Fiscal 2024 3Q Revenue of $65.3 million, an 11% increase compared to last year including PetCareRx results.AutoShip & Save and PetPlus Membership, 52% of total revenue, up from 42% at the same time last year.Strong balance sheet with $49.4 million of cashThe Company is now current in all of its SEC filings DELRAY BEACH, Fla., April 15, 2024 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (NASDAQ:PETS)("PetMeds" or "Company"), Your Trusted Pet Health ExpertTM, today announced its financial results for its third quarter of fiscal year 2024, restated financial statements for the years ended March 31, 2023, 2022 and 2021, and interim financial statements for previously reported quarterly periods in 2023 and 2022. Quarterly Highlights Net sales for the quarter ended December 31, 2023, were $65.3 million, compared to $58.9 million for the third quarter in the prior year, an increase of 11% year over year. The increase was due to the acquisition of PetCareRx offset by declines in PetMeds legacy sales.  Net loss for the quarter ended December 31, 2023 was $2.0 million, or $(0.10) per diluted share. This compares to net loss of $212 thousand, or $(0.01) diluted earnings per share, for the prior year quarter ended December 31, 2022. The decrease was due to incremental G&A in part due to the acquisition of PetCareRx as well as strategic G&A investments in PetMeds. Adjusted EBITDA1 of $924 thousand for the current year fiscal third quarter, compared to Adjusted EBITDA of $2.7 million, for the quarter ended December 31, 2022. Cash on hand at December 31, 2023 was $49.4 million and PetMeds has no debt. "We are pleased to have our previously announced restatement completed," said Christine Chambers, CFO of PetMeds. "This restatement resulted principally from the correction of accounting treatment for certain prior period sales taxes between mid-2018 through mid-2022. This restatement does not have any impact on our anticipated fiscal 2024 revenue or gross margins or on our cash position as of December 31, 2023. Our team has worked diligently to complete the accounting analysis, and I want to thank all our stakeholders for their trust and patience during this period." Financial Restatement The Company filed an amended Annual Report on Form 10-K/A for fiscal year 2023 and amended Quarterly Reports on Forms 10-Q/A for the fiscal quarters ended June 30, 2023 and September 30, 2023, to reflect the correction of the misstatements in the financial statements for the restated periods. In addition, the Company has filed its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2023, which includes restated unaudited consolidated financial statements for the three and nine months ended December 31, 2022, that reflect the correction of the misstatements in such periods and to make certain corresponding disclosures. The Company is now current in all of its SEC filings. This restatement resulted principally from the correction of accounting treatment for certain prior period state and local sales tax liabilities previously accrued under the probable and estimable standard under Accounting Standards Code (ASC) 450, to the accrual of such liabilities instead under the legal liability approach under ASC 405. The sales tax exposure was originally identified and announced last year and related to sales taxes not collected or remitted from mid-2018 through mid-2022. As of December 2022 the Company was collecting and remitting sales tax in all relevant states. As a part of the restatement, the principal adjustment on the prior balance sheets relates to the sales tax liability that is now recorded as the full potential sales tax liability accrued under ASC 405 and reflects sales taxes not collected from customers between mid-2018 through mid-2022. For the quarter ended December 31, 2023, the sales tax liability is recorded at $24.2 million, which compares to $7.8 million that was previously reported as of March 31, 2023 and detailed below. The Company also recorded a corresponding adjustment in order to reverse the sales tax liability under the prior accounting treatment from fiscal year 2023 under ASC 450. This reversal impacts the fiscal 2023 year-end balance sheet along with the fiscal 2023 income statement. On the income statement, a $7.8 million reserve, recorded in G&A, as representing the probable and estimable amount of the sales tax liability was reversed. This reversal occasioned by the restatement reduces fiscal 2023 G&A expense by $7.8 million and net income as restated is now $5.1 million, or $0.25 per diluted share in fiscal 2023. This compares to net income of $18.7 million or $0.92 per diluted share, as restated, in fiscal year 2022. Previously, fiscal year 2023 net income was $233 thousand, or $0.01 per diluted share. The Company also made an adjustment related to the acquisition of PetCareRx and the recording of net operating losses. Due to limitations in NOLs, deferred tax assets decreased, and goodwill increased in the first three quarters of fiscal 2024. This adjustment has no impact on the income statement. The income tax provision was also adjusted based on the changes mentioned above in each applicable period. ABOUT PETMEDS Founded in 1996, PetMeds is Your Trusted Pet Health Expert, delivering pet medications, food, health services and other products direct to the consumer at PetMeds.com and PetCareRx.com and through its toll-free number (1-800-PetMeds). PetMeds aims to be the most trusted pet health expert by providing incredible care and services that are affordable to the broadest group of pet parents--because every pet deserves to live a long, happy, healthy life. For more information, please visit www.petmeds.com. PETMEDS MEDIA CONTACT Mary Eva TredwayButin PETMEDS INVESTOR RELATIONS CONTACT Brian M. Prenoveau, CFAMZ PETMED EXPRESS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except for share and per share data)   December 31,2023   March 31,2023   (Unaudited)   (as restated) ASSETS               Current assets:       Cash and cash equivalents $ 49,440   $ 104,086 Accounts receivable, less allowance for doubtful accounts of $39 and $35, respectively   1,930     1,740 Inventories - finished goods   34,577     19,023 Prepaid expenses and other current assets   8,804     4,719 Prepaid income taxes   798     863 Total current assets   95,549     130,431         Noncurrent assets:       Property and equipment, net   26,811     26,178 Intangible and other assets, net   16,992     5,860 Goodwill   26,657     – Operating lease right-of-use assets, net   1,626     – Deferred tax assets, net   5,715     5,009 Total noncurrent assets   77,801     37,047         Total assets $ 173,350   $ 167,478         LIABILITIES AND SHAREHOLDERS' EQUITY               Current liabilities:       Accounts payable $ 38,851   $ 25,208 Sales tax payable   24,172     26,113 Accrued expenses and other current liabilities   5,557     6,191 Current lease liabilities   752     – Deferred revenue   3,068     – Total current liabilities   72,400     57,512         Long-term lease liabilities   890     –         Total liabilities   73,290     57,512         Commitments and contingencies               Shareholders' equity:       Preferred stock, $0.001 par value, 5,000,000 shares authorized; 2,500 convertible shares issued and outstanding with a liquidation preference of $4 per share   9     9 Common stock, $0.001 par value, 40,000,000 shares authorized; 21,160,739 and 21,084,302 shares issued and outstanding, respectively   21     21 Additional paid-in capital   23,473     18,277 Retained earnings   76,557     91,659         Total shareholders' equity   100,060     109,966         Total liabilities and shareholders' equity $ 173,350   $ 167,478 PETMED EXPRESS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME(In thousands, except for share and per share amounts) (Unaudited)   Three Months EndedDecember 31,   Nine Months EndedDecember 31,     2023       2022       2023       2022       (as restated)       (as restated) Sales $ 65,317     $ 58,870     $ 214,560     $ 194,172 Cost of sales   47,434       43,632       154,089       140,819                 Gross profit   17,883       15,238       60,471       53,353                 Operating expenses:               General and administrative   13,425       10,425       41,098       29,669 Advertising   5,762       4,641       18,539       14,869 Depreciation and amortization   1,770       941       5,161       2,552 Total operating expenses   20,957