PetMed Express Files Q1 FY25 10-Q

TL;DR

PetMed Express Q1 FY25 10-Q is in. Check financials.

AI Summary

PetMed Express Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the first quarter of fiscal year 2025. Key financial figures and business segments are presented, providing insight into the company's current standing.

Why It Matters

This filing provides investors with the latest financial results and operational details for PetMed Express, crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the specific financial performance and any forward-looking statements within the full report could indicate higher risk.

Key Players & Entities

• PETMED EXPRESS INC (company) — Filer
• 0001040130-24-000069 (filing_id) — Accession Number
• 20240630 (date) — Period of Report
• 20240807 (date) — Filed as of Date
• FL (location) — State of Incorporation
• DELRAY BEACH (location) — Business Address City
• 33445 (zip_code) — Business Address Zip
• PetCareRxIncMember (segment) — Business Segment

FAQ

Filing Documents

• pets-20240630.htm (10-Q) — 687KB
• pets-20240630xexx311.htm (EX-31.1) — 11KB
• pets-20240630xexx312.htm (EX-31.2) — 11KB
• pets-20240630xexx321.htm (EX-32.1) — 7KB
• 0001040130-24-000069.txt ( ) — 5200KB
• pets-20240630.xsd (EX-101.SCH) — 39KB
• pets-20240630_cal.xml (EX-101.CAL) — 71KB
• pets-20240630_def.xml (EX-101.DEF) — 185KB
• pets-20240630_lab.xml (EX-101.LAB) — 541KB
• pets-20240630_pre.xml (EX-101.PRE) — 376KB
• pets-20240630_htm.xml (XML) — 650KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS In addition to historical 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, as amended ("Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). All statements, other than statements of historical facts, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position and our business outlook, business trends and other information, may be forward-looking statements. You can identify these forward-looking statements by the words "believes," "intends," "expects," "might," "may," "will," "should," "plans," "projects," "contemplates," "intends," "budgets," "potential," "predicts," "estimates," "anticipates," "future," "goal," and variations of such words 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, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will result or be achieved, and actual future results may differ materially from what is expressed in or indicated by the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A, under the heading "Risk Factors," in our Annual Report on Form 10-K for the year ended March 31, 2024 (th

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. PETMED EXPRESS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share amounts) June 30, 2024 March 31, 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 45,992 $ 55,296 Accounts receivable, less allowance for doubtful accounts of $ 109 and $ 273 , respectively 2,261 3,283 Inventories 25,520 28,556 Prepaid expenses and other current assets 3,851 6,325 Prepaid income taxes – 188 Total current assets 77,624 93,648 Noncurrent assets: Property and equipment, net 26,109 26,657 Intangible and other assets, net 16,014 16,503 Goodwill 26,658 26,658 Operating lease right-of-use assets, net 1,297 1,432 Deferred tax assets, net 5,012 4,986 Total noncurrent assets 75,090 76,236 Total assets $ 152,714 $ 169,884 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 24,467 $ 37,024 Sales tax payable 25,331 25,012 Accrued expenses and other current liabilities 5,201 7,060 Current operating lease liabilities 438 459 Deferred revenue 2,146 2,603 Income taxes payable 717 — Total current liabilities 58,300 72,158 Long-term operating lease liabilities 883 995 Total liabilities 59,183 73,153 Commitments and contingencies (Note 9) Shareholders' equity: Preferred stock, $ .001 par value, 5,000,000 shares authorized; 2,500 convertible shares issued and outstanding with a liquidation preference of $ 4 per share 9 9 Common stock, $ .001 par value, 40,000,000 shares authorized; 20,600,652 and 21,148,692 shares issued and outstanding, respectively 21 21 Additional paid-in capital 16,942 25,146 Retained earnings 76,559 71,555 Total shareholders' equity 93,531 96,731 Total liabilities and shareholders' equity $ 152,714 $ 169,884 See accompanying notes to unaudited condensed consolidated financial statements. 2 PETMED EXPRESS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, excep

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View this 10-Q filing on SEC EDGAR