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<SEC-DOCUMENT>0000943440-05-000435.txt : 20051028
<SEC-HEADER>0000943440-05-000435.hdr.sgml : 20051028
<ACCEPTANCE-DATETIME>20051027214511
ACCESSION NUMBER:		0000943440-05-000435
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051024
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051028
DATE AS OF CHANGE:		20051027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PETMED EXPRESS INC
		CENTRAL INDEX KEY:			0001040130
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DRUG STORES AND PROPRIETARY STORES [5912]
		IRS NUMBER:				650680967
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28827
		FILM NUMBER:		051161239

	BUSINESS ADDRESS:	
		STREET 1:		1441 SW 29 AVENUE
		CITY:			POMPANO BEACH
		STATE:			FL
		ZIP:			33069
		BUSINESS PHONE:		9549794788

	MAIL ADDRESS:	
		STREET 1:		1441 SW 29 AVENUE
		CITY:			POMPANO BEACH
		STATE:			FL
		ZIP:			33069
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-1.txt
<TEXT>


                           UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C. 20549
                           ____________

                            FORM 8-K
                         CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

  Date of Report (Date of earliest event reported): October 24, 2005
                                                    ----------------


                        PETMED EXPRESS, INC.
       ------------------------------------------------------
       (Exact name of registrant as specified in its charter)

                 Commission file number 000-28827

           FLORIDA                                     65-0680967
- ---------------------------------                  -------------------
  (State or other jurisdiction                       (IRS Employer
of incorporation or organization)                  Identification No.)


1441 S.W. 29th Avenue, Pompano Beach, Florida            33069
- ---------------------------------------------          ----------
  (Address of principal executive offices)             (Zip Code)

Registrant's telephone number, including area code: (954) 979-5995
                                                    --------------
                          Not Applicable
   -------------------------------------------------------------
   (Former name or former address, if changed since last report)



Check the appropriate box below if the Form 8-K is intended to
simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:

[ ]   Written communications pursuant to Rule 425 under the Securities
      Act

[ ]   Soliciting material pursuant to Rule 14a-12 under the Exchange
      Act

[ ]   Pre-commencement communications pursuant to Rule 14d-2(b) under
      the Exchange Act

[ ]   Pre-commencement communications pursuant to Rule 13e-4(c) under
      the Exchange Act


<PAGE>


Item 2.02  Results of Operation and Financial Condition

     On October 24, 2005, PetMed Express, Inc. issued a press release
announcing its September 30, 2005 quarter end financial results.  A
copy of this press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.

Item 9.01  Financial Statements and Exhibits

        (c)  Exhibits

99.1	Press Release issued by PetMed Express, Inc. on October 24,
        2005





<PAGE>


                              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 hereunto duly authorized.


PETMED EXPRESS, INC.
(The "Registrant")

Date October 27, 2005

By: /s/  Menderes Akdag
   ---------------------------
   Menderes Akdag

   Chief Executive Officer
   (principal executive officer)

By: /s/  Bruce S. Rosenbloom
   ---------------------------
   Bruce S. Rosenbloom
   Chief Financial Officer
   (principal financial and accounting officer)



<PAGE>


                           EXHIBIT INDEX

Exhibit No.                      Description
- ----------                       -----------

   99.1       Press Release issued by PetMed Express on October 24,
              2005


<PAGE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>form8k1-ex991.txt
<TEXT>
EXHIBIT 99.1

Date:       October 24, 2005
Contact:    Bruce S. Rosenbloom, CFO
Phone:      (954) 979 5995
Fax:        (954) 971 0544

PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES RECORD SECOND QUARTER
FINANCIAL RESULTS - SALES INCREASE 34%, NET INCOME INCREASES 50%

Pompano Beach, Florida, October 24, 2005 - PetMed Express, Inc.
(NASDAQ: PETS) today announced its financial results for the quarter
ended September 30, 2005.  Net sales for the quarter ended September
30, 2005 were $38.7 million, compared to $28.8 million for the quarter
ended September 30, 2004, an increase of 34%.  Net income was $2.7
million, or $0.11 diluted per share, for the quarter ended September
30, 2005, compared to net income of $1.8 million, or $0.08 diluted per
share, for the quarter ended September 30, 2004, an increase to net
income of 50%.  Net sales for the six months ended September 30, 2005
were $82.3 million, compared to $64.0 million for the six months ended
September 30, 2004, an increase of 28%.  Net income for the six months
ended September 30, 2005 was $6.3 million, or $0.26 diluted per share,
compared to net income of $3.6 million, or $0.15 diluted per share,
for the six months ended September 30, 2004, an increase to net income
of 72%.

The Company acquired approximately 208,000 new customers during the
second fiscal quarter compared to 154,000 new customers for the same
quarter in the prior year.  Approximately 55% of all orders were
placed on the Company's website for the second fiscal quarter,
compared to 52% for the same quarter in the prior year.

Menderes Akdag, CEO and President, commented: "We are pleased to
report that our retail new order sales increased by 35% to $14.7
million for the second fiscal quarter compared to $10.9 million for
the same quarter in the prior year.  The advertising cost of acquiring
a new customer for the second fiscal quarter was approximately $33
compared to $37 for the same quarter in the prior year.  This
improvement in the cost of customer acquisition can be attributed to
increased advertising efficiency with more effective advertising.  In
addition, our retail reorder sales increased by 33%, from $17.2
million to $22.9 million for the quarters ended September 30, 2004 and
2005, respectively.  We are also pleased to report that net cash
provided by operating activities increased by $6.1 million, from $6.6
million for the six months ended September 30, 2004 to $12.7 million
for the six months ended September 30, 2005."

This morning at 8:30 A.M. Eastern Time, Mr. Akdag will host a
conference call to review the quarter's financial results.  To access
the call which is open to the public, call (888) 455-1758 (toll free)
or (210) 234-0007.  Callers will be required to supply PETMEDS as the
passcode.  For those unable to participate in the live event, the call
will be available for replay from 10 A.M. on October 24, 2005 until
November 7, 2005 at 11:59 P.M.  To access the replay, call (866) 422-
8142 (toll free) or (203) 369-0830, and enter passcode 5500.

Founded in 1996, PetMed Express is America's largest pet pharmacy,
delivering prescription and non-prescription pet medications and other
health products for dogs, cats and horses at competitive prices direct
to the consumer through its 1-800-PetMeds toll free number and on the
Internet through its website at www.1800petmeds.com.

This press release may contain "forward-looking" statements, as
defined in the Private Securities Litigation Reform Act of 1995 or by
the Securities and Exchange Commission, that involve a number of risks
and uncertainties, including the Company's ability to meet the
objectives included in its business plan.  Important factors that
could cause results to differ materially from those indicated by such
"forward-looking" statements are set forth in Management's Discussion
and Analysis of Financial Condition and Results of Operations in the
PetMed Express Annual Report on Form 10-K for the year ended March 31,
2005.  The Company's future results may also be impacted by other risk
factors listed from time to time in its SEC filings, including, but
not limited to, the Company's Form 10-Q and its Annual Report on Form
10-K.

For investment relations contact PetMed Express, Inc., Bruce S.
Rosenbloom, CFO, 954-979-5995.

                                ###

                           99.1 page 1 - 4

<PAGE>

                PETMED EXPRESS, INC. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                          September 30,      March 31,
                                              2005              2005
                                          -------------    -------------
                                           (UNAUDITED)
<S>                                       <C>              <C>
                     ASSETS
                     ------
Current assets:
   Cash and cash equivalents              $  25,617,096    $  12,680,962
   Accounts receivable, less allowance
     for doubtful accounts of $20,000
     and $37,000, respectively                  995,273        1,796,756

   Inventories - finished goods               8,367,724       11,180,333
   Prepaid expenses and other current
     assets                                     511,721          213,152
                                          -------------    -------------
          Total current assets               35,491,814       25,871,203

   Property and equipment, net                1,057,892        1,286,267
   Deferred income taxes                        601,199          582,846
   Intangible asset                             365,000          365,000
   Other assets                                  14,167           14,167
                                          -------------    -------------
Total assets                              $  37,530,072    $  28,119,483
                                          =============    =============

     LIABILITIES AND SHAREHOLDERS' EQUITY
     ------------------------------------

Current liabilities:
   Accounts payable                       $   2,482,004   $    2,724,990
   Income taxes payable                       3,237,936          601,535
   Accrued expenses and other current
     liabilities                              1,016,584          575,894
                                          -------------    -------------
Total liabilities                             6,736,524        3,902,419
                                          -------------    -------------

Commitments and contingencies

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                   8,898            8,898
   Common stock, $.001 par value,
     40,000,000 shares authorized;
     23,618,481 and 23,458,725 shares
     issued and outstanding,
     respectively                                23,618           23,459
   Additional paid-in capital                12,398,524       12,074,611
   Retained earnings                         18,362,508       12,110,096
                                          -------------    -------------
          Total shareholders' equity         30,793,548       24,217,064
                                          -------------    -------------

Total liabilities and shareholders'
  equity                                  $  37,530,072    $  28,119,483
                                          =============    =============
</TABLE>


                           99.1 page 2 - 4

<PAGE>

                PETMED EXPRESS, INC. AND SUBSIDIARIES
               CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                             (UNAUDITED)
<TABLE>
<CAPTION>
                                      Three Months Ended            Six Months Ended
                                         September 30,                September 30,
                                      2005           2004          2005          2004
                                 ------------   ------------  ------------  ------------
<S>                              <C>            <C>           <C>           <C>
Sales                            $ 38,652,674   $ 28,754,697  $ 82,284,432  $ 64,043,225
Cost of sales                      23,801,822     17,141,556    50,574,994    38,568,275
                                 ------------   ------------  ------------  ------------
Gross profit                       14,850,852     11,613,141    31,709,438    25,474,950
                                 ------------   ------------  ------------  ------------

Operating expenses:
  General and administrative        3,808,677      2,971,268     7,661,571     6,193,173
  Advertising                       6,922,832      5,629,991    14,527,135    13,384,820
  Depreciation and amortization       131,745        155,294       259,290       314,353
                                 ------------   ------------  ------------  ------------
Total operating expenses           10,863,254      8,756,553    22,447,996    19,892,346
                                 ------------   ------------  ------------  ------------

Income from operations              3,987,598      2,856,588     9,261,442     5,582,604
                                 ------------   ------------  ------------  ------------

Other income (expense)
  Interest expense                       -              (138)         -             (880)
  Interest income                     152,715         17,372       252,152        22,005
  Other, net                           81,821          1,821       122,108         1,411
                                 ------------   ------------  ------------  ------------
Total other income (expense)          234,536         19,055       374,260        22,536
                                 ------------   ------------  ------------  ------------

Income before provision for
  income taxes                      4,222,134      2,875,643     9,635,702     5,605,140

Provision for income taxes          1,511,308      1,063,988     3,383,290     1,975,347
                                 ------------   ------------  ------------  ------------

Net income                          2,710,826      1,811,655     6,252,412     3,629,793
                                 ============   ============  ============  ============
Net income per common share:
  Basic                                  0.12           0.08          0.27          0.16
                                 ============   ============  ============  ============
  Diluted                                0.11           0.08          0.26          0.15
                                 ============   ============  ============  ============

Weighted average number of
  common shares outstanding:
  Basic                            23,564,051     22,719,266    23,517,911    22,370,162
                                 ============   ============  ============  ============
  Diluted                          24,111,210     23,860,513    24,032,552    23,463,939
                                 ============   ============  ============  ============

</TABLE>


                           99.1 page 3 - 4

<PAGE>

                PETMED EXPRESS, INC. AND SUBSIDIARIES
              CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                             (UNAUDITED)

<TABLE>
<CAPTION>
                                                  September 30,      March 31,
                                                      2005              2005
                                                  -------------    -------------
                                                   (UNAUDITED)
<S>                                               <C>              <C>
Cash flows from operating activities:
    Net income                                    $   6,252,412    $   3,629,793
    Adjustments to reconcile net income
      to net cash provided by operating
      activities:
        Depreciation and amortization                   259,290          314,353
        Tax benefit related to stock options
          exercised                                      38,110          690,512
        Deferred income taxes                           (18,353)            -
        Bad debt expense                                (15,616)           5,852
        (Increase) decrease in operating assets
          and liabilities:
             Accounts receivable                        817,099          365,588
             Inventories - finished goods             2,812,609        1,767,015
             Prepaid expenses and other current
               assets                                  (298,569)         (98,674)
             Other assets                                  -               7,655
             Accounts payable                          (242,986)          25,410
             Income taxes payable                     2,636,401          162,390
             Accrued expenses and other current
               liabilities                              440,690         (273,716)
                                                  -------------    -------------
Net cash provided by operating activities            12,681,087        6,596,178
                                                  -------------    -------------

Cash flows from investing activities:
    Purchases of property and equipment                 (30,915)        (110,583)
                                                  -------------    -------------
Net cash used in investing activities                   (30,915)        (110,583)
                                                  -------------    -------------

Cash flows from financing activities:
    Proceeds from the exercise of stock options,
      warrants, and other transactions                  285,962        1,093,835
    Payments on the loan obligation                        -             (68,442)
                                                  -------------    -------------
Net cash provided by financing activities               285,962        1,025,393
                                                  -------------    -------------

Net increase in cash and cash equivalents            12,936,134        7,510,988
 Cash and cash equivalents, at beginning of
   period                                            12,680,962        3,278,926
                                                  -------------    -------------

 Cash and cash equivalents, at end of period      $  25,617,096    $  10,789,914
                                                  =============    =============

Supplemental disclosure of cash flow
information:
    Cash paid for interest                        $        -       $         802
                                                  =============    =============
    Cash paid for income taxes                    $     727,132    $   1,122,445
                                                  =============    =============
</TABLE>


                           99.1 page 4 - 4

<PAGE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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