PetMed Express to suspend the quarterly dividend

The Board of Directors and management have made a decision to suspend the quarterly dividend. This will allow the company to invest directly in the business with a focus on organic and inorganic growth initiatives.The declaration and payment of future dividends, if any, is discretionary and will be subject to the determination by the Board of Directors. Discussing the updated capital allocation strategy, CEO Hulett stated, “Today’s announced change in capital allocation follows a thorough and detailed analysis by our Board of Directors along with the management team. By suspending the quarterly dividend, we have the opportunity to invest the company’s cash flow in projects and initiatives that we believe will yield higher returns. The pet care industry continues to grow and evolve and we believe we have opportunities to take advantage of that growth and drive higher returns to our shareholders.”