<SEC-DOCUMENT>0001553350-16-002011.txt : 20160511
<SEC-HEADER>0001553350-16-002011.hdr.sgml : 20160511
<ACCEPTANCE-DATETIME>20160511142906
ACCESSION NUMBER:		0001553350-16-002011
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160509
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160511
DATE AS OF CHANGE:		20160511

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:		161639451

	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>pets_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Current Report</TITLE>
<META NAME="author" CONTENT="EDGAR FILING LLC">
<META NAME="date" CONTENT="04/28/2014">
</HEAD>
<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, 2016</P>
<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=153.6 /><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=768 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>
<P style="margin:0px; padding-right:1.067px; font-family:Arial" align=center>&nbsp;</P>
</TD></TR>
<TR><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><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><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><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, &nbsp;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 /></TR>
<TR><TD style="margin-top:0px" valign=top width=24.267><P style="margin:0px; font-family:Wingdings; font-size:12pt">&#168;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:1.067px; font-family:Arial">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">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:1.067px; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24.267><P style="margin:0px; font-family:Wingdings; font-size:12pt">&#168;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:1.067px; font-family:Arial">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">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:1.067px; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24.267><P style="margin:0px; font-family:Wingdings; font-size:12pt">&#168;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:1.067px; font-family:Arial">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">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:1.067px; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24.267><P style="margin:0px; font-family:Wingdings; font-size:12pt">&#168;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-right:1.067px; font-family:Arial">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
</TD><A NAME="eolPage2"></A><A NAME="FIS_OTHER_EVENTS"></A></TR>
</TABLE>
<P style="line-height:11.25pt; margin:0px"><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:11.25pt; margin:0px; page-break-before:always"><BR>
<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 /></TR>
</TABLE>
<P style="line-height:0.05pt; margin:0px"><BR></P>
<P style="margin-top:12.533px; margin-bottom:0px"><BR></P>
<P style="margin-top:15px; margin-bottom:0px; font-family:Arial,Times New Roman"><B>Item 8.01&nbsp;&nbsp;&nbsp;Other Events.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:24px; font-family:Arial,Times New Roman" align=justify>On May 9, 2016, PetMed Express, Inc. discussed its financial results for the quarter and year ended March 31, 2016. &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:15px; margin-bottom:0px; font-family:Arial,Times New Roman"><B>Item 9.01&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</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=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, 2016.</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; color:#0000FF"><A HREF="pets_ex99z1.htm"><U>99.1</U></A><FONT style="color:#000000"></FONT></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, 2016.</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; font-family:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2016</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 /><TD width=46.4 /><TD width=338.2 /></TR>
<TR><TD style="margin-top:0px" valign=top><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=384.6 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><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=338.2><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><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=338.2><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><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=338.2><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><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=338.2><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><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=338.2><P style="margin:0px; padding-right:1.067px; font-family:Arial,Times New Roman">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin-top:12.533px; margin-bottom:0px" align=center><BR></P>
<P style="margin-top:12.533px; margin-bottom:0px; font-family:Arial,Times New Roman" align=center>2</P>
<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></P>
<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>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pets_ex99z1.htm
<DESCRIPTION>CONFERENCE CALL TRANSCRIPT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>Conference Call Transcript</TITLE>
<META NAME="date" CONTENT="05/11/2016">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman" align=center><B>PETMED EXPRESS, INC.</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman" align=center><B>QUARTER AND YEAR ENDED MARCH 31, 2016</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman" align=center><B>CONFERENCE CALL TRANSCRIPT</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman" align=center><B>MAY 9, 2016 AT 8:30 A.M. ET</B></P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Welcome to the PetMed Express Incorporated Doing Business As 1-800-PetMeds conference call to review the financial results for the fourth fiscal quarter and fiscal year that ended on March 31, 2016. At the request of the company this conference call is being recorded. Founded in 1996 1-800-PetMeds is America&#146;s largest pet pharmacy delivering prescription and nonprescription pet medications and other health products for dogs and cats direct to the consumer. 1-800-PetMeds markets its products through national television, online, direct mail and print advertising campaigns, which direct consumers to order by phone or on the Internet and aim to increase the recognition of the PetMed&#146;s family of brand names. 1-800-PetMeds provides an attractive alternative for obtaining pet medications, in terms of convenience, price, ease of ordering and rapid home delivery. &nbsp;At this time I would like to turn the call over to the company&#146;s Chief Financial Officer, Mr. Bruce Rosenbloom. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Bruce Rosenbloom:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Thank you. I&#146;d 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 of factors that may cause the actual results or events to be materially different from future results, performance or achievements expressed or implied by these statements. We&#146;ve identified various risk factors associated with our operation in our most recent annual report and other filings with the Securities and Exchange Commission. Now let me introduce today&#146;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:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Thank you Bruce. Welcome everyone. Thank you for joining us. Today we will review the highlights of our financial results. We will compare our fourth fiscal quarter and fiscal year ended on March 31, 2016 to last year&#146;s quarter and fiscal year ended on March 31, 2015. </P>
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<P style="margin:0px; padding-left:144px; font-family:Arial,Times New Roman" align=justify>For the fourth fiscal quarter ended on March 31, 2016 our sales were $55.4 million compared to sales of $50.0 million for the same period the prior year, an increase of 11%. For the fiscal year ended on March 31, 2016 sales were $234.7 million compared to $229.4 million for the prior fiscal year, an increase of 2.3%. The increase in sales for the quarter was due to increases in new order and reorder sales. The average order value was approximately $83 for the quarter compared to $81 for the same quarter the prior year. </P>
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<P style="margin:0px; padding-left:144px; font-family:Arial,Times New Roman" align=justify>For the fourth fiscal quarter net income was $5.4 million, or $0.27 diluted per share, compared to $5.0 million, or $0.25 diluted per share, for the same quarter the prior year, an increase to net income of 9.4%. For the fiscal year net income was $20.6 million or $1.02 diluted per share compared to, excluding a one-time charge for an IT-related discontinued project, $18.5 million or $0.92 diluted per share a year ago, an increase to net income of 11%. </P>
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<P style="margin:0px; padding-left:144px; font-family:Arial,Times New Roman" align=justify>Reorder sales increased by 8.4% to $46.0 million for the quarter compared to reorder sales of $42.5 million for the same quarter the prior year. For the fiscal year reorder sales increased by 3.1% to $195.6 million compared to $189.7 million for the prior year. </P>
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<P style="margin:0px; padding-left:144px; font-family:Arial,Times New Roman" align=justify>New order sales increased by 24% to $9.4 million for the quarter compared to $7.5 million for the same period the prior year. For the fiscal year new order sales decreased by 1.5% to $39.1 million compared to $39.7 million for the prior year. We acquired approximately 116,000 new customers in our fourth fiscal quarter compared to 97,000 for the same period the prior year, and we acquired approximately 489,000 new customers in the fiscal year compared to 529,000 for the prior year. </P>
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<P style="margin:0px; padding-left:144px; font-family:Arial,Times New Roman" align=justify>For the quarter approximately 82% of our sales were generated on our Web site compared to 81% for the same period the prior year. The seasonality in our business is due to the proportion of flea, tick and heartworm medications in our product mix. Spring and summer are considered peak seasons with fall and winter being the off seasons. </P>
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<P style="margin:0px; padding-left:144px; font-family:Arial,Times New Roman" align=justify>For the fourth fiscal quarter our gross profit as a percent of sales was 31.9% compared to 33.9% for the same period a year ago. For the fiscal year our gross profit as a percent of sales was 32.5% compared to 33.2% for the prior year. The percentage decrease for the quarter can mainly be attributed to additional discounts given to customers to increase sales. </P>
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<P style="margin:0px; padding-left:144px; font-family:Arial,Times New Roman" align=justify>Our general and administrative expenses as a percent of sales was 9.3% for the quarter compared to 9.8% for the same quarter the prior year, and for the fiscal year it was 9.1% compared to 9.2% for the prior year. We were able to leverage the G&amp;A with increased sales. For the quarter we spent $3.7 million in advertising compared to $4.0 million for the same quarter the prior year, a decrease of about 8%. For the fiscal year our spending was $21.8 million for advertising compared to $25.2 million for the prior fiscal year, a decrease of about 13%. Advertising costs of acquiring a customer for the quarter was approximately $32 compared to $42 for the same quarter the prior year, and for the fiscal year it was $45 compared to $48 for the prior fiscal year. </P>
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<P style="margin:0px; padding-left:144px; font-family:Arial,Times New Roman" align=justify>We had $37.6 million in cash and cash equivalents and $25.6 million in inventory with no debt as of March 31, 2016. Net cash from operations for the fiscal year was $21.1 million compared to $32.0 million for the prior fiscal year. The majority of the decrease was due to a reduction in inventory in the prior fiscal year. Capital expenditures were $20.1 million for the fiscal year including the purchase of the property for $18.5 million during the March quarter. This ends the financial review. Operator we&#146;re ready to take questions. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Thank you. We will now begin the question and answer session. If you&#146;d like to ask a question you may press star followed by number 1. Please record your name clearly when prompted, and to cancel you may press star followed by Number 2. Speakers we have our first question coming from the line of Mr. Erin Wilson of Credit Suisse. Sir your line is now open. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Erin Wilson:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Hi. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Hi. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Erin Wilson:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Hi. I guess it&#146;s Mr. Wilson here. The changes in advertising strategy here &#150; was there anything significant that you would note that helped to contribute to the new order sales in the quarter? </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>All I can tell you is we tweaked the model and it&#146;s more efficient. We moved from mass marketing to a more targeted marketing. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Erin Wilson:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Okay. Great. And then are you seeing at all a positive impact from disruption across the marketplace with some consolidation with some of your competitors like Dr. Fosters &amp; Smith? Is that helping you at all? </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>It&#146;s difficult to tell. It&#146;s possible. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Erin Wilson:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Okay do you run into those competitors frequently? I mean, how&#133;[unintelligible]</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>We do. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Erin Wilson:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>And then I guess what types of product are you seeing an uplift in particularly just given the warmer weather? </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>The demand was high &#150; higher I should say for the flea and tick category in the March quarter, which positively impacted both new orders and reorders. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Erin Wilson:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Okay and lastly on the gross margin trend was there &#150; was mix a meaningful factor there and how should we think about the quarterly progression of that metric going forward? </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>We anticipate continuing pressure on the gross profit margins but we may be able to make it up on the advertising line. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Erin Wilson:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Okay. All right, thank you. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>You&#146;re welcome. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Thank you. Your next question - coming from the line of Mr. Mitch Bartlett of Craig-Hallum. Sir your line is now open. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Mitch Bartlett:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Sure thank you. Mendo maybe you could expand on the comments you just talked about as moving from mass marketing to more targeted marketing. First, what is that? I mean, can you just give us a practical explanation of what&#146;s going on there? And how do you reach new customers with more targeted marketing and grow that efficiently? And you just said that perhaps this is a &#150; that you might be lowering prices going forward or keeping prices low in the tradeoff with the advertising costs. Maybe you can expand on that a little bit more. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Okay. With mass marketing what I refer to is probably television advertising would be mass advertising so we&#146;re reducing that and getting more targeted. So if you target obviously the right customer - so we tweaked the model and currently it obviously worked better in the last two quarters. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Mitch Bartlett:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Well what do you mean&#133;by targeting though is the question? </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>It&#146;s more targeted marketing so&#133;</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Mitch Bartlett:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Okay. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>&#133;I&#146;m going to leave it at that. I&#146;m not going to give you any specifics due to competitive reasons. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Mitch Bartlett:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>It&#146;s more direct mail or something like that. Okay. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>It could be. I mean, I&#146;m not going to get into specifics. We have too many copycats so&#133;</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Mitch Bartlett:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>And that leverages new customer growth as well? </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Well it did, so I mean, you saw it so numbers speak for themselves so you can draw your own conclusions. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Mitch Bartlett:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Okay. And then the second question would be last quarter I thought we kind of borrowed forward on flea and tick because of an unseasonably warm &#150; and here it happened again this quarter, which is wonderful. &nbsp;Is that &#150; do you see a change in the flea and tick in the winter months or have &#150; maybe you could go through that? </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Well the demand for the flea and tick category was higher both in the March quarter and the December quarter obviously which positively impacted sales, so the weather most likely played a role in that. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Mitch Bartlett:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Okay. Thank you. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>You&#146;re welcome. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Thank you. Our next question - coming from the line of Mr. Anthony Lebiedzinski of Sidoti &amp; Company. Sir your line is</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Anthony Lebiedzinski:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Yes, good morning. Thank you for taking the question. So first off is it possible for you Mendo to quantify the impact of the warmer weather? You know, how much do you think you got as a result of people buying more flea and tick medications because of the warmer weather? </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>We&#146;ll be guessing and speculating which I&#146;m not going to get into. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Anthony Lebiedzinski:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Okay. And also the &#150; could you give us a mix of business between over-the-counter and prescriptions for the year and for the quarter if you can? </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>We will discontinue giving that information due to competitive reasons. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Anthony Lebiedzinski:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Okay. All right. Okay and then the other question that I had was &#150; so it sounds like really because of your shift away from TV that the presidential election probably won&#146;t have too much of an impact on your advertising. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>That&#146;s a fair assumption yes. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Anthony Lebiedzinski:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Okay. The &#150; so &#150; and just continuing on the advertising topic - so obviously you did a good job of managing your expenses, down 8% in the quarter, down 13% for the year. &nbsp;You know, that being said, I mean, how much further can you take down advertising? I mean, is it fair to say that these types of decreases in advertising are not sustainable? </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>That&#146;s probably accurate. Yes. Maybe in the June and September quarter we may be able to, but after that obviously comparison gets much tougher. So I would say it would not be sustainable maybe in the long run, but in the short run it may be. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Anthony Lebiedzinski:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Okay. All right, thank you. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>You&#146;re welcome. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Thank you. Once again for any additional question please press star followed by number 1 and please record your name clearly when prompted. To cancel you may press star followed by number 2. &nbsp;Speakers your next question - coming from the line of Mr. Michael Kupinski of Noble Financial. Sir your line is now open. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Michael Kupinski:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Thank you. Thanks for taking the question. My question more is a little bit more broad. Obviously in the flea and tick category we had a movement towards generics and nonprescription, and I&#146;m wondering if in the flea and tick category are we starting to see a shift back towards prescription flea and tick medications, and if you could just talk a little bit about market share shifts towards that type of product&#133;</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Well&#133;</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Michael Kupinski:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>&#133;if you have (unintelligible) </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>&#133;the newer products are all prescription so I&#146;m not sure where you are getting your information that it moved to OTC, so there was not very many. There was actually no prescription on flea &#150;just flea and tick category in the past. Now there is so there&#146;s&#133;</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Michael Kupinski:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Right. That&#146;s what I&#146;m saying. That&#146;s what I&#146;m referring to so I&#146;m just asking what type of share shifts we&#146;re seeing in terms of flea and tick prescription drugs.</P>
<P style="margin:0px; padding-left:144px; text-indent:-144px; font-family:Arial,Times New Roman; clear:left" align=justify>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Again due to competitive reasons I&#146;m not going to give you any data points on that. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Michael Kupinski:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>And that&#146;s all I had. Thank you. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>You&#146;re welcome. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Thank you. Next question coming from the line of Mitch Bartlett of Craig-Hallum. Your line is now open. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Mitch Bartlett:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Yes Mendo I understand why you don&#146;t want to kind of talk too much in detail about your components of your advertising strategy, so maybe I can just frame it this way. In the fourth quarter of fiscal 2012 you had about the same level of sales. Advertising was $6.9 million, 12.4% of sales and this year it was $6.7 million or roughly half at that level. &nbsp;Is the shift - or could you look at that $6.9 million and say, &#147;TV-based advertising was 3/4 of it and now it&#146;s 1/4,&#148; or could you kind of compare the two and say what has changed in the magnitude of the shift between the channels rather than delineating what you&#146;re doing with the channels? </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>It&#146;s probably possible to do that. You know, it&#146;s not going to be 100% accurate but, you know&#133;</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Mitch Bartlett:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Sure just loosely. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>May give you &#150; maybe give you some idea. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Mitch Bartlett:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Well that&#146;s my question to you. I mean, was TV a significantly higher percentage back then and could you quantify that percent?</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Yes it was a significantly high percentage back then. I&#146;m not going to quantify it. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Mitch Bartlett:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Okay. Good enough. Thank you. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>You&#146;re welcome. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Thank you. At this time there are no further questions. I would now like to hand the call over to Mr. Akdag. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Menderes Akdag:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Thank you. In fiscal 2017 we&#146;ll be preparing to move into our new corporate headquarters and distribution center, which is expected to occur in our third fiscal quarter. &nbsp;This wraps up today&#146;s conference call. Thank you for joining us. Operator this ends the conference call. </P>
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<P style="margin-top:0px; margin-bottom:-2px; width:144px; font-family:Arial,Times New Roman; float:left">Coordinator:</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-family:Arial,Times New Roman" align=justify>Thank you for participating. You may now disconnect. </P>
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