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2014

OurPet's Company Reports 2013 First Quarter Results

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FAIRPORT HARBOR, Ohio, April 25, 2013 /PRNewswire/ -- OurPet's Company (OTC BB: OPCO www.ourpets.com), a leading proprietary pet supply company, today reported first quarter revenue of $5,040,645 for the three months ended March 31, 2013.   Net income for the same period was $223,601.      

Dr. Steven Tsengas, Chairman and CEO, commented, "While we are pleased with a second straight quarter of reporting healthy profitability and improved margins, we are disappointed by the 3% decrease in net revenues from the same period a year ago."   Commented John Silvestri, President/COO, "Although our base business grew in a weak economy, less than hoped for special promotion results and delays in the launch of the new Food, Drug & Mass retail chain sales program negatively affected revenues. We recently obtained the services of a leading marketing firm to expedite implementation and launch of the new FD&M sales program. Gross profit margin increased to about 29% from 26% as we continue to focus on more profitable sales and operating cost reductions." 

Dr. Tsengas continued, "We are very excited with our new product development pipeline. Over the next several quarters, we will begin introducing a number of products in our feeder, toys and feline waste management lines, from 'on demand selective' feeders, to various new delivery systems for catnip to semi-automatic litter boxes. The initial interest in our 'demand selective feeder' (www.petwonderbowl.com) has been very encouraging with sizable orders pending from several large pet specialty retailers with deliveries in the 2nd and 3rd Quarter. They will be marketed under the OurPet's® brand for the Pet Specialty channel and the PetZone® brand for the FD&M channels.  All things considered, we remain guardedly optimistic for the remainder of the year."

2013 First Quarter Results

Total net revenue decreased 3.0% to $5,040,645 for the 2013 first quarter compared to $5,196,345 for the same period a year ago.  Despite the decrease in total sales, sales excluding "close-out" customers actually improved over the same period by approximately $212,000.  Further, sales to largest customer were up by approximately $118,000 resulting from our new "hybrid" bowls.

Gross profit on sales increased for the period as a result of achieving better margins and improving control over costs.  Gross profit was $1,456,371 for the 2013 first quarter versus $1,370,960 for the same period in 2012.  This increase of about $85,000 resulted primarily from fewer close-out sales and reduced payroll expenses.  Gross profit margin increased to 28.9% for the first quarter from 26.4% for the same period a year ago.   

Income from operations was $304,202 for the 2013 first quarter vs. $156,818 for the same period a year ago.  This increase was primarily the result of the increase in gross profit on sales and a decrease in promotional and show related expenses.

Income before taxes was $304,740 versus $111,682 for the same period in 2012.  OurPet's incurred an income tax expense of $81,139 for the 2013 first quarter compared to $29,818 for the same period a year ago. 

Net income was $223,601 for the 2013 first quarter compared to $81,864 for the same quarter last year. Earnings per share were $0.01 for the first quarter of 2013 compared to $0.00 for the same period a year ago.

About OurPet's Company
OurPet's Company designs, produces and markets a broad line of innovative, high-quality accessory and consumable pet products in the U.S. and overseas. Investors and customers may visit www.ourpets.com for more information about our company and its products. OurPet's Websites include: www.smartscoop.com, www.ecopurenaturals.com, www.playnsqueak.com, www.flappydogtoys.com, www.clipnosis.com, www.cosmiccatnip.com and www.petwonderbowl.com.

Certain of the matters set forth in this press release are forward-looking and involve a number of
risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: business conditions growth in the industry; general economic conditions; addition or loss of significant customers; the loss of key personnel; product development; competition; risks of doing business abroad; foreign government regulations; fluctuations in foreign currency rates; rising costs for raw materials and  sources of supply that may be limited or unavailable from time to time; the timing of orders booked; and the other risks that are described from time to time in OurPet's SEC reports.

 

CONTACT:                     

INVESTOR RELATIONS:

OurPet's Company                

OurPet's Company

Dr. Steven Tsengas, CEO           

Scott R. Mendes, CFO

(440) 354-6500 (Ext. 111)               

(440) 354-6500 (Ext. 109)

 

 

 

OURPET'S COMPANY AND SUBSIDIARIES

 CONSOLIDATED OPERATING RESULTS







For the Three Months Ended



March 31,



2013               2012







Net revenue

$    5,040,645


$    5,196,345


Cost of goods sold

3,584,274


3,825,385


          Gross profit on sales

1,456,371


1,370,960







Selling, general and administrative expenses

1,152,169


1,214,142







          Income from operations

304,202


156,818







Other (income) and expense, net

(40,783)


-


Interest expense

40,245


45,136


Income before taxes

304,740


111,682







Income Tax expense

81,139


29,818


Net Income

$        223,601


$          81,864












Basic and Diluted Net Income Per Common  





  Share After Dividend Requirements For Preferred





  Stock  

$               0.01


$           0.00







Weighted average number of common and 





  equivalent shares outstanding used to calculate 





  basic and diluted earnings per share

17,645,946


16,386,022






















OURPET'S COMPANY AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS








March 31,


December 31,



2013


2012


ASSETS





  Cash and equivalents

$          32,427


$          21,269


  Receivables, net

2,039,839


2,540,640


  Inventories, net

5,435,069


5,665,040


  Prepaid expenses

290,664


190,967


   Deferred Tax Asset, net

70,379


93,838


          Total current assets

7,868,378


8,511,754







 LONG TERM ASSETS





  Property and equipment, net

1,885,725


1,996,535


  Amortizable intangible assets, net

310,352


296,478


  Intangible Assets

461,000


461,000


  Goodwill

67,511


67,511


  Deposits and Other assets

18,003


18,003


           Total long term assets

2,742,591


2,839,527







          Total assets

$  10,610,969


$  11,351,281







LIABILITIES AND STOCKHOLDERS' EQUITY





  Notes payable

$        100,000


$        100,000


  Current maturities of long-term debt

518,000


517,531


  Accounts payable 

1,326,227


1,610,752


  Accrued expenses

459,122


484,063


          Total current liabilities

2,403,349


2,712,346







LONG TERM LIABILITIES





  Long-term debt - less current portion above

782,514


837,150


  Revolving line of credit

1,665,032


2,259,032


  Deferred income taxes

181,155


196,435


          Total long term liabilities

2,628,701


3,292,617







          Total liabilities

5,032,050


6,004,963







  Stockholders' Equity

5,578,919


5,346,318







           Total liabilities and stockholders' equity

$  10,610,969


$  11,351,281












 

SOURCE OurPet's Company



RELATED LINKS
http://www.ourpets.com

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