||
Prepaid expenses and other current assets | 1,513 | 1,019 | |||||
Total current assets | 95,129 | 81,785 | |||||
Noncurrent assets: | |||||||
Property and equipment, net | 29,676 | 30,164 | |||||
Intangible assets | 860 | 860 | |||||
Total noncurrent assets | 30,536 | 31,024 | |||||
Total assets | $ | 125,665 | $ | 112,809 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 16,205 | $ | 15,221 | |||
Accrued expenses and other current liabilities | 3,217 | $ | 2,475 | ||||
Income taxes payable | 6,227 | 659 | |||||
Total current liabilities | 25,649 | 18,355 | |||||
Deferred tax liabilities | 985 | 1,088 | |||||
Total liabilities | 26,634 | 19,443 | |||||
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; | |||||||
20,525 and 20,526 shares issued and outstanding, respectively | 21 | 21 | |||||
Additional paid-in capital | 7,300 | 6,806 | |||||
Retained earnings | 91,701 | 86,530 | |||||
Total shareholders' equity | 99,031 | 93,366 | |||||
Total liabilities and shareholders' equity | $ | 125,665 | $ | 112,809 | |||
PETMED EXPRESS, INC. AND SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||
(In thousands, except for per share amounts) (Unaudited) | |||||
Three Months Ended | |||||
June 30, | |||||
2017 | 2016 | ||||
Sales | $ | 79,657 | $ | 72,487 | |
Cost of sales | 52,192 | 50,035 | |||
Gross profit | 27,465 | 22,452 | |||
Operating expenses: | |||||
General and administrative | 6,226 | 6,098 | |||
Advertising | 6,292 | 5,760 | |||
Depreciation | 531 | 194 | |||
Total operating expenses | 13,049 | 12,052 | |||
Income from operations | 14,416 | 10,400 | |||
Other income: | |||||
Interest income, net | 83 | 28 | |||
Other, net | 241 | 53 | |||
Total other income | 324 | 81 | |||
Income before provision for income taxes | 14,740 | 10,481 | |||
Provision for income taxes | 5,464 | 3,887 | |||
Net income | $ | 9,276 | $ | 6,594 | |
Comprehensive income | $ | 9,276 | $ | 6,594 | |
Net income per common share: | |||||
Basic | $ | 0.46 | $ | 0.33 | |
Diluted | $ | 0.45 | $ | 0.32 | |
Weighted average number of common shares outstanding: | |||||
Basic | 20,293 | 20,181 | |||
Diluted | 20,448 | 20,333 | |||
Cash dividends declared per common share | $ | 0.20 | $ | 0.19 | |
PETMED EXPRESS, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In thousands) (Unaudited) | |||||||
Three Months Ended | |||||||
June 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 9,276 | $ | 6,594 | |||
Adjustments to reconcile net income to net cash | |||||||
provided by operating activities: | |||||||
Depreciation | 531 | 194 | |||||
Share based compensation | 494 | 463 | |||||
Deferred income taxes | (104 | ) | (44 | ) | |||
Bad debt expense | 28 | 233 | |||||
(Increase) decrease in operating assets | |||||||
and increase in liabilities: | |||||||
Accounts receivable | (279 | ) | (584 | ) | |||
Inventories - finished goods | (2,804 | ) | (1,440 | ) | |||
Prepaid income taxes | (494 | ) | 243 | ||||
Prepaid expenses and other current assets | - | 1,143 | |||||
Accounts payable | 984 | 2,277 | |||||
Income taxes payable | 5,568 | 3,655 | |||||
Accrued expenses and other current liabilities | 696 | 372 | |||||
Net cash provided by operating activities | 13,896 | 13,106 | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (43 | ) | (2,604 | ) | |||
Net cash used in investing activities | (43 | ) | (2,604 | ) | |||
Cash flows from financing activities: | |||||||
Dividends paid | (4,058 | ) | (3,834 | ) | |||
Net cash used in financing activities | (4,058 | ) | (3,834 | ) | |||
Net increase in cash and cash equivalents | 9,795 | 6,668 | |||||
Cash and cash equivalents, at beginning of period | 58,730 | 37,639 | |||||
Cash and cash equivalents, at end of period | $ | 68,525 | $ | 44,307 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for income taxes | $ | - | $ | 55 | |||
Property and equipment in current assets | $ | - | $ | 2,573 | |||
Dividends payable in accrued expenses | $ | 263 | $ | 194 | |||
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For investment relations contact PetMed Express, Inc., Bruce S. Rosenbloom, CFO, 561-526-4444.