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<SEC-DOCUMENT>0000943440-07-000278.txt : 20070516
<SEC-HEADER>0000943440-07-000278.hdr.sgml : 20070516
<ACCEPTANCE-DATETIME>20070516101457
ACCESSION NUMBER:		0000943440-07-000278
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070514
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070516
DATE AS OF CHANGE:		20070516

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:		07856247

	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>form8k514-conferencecall.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): May 14, 2007

                       PetMed Express, Inc.
       ------------------------------------------------------
       (Exact name of registrant as specified in its charter)

          Florida                  000-28827              65-0680967
- ----------------------------      ------------        -------------------
(State or other jurisdiction      (Commission          (I.R.S. Employer
     of incorporation)            File Number)        Identification No.)


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


                        (954) 979-5995
     ----------------------------------------------------
     (Registrant's telephone number, including area code)


                         Not Applicable
   -------------------------------------------------------------
   (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):

[ ]   Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)

[ ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)

[ ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

[ ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))


<PAGE>


Item 8.01   Other Events.

   On May 14, 2007, PetMed Express, Inc. discussed its financial
results for the year ended March 31, 2007.  A copy of this conference
call transcript is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.

Item 9.01   Financial Statements and Exhibits.

            (d)     Exhibits.

                    99.1 - Conference call transcript by PetMed Express,
                           Inc. on May 14, 2007


                           EXHIBIT INDEX

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

99.1	 	Conference call transcript by PetMed Express, Inc. on
                May 14, 2007


                            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.

Dated: May 16, 2007                  PETMED EXPRESS, INC.

                                     By:  /s/ Bruce S. Rosenbloom
                                        -----------------------------
                                     Name:   Bruce S. Rosenbloom
                                     Title:  Chief Financial Officer






                                  2
<PAGE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>form8k514-confex991.txt
<TEXT>
                       PETMED EXPRESS, INC.
                    YEAR ENDED MARCH 31, 2007
                   CONFERENCE CALL TRANSCRIPT
                  MAY 14, 2007 AT 8:30 A.M. ET

Coordinator:          Welcome to the PetMed Express, Inc. doing business as
                      1-800-PetMeds conference call to review the financial
                      results for the fourth fiscal quarter and the fiscal
                      year ended on March 31, 2007.  At the request of the
                      Company, this conference call is being recorded.
                      Founded in 1996, 1-800-PetMeds is America's Largest
                      Pet Pharmacy, delivering prescription and
                      nonprescription pet medications, and other health
                      products for dogs, cats and horses direct to the
                      consumer.  1-800-PetMeds markets its products through
                      national television, online and direct mail
                      advertising campaigns, which direct consumers to order
                      by phone or on the internet and aim to increase the
                      recognition of the 1-800-PetMeds' brand name.  1-800-
                      PetMeds provides an attractive alternative for
                      obtaining pet medications in terms of convenience,
                      price, ease of ordering and rapid home delivery.  At
                      this time I would like to turn the call over to the
                      Company's Chief Financial Officer, Mr. Bruce
                      Rosenbloom.  Sir, go ahead please.

Bruce Rosenbloom:     Thank you.  I would like to welcome everybody
                      here today.  Before I turn the call over to Mendo
                      Akdag, our Chief Executive Officer and President, I
                      would like to remind everyone that the first portion
                      of this conference call will be listen-only, until the
                      question and answer session which will be later in the
                      call.

                      Also, certain information that will be included in
                      this press conference may include forward-looking
                      statements within the meanings of the Private
                      Securities Litigation Reform Act of 1995 or the
                      Securities and Exchange Commission that may involve a
                      number of risks and uncertainties.  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.  Actual
                      future results may vary significantly based on a
                      number of factors that may cause the actual results or
                      events to be materially different from future results,
                      performance or achievements expressed or implied by
                      these statements.  We have identified various risk
                      factors associated with our operations in our most
                      recent annual report and other filings with the
                      Securities and Exchange Commission.  Now let me
                      introduce today's speaker, Mendo Akdag, Chief
                      Executive Officer and President of 1-800-PetMeds.
                      Mendo.

Mendo Akdag:          Thank you, Bruce. Welcome. Thank you for joining us.

                      Today we'll review the highlights of our financial
                      results.  We'll compare our fourth fiscal quarter and
                      fiscal year ended on March 31, 2007 to last year's
                      quarter and fiscal year ended on March 31, 2006.

                      For the fourth fiscal quarter ended on March 31, 2007
                      sales were $36.4 million compared to sales of $29.4
                      million for the same period the prior year, an
                      increase of 24%.  For the fiscal year ended on March
                      31, 2007 sales were $162.2 million compared to $137.6
                      million for the prior fiscal year, an increase of 18%.
                      The increase was primarily due to increased retail
                      reorders and new orders offset by decreased wholesale
                      sales.

                      For the fourth fiscal quarter, net income was $3.6
                      million, or $0.15 cents diluted per share, compared to
                      $3.1 million, or $0.13 cents diluted per share, for
                      the same quarter the prior year, an increase to net
                      income of 15%.  For the fiscal year, net income was
                      $14.4 million, or $0.60 cents diluted per share,
                      compared to $12.1 million, or $0.50 cents diluted per
                      share, a year ago, an increase to net income of 20%.


                         Exhibit 99.1 Page 1 of 6

<PAGE>
                      Retail reorder sales increased by 22% to $26.4 million
                      for the quarter compared to reorder sales of $21.7
                      million for the same quarter the prior year.  For the
                      fiscal year, the reorder sales increased by 25% to
                      $110.5 million compared to $88.4 million for the prior
                      year.

                      Retail new order sales increased by 40% to $9.9
                      million for the quarter compared to $7.1 million for
                      the same period the prior year.  For the fiscal year
                      the new order sales increased by 12% to $51.1 million
                      compared to $45.5 million for the prior year.

                      Wholesale sales were approximately $100,000 for the
                      quarter compared to $600,000 for the same quarter the
                      prior year.  For the fiscal year, wholesale sales were
                      approximately $600,000 compared to $3.7 million for
                      the prior year.  The decrease was due to our decision
                      to limit wholesale sales to focus on retail business.

                      We acquired approximately 132,000 new customers in our
                      fourth fiscal quarter compared to 94,000 for the same
                      period the prior year, and we acquired approximately
                      681,000 new customers in the fiscal year compared to
                      624,000 for the prior year.

                      Our average retail order was approximately $81 for the
                      quarter and $79 for the fiscal year.  Approximately
                      62% of our sales were generated on our website for the
                      fiscal year compared to 57% for the prior fiscal year.

                      The seasonality in our business is due to the
                      proportion of flea, tick and heartworm medications in
                      our product mix. Spring and summer are considered peak
                      seasons with fall and winter being the off-seasons.

                      For the fourth fiscal quarter our gross profit as a
                      percent of sales was 40.5% compared to 42.0% for the
                      same period a year ago.  For the fiscal year, our
                      gross profit as a percentage of sales was 39.8%
                      compared to 39.5% for the prior year.  The percentage
                      decrease for the quarter can be attributed to
                      increases in product cost and increases in discounts
                      given to customers.  The percentage increase for the
                      fiscal year can mainly be attributed to decreases in
                      wholesale sales, which have a lower gross profit
                      margin, and a shift in product mix to higher margin
                      items offset by additional discounts given to
                      customers.

                      Our general and administrative expenses as a percent
                      of sales were 12.4% for the quarter compared to 11.4%
                      for the same quarter the prior year, and for the
                      fiscal year, the G&A increased to 10.6% compared to
                      10.2% for the prior year.  The company adopted
                      Financial Accounting Standard 123R on April 1, 2006,
                      resulting in approximately $223,000 of stock option
                      compensation expense for the quarter and $893,000 for
                      the fiscal year.  Also, compensation expense related
                      to restricted stock issuances in fiscal year 2007 was
                      approximately $96,000 for the quarter and $203,000 for
                      the fiscal year.  The total stock-based compensation
                      expenses increased G&A as a percent of sales by 90
                      basis points for the quarter and 70 basis points for
                      the fiscal year.

                      For the quarter we spent $4.5 million in advertising
                      compared to $3.9 million for the same quarter the
                      prior year, an increase of 16%.  For the fiscal year,
                      we spent $25.2 million for advertising compared to
                      $21.6 million a year ago, an increase of 17%.
                      Advertising costs of acquiring a customer for the
                      quarter was approximately $34 compared to $41 for the
                      same quarter the prior year, and for the fiscal year,
                      it was $37 compared to $35 for the same period a year
                      ago.  We had higher response rates to our new
                      advertising campaigns for the quarter compared to the
                      same quarter last year.


                         Exhibit 99.1 Page 2 of 6
<PAGE>

                      Our working capital increased by $15.6 million to
                      $50.6 million since March 31, 2006.  The increase can
                      mainly be attributed to cash flow generated from
                      operations.  We had $39.4 million in cash and
                      temporary investments, and $16.1 million in inventory
                      with no debt as of March 31, 2007.  Net cash from
                      operations for the fiscal year was $16.6 million
                      compared to net cash from operations of $10.3 million
                      for the prior fiscal year, an increase of $6.3
                      million.  Capital expenditures for the fiscal year
                      were approximately $1.0 million.

                      This ends our financial review. Operator, we're ready
                      to take questions.

Coordinator:          Thank you. Our first question comes from July Johnson
                      with Piper Jaffray.

July Johnson:         Hi. Thanks for taking my question.  Congratulations on
                      the quarter.

Mendo Akdag:          Thank you.

July Johnson:         My first question is about the advertising environment
                      through Q4.  I was wondering if you could just give a
                      little bit of color on kind of what you saw during the
                      quarter.

Mendo Akdag:          We didn't have - we cleared as much as we wanted to
                      clear and our advertising was efficient, so we did
                      more.  We acquired more customers with less dollars
                      spent.

July Johnson:         All right, great.  Thank you, and then also on share
                      buyback activity, it doesn't look like there was any
                      in the quarter, and I was wondering if we should
                      expect you to be more aggressive during the next year.

Mendo Akdag:          We were in a blackout period in the last two months.
                      And it depends on; it's subject to market conditions
                      and other factors in accordance with Securities and
                      Exchange Commission requirements.  It's at the
                      company's discretion.

July Johnson:         All right, great.  Thank you.  I'll jump back in the
                      queue.

Coordinator:          Thank you. Our next question comes from Kristine
                      Koerber with JMP Securities.

Kristine Koerber:     Yeah. Hi. A couple of questions. Just a follow-up
                      on the advertising question, the mix of advertising
                      during the quarter, can you kind of give us some idea
                      what the mix was between online and offline?

Mendo Akdag:          We discontinued breaking that down due to competitive
                      reasons.  But it was similar to, I would say, last
                      fiscal year's.  There was not any major change in the
                      mix.

Kristine Koerber:     And cap ex [capital expenditures], do you have a
                      cap ex budget for fiscal '08?

Mendo Akdag:          I will give you a rough.  It will probably be about
                      half a million dollars.

Kristine Koerber:     Okay, and then lastly as far as pricing you
                      talked about gross margin pressure due to discounting.
                      Are you seeing more?  Maybe you can just talk about
                      the pricing environment.  Are you seeing more
                      discounting to customers and has it gotten more
                      competitive?  Thank you.

Mendo Akdag:          I cannot say that it's any different than last year,
                      but we know that we need to be competitive.  Our
                      pricing needs to be competitive.  So we'll do whatever
                      it takes to keep the customers. And we'll - our focus
                      is gross profit dollars, not necessarily gross profit
                      percent.


                          Exhibit 99.1 Page 3 of 6

<PAGE>

Coordinator:          Thank you. Our next question comes from Michael
                      Friedman with Noble Financial.

Michael Friedman:     Hi guys.  Just kind of hammering a little bit
                      more on the advertising spend. Can you give us a sense
                      on how you expect that to trend in the coming quarter
                      - in the current quarter, I should say.

Mendo Akdag:          We are more focused on being more efficient with it.
                      Dollar-wise, I would anticipate us to spend more than
                      last fiscal year this fiscal year.  But having said
                      that we're also very focused on being a lot more
                      efficient with it.  So the environment appears to be
                      favorable to us at this time.

Michael Friedman:     Okay, and what about personnel?  Do you expect to
                      add any more people going forward?  Do you feel you're
                      adequately staffed for what you're expecting in
                      revenue for the fiscal year?  Can you give us a little
                      color there?

Mendo Akdag:          We probably need to add another 10 to 15 people at
                      this time for customer service and pharmacy.

Michael Friedman:     And when do you expect to bring those people on,
                      throughout the year, at one point in time?  How do you
                      see that trending?

Mendo Akdag:          It's ongoing.  So we're bringing them as we speak.

Michael Friedman:     Okay.  Can you give us a little bit more of a
                      sense, the Betty White campaign is out now on TV?  Are
                      you spending a little less on maybe mailings and maybe
                      advertisements through the newspaper?  Is that fair to
                      say?

Mendo Akdag:          We are doing a little less print advertising -- you're
                      right -- than last year and more focused on television
                      and online.  We still have - our mailings are still
                      about the same as last year.

Michael Friedman:     Okay, and then one last question.  Are you seeing
                      any difference in the way in which vets are selling
                      products in response to, you know, the online - your
                      company as well as others?

Mendo Akdag:          We are not.  I know there's a concept for the
                      veterinarians to sell online.  We are not as concerned
                      as one of the analysts were and there are two reasons
                      for that.  One is there are additional shipping and
                      handling costs that somebody has to pay for with that
                      model.  Either the veterinarian will make less money
                      or consumer will have to pay more.  And second,
                      veterinarians have to trust a third party with their
                      database, with their customer base, so based on that,
                      we are not that concerned, at this time.

Michael Friedman:     Great. Thank you very much.

Mendo Akdag:          You're welcome.

Coordinator:          Thank you. Our next question comes from Anthony
                      Lebiedzinski with Sidoti.

Anthony Lebiedzinski: Good morning. Back in January you had talked
                      about increasing your customer service staffing levels
                      to improve your customer service. Can you talk about
                      how - whether or not you're happy with how that
                      effort's shaped up and if you could just give us a
                      little bit more insight into that?

Mendo Akdag:          It shaped up okay, but I was not that pleased to be
                      honest. We still need an - about 10 to 15 people.
                      We're still short at this time so - which we're in
                      process of hiring and training them.

Anthony Lebiedzinski: And also in regards to the wholesale segment is
                      the level of wholesale sales that you saw in the - in
                      this fourth quarter, is that a reasonable run-rate
                      going forward?

                         Exhibit 99.1 Page 4 of 6

<PAGE>

Mendo Akdag:          Probably yes. We're not focused on wholesale. We're
                      not soliciting to do wholesale. So it's probably about
                      - will be about the same going forward.

Anthony Lebiedzinski: Okay. My last question, you mentioned that
                      you're being more efficient with your advertising.
                      What steps are you taking to actually become more
                      efficient?

Mendo Akdag:          We analyze all the data.  And we are being a lot more
                      careful as far as where we are putting the money and
                      making sure that we're getting our money's worth,
                      return on investments. So we have tightened it up
                      compared to last year.

Anthony Lebiedzinski: Okay. Thank you.

Mendo Akdag:          You're welcome.

Coordinator:          Thank you. Once again that is star 1 to ask a
                      question. Our next question comes from Bill Lennan
                      from First Albany.

Bill Lennan:          Hi.  Good morning Mendo and Bruce. I just had one
                      question.  Can you tell us a little bit about average
                      order size, where  you see that trending as you bring
                      on more new customers? Our thesis has always been new
                      people might spend a little less than reorder
                      customers.  So I guess the short version of the
                      question is: where do you think the reorder rate goes?
                      And how much of that is driven by new customers?
                      Sorry, reorders, average order size, where is that
                      going?

Mendo Akdag:          Average order size, it was $81 for the fourth quarter,
                      and it was the same for the prior year same quarter,
                      $81. So it stayed about the same.  If you look at the
                      fiscal year we were at $79 compared to $77 for the
                      prior fiscal year.  So we're going to attempt to up-
                      sell and cross-sell to slightly increase the average
                      order size. It depends on really how successful we are
                      at doing that.

Bill Lennan:          Okay.  Is it a fact that though - a new customer will
                      order less than a reorder and that in fact if that's
                      true then a strong new customer quarter could hold
                      average order size down?  Is that a correct
                      assumption?

Mendo Akdag:          Yes. It is a correct assumption.  Yes.

Bill Lennan:          Okay. Thank you.

Mendo Akdag:          You're welcome.

Coordinator:          Thank you. Our next question comes from John Curtie
                      with Principal Global Investors.

John Curtie:          Good morning. My question has to do with G&A expenses
                      in the upcoming year. Would you anticipate roughly the
                      same level of 123R expense for the upcoming year as
                      well as restricted stock expense?

Mendo Akdag:          Probably. It will - it's going to be similar. It's not
                      going to be a material difference [for stock options].
                      That's our expectation. So it will be a better
                      comparison.

John Curtie:          Okay, and then a second question on advertising. You
                      had a very nice drop in cost per new customer in the
                      fourth quarter with the Betty White campaign.

Mendo Akdag:          Yes.


                         Exhibit 99.1 Page 5 of 6
<PAGE>

John Curtie:          Looking out to the next year do you anticipate that
                      whatever advertising campaigns that you're going to be
                      running, that you're going to be trying to keep that
                      cost down in that $35, $36 range for the entire year?

Mendo Akdag:          The answer is yes. Yes. We're going to work hard on
                      that.

John Curtie:          Okay. And when, maybe later in this calendar year, do
                      you anticipate running into increased costs possibly
                      from increased political advertising?

Mendo Akdag:          We are not anticipating that this year.  But next year
                      we'll see how it goes.

John Curtie:          Okay. Thank you very much.

Mendo Akdag:          You're welcome.

Coordinator:          Thank you. Once again that is star 1 if you'd like to
                      ask a question. One moment please. And at this time I
                      show no further questions and would like to turn the
                      call back over to Mr. Rosenbloom for any closing
                      statements.

Mendo Akdag:          I'll do the closing statement, Mendo Akdag here.
                      According to the American Pet Products Manufacturers
                      Association, spending on pets in the U.S. increased
                      about 5.8% and reached $38.4 billion in 2006.  There's
                      a continuing trend that pets in the U.S. are thought
                      of more like children, part of the family. This
                      mindset is driving pet owners to more high-end
                      products and pet products that mirror what they want
                      for themselves.

                      To capitalize on the pet industry's growth trend we'll
                      be focusing our efforts in three areas: one, capturing
                      additional market share; two, increasing reorders with
                      personalized communication and health education
                      content; and three, improving our current service
                      levels.

                      This wraps up today's conference call.  Thank you for
                      joining us.

Coordinator:          Thank you. This concludes today's teleconference.
                      Thank you for your participation.  You may disconnect
                      at this time. Thank you.


                         Exhibit 99.1 Page 6 of 6
<PAGE>
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