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<SEC-DOCUMENT>0000943440-08-000022.txt : 20080124
<SEC-HEADER>0000943440-08-000022.hdr.sgml : 20080124
<ACCEPTANCE-DATETIME>20080124095415
ACCESSION NUMBER:		0000943440-08-000022
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080122
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080124
DATE AS OF CHANGE:		20080124

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:		08546301

	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-jan08er.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): January 22, 2008

                           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  January  22, 2008, PetMed Express, Inc. issued a press release
announcing its  December  31,  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 January 22, 2008.

                           EXHIBIT INDEX

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

  99.1      Press release dated January 22, 2008

                                   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: January 23, 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>form8kjan08er-ex991.txt
<TEXT>

                                                    Exhibit 99.1

PETMED EXPRESS D/B/A 1-800-PETMEDS ANNOUNCES THIRD QUARTER
FINANCIAL RESULTS - NET INCOME INCREASES 60% TO $0.18 EPS

Pompano  Beach, Florida, January 22, 2008 - PetMed Express,  Inc.
(NASDAQ:PETS)  today  announced its  financial  results  for  the
quarter ended December 31, 2007.  Net income was $4.4 million  or
$0.18  diluted per share for the quarter ended December 31, 2007,
compared to net income of $2.8 million or $0.11 diluted per share
for  the  quarter  ended December 31, 2006, an  increase  to  net
income of 60%.  For the nine months ended December 31, 2007,  net
income was $15.1 million or $0.62 diluted per share, compared  to
net  income of $10.8 million or $0.44 diluted per share  for  the
nine months ended December 31, 2006, an increase to net income of
40%.   Net  sales for the quarter ended December  31,  2007  were
$37.3  million, compared to $31.4 million for the  quarter  ended
December  31, 2006, an increase of 19%.  Net sales for  the  nine
months  ended December 31, 2007 were $147.9 million, compared  to
$125.8  million for the nine months ended December 31,  2006,  an
increase of 18%.

Menderes Akdag, CEO and President, commented: "We are pleased  to
report   high  profitability  for  the  quarter,  which  can   be
attributed  to  strong  reorders and our  success  in  leveraging
operating  expenses.  Our reorder sales increased  by  28%,  from
$22.1  million  to $28.4 million for the quarters ended  December
31,  2006  and 2007, respectively, and for the nine months  ended
December  31, 2007, our reorder sales increased by 23% to  $103.4
million,  compared to $84.1 million for the same nine  months  in
the  prior year.  We are also pleased to report that our Internet
sales  increased  by 23% to $24.4 million for the  quarter  ended
December 31, 2007, compared to $19.8 million for the same quarter
in  the  prior  year, and for the nine months ended December  31,
2007,  our  Internet sales increased by 24%,  to  $96.0  million,
compared  to $77.4 million for the same nine months in the  prior
year.   Approximately  65%  of  all  sales  were  placed  on  the
Company's website for the third fiscal quarter, compared  to  63%
for  the same quarter in the prior year.   Also, during the third
quarter  of  fiscal  2008  the Company repurchased  approximately
182,000  shares of its outstanding common stock for approximately
$2,364,000."

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) 455-1758
(toll  free)  or  (210) 234-0009.  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 January 22, 2008 until February 5, 2008 at 11:59 P.M.  To
access the replay, call (866) 386-1321 (toll free) or (203)  369-
0407, 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>
                                                           December 31,    March 31,
                                                              2007           2007
                                                           (UNAUDITED)
                                                           ------------  ------------
<S>                                                        <C>           <C>
                              ASSETS
                              ------
Current assets:
   Cash and cash equivalents                               $  2,140,272  $    316,470
   Temporary investments                                     44,860,000    39,125,000
   Accounts receivable, less allowance for doubtful
      accounts of $16,000 and $28,000, respectively             788,746     1,369,521
   Inventories - finished goods                              20,112,153    16,086,207
   Prepaid income taxes                                         213,750             -
   Prepaid expenses and other current assets                    902,266     1,071,171
                                                           ------------  ------------
          Total current assets                               69,017,187    57,968,369

   Property and equipment, net                                1,907,580     1,990,578
   Deferred income taxes                                      1,430,554       894,540
   Intangible asset                                             365,000       365,000
                                                           ------------  ------------

Total assets                                               $ 72,720,321  $ 61,218,487
                                                           ============  ============

                    LIABILITIES AND SHAREHOLDERS' EQUITY
                    ------------------------------------
Current liabilities:
   Accounts payable                                        $  2,660,589  $  5,859,756
   Income taxes payable                                               -       229,321
   Accrued expenses and other current liabilities             1,791,632     1,265,837
                                                           ------------  ------------

Total liabilities                                             4,452,221     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;
      24,313,231 and 24,309,417 shares issued, respectively      24,298        24,309
   Additional paid-in capital                                14,678,352    15,213,254
   Retained earnings                                         53,735,904    38,617,112
   Less treasury stock, at cost 14,764 and 0 shares,
      respectively                                             (179,352)            -
                                                           ------------  ------------

          Total shareholders' equity                         68,268,100    53,863,573
                                                           ------------  ------------

Total liabilities and shareholders' equity                 $ 72,720,321  $ 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            Nine Months Ended
                                                                    December 31,                   December 31,
                                                                2007           2006           2007           2006
                                                           -------------  -------------  -------------  -------------
<S>                                                        <C>            <C>            <C>            <C>
 Sales                                                     $  37,348,867  $  31,352,277  $ 147,913,299  $ 125,838,384
 Cost of sales                                                22,175,847     18,563,400     90,390,635     76,002,541
                                                           -------------  -------------  -------------  -------------

 Gross profit                                                 15,173,020     12,788,877     57,522,664     49,835,843
                                                           -------------  -------------  -------------  -------------

 Operating expenses:
      General and administrative                               4,542,522      4,022,852     15,502,308     12,792,177
      Advertising                                              4,170,113      4,771,341     20,725,021     20,770,700
      Depreciation and amortization                              155,385        129,355        435,034        395,507
                                                           -------------  -------------  -------------  -------------
 Total operating expenses                                      8,868,020      8,923,548     36,662,363     33,958,384
                                                           -------------  -------------  -------------  -------------

 Income from operations                                        6,305,000      3,865,329     20,860,301     15,877,459
                                                           -------------  -------------  -------------  -------------
 Other income (expense):
      Interest income                                            454,438        329,141      1,327,691        917,125
      Other, net                                                 110,416         94,964        535,346        332,129
      Loss on disposal of property and equipment                       -              -              -         (1,250)
                                                           -------------  -------------  -------------  -------------
 Total other income (expense)                                    564,854        424,105      1,863,037      1,248,004
                                                           -------------  -------------  -------------  -------------

 Income before provision for income taxes                      6,869,854      4,289,434     22,723,338     17,125,463

 Provision for income taxes                                    2,459,872      1,535,200      7,604,546      6,306,000
                                                           -------------  -------------  -------------  -------------

 Net income                                                $   4,409,982  $   2,754,234  $  15,118,792  $  10,819,463
                                                           =============  =============  =============  =============
 Net income per common share:
       Basic                                               $        0.18  $        0.11  $        0.63  $        0.45
                                                           =============  =============  =============  =============
       Dilutive                                            $        0.18  $        0.11  $        0.62  $        0.44
                                                           =============  =============  =============  =============
 Weighted average number of common shares outstanding:
       Basic                                                  24,162,552     24,213,937     24,175,567     24,132,289
                                                           =============  =============  =============  =============
       Dilutive                                               24,386,821     24,382,861     24,396,653     24,316,117
                                                           =============  =============  =============  =============
</TABLE>

                    Exhibit 99.1 Page 3 of 4


<PAGE>



                  PETMED EXPRESS, INC. AND SUBSIDIARIES
            CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (UNAUDITED)
<TABLE>
<CAPTION>
                                                                 Nine Months Ended
                                                                     December 31,
                                                                2007            2006
                                                           -------------   -------------
<S>                                                        <C>              <C>
 Cash flows from operating activities:
    Net income                                             $  15,118,792   $  10,819,463
    Adjustments to reconcile net income to net cash
     provided by operating activities:
        Depreciation and amortization                            435,034         395,507
        Share based compensation                               1,237,893         777,426
        Deferred income taxes                                   (536,014)       (224,737)
        Loss on disposal of property and equipment                     -           1,250
        Bad debt expense                                          16,508          16,038
        (Increase) decrease in operating assets
           and increase (decrease) in liabilities:
             Accounts receivable                                 564,267         218,592
             Inventories - finished goods                     (4,025,946)      4,966,371
             Prepaid income taxes                               (213,750)       (846,045)
             Prepaid expenses and other current assets           168,905        (550,000)
             Other assets                                              -          14,167
             Accounts payable                                 (3,199,167)        599,445
             Income taxes payable                               (229,321)       (958,318)
             Accrued expenses and other current liabilities      525,795        (118,557)
                                                           -------------   -------------
 Net cash provided by operating activities                     9,862,996      15,110,602
                                                           -------------   -------------
 Cash flows from investing activities:
    Net change in temporary investments                       (5,735,000)    (15,250,000)
    Purchases of property and equipment                         (352,036)       (824,416)
    Net proceeds from the sale of property and equipment               -             400
                                                           -------------   -------------
 Net cash used in investing activities                        (6,087,036)    (16,074,016)
                                                           -------------   -------------
 Cash flows from financing activities:
    Purchases of treasury stock                               (4,868,492)              -
    Proceeds from the exercise of stock options                2,648,703         435,064
    Tax benefit related to stock options exercised               267,631         231,037
                                                           -------------   -------------
 Net cash (used in) provided by financing activities          (1,952,158)        666,101
                                                           -------------   -------------

 Net increase (decrease) in cash and cash equivalents          1,823,802        (297,313)
 Cash and cash equivalents, at beginning of period               316,470         366,907
                                                           -------------   -------------

 Cash and cash equivalents, at end of period               $   2,140,272   $      69,594
                                                           =============   =============
 Supplemental disclosure of cash flow information:

    Cash paid for income taxes                             $   8,316,000   $   8,104,063
                                                           =============   =============

    Retirement of treasury stock                           $   4,689,140   $           -
                                                           =============   =============
</TABLE>




                    Exhibit 99.1 Page 4 of 4



<PAGE>


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