PetMed Express reports Q3 EPS 21c, consensus 20c

Reports Q3 revenue $58.9M, consensus $62.03M.Adjusted EBITDA was $2.7M for the current year quarter, compared to Adjusted EBITDA of $7.6M, for the quarter ended December 31 a decrease of 64%."We’re pleased to see the first year over year increase in customers for PetMeds in the last 10 quarters. Revenue was down year over year 3.0%, but stable sequentially despite the prior quarter benefiting from an elongated flea and tick season," said Matt Hulett, CEO and President. Hulett continued, "We believe that we are making progress towards being a leader in total pet health expertise. We are confident that our investments in the core PetMeds business, our unique on-demand digital veterinarian and pet telemedicine service and our recently announced acquisition of PetCareRx, will position PetMeds for future long-term growth." The Board of Directors declared a quarterly dividend of $0.30 per share on the Company’s common stock. The dividend will be payable on February 27, to shareholders of record at the close of business on February 20, . The declaration and payment of future dividends is discretionary and will be subject to the determination by the Board of Directors. Based on a sales tax assessment received and accrued in the second quarter fiscal year 2023, the Company initiated a process to evaluate the potential for further sales tax contingencies, We expect to complete the evaluation in the quarter ending March 31, 2023, the results of which could have a material effect on the results of operations.