<SEC-DOCUMENT>0000943440-11-000213.txt : 20110511
<SEC-HEADER>0000943440-11-000213.hdr.sgml : 20110511
<ACCEPTANCE-DATETIME>20110511162128
ACCESSION NUMBER:		0000943440-11-000213
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110509
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110511
DATE AS OF CHANGE:		20110511

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:		11832187

	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>pets050911_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<HEAD>
<TITLE>Form 8-K</TITLE>
<META NAME="date" CONTENT="05/11/2011">
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<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<A NAME="eolPage1"></A><P style="margin:0px">&nbsp;<A NAME="FIS_TOP_OF_DOCUMENT"></A>&nbsp;<A NAME="B416715_8K_HTM"></A>&nbsp;<A NAME="FIS_FORM"></A>&nbsp;<A NAME="FIS_UNIDENTIFIED_TABLE"></A></P>
<P style="margin-top:15px; margin-bottom:0px; font-family:Arial" align=center><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>
<P style="margin-top:15px; margin-bottom:0px; font-family:Arial; font-size:13.5pt" align=center><B>FORM 8-K</B></P>
<P style="margin-top:15px; margin-bottom:0px; font-family:Arial" 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:15px; margin-bottom:0px; font-family:Arial" align=center>Date of report (Date of earliest event reported): May 9, 2011</P>
<A NAME="eolPage2"></A><P style="line-height:11.25pt; margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=24.267 /><TD width=129.333 /><TD width=153.6 /><TD width=153.6 /><TD width=153.6 /><TD width=153.6 /></TR>
<TR><TD style="margin-top:0px" valign=top width=24.267><P style="margin:0px; padding-right:1.067px; font-family:Arial">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=743.733 colspan=5><P style="margin:0px; padding-right:1.067px; font-family:Arial" 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="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6 colspan=2><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6 colspan=2><P style="margin:0px; padding-right:1.067px; font-family:Arial" align=center><B><U>Florida</U></B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding-right:1.067px; font-family:Arial" align=center><B><U>000-28827</U></B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding-right:1.067px; font-family:Arial" align=center><B><U>65-0680967</U></B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6 colspan=2><P style="margin:0px; padding-right:1.067px; font-family:Arial" align=center>(State or other jurisdiction<BR>
of incorporation)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding-right:1.067px; font-family:Arial" align=center>(Commission<BR>
File Number)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=153.6><P style="margin:0px; padding-right:1.067px; font-family:Arial" align=center>(I.R.S. Employer<BR>
Identification No.)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR>
<BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=768 /></TR>
<TR><TD style="margin-top:0px" valign=top width=768><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman" align=center><B><U>1441 S.W. 29</U></B><B><U><SUP>th</SUP></U></B><B><U> Avenue, Pompano Beach, FL &nbsp;33069</U></B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=768><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman" align=center>(Address of principal executive offices) (Zip Code)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR>
<BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=751.4 /><TD width=16.6 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=751.4><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman" align=center><B><U>(954) 979-5995</U></B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=16.6><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=751.4><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman" align=center>(Registrant&#146;s telephone number, including area code)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=16.6><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR>
<BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=768 /></TR>
<TR><TD style="margin-top:0px" valign=top width=768><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman" align=center><B><U>Not Applicable</U></B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=768><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman" align=center>(Former name or former address, if changed since last report)</P>
</TD></TR>
</TABLE>
<P style="margin-top:15px; margin-bottom:0px; font-family:Arial,Times New Roman">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>
<P style="line-height:11.25pt; margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=24.267 /><TD width=743.733 /></TR>
<TR><TD style="margin-top:0px" valign=top width=24.267><P style="margin:0px; font-family:Arial,Times New Roman">[ &nbsp;]</P>
</TD><TD style="margin-top:0px" valign=top width=743.733><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24.267><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=743.733><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24.267><P style="margin:0px; font-family:Arial,Times New Roman">[ &nbsp;]</P>
</TD><TD style="margin-top:0px" valign=top width=743.733><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24.267><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=743.733><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24.267><P style="margin:0px; font-family:Arial,Times New Roman">[ &nbsp;]</P>
</TD><TD style="margin-top:0px" valign=top width=743.733><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24.267><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=743.733><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24.267><P style="margin:0px; font-family:Arial,Times New Roman">[ &nbsp;]</P>
</TD><TD style="margin-top:0px" valign=top width=743.733><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">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="FIS_OTHER_EVENTS"></A><P style="margin:0px"><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style=page-break-before:always;margin-top:0;margin-bottom:-4pt;font-size:4pt /><P style=margin-top:12.533px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:96px; font-family:Arial,Times New Roman; float:left"><B>Item 8.01</B></P>
<P style="margin:0px; text-indent:-2px; font-family:Arial,Times New Roman"><B>Other Events.</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; text-indent:24px; font-family:Arial,Times New Roman" align=justify>On May 9, 2011, PetMed Express, Inc. discussed its financial results for the quarter and year ended March 31, 2011. &nbsp;A copy of this conference call transcript is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</P>
<P style=margin-top:12.533px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:96px; font-family:Arial,Times New Roman; float:left"><B>Item 9.01</B></P>
<P style="margin:0px; text-indent:-2px; font-family:Arial,Times New Roman"><B>Financial Statements and Exhibits.</B></P>
<P style="line-height:11.25pt; margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=77.733 /><TD width=24.2 /><TD width=666.067 /></TR>
<TR><TD style="margin-top:0px" valign=top width=77.733><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=24.2><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">(d)</P>
</TD><TD style="margin-top:0px" valign=top width=666.067><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">Exhibits.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=77.733><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=24.2><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=666.067><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=77.733><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=24.2><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=666.067><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">99.1 &#150; Conference call transcript by PetMed Express, Inc. on May 9, 2011.</P>
</TD><A NAME="FIS_EXHIBIT_INDEX"></A></TR>
</TABLE>
<P style="margin-top:15px; margin-bottom:0px; font-family:Arial,Times New Roman" align=center><B>EXHIBIT INDEX</B></P>
<P style="line-height:11.25pt; margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=80.8 /><TD width=17.133 /><TD width=652.933 /><TD width=17.133 /></TR>
<TR><TD style="margin-top:0px" valign=top width=80.8><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman"><U>Exhibit No.</U></P>
</TD><TD style="margin-top:0px" valign=top width=17.133><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=652.933><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman"><U>Description</U></P>
</TD><TD style="margin-top:0px" valign=top width=17.133><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=80.8><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=17.133><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=652.933><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=17.133><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=80.8><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">99.1</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.133><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=652.933><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">Conference call transcript by PetMed Express, Inc. on May 9, 2011.</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=17.133><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><A NAME="FIS_SIGNATURES"></A></TR>
</TABLE>
<P style="margin-top:15px; margin-bottom:0px; font-family:Arial,Times New Roman" align=center><B>SIGNATURES</B></P>
<P style="margin-top:15px; margin-bottom:0px; text-indent:48px; font-family:Arial,Times New Roman">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:15px; margin-bottom:0px; font-family:Arial,Times New Roman">Dated: May 11, 2011</P>
<P style="line-height:11.25pt; margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=383.333 /><TD width=46.4 /><TD width=338.267 /></TR>
<TR><TD style="margin-top:0px" valign=top width=383.333><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=384.667 colspan=2><P style="margin:0px; padding-right:2.4px; font-family:Arial,Times New Roman">PETMED EXPRESS, INC.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=383.333><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=46.4><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=338.267><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=383.333><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=46.4><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">By:</P>
</TD><TD style="margin-top:0px" valign=top width=338.267><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman"><U>/s/ Bruce S. Rosenbloom</U></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=383.333><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=46.4><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">Name:</P>
</TD><TD style="margin-top:0px" valign=top width=338.267><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">Bruce S. Rosenbloom</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=383.333><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=46.4><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">Title:</P>
</TD><TD style="margin-top:0px" valign=top width=338.267><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">Chief Financial Officer</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=383.333><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=46.4><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=338.267><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD><A NAME="FIS_EXHIBIT_99"></A><A NAME="B416715_EX99_1_HTM"></A></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-size:12pt" align=center>2</P>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pets0509118k_ex99z1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
<META NAME="author" CONTENT="Karen Fornash">
<META NAME="date" CONTENT="05/11/2011">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial; font-size:11pt" align=center><B>PETMED EXPRESS, INC.</B></P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial; font-size:11pt" align=center><B>QUARTER AND YEAR ENDED MARCH 31, 2011</B></P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial; font-size:11pt" align=center><B>CONFERENCE CALL TRANSCRIPT</B></P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial; font-size:11pt" align=center><B>MAY 9, 2011 AT 8:30 A.M. ET</B></P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial; font-size:11pt; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial; font-size:11pt" align=justify>Welcome to the PetMed Express Incorporated, doing business as 1-800-PetMeds conference call, to review the financial results for the fourth quarter and fiscal year-ended on March 31, 2011. At the request of the company, this conference call is being recorded. Founded in 1996, 1-800-PetMeds is America's Largest Pet Pharmacy, delivering prescription and non-prescription pet medications, and other health products for dogs, cats and horses, direct to the consumer. 1-800-PetMeds markets its products through national television, online, direct mail and print advertising campaigns, which direct customers to order by phone or on the Internet, and aim to increase the recognition of the 1-800-PetMeds brand name. 1-800-PetMeds provides an attractive alternative for obtaining pet medications in terms of convenience, price, ease of ordering and rapid home delivery. At this time, I would like to turn the call over to the company's Chief Financial Officer, Mr. Bruce Rosenbloom.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial; font-size:11pt; float:left">Bruce Rosenbloom:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial; font-size:11pt" align=justify>Thank you. I would like to welcome everybody here today. Before I turn the call over to Mendo Akdag, our President and Chief Executive Officer, I would like to remind everyone that the first portion of this conference call will be listen-only, until the question and answer session, which will be later in the call. Also, certain information that will be included in this press conference may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, or the Securities and Exchange Commission, that may involve a number of risks and uncertainties. These statements are based on our beliefs as well as assumptions we have used, based upon information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties and assumptions. Actual future results may vary significantly, based on a number factors that may cause the actual results or events to be materially different from future results, performance or achievements, expressed or implied by these statements. We have identified various risk factors associated with our operations in our most recent annual report and other filings with the Securities and Exchange Commission. Now let me introduce today's speaker, Mendo Akdag, President and Chief Executive Officer of 1-800-PetMeds, Mendo.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial; font-size:11pt" align=justify>Thank you, Bruce. Welcome, everyone. Today we will review the highlights of our financial results. We'll compare our fourth fiscal quarter and fiscal year ended on March 31, 2011, to last year's quarter and fiscal year ended on March 31, 2010. </P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial; font-size:11pt" align=justify>For the fourth fiscal quarter, ended on March 31, 2011, our sales were $50.9 million, compared to sales of $50.3 million for the same period the prior year, an increase of 1.2%. For the fiscal year ended on March 31, 2011, sales were $231.6 million, compared to $238.3 million for the prior fiscal year, a decrease of 2.8%. The decrease for the year was due to a decrease in new order sales, offset by an increase in reorders.</P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial; font-size:11pt" align=justify>For the fourth fiscal quarter, net income was $4.1 million, or $0.19 diluted per share compared to $6.1 million, or $0.27 diluted per share, for the same quarter, the prior year, a decrease to earnings per share of 30%. For the fiscal year, net income was $20.9 million, or $0.92 diluted per share, compared to $26.0 million, or $1.14 diluted per share a year ago, a decrease to earnings per share of 19%. The decreases were primarily due to a reduction in gross profit margins and lower sales for the fiscal year.</P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial; font-size:11pt" align=justify>Reorder sales increased by 2.7%, to $41.5 million for the quarter, compared to reorder sales of $40.4 million for the same quarter the prior year. For the fiscal year, reorder sales increased by 3.7%, to $184.3 million, compared to $177.8 million for the prior year. New order sales decreased by 5%, to $9.4 million for the quarter, compared to $9.9 million for the same period, the prior year. For the fiscal year, new order sales decreased by 22%, to $47.3 million, compared to $60.5 million for the prior year. The decreases were due to increases in customer acquisition costs.</P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial,Times New Roman; font-size:11pt; page-break-before:always" align=justify>We acquired approximately 130,000 new customers in our fourth fiscal quarter compared to 134,000 for the same period the prior year, and we acquired approximately 645,000 new customers in the fiscal year compared to 815,000 for the prior year. Our average order was approximately $78 for the quarter, compared to $81 for the same quarter the prior year; and it was $79 for the fiscal year, compared to $80 for the prior fiscal year. Approximately 73% of our sales were generated on our Web site for the quarter compared to 70% for the same period the prior year and for the year it was 71% compared to 68% for the prior year.</P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>The seasonality in our businesses is due to the proportion of flea, tick and heartworm medications in our product mix. Spring and summer are considered peak season, with fall and winter being the off-season.</P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>For the fourth fiscal quarter, our gross profits as a percent of sales was 34.0%, compared to 39.9% for the same period a year ago. For the fiscal year, our gross profit as a percent of sales was 36.2%, compared to 38.6% for the prior year. The percentage decreases can be attributed to more aggressive pricing and increases in product costs.</P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Our general and administrative expenses as a percent of sales were 10.2% for the quarter, which was the same as it was for the same quarter the prior year, and for the fiscal year the G&amp;A was 9.6%, compared to 9.4% for the prior year. The increase for the year was primarily due to lower sales.</P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>For the quarter, we increased our advertising spending to $5.5 million, compared to $4.9 million for the same quarter the prior year. For the fiscal year, we spent $27.4 million for advertising, compared $27.7 million for the prior fiscal year. Advertising costs of acquiring a customer for the quarter was approximately $42, compared to $36 for the same quarter the prior year, and for the fiscal year, it was also $42, compared to $34 for the prior year. The increases were due to reduction in response rates due to increased competition and softer demand, and increase in advertising costs for the fiscal year.</P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Our working capital increased by $1.2 million, to $80.6 million, since March 31, 2010. The increase can mainly be attributed to cash flow generated from operations, offset by dividends paid and stock repurchases. We had $59.8 million in cash and temporary investments, $12.4 million in long term auction rate securities investments, and $25.1 million in inventory, with no debt as of March 31, 2011.</P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Net cash from operations for the fiscal year was $30.1 million, compared to net cash from operations of $27.7 million for the prior fiscal year. Capital expenditures for the fiscal year were approximately $667,000. In accordance with our share repurchase program, we repurchased approximately 465,000 shares, paying approximately $7.0 million during the quarter, and we repurchased approximately 791,000 shares, paying approximately $12.2 million in the fiscal year.</P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>This ends the financial review. Carolyn, we're ready to take questions.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Thank you. At this time, if you'd like to ask a question, please press star, 1. Make sure your phone is un-muted, and record your name and company name as prompted. To withdraw your request, you may press star, 2. Once again, for a question or a comment at this time, please press star, 1, one moment, while we wait for our first question, and our first question or comment comes from Mitch Bartlett, from Craig-Hallum. Your line is open.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mitchell Bartlett:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Yes. &nbsp;I was just wondering what the advertising strategy might be for the next fiscal year? Do you plan to step up advertising significantly? And what would you anticipate, at least near term, the advertising market to be as far as the ability to acquire customers?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>We plan on, spending more money than we did last year, in advertising. &nbsp;General advertisers moved back to upfront buying on television. Currently the scatter market eased up.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mitchell Bartlett:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Has eased up?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Yes.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mitchell Bartlett:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>So if you're planning to spend more next year, are you planning to spend more in the first fiscal quarter? &nbsp;</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>We will, yes, and also, you know, during the year we're going, we&#146;re planning on spending more money than we did last year.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mitchell Bartlett:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Can you help us in understanding how much more or to what degree you're going to go after customers?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>I'm not going to get into that. But I can say that we're going to be aggressive.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mitchell Bartlett:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>But we should think about -- at least -- a more stepped up, more significant, plus 20% kind of advertising, beginning in the current quarter?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Well, I'm not going to get into the percentages. But all I can tell you is we're going to be aggressive.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mitchell Bartlett:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>And - okay. Good enough. Thank you.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Thank you. &nbsp;Our next question or comment comes from Kevin Ellich, from Piper Jaffray. Your line is open.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Kevin Ellich:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Hi. I just had a couple of questions. You know, could you talk a little bit about, I guess, overall pricing trends and, you know, given the price decline that we saw this quarter, is that what we should expect going forward, or are you going to be aggressive on the pricing strategy as well?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Yes, we implemented a more aggressive pricing strategy. And we need to be competitive, so that's what the market forces are requiring us to do.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Kevin Ellich:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Got it. Okay. &nbsp;And then, just wondering, you know, given the seasonality in the business, have you -- could you talk maybe a little bit about what you're seeing on the flea and tick sales over the last, you know, month, month and a half? You know, are we seeing any sort of increase given the seasonality?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>We saw obviously, an increase in April, but the weather was cold, so we will see how it goes in May and June.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Kevin Ellich:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>So maybe a little lag effect, given the, you know, slower pick up in warm weather?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Correct.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Kevin Ellich:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Okay, got it. &nbsp;And then just lastly, you know, given the gross margin pressure, just wondering what you can do to kind of mitigate that impact, you know, and given the economic backdrop; I guess, what strategies have you guys laid out? Could you talk a little bit to that?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>More generics, and private brand, is our strategy, but it's going to take a while to get there.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Kevin Ellich:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Okay, sounds good. Thank you.</P>
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<P style=page-break-before:always;margin-top:0;margin-bottom:-4pt;font-size:4pt /><P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>You're welcome.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Thank you. &nbsp;Our next question or comment comes from Anthony Lebiedzinski, from Sidoti. Your line is open.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; clear:left; float:left">Anthony Lebiedzinski:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Good morning. &nbsp;Just to follow-up on the last question, please. &nbsp;The generics and private brands, what percent of your current sales is that now, and potentially, where could you see that going?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>At the moment, it's single digits. I'm not going to give you a specific number, but we'll work on it. And since there are some generics for top brands now, that should increase going forward.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Anthony Lebiedzinski:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Okay, and the 34.3% gross margin that we saw in this quarter over here, is that a run rate that we should expect going forward? Or if not, then what would be the reasons for that to change?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>All I can tell you is expect continuing pressure on gross profit margins. But I'm not going to give you a specific number at this time.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Anthony Lebiedzinski:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Okay, I'm just curious, are you seeing, you know, more people nowadays, ordering from their smartphones through mobile shopping? Is that a trend you expect to continue?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Yes, I do. It is increasing and we expect that it will continue to increase.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Anthony Lebiedzinski:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Okay, thanks.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>You're welcome.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Thank you, our next question or comment comes from Edward Woo, from Wedbush Securities. Your line is open.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Edward Woo:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Yeah, you know, you mentioned that, you know, you were going to advertise more and be more aggressive on pricing. Your revenue growth grew this quarter. Do you feel that you are at a point where you are aggressive enough on both advertising and on pricing?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Obviously, the reason that we are more aggressive in pricing and we're increasing our advertising is to grow the top line. So at this time, I can tell you that we're top-line focused.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Edward Woo:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Okay, and then the other question is, you know, this entry into, I guess more of a, you know, pet accessories. How is that going?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>It's increasing. So in the long-run, it's going to help us, but at this time it's not material.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Edward Woo:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Okay. Thank you, and good luck.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Thank you.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Thank you. &nbsp;And again, as a reminder, at this time, if you have a question or a comment, please press star, 1. Make sure your phone is un-muted and record your name and company name clearly when prompted. To withdraw that request, you may press star, 2. Once again, for questions or comments at this time, please press star, 1.</P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Our next question or comment comes from Ross Taylor, from C.L. King. Your line is open.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Ross Taylor:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Hello, I just had two questions. &nbsp;First, on the gross profit margin, I just wanted to double-check that, you know, there weren't any other, you know, items like, packaging or freight that were, you know, putting any material pressure on that line?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Not last fiscal year, no. The freight is about the same as a percent of sales as it was the prior year.</P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial,Times New Roman" align=center>Exhibit 99.1 Page 4 of 5</P>
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<P style=page-break-before:always;margin-top:0;margin-bottom:-4pt;font-size:4pt /><P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Ross Taylor:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>And even in the March quarter, is that the case?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Yes.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Ross Taylor:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Okay. &nbsp;And, you know, my second and final question is, you know, I know on an annual basis in the &#147;Ks&#148; you've usually been able to disclose your percent of revenues from prescription products and non-prescription products. I just wondered, if you, you know, had those statistics available now?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Prescription for the fiscal year, I'll give you for the fiscal year, it was about approximately 38% of the business, and OTC 61%, and freight 1%.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Ross Taylor:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Okay. Thanks, very much.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>You're welcome.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Thank you. &nbsp;Our next question comes from Mitch Bartlett, from Craig-Hallum. Your line is open.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mitchell Bartlett:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Just trying to understand whether most of the weakness in the gross profit margin came from the OTC side of the business? And as we go into the seasonally, more, larger flea and tick June and September quarters, whether that pressure on prices will be magnified in the gross margin going forward, in the mix? Can you help us in understanding where the weakness in the gross profit margin came from?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Yes, the weakness in the gross profit margin is coming from OTC.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mitchell Bartlett:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>So by that take then, as OTC grows as a percentage of sales, we'll see more weakness than we just saw -- the gross profit margin, should they actually go down below the level you just showed us?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>That would be a logical conclusion.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mitchell Bartlett:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Good. &nbsp;Thank you very much.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>You're welcome.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Thank you. &nbsp;And I'm currently showing no further questions. I'd like to turn it back over to the speaker for a closing comment.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:156px; font-family:Arial,Times New Roman; font-size:11pt; float:left">Mendo Akdag:</P>
<P style="margin:0px; padding-left:156px; padding-right:-12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:11pt" align=justify>Thank you, to address the decrease in sales for the last fiscal year, we implemented a more aggressive pricing strategy, combined with increased advertising, while continuing to expand our product offerings into pet supplies. This wraps up today's conference call. Thank you for joining us. Carolyn, this ends the conference call.</P>
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<P style="margin:0px; padding-left:156px; padding-right:-12px; font-family:Arial,Times New Roman" align=center>Exhibit 99.1 Page 5 of 5</P>
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