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<SEC-DOCUMENT>0000943440-09-000066.txt : 20090120
<SEC-HEADER>0000943440-09-000066.hdr.sgml : 20090119
<ACCEPTANCE-DATETIME>20090120162539
ACCESSION NUMBER:		0000943440-09-000066
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090120
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090120
DATE AS OF CHANGE:		20090120

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:		09534488

	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>petmed8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>UNITED STATES</TITLE>
<META NAME="author" CONTENT="Lisa">
<META NAME="date" CONTENT="01/20/2009">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin-top:12.533px; margin-bottom:0px" align=center><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>
<P style="margin-top:12.533px; margin-bottom:0px" align=center><B>FORM 8-K</B></P>
<P style="margin-top:12.533px; margin-bottom:0px" align=center><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
<P style="margin-top:12.533px; margin-bottom:0px" align=center>Date of report (Date of earliest event reported): January 20, 2009</P>
<P style="line-height:11.25pt; margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=24.267></TD><TD width=129.333></TD><TD width=153.6></TD><TD width=153.6></TD><TD width=153.6></TD><TD width=153.6></TD></TR>
<TR><TD valign=top width=24.267><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD valign=top width=743.733 colspan=5><P style="margin:0px; padding-right:1.067px" align=center><B><U>PetMed Express, Inc.<BR>
</U></B> (Exact name of registrant as specified in its charter)</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=153.6 colspan=2><P>&nbsp;</P></TD><TD style="background-color:#FFFFFF" valign=top width=153.6><P>&nbsp;</P></TD><TD style="background-color:#FFFFFF" valign=top width=153.6><P>&nbsp;</P></TD><TD style="background-color:#FFFFFF" valign=top width=153.6><P>&nbsp;</P></TD><TD style="background-color:#FFFFFF" valign=top width=153.6><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=153.6 colspan=2><P style="margin:0px; padding-right:1.067px" align=center><B><U>Florida</U></B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=153.6><P>&nbsp;</P></TD><TD style="background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding-right:1.067px" align=center><B><U>000-28827</U></B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=153.6><P>&nbsp;</P></TD><TD style="background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding-right:1.067px" align=center><B><U>65-0680967</U></B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=153.6 colspan=2><P style="margin:0px; padding-right:1.067px" align=center>(State or other jurisdiction<BR>
of incorporation)</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=153.6><P>&nbsp;</P></TD><TD style="background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding-right:1.067px" align=center>(Commission<BR>
File Number)</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=153.6><P>&nbsp;</P></TD><TD style="background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding-right:1.067px" align=center>(I.R.S. Employer<BR>
Identification No.)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=768></TD></TR>
<TR><TD valign=top width=768><P style="margin:0px; padding-right:1.067px" align=center><B><U>1441 S.W. 29<SUP>th</SUP> Avenue, &nbsp;Pompano Beach, FL &nbsp;33069</U></B></P>
</TD></TR>
<TR><TD valign=top width=768><P style="margin:0px; padding-right:1.067px" align=center>(Address of principal executive offices) (Zip Code)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=751.4></TD><TD width=16.6></TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=751.4><P style="margin:0px; padding-right:1.067px" align=center><B><U>(954) 979-5995</U></B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=16.6><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=751.4><P style="margin:0px; padding-right:1.067px" align=center>(Registrant&#146;s telephone number, including area code)</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=16.6><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=768></TD></TR>
<TR><TD valign=top width=768><P style="margin:0px; padding-right:1.067px" align=center><B><U>Not Applicable</U></B></P>
</TD></TR>
<TR><TD valign=top width=768><P style="margin:0px; padding-right:1.067px" align=center>(Former name or former address, if changed since last report)</P>
</TD></TR>
</TABLE>
<P style="line-height:11.25pt; margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=24.267></TD><TD width=743.733></TD></TR>
<TR><TD valign=top width=768 colspan=2><P style="margin:0px; padding-right:1.067px">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):</P>
</TD></TR>
<TR><TD valign=top width=24.267><P>&nbsp;</P></TD><TD valign=top width=743.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=24.267><P style="margin:0px"><B>&#8303;</B></P>
</TD><TD valign=top width=743.733><P style="margin:0px; padding-right:1.067px">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
</TD></TR>
<TR><TD valign=top width=24.267><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD valign=top width=743.733><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=24.267><P style="margin:0px">&#8302;</P>
</TD><TD valign=top width=743.733><P style="margin:0px; padding-right:1.067px">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
</TD></TR>
<TR><TD valign=top width=24.267><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD valign=top width=743.733><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=24.267><P style="margin:0px">&#8302;</P>
</TD><TD valign=top width=743.733><P style="margin:0px; padding-right:1.067px">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
</TD></TR>
<TR><TD valign=top width=24.267><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD valign=top width=743.733><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=24.267><P style="margin:0px">&#8302;</P>
</TD><TD valign=top width=743.733><P style="margin:0px; padding-right:1.067px">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
</TD></TR>
</TABLE>
<A NAME="eolPage2"></A><A NAME="FIS_OTHER_EVENTS"></A><P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:0.05pt; margin:0px; page-break-before:always"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px"><B>Item 8.01</B></P>
<P style="margin:0px; text-indent:72px"><B>Other Events.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>On January 20, 2009, PetMed Express, Inc. issued a press release announcing its December 31, 2008 quarter end financial results. &nbsp;A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</P>
<P style="margin-top:12.533px; margin-bottom:-16px"><B>Item 9.01</B></P>
<P style="margin:0px; text-indent:72px"><B>Financial Statements and Exhibits.</B></P>
<P style="line-height:11.25pt; margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=77.733></TD><TD width=24.2></TD><TD width=666.067></TD></TR>
<TR><TD valign=top width=77.733><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD valign=top width=24.2><P style="margin:0px; padding-right:1.067px">(d)</P>
</TD><TD valign=top width=666.067><P style="margin:0px; padding-right:1.067px">Exhibits.</P>
</TD></TR>
<TR><TD valign=top width=77.733><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD valign=top width=24.2><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD valign=top width=666.067><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=77.733><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD valign=top width=24.2><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD valign=top width=666.067><P style="margin:0px; padding-right:1.067px; color:#0000FF"><A HREF="ex991.htm"><U>99.1</U></A><FONT style="color:#000000"> &#150; Press release dated January 20, 2009</FONT></P>
</TD><A NAME="FIS_EXHIBIT_INDEX"></A></TR>
</TABLE>
<P style="margin-top:12.533px; margin-bottom:0px" align=center><BR></P>
<P style="margin-top:12.533px; margin-bottom:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>2</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:12.533px; margin-bottom:0px; page-break-before:always" align=center><B>SIGNATURES</B></P>
<P style="margin-top:12.533px; margin-bottom:0px; text-indent:48px">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.</P>
<P style="margin-top:12.533px; margin-bottom:0px">Dated: January 20, 2009</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=330.333></TD><TD width=41.667></TD><TD width=252></TD></TR>
<TR><TD valign=top width=330.333><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=293.667 colspan=2><P style="margin:0px">PETMED EXPRESS, INC.</P>
</TD></TR>
<TR><TD valign=top width=330.333><P>&nbsp;</P></TD><TD valign=top width=41.667><P>&nbsp;</P></TD><TD valign=top width=252><P style="margin:0px">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=330.333><P>&nbsp;</P></TD><TD valign=top width=41.667><P>&nbsp;</P></TD><TD valign=top width=252><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=330.333><P>&nbsp;</P></TD><TD valign=top width=41.667><P style="margin:0px">By:&nbsp;&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=252><P style="margin:0px">/s/ Bruce S. Rosenbloom</P>
</TD></TR>
<TR><TD valign=top width=330.333><P>&nbsp;</P></TD><TD valign=top width=41.667><P style="margin:0px; padding-right:1.067px">Name:</P>
</TD><TD valign=top width=252 rowspan=2><P style="margin:0px; padding-right:1.067px">Bruce S. Rosenbloom</P>
<P style="margin:0px; padding-right:1.067px">Chief Financial Officer</P>
</TD></TR>
<TR><TD valign=top width=330.333><P>&nbsp;</P></TD><TD valign=top width=41.667><P style="margin:0px; padding-right:1.067px">Title:</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:15px; margin-bottom:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>3</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:12.533px; margin-bottom:0px; page-break-before:always" align=center><B>EXHIBIT INDEX</B></P>
<P style="line-height:11.25pt; margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=128.533></TD><TD width=10.6></TD><TD width=474.267></TD><TD width=10.6></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=128.533><P style="line-height:10pt; margin:0px; padding-right:1.067px; font-size:8pt" align=center><B>Exhibit No.</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=10.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=474.267><P style="line-height:10pt; margin:0px; padding-right:1.067px; font-size:8pt"><B>Description</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=10.6><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=128.533><P style="margin:0px; padding-right:1.067px; color:#0000FF" align=center><A HREF="ex991.htm"><U>99.1</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=10.6><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=474.267><P style="margin:0px; padding-right:1.067px">Press release dated January 20, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=10.6><P style="margin:0px; padding-right:1.067px">&nbsp;</P>
</TD><A NAME="FIS_SIGNATURES"></A></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
</DIV></BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 99</TITLE>
<META NAME="author" CONTENT="Lisa">
<META NAME="date" CONTENT="01/20/2009">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px; padding-right:1.067px; font-family:Arial" align=right>Exhibit 99.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:-24px; padding-right:-24px; font-family:Arial; font-size:11pt" align=center><B>PETMED EXPRESS D/B/A 1-800-PETMEDS</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:-24px; padding-right:-24px; font-family:Arial; font-size:11pt" align=center><B>ANNOUNCES THIRD QUARTER FINANCIAL RESULTS</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:-24px; padding-right:-24px; font-family:Arial" align=center><I>New Order Sales Increase 25%</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:-24px; padding-right:-24px; font-family:Arial" align=center><I>Net Sales Increase 16% to $43.4 Million</I></P>
<P style="margin-top:0px; margin-bottom:7.333px; padding-left:-24px; padding-right:-24px; font-family:Arial" align=center><I>Earnings Increase 15% to $0.21 Diluted Per Share</I></P>
<P style="margin:0px; padding-right:6px; font-family:Arial" align=justify>Pompano Beach, Florida, January 20, 2009 - PetMed Express, Inc. (NASDAQ: PETS) today announced its financial results for the quarter ended December 31, 2008. &nbsp;Net sales for this quarter were $43.4 million compared to $37.3 million for the quarter ended December 31, 2007, an increase of 16%. &nbsp;Net sales for the nine months ended December 31, 2008 were $171.3 million compared to $147.9 million for the nine months ended December 31, 2007, also an increase of 16%. &nbsp;Net income was $4.9 million or $0.21 diluted per share for the quarter ended December 31, 2008, compared to net income of $4.4 million or $0.18 diluted per share for the quarter ended December 31, 2007, an increase to earnings per share of 15%. &nbsp;For the nine months ended December 31, 2008, net income was $17.3 million or $0.73 diluted per share compared to net income of $15.1 million or $0.62 diluted per share for the nine months ended December 31, 2007, an in
crease to earnings per share of 18%. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:6px; font-family:Arial" align=justify>Menderes Akdag, President and CEO, commented: &#147;We are pleased to report that new order sales increased by 25% to $11.2 million for the quarter ended December 31, 2008, compared to $9.0 million for the same quarter the prior year. &nbsp;We acquired approximately 154,000 new customers in the quarter ended December 31, 2008, compared to 127,000 new customers for the same quarter the prior year. &nbsp;We are also pleased to report that our net cash from operations increased by 60% to $15.8 million for the nine months ended December 31, 2008 from $9.9 million for the same period the prior year. &nbsp;Our continuing focus will be on capturing additional market share, and improving reorders and our customer service levels in fiscal 2009. &nbsp;Additionally, the Company repurchased approximately 336,000 shares of its outstanding common stock for approximately $4.6 million during the third quarter of fiscal 2009.&#148;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:6px; font-family:Arial" align=justify>This morning at 8:30 A.M. Eastern Time, Mr. Akdag will host a conference call to review the quarter&#146;s financial results. &nbsp;To access the call which is open to the public, dial (888) 455-1758 (toll free) or (210) 234-0009. &nbsp;Callers will be required to supply PETMEDS as the passcode. &nbsp;For those unable to participate in the live event, the call will be available for replay from 10 A.M. on January 20, 2009 until February 3, 2009 at 11:59 P.M. &nbsp;To access the replay, call (866) 507-3618 (toll free) or (203) 369-1892, and enter passcode 5500.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:6px; font-family:Arial" align=justify>Founded in 1996, PetMed Express is America&#146;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 <FONT style="color:#0000FF"><U>www.1800petmeds.com</U></FONT>.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:6px; font-family:Arial" align=justify>This press release may contain &#147;forward-looking&#148; 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&#146;s ability to meet the objectives included in its business plan. &nbsp;Important factors that could cause results to differ materially from those indicated by such &#147;forward-looking&#148; statements are set forth in Management&#146;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, 2008. &nbsp;The Company&#146;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:6px; font-family:Arial" align=justify>For investment relations contact PetMed Express, Inc., Bruce S. Rosenbloom, CFO, 954-979-5995.</P>
<P style="margin:0px; padding-right:6px; font-family:Arial" align=center>###</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px; padding-right:6px" align=center>Exhibit 99.1 Page 1 of 4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>PETMED EXPRESS, INC. AND SUBSIDIARIES</B></P>
<P style="margin:0px" align=center><B>CONDENSED CONSOLIDATED BALANCE SHEETS</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=409.8></TD><TD width=20.2></TD><TD width=8.733></TD><TD width=78.467></TD><TD width=20.2></TD><TD width=8.133></TD><TD width=73></TD><TD width=5.467></TD></TR>
<TR><TD valign=bottom width=409.8><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>December 31,</B></P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=81.133 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>March 31,</B></P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2008</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=81.133 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2008</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>(UNAUDITED)</B></P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px" align=center><B><U>ASSETS</U></B></P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Current assets:</P>
</TD><TD valign=bottom width=20.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Cash and cash equivalents</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P style="margin:0px">$</P>
</TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>27,190,543</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P style="margin:0px">$</P>
</TD><TD valign=bottom width=73><P style="margin:0px" align=right>20,267,829</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Temporary investments</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>16,490,000</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P style="margin:0px" align=right>4,780,000</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Accounts receivable, less allowance for doubtful</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">accounts of $42,297 and $32,040, respectively</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>2,075,862</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P style="margin:0px" align=right>1,575,263</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Inventories - finished goods</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>19,654,770</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P style="margin:0px" align=right>17,909,549</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Prepaid expenses and other current assets</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>661,576</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P style="margin:0px" align=right>691,859</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Prepaid income taxes</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=8.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=78.467><P style="margin:0px" align=right>4,000,000</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=8.133><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px" align=right>&#59450;</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Total current assets</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>70,072,751</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P style="margin:0px" align=right>45,224,500</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Long term investments</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>14,650,000</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P style="margin:0px" align=right>24,740,000</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Property and equipment, net</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>4,948,932</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P style="margin:0px" align=right>1,903,294</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Deferred income taxes</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>908,759</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P style="margin:0px" align=right>1,221,853</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Intangible assets</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=8.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=78.467><P style="margin:0px" align=right>850,000</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=8.133><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px" align=right>365,000</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Total assets</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=8.733><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=78.467><P style="margin:0px" align=right>91,430,442</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=8.133><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=73><P style="margin:0px" align=right>73,454,647</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px" align=center><B><U>LIABILITIES AND SHAREHOLDERS' EQUITY</U></B></P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Current liabilities:</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Accounts payable</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P style="margin:0px">$</P>
</TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>6,279,299</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P style="margin:0px">$</P>
</TD><TD valign=bottom width=73><P style="margin:0px" align=right>4,358,774</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Accrued expenses and other current liabilities</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>2,022,664</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P style="margin:0px" align=right>1,876,655</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Income taxes payable</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=8.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=78.467><P style="margin:0px" align=right>2,686,014</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=8.133><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px" align=right>185,243</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Total liabilities</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=8.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=78.467><P style="margin:0px" align=right>10,987,977</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=8.133><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px" align=right>6,420,672</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Commitments and contingencies</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Shareholders' equity:</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Preferred stock, $.001 par value, 5,000,000 shares authorized;</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">2,500 convertible shares issued and outstanding with a</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">liquidation preference of $4 per share</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>8,898</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P style="margin:0px" align=right>8,898</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Common stock, $.001 par value, 40,000,000 shares authorized;</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">23,476,046 and 23,734,067 shares issued, respectively</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>23,476</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P style="margin:0px" align=right>23,734</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Additional paid-in capital</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>4,443,674</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P style="margin:0px" align=right>8,396,277</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Retained earnings</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P style="margin:0px" align=right>75,966,417</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P style="margin:0px" align=right>58,639,343</P>
</TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Less treasury stock, at cost; 0 and 3,100 shares, respectively</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=8.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=78.467><P style="margin:0px" align=right>&#59450;</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=8.133><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px" align=right>(34,277</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.467><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=409.8><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Total shareholders' equity</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=8.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=78.467><P style="margin:0px" align=right>80,442,465</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=8.133><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px" align=right>67,033,975</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.733><P>&nbsp;</P></TD><TD valign=bottom width=78.467><P>&nbsp;</P></TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD valign=bottom width=8.133><P>&nbsp;</P></TD><TD valign=bottom width=73><P>&nbsp;</P></TD><TD valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=409.8><P style="margin:0px; padding-left:8px; text-indent:-8px">Total liabilities and shareholders' equity</P>
</TD><TD valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=8.733><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=78.467><P style="margin:0px" align=right>91,430,442</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=20.2><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=8.133><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=73><P style="margin:0px" align=right>73,454,647</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=5.467><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px; padding-right:6px" align=center>Exhibit 99.1 Page 2 of 4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always" align=center><B>PETMED EXPRESS, INC. AND SUBSIDIARIES</B></P>
<P style="margin:0px" align=center><B>CONSOLIDATED STATEMENTS OF INCOME</B></P>
<P style="margin:0px" align=center><B>(UNAUDITED)</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=275.933></TD><TD width=16.667></TD><TD width=6.667></TD><TD width=60></TD><TD width=16.667></TD><TD width=6.667></TD><TD width=60></TD><TD width=16.667></TD><TD width=6.667></TD><TD width=66.667></TD><TD width=16.667></TD><TD width=6.667></TD><TD width=66.733></TD><TD width=1.333></TD></TR>
<TR><TD valign=bottom width=275.933><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=150 colspan=5><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Three Months Ended</B></P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=163.4 colspan=5><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Nine Months Ended</B></P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=150 colspan=5><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>December 31,</B></P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=163.4 colspan=5><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>December 31,</B></P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.667 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2008</B></P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.667 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2007</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.333 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2008</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.4 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2007</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Sales</P>
</TD><TD valign=bottom width=16.667><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.667><P style="margin:0px" align=justify>$</P>
</TD><TD valign=bottom width=60><P style="margin:0px" align=right>43,405,846</P>
</TD><TD valign=bottom width=16.667><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.667><P style="margin:0px">$</P>
</TD><TD valign=bottom width=60><P style="margin:0px" align=right>37,348,867</P>
</TD><TD valign=bottom width=16.667><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.667><P style="margin:0px">$</P>
</TD><TD valign=bottom width=66.667><P style="margin:0px" align=right>171,341,670</P>
</TD><TD valign=bottom width=16.667><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=6.667><P style="margin:0px">$</P>
</TD><TD valign=bottom width=66.733><P style="margin:0px" align=right>147,913,299</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Cost of sales</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>26,088,572</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>22,175,847</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.667><P style="margin:0px" align=right>105,375,803</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.733><P style="margin:0px" align=right>90,390,635</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Gross profit</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>17,317,274</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>15,173,020</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.667><P style="margin:0px" align=right>65,965,867</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.733><P style="margin:0px" align=right>57,522,664</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Operating expenses:</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:24px; text-indent:-8px">General and administrative</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P style="margin:0px" align=right>5,019,183</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P style="margin:0px" align=right>4,542,522</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P style="margin:0px" align=right>16,448,431</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P style="margin:0px" align=right>15,502,308</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Advertising</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P style="margin:0px" align=right>4,899,893</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P style="margin:0px" align=right>4,170,113</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P style="margin:0px" align=right>23,619,602</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P style="margin:0px" align=right>20,725,021</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Depreciation and amortization</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>185,649</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>155,385</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.667><P style="margin:0px" align=right>503,277</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.733><P style="margin:0px" align=right>435,034</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Total operating expenses</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>10,104,725</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>8,868,020</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.667><P style="margin:0px" align=right>40,571,310</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.733><P style="margin:0px" align=right>36,662,363</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Income from operations</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>7,212,549</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>6,305,000</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.667><P style="margin:0px" align=right>25,394,557</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.733><P style="margin:0px" align=right>20,860,301</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Other income:</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Interest income, net</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P style="margin:0px" align=right>297,017</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P style="margin:0px" align=right>454,438</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P style="margin:0px" align=right>958,735</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P style="margin:0px" align=right>1,327,691</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Other, net</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>(27,616</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P style="margin:0px">)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>110,416</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.667><P style="margin:0px" align=right>301,835</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.733><P style="margin:0px" align=right>535,346</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Total other income</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>269,401</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>564,854</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.667><P style="margin:0px" align=right>1,260,570</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.733><P style="margin:0px" align=right>1,863,037</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Income before provision for income taxes</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P style="margin:0px" align=right>7,481,950</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P style="margin:0px" align=right>6,869,854</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P style="margin:0px" align=right>26,655,127</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P style="margin:0px" align=right>22,723,338</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Provision for income taxes</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>2,597,182</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=60><P style="margin:0px" align=right>2,459,872</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.667><P style="margin:0px" align=right>9,328,053</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=66.733><P style="margin:0px" align=right>7,604,546</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Net income</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P style="margin:0px" align=justify>$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60><P style="margin:0px" align=right>4,884,768</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60><P style="margin:0px" align=right>4,409,982</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=66.667><P style="margin:0px" align=right>17,327,074</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=66.733><P style="margin:0px" align=right>15,118,792</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Net income per common share:</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Basic</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P style="margin:0px" align=justify>$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60><P style="margin:0px" align=right>0.21</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60><P style="margin:0px" align=right>0.18</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=66.667><P style="margin:0px" align=right>0.74</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=66.733><P style="margin:0px" align=right>0.63</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Diluted</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P style="margin:0px" align=justify>$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60><P style="margin:0px" align=right>0.21</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=60><P style="margin:0px" align=right>0.18</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=66.667><P style="margin:0px" align=right>0.73</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=66.733><P style="margin:0px" align=right>0.62</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Weighted average number of common shares outstanding:</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=60><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.667><P>&nbsp;</P></TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD valign=bottom width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=66.733><P>&nbsp;</P></TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Basic</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=60><P style="margin:0px" align=right>23,333,025</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=60><P style="margin:0px" align=right>24,162,552</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=66.667><P style="margin:0px" align=right>23,446,990</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=66.733><P style="margin:0px" align=right>24,175,567</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=275.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Diluted</P>
</TD><TD valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=60><P style="margin:0px" align=right>23,542,120</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=60><P style="margin:0px" align=right>24,386,821</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=66.667><P style="margin:0px" align=right>23,627,969</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=66.733><P style="margin:0px" align=right>24,396,653</P>
</TD><TD valign=bottom width=1.333><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; padding-right:6px" align=center>Exhibit 99.1 Page 3 of 4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>PETMED EXPRESS, INC. AND SUBSIDIARIES</B></P>
<P style="margin:0px" align=center><B>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
<P style="margin:0px" align=center><B>(UNAUDITED)</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=393.733></TD><TD width=22.467></TD><TD width=9></TD><TD width=80.733></TD><TD width=22.467></TD><TD width=9></TD><TD width=80.733></TD><TD width=5.867></TD></TR>
<TR><TD valign=bottom width=393.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=201.933 colspan=5><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Nine Months Ended</B></P>
</TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=201.933 colspan=5><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>December 31,</B></P>
</TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=89.733 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2008</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=89.733 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2007</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD style="border-top:1px solid #FFFFFF" valign=bottom width=393.733><P style="margin:0px; padding-left:8px; text-indent:-8px">Cash flows from operating activities:</P>
</TD><TD style="border-top:1px solid #FFFFFF" valign=bottom width=22.467><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:24px; text-indent:-8px">Net income</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P style="margin:0px">$</P>
</TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>17,327,074</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P style="margin:0px">$</P>
</TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>15,118,792</P>
</TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:24px; text-indent:-8px">Adjustments to reconcile net income to net cash</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:24px; text-indent:-8px">provided by operating activities:</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:40px; text-indent:-8px">Depreciation and amortization</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>503,277</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>435,034</P>
</TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:40px; text-indent:-8px">Share based compensation</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>1,089,889</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>1,237,893</P>
</TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:40px; text-indent:-8px">Deferred income taxes</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>313,094</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(536,014</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:40px; text-indent:-8px">Bad debt expense</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>48,656</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>16,508</P>
</TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:40px; text-indent:-8px">(Increase) decrease in operating assets</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:40px; text-indent:-8px">and increase (decrease) in liabilities:</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:56px; text-indent:-8px">Accounts receivable</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(549,255</P>
</TD><TD valign=bottom width=22.467><P style="margin:0px">)</P>
</TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>564,267</P>
</TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:56px; text-indent:-8px">Inventories - finished goods</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(1,745,221</P>
</TD><TD valign=bottom width=22.467><P style="margin:0px">)</P>
</TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(4,025,946</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:56px; text-indent:-8px">Prepaid income taxes</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(4,000,000</P>
</TD><TD valign=bottom width=22.467><P style="margin:0px">)</P>
</TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(213,750</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:56px; text-indent:-8px">Prepaid expenses and other current assets</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>30,283</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>168,905</P>
</TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:56px; text-indent:-8px">Accounts payable</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>119,499</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(3,199,167</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:56px; text-indent:-8px">Income taxes payable</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>2,500,771</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(229,321</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:56px; text-indent:-8px">Accrued expenses and other current liabilities</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>146,009</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>525,795</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:8px; text-indent:-8px">Net cash provided by operating activities</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>15,784,076</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>9,862,996</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:8px; text-indent:-8px">Cash flows from investing activities:</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:24px; text-indent:-8px">Net change in investments</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(1,620,000</P>
</TD><TD valign=bottom width=22.467><P style="margin:0px">)</P>
</TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(5,735,000</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:24px; text-indent:-8px">Purchases of property and equipment</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(1,747,889</P>
</TD><TD valign=bottom width=22.467><P style="margin:0px">)</P>
</TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(352,036</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:24px; text-indent:-8px">Purchase of intangible asset</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>(485,000</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=22.467><P style="margin:0px">)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>&#59450;</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:8px; text-indent:-8px">Net cash used in investing activities</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>(3,852,889</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=22.467><P style="margin:0px">)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>(6,087,036</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=393.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:8px; text-indent:-8px">Cash flows from financing activities:</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:24px; text-indent:-8px">Purchases of treasury stock</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(6,776,696</P>
</TD><TD valign=bottom width=22.467><P style="margin:0px">)</P>
</TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>(4,868,492</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:24px; text-indent:-8px">Proceeds from the exercise of stock options</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>1,535,035</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>2,648,703</P>
</TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:24px; text-indent:-8px">Tax benefit related to stock options exercised</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>233,188</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>267,631</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:8px; text-indent:-8px">Net cash used in financing activities</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>(5,008,473</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=22.467><P style="margin:0px">)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>(1,952,158</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=bottom width=393.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:8px; text-indent:-8px">Net increase in cash and cash equivalents</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>6,922,714</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P style="margin:0px" align=right>1,823,802</P>
</TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:8px; text-indent:-8px">Cash and cash equivalents, at beginning of period</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>20,267,829</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="margin:0px" align=right>316,470</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:8px; text-indent:-8px">Cash and cash equivalents, at end of period</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=9><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=80.733><P style="margin:0px" align=right>27,190,543</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=9><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=80.733><P style="margin:0px" align=right>2,140,272</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:8px; text-indent:-8px">Supplemental disclosure of cash flow information:</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:24px; text-indent:-8px">Cash paid for income taxes</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=9><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=80.733><P style="margin:0px" align=right>10,281,000</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=9><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=80.733><P style="margin:0px" align=right>8,316,000</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:24px; text-indent:-8px">Retirement of treasury stock</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=9><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=80.733><P style="margin:0px" align=right>6,810,973</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=9><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=80.733><P style="margin:0px" align=right>4,689,140</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD valign=bottom width=9><P>&nbsp;</P></TD><TD valign=bottom width=80.733><P>&nbsp;</P></TD><TD valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=393.733><P style="margin:0px; padding-left:24px; text-indent:-8px">Property and equipment purchases in accounts payable</P>
</TD><TD valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=9><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=80.733><P style="margin:0px" align=right>1,801,026</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=22.467><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=9><P style="margin:0px">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=80.733><P style="margin:0px" align=right>&#59450;</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=5.867><P>&nbsp;</P></TD></TR>
</TABLE>
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<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; padding-right:6px" align=center>Exhibit 99.1 Page 4 of 4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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