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<SEC-DOCUMENT>0000943440-07-000497.txt : 20071022
<SEC-HEADER>0000943440-07-000497.hdr.sgml : 20071022
<ACCEPTANCE-DATETIME>20071022162206
ACCESSION NUMBER:		0000943440-07-000497
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071022
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071022
DATE AS OF CHANGE:		20071022

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:		071183367

	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>oct2207-8k.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 22, 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  October  22,  2007, PetMed Express,  Inc.  issued  a  press
release  announcing its September 30, 2007 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.

            (d)  Exhibits.

                 99.1 - Press release dated October 22, 2007.

                        EXHIBIT INDEX

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

99.1         Press release dated October 22, 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: October 22, 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>oct22078k-ex991.txt
<TEXT>

                                                    Exhibit 99.1

PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES SECOND QUARTER
FINANCIAL RESULTS - NET INCOME INCREASES 37% TO $0.18 EPS

Pompano  Beach, Florida, October 22, 2007 - PetMed Express,  Inc.
(NASDAQ:  PETS)  today announced its financial  results  for  the
quarter  ended September 30, 2007.  Net income was $4.5  million,
or  $0.18 diluted per share, for the quarter ended September  30,
2007,  compared to net income of $3.3 million, or  $0.14  diluted
per  share, for the quarter ended September 30, 2006, an increase
to  net  income  of 37%.  For the six months ended September  30,
2007,  net income was $10.7 million, or $0.44 diluted per  share,
compared  to  net  income of $8.1 million, or $0.33  diluted  per
share,  for the six months ended September 30, 2006, an  increase
to  net  income of 33%.  The Company recognized a $134,000 income
tax benefit relating to certain incentive stock option exercises,
which was netted against the income tax provision for the quarter
ended  September  30,  2007.  Net sales  for  the  quarter  ended
September 30, 2007 were $51.5 million, compared to $43.8  million
for  the  quarter ended September 30, 2006, an increase  of  18%.
Net sales for the six months ended September 30, 2007 were $110.6
million,  compared  to  $94.5 million for the  six  months  ended
September 30, 2006, an increase of 17%.

Menderes Akdag, CEO and President, commented: "We are pleased  to
report  that  our  reorder sales increased  by  25%,  from  $28.1
million  to  $35.0 million for the quarters ended  September  30,
2007  and  2006,  respectively, and  for  the  six  months  ended
September 30, 2007 our reorder sales increased by 21%,  to  $75.0
million,  compared  to $62.0 million for the six  months  in  the
prior  year.  We acquired approximately 222,000 new customers  in
our  second  fiscal  quarter compared to  212,000  for  the  same
quarter  in  the prior year.  We are also pleased to report  that
our  Internet  sales increased by 23%, to $33.7 million  for  the
quarter  ended September 30, 2007, compared to $27.4 million  for
the  same quarter in the prior year, and for the six months ended
September 30, 2007 our internet sales increased by 24%, to  $71.6
million, compared to $57.6 million for the same six months in the
prior  year.  Approximately 65% of all sales were placed  on  the
Company's website for the second fiscal quarter, compared to  62%
for  the  same  quarter in the prior year.  We will  continue  to
focus  on  capturing additional market share,  and  on  improving
reorders  and  our  customer  service  levels  in  fiscal   2008.
Additionally, the Company repurchased approximately 70,000 shares
of its outstanding common stock for approximately $992,000 during
the second quarter of fiscal 2008."

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, dial (888) 889-4951
(toll  free)  or  (210) 839-8505.  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 22, 2007 until November 5, 2007 at 11:59 P.M.  To
access the replay, call (800) 685-0230 (toll free) or (203)  369-
3628, 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,  2007.   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.
                               ###

                    Exhibit 99.1 Page 1 of 4

- --------------------------------------------------------------------


<PAGE>



                    PETMED EXPRESS, INC. AND SUBSIDIARIES
                    CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                     September 30,   March 31,
                                                                         2007          2007
                                                                     -----------    -----------
                                                                     (UNAUDITED)
                           ASSETS
                           ------
<S>                                                                  <C>            <C>
Current assets:
   Cash and cash equivalents                                         $ 7,390,269    $   316,470
   Temporary investments                                              44,850,000     39,125,000
   Accounts receivable, less allowance for doubtful
      accounts of $31,000 and $28,000, respectively                    1,535,442      1,369,521
   Inventories - finished goods                                       14,950,086     16,086,207
   Prepaid income taxes                                                1,207,496              -
   Prepaid expenses and other current assets                             968,927      1,071,171
                                                                     -----------    -----------
          Total current assets                                        70,902,220     57,968,369

   Property and equipment, net                                         2,025,129      1,990,578
   Deferred income taxes                                               1,239,521        894,540
   Intangible asset                                                      365,000        365,000
                                                                     -----------    -----------
Total assets                                                         $74,531,870    $61,218,487
                                                                     ===========    ===========
           LIABILITIES AND SHAREHOLDERS' EQUITY
           ------------------------------------

Current liabilities:
   Accounts payable                                                  $ 7,281,685    $ 5,859,756
   Income taxes payable                                                        -        229,321
   Accrued expenses and other current liabilities                      1,622,155      1,265,837
                                                                     -----------    -----------

Total liabilities                                                      8,903,840      7,354,914
                                                                     -----------    -----------
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;
      24,473,676 and 24,309,417 shares issued and outstanding,
      respectively                                                        24,474         24,309
   Additional paid-in capital                                         16,319,836     15,213,254
   Retained earnings                                                  49,325,922     38,617,112
   Less treasury stock, at cost 3,674 and 0 shares, respectively         (51,100)             -
                                                                     -----------    -----------

          Total shareholders' equity                                  65,628,030     53,863,573
                                                                     -----------    -----------

Total liabilities and shareholders' equity                           $74,531,870    $61,218,487
                                                                     ===========    ===========
</TABLE>

                    Exhibit 99.1 Page 2 of 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,
                                                                2007            2006            2007            2006
                                                           -------------   -------------   -------------   -------------
 <S>                                                       <C>             <C>             <C>             <C>
 Sales                                                     $  51,537,197   $  43,812,754   $ 110,564,432   $  94,486,107
 Cost of sales                                                31,882,937      26,890,113      68,214,788      57,439,141
                                                           -------------   -------------   -------------   -------------

 Gross profit                                                 19,654,260      16,922,641      42,349,644      37,046,966
                                                           -------------   -------------   -------------   -------------
 Operating expenses:
      General and administrative                               5,344,320       4,320,703      10,959,786       8,769,325
      Advertising                                              8,072,127       7,670,641      16,554,908      15,999,359
      Depreciation and amortization                              151,715         130,851         279,649         266,152
                                                           -------------   -------------   -------------   -------------
 Total operating expenses                                     13,568,162      12,122,195      27,794,343      25,034,836
                                                           -------------   -------------   -------------   -------------

 Income from operations                                        6,086,098       4,800,446      14,555,301      12,012,130
                                                           -------------   -------------   -------------   -------------
 Other income (expense):
      Interest income                                            481,051         336,817         873,253         587,984
      Other, net                                                 193,274         136,763         424,930         237,165
      Loss on disposal of property and equipment                       -               -               -          (1,250)
                                                           -------------   -------------   -------------   -------------
 Total other income (expense)                                    674,325         473,580       1,298,183         823,899
                                                           -------------   -------------   -------------   -------------

 Income before provision for income taxes                      6,760,423       5,274,026      15,853,484      12,836,029

 Provision for income taxes                                    2,234,697       1,959,055       5,144,674       4,770,800
                                                           -------------   -------------   -------------   -------------

 Net income                                                $   4,525,726   $   3,314,971   $  10,708,810   $   8,065,229
                                                           =============   =============   =============   =============
 Net income per common share:
       Basic                                               $        0.19   $        0.14   $        0.44   $        0.33
                                                           =============   =============   =============   =============
       Dilutive                                            $        0.18   $        0.14   $        0.44   $        0.33
                                                           =============   =============   =============   =============
 Weighted average number of common shares outstanding:
       Basic                                                  24,214,543      24,172,319      24,182,110      24,091,242
                                                           =============   =============   =============   =============
       Dilutive                                               24,467,039      24,240,345      24,401,570      24,223,267
                                                           =============   =============   =============   =============
</TABLE>

                    Exhibit 99.1 Page 3 of 4


<PAGE>


                     PETMED EXPRESS, INC. AND SUBSIDIARIES
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (UNAUDITED)
<TABLE>
<CAPTION>
                                                                            Six Months Ended
                                                                              September 30,
                                                                          2007            2006
                                                                     -------------   -------------
<S>                                                                  <C>             <C>
 Cash flows from operating activities:
    Net income                                                       $  10,708,810   $   8,065,229
    Adjustments to reconcile net income to net cash
     provided by operating activities:
        Depreciation and amortization                                      279,649         266,152
        Share based compensation                                           792,637         489,488
        Deferred income taxes                                             (344,981)        (79,661)
        Loss on disposal of property and equipment                               -           1,250
        Bad debt expense                                                    22,870          27,565
        (Increase) decrease in operating assets
           and increase (decrease) in liabilities:
             Accounts receivable                                          (188,791)       (375,017)
             Inventories - finished goods                                1,136,121       5,134,115
             Prepaid income taxes                                       (1,207,496)              -
             Prepaid expenses and other current assets                     102,244      (1,118,681)
             Other assets                                                        -          14,167
             Accounts payable                                            1,421,929       3,507,594
             Income taxes payable                                         (229,321)       (958,318)
             Accrued expenses and other current liabilities                356,318          34,717
                                                                     -------------   -------------
 Net cash provided by operating activities                              12,849,989      15,008,600
                                                                     -------------   -------------
 Cash flows from investing activities:
    Net change in temporary investments                                 (5,725,000)    (15,575,000)
    Purchases of property and equipment                                   (314,200)       (302,139)
    Net proceeds from the sale of property and equipment                         -             400
                                                                     -------------   -------------
 Net cash used in investing activities                                  (6,039,200)    (15,876,739)
                                                                     -------------   -------------
 Cash flows from financing activities:
    Purchases of treasury stock                                         (2,504,056)              -
    Proceeds from the exercise of stock options                          2,585,593         421,513
    Tax benefit related to stock options exercised                         181,473          79,719
                                                                     -------------   -------------
 Net cash provided by financing activities                                 263,010         501,232
                                                                     -------------   -------------

 Net increase (decrease) in cash and cash equivalents                    7,073,799        (366,907)
 Cash and cash equivalents, at beginning of period                         316,470         366,907
                                                                     -------------   -------------

 Cash and cash equivalents, at end of period                         $   7,390,269   $           -
                                                                     =============   =============
 Supplemental disclosure of cash flow information:

    Cash paid for income taxes                                       $   6,745,000   $   6,364,063
                                                                     =============   =============

    Retirement of treasury stock                                     $   2,452,956   $           -
                                                                     =============   =============
</TABLE>
                    Exhibit 99.1 Page 4 of 4



<PAGE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
