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The OurPet's Company Reports Results for 2014 Second Quarter

The OurPet's Company Logo. (PRNewsFoto/The OurPet's Company) (PRNewsFoto/THE OURPET'S COMPANY)

News provided by

The OurPet's Company

Jul 29, 2014, 04:05 ET

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FAIRPORT HARBOR, Ohio, July 29, 2014 /PRNewswire/ -- The OurPet's Company (OTCQB: OPCO) (www.ourpets.com), a leading proprietary pet supply company, today reported second quarter revenue increased approximately 13% to $5,360,210 for the three months ended June 30, 2014 compared to $4,748,503 for the same period a year ago.  Net income for the 2014 second quarter increased approximately 11% to $147,755 compared to $132,765 the prior year.  Diluted net income per share was $0.01 for the second quarter of 2014 and 2013. 

Dr. Steven Tsengas, President and CEO, said, "We achieved double-digit increases in net revenue and net income despite the adverse impact of challenging weather conditions and tentative consumer spending patterns nationally this year.  Stronger sales growth is anticipated during the second half of 2014, especially in the Food, Drug, Mass market channel, which will benefit from shipments of all of our Pet Zone branded products, complementing strong performance in the E-Commerce and Pet Specialty channels, which is anticipated to continue."

Dr. Tsengas added, "The Company's dual-brand strategy is being well-accepted by customers and is a sound pathway to long-term growth.  Our 2014 second quarter and year-to-date sales growth rates substantially exceeded recent independent industry trend projections for in-store and online purchases.  We are moving forward as aggressively as possible with implementation of our strategy while also carefully managing inventory and other continuous improvement related initiatives. The re-launch of feline waste management and odor control products through our Pet Zone brand has resulted in favorable online customer satisfaction ratings and increased interest from national customers, particularly for the SmartScoop automatic and EZ-Scoop litterbox products.  Other recent product introductions, such as the line of Corknip all-natural compressed catnip products, are expected to strengthen our sales in multiple channels.  Positive contributions from these initiatives are expected to be realized during the second half of 2014 and into 2015."                        

2014 Second Quarter Results

Net revenue increased approximately 13% to $5,360,210 for the 2014 second quarter from $4,748,503 last year with higher sales in most categories led by strong growth in the E-commerce and Pet Specialty channels.   

Gross Profit was $1,518,445 for the 2014 second quarter compared to $1,408,190 the prior year.  Gross profit margin decreased to 28.3% for the 2014 second quarter from 29.7% for the same period a year ago principally due to increases in certain product costs and sales mix. 

Income from operations decreased to $192,758 for the 2014 second quarter from $259,857 last year.  Higher gross profit for the 2014 second quarter was partially offset by a $177,000 increase in selling, general, and administrative expenses primarily related to higher marketing, promotional and commission expenses.    

Other income of $61,232 for the 2014 second quarter was related to various patent infringement settlements.  There was $0 of other income for the 2013 second quarter.

Income before taxes increased to $223,463 for the 2014 second quarter from $212,765 for the same period last year.                                                                                       

Net income was $147,755 for the 2014 second quarter compared to $132,765 for the same quarter last year.  Net income per diluted share was $0.01 for second quarter of 2014 and 2013.

EBITDA was $426,753 for the 2014 second quarter compared to $432,830 a year ago.  A reconciliation of EBITDA to GAAP net income is provided in an attachment to the summary financial statements.

2014 First Six Months Results

Net revenue increased 8% to $10,574,681 for the first six months of 2014 from $9,789,147 for the same period last year led by higher sales to the Food, Drug and Mass market, E-commerce and Pet Specialty market, partially offset by lower sales in the Waste/Odor category.

Gross profit increased to $3,072,347 for the first six months of 2014 from $2,864,565 for the same period in 2013.  Gross profit margin decreased slightly to 29.1% for the first six months of 2014 from 29.3% for the same period a year ago despite adverse weather conditions, some promotional sales and higher than planned costs to enter the private label value market.

Income from operations decreased to $433,696 for the 2014 first half from $564,059 a year ago.   Higher gross profit was offset by a $338,000 increase in selling, general, and administrative expenses primarily related to higher marketing, promotional and commission expenses. 

Other income was $71,662 for the first six months of 2014 compared to $40,784 for the same period last year.  The 2014 amount was nearly all due to patent infringement settlements, while the 2013 amount was due to $26,000 of insurance claim settlements and about $15,000 related to patent infringement settlements.

Income before taxes decreased to $438,992 for the first half of 2014 from $517,506 for the same period in 2013.  

Income tax expense was $156,808 for the first six months of 2014 compared to $161,139 last year.  

Net income decreased to $282,184 for the first six months of 2014 from $356,367 for the same period last year. Net income per share was $0.01 for the first six months of 2014 compared to $.02 for the same period in 2013.

EBITDA was $830,516 for the first half of 2014 compared to $941,636 the prior year.   Depreciation and amortization expense was $325,158 for the 2014 first six months or $11,635 below the same period in 2013.  A reconciliation of EBITDA to GAAP Net Income is provided in an attachment to the summary financial statements.

Investor Conference Call

OurPet's Company has scheduled an investor conference call for Tuesday, July 29, 2014, at 4:30 pm. Eastern Time (ET).  Dr. Steve Tsengas, Chairman and CEO, and Scott Mendes, Chief Financial Officer, will discuss the company's growth strategy and financial results followed by a question and answer session.  To participate in the conference call, individuals should dial (877) 485-3107.  Phone lines will open at 4:20 p.m. ET.  A digital replay of the investor conference call will be available following the call on the company's website: http://www.ourpets.com/upkeep/.

About The OurPet's Company    
The OurPet's Company designs, produces and markets a broad line of innovative, trend-setting pet products and accessories in the United States and overseas. The OurPet's Company has an extensive intellectual property portfolio with more than 225 patents in either issued or pending status. Investors and customers may visit www.ourpets.com and www.petzonebrand.com for more information about the Company, its products and brands. 

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.  For further information, contact:

The OurPet's Company
Dr. Steven Tsengas, CEO
(440) 354-6500 x111

INVESTOR RELATIONS
InvestQuest, Inc.
Robert Lentz
(614) 876-1900

Media Contact:
Kate Foster
440-354-6500 x103
[email protected]

OURPET'S COMPANY AND SUBSIDIARIES

 CONSOLIDATED OPERATING RESULTS










For the Three Months Ended


For the Six Months Ended


June 30,


June 30,


2014                 2013


2014                 2013









Net revenue

$    5,360,210


$    4,748,503


$ 10,574,681


$      9,789,147

Cost of goods sold

3,841,765


3,340,313


7,502,334


6,924,582

          Gross profit on sales

1,518,445


1,408,190


3,072,347


2,864,565









Selling, general and administrative expenses

1,325,687


1,148,333


2,638,651


2,300,506









          Income (loss) from operations

192,758


259,857


433,696


564,059









Other (income) and expense, net

(61,232)


-


(71,662)


(40,784)

Interest expense

30,527


47,092


66,366


87,337

Income before taxes

223,463


212,765


438,992


517,506









Income Tax expense

75,708


80,000


156,808


161,139

Net Income

$        147,755


$        132,765


$       282,184


$          356,367

















Basic and Diluted Net Income Per Common  








  Share After Dividend Requirements For Preferred








  Stock  

$               0.01


$           0.01


$              0.01


$                 0.02









Weighted average number of common shares








    outstanding used to calculate

16,897,781


15,936,863


16,798,259


15,909,276

    basic earnings per share
















Weighted average number of common and








   equivalent shares outstanding used to

18,205,549


16,800,244


18,244,626


16,617,410

   calculate diluted earnings per share
















OURPET'S COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS






June 30,


December 31,


2014


2013

ASSETS




  Cash and equivalents

$        196,497


$          57,975

  Receivables, net

3,032,005


2,811,139

  Inventories, net

7,222,083


5,876,724

  Prepaid expenses

463,935


397,268

          Total current assets

10,914,520


9,143,106





 LONG TERM ASSETS




  Property and equipment, net

1,964,970


1,891,209

  Amortizable Intangible Assets, net

370,153


370,850

  Intangible Assets

461,000


461,000

  Goodwill

67,511


67,511

  Deposits and Other assets

18,003


18,003

           Total long term assets

2,881,637


2,808,573





          Total assets

$  13,796,157


$  11,951,679





LIABILITIES AND STOCKHOLDERS' EQUITY




  Notes payable

$        100,000


$        100,000

  Current maturities of long-term debt

249,560


397,575

  Accounts payable 

2,109,838


1,169,925

  Accrued expenses

451,590


861,010

          Total current liabilities

2,910,988


2,528,510





LONG TERM LIABILITIES




  Long-term debt - less current portion above

596,097


721,389

  Revolving line of credit

3,167,032


1,833,032

  Deferred income taxes

210,883


245,775

          Total long term liabilities

3,974,012


2,800,196





          Total liabilities

6,885,000


5,328,706





  Stockholders' Equity

6,911,157


6,622,973





           Total liabilities and stockholders' equity

$  13,796,157


$  11,951,679





OurPet's Company
EBITDA-Q2'14 and YTD 2014 vs. prior comparable periods in 2013








EBITDA


Q2'14

Q2'13


1st six
months 2014

1st six
months 2013








Net Income

$  147,755

$  132,765


$      282,184

$     356,367

Interest


30,527

47,092


66,366

87,337

Tax Expense

75,708

80,000


156,808

161,139

Depreciation

153,326

159,980


287,011

312,169

Amortization

19,437

12,993


38,147

24,624

    Total EBITDA

$  426,753

$  432,830


$      830,516

$     941,636

The above table reconciles the Company's disclosure of Net Income per GAAP with the non GAAP financial measure EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization.) As the investment community has often requested the EBITDA calculation to help them evaluate performance, Management has chosen to provide this disclosure. Although EBITDA is widely used in the investment community as a benchmark to reflect operating performance, financing capability and liquidity, it is not regarded as a measure of operating performance and liquidity under generally accepted accounting principles ("GAAP"). It also does not represent cash flows from operating activities. In addition, the Company's EBITDA may not be comparable to similar indicators provided by other companies. The Presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss), or any component thereof, in accordance with GAAP.

Logo - http://photos.prnewswire.com/prnh/20140402/CL96977LOGO

SOURCE The OurPet's Company

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