FAIRPORT HARBOR, OH--(Marketwired - August 03, 2015) - OurPet's Company (OTCQB: OPCO) (www.ourpets.com), a leading proprietary pet supply company, today reported second quarter revenue increased 4% to a record $5,586,828 for the three months ended June 30, 2015 from $5,360,210 for the same period a year ago. Net income for the 2015 second quarter increased 77% to $262,076 compared to $147,755 the prior year. Diluted net income per share was $0.01 for the second quarter of 2015 and 2014.
Dr. Steven Tsengas, President and CEO, said, "We are encouraged with our results for the second quarter which included record net revenue, increased margins and further progress implementing our dual-brand strategy. All of this was achieved in the midst of a sluggish economy. Sales in Pet Specialty were particularly strong and benefited from recently introduced bowl designs, new cat toys and accessories. The outlook for E-commerce sales remains bright despite a temporary setback in the 2015 second quarter. Sales in the Grocery, Drug, and Mass channel are expected to benefit from the continued roll-out of the PetZone brand coupled with introduction of new products and targeted efforts to expand the retail base."
Dr. Tsengas continued, "We're excited about our growth opportunities in the second half of this year. Several new and exciting proprietary products will be shipped to customers beginning later this month. We also continue to further strengthen our product portfolio through aggressive development of innovative products in each of our key categories: toys/accessories, bowls/feeders and feline waste management. We received very positive feedback from buyers last month at SuperZoo -- the national show for pet retailers. We also received the coveted '1st Place Award for New Cat Products' at SuperZoo. Three proprietary, game-changing products are being developed for the feline waste management category that we expect to release during the first half of 2016."
2015 Second Quarter Results
Net revenue increased 4% to a record $5,586,828 for the 2015 second quarter versus the same period last year. The $227,000 increase was attributable to strong sales in the Pet Specialty channel partially offset by a slight decrease in the Food, Drug and Mass channel and lower E-Commerce sales.
Gross Profit was $1,718,069 for the 2015 second quarter compared to $1,518,445 the prior year. Gross profit margin increased 2.5 percentage points to 30.8% for the 2015 second quarter from 28.3% for the same period a year ago due to continuous improvement initiatives, price increases, and product mix.
Income from operations increased to $422,463 for the 2015 second quarter from $192,758 a year ago. This increase was primarily due to higher gross profit and also benefited from lower selling, general, and administrative expenses.
Other income for the 2015 second quarter decreased to $21,277 from $61,232 a year ago due to a higher amount of patent infringement settlements the prior year.
Income before taxes increased 87% to $418,945 for the 2015 second quarter versus the same period a year ago.
Income tax expense for the 2015 second quarter more than doubled to $156,869 from $75,708 a year ago.
Net income increased 77% to $262,076 for the 2015 second quarter from $147,755 last year. Net income per diluted share was $0.01 for the second quarter of 2015 and 2014.
EBITDA was $625,984 for the 2015 second quarter versus $426,753 a year ago. A reconciliation of EBITDA to GAAP net income is provided in an attachment to the summary financial statements.
2015 First Six Months Results
Net revenue increased 6% to $11,184,150 for the first half of 2015. The year-over-year increase was due to strong Pet Specialty sales plus higher sales in the Grocery, Drug and Mass channel.
Gross profit increased 11% to $3,412,414 for the first six months of 2015 versus the prior year. Gross profit margin increased 1.4 percentage points to 30.5% for the first six months of 2015 from 29.1% the prior year due to the same factors that benefited the 2015 second quarter results.
Income from operations increased 80% to $778,776 for the 2015 first half, which was attributable to higher gross profit and lower selling, general, and administrative expenses.
Other income decreased to $26,000 for the first six months of 2015 from $71,662 for the same period last year due to a greater amount of patent infringement settlements in 2014.
Income before taxes increased 72% to $755,474 for the first half of 2015 versus the same period a year ago.
Income tax expense was $279,606 for the first six months of 2015 compared to $156,808 the prior year.
Net income for the first six months of 2015 increased 69% to $475,868 from $282,184 for the same period in 2014. Net income per share increased to $0.02 for the first six months of 2015 from $.01 last year.
EBITDA increased 40% to $1,158,994 the first half of 2015 compared to $830,516 the prior year. 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 Monday, August 3, 2015, 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: www.ourpets.com/investor/investors.html.
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. Investor and customers may visit www.ourpets.com for more information about our company and its products. OurPet's websites include www.petzonebrand.com and www.ourpets.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.
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OURPET'S COMPANY AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
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| June 30, |
| December 31, |
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| 2015 |
| 2014 |
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| (unaudited) |
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ASSETS |
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CURRENT ASSETS |
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| Cash and cash equivalents |
| $ | 38,400 |
| $ | 192,448 |
| Accounts receivable - trade, less allowance for doubtful accounts of $37,824 and $39,539 |
| | 3,507,030 |
| | 3,116,448 |
| Inventories net of reserve |
| | 8,047,370 |
| | 6,894,115 |
| Prepaid expenses |
| | 470,833 |
| | 478,593 |
| | Total current assets |
| | 12,063,633 |
| | 10,681,604 |
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PROPERTY AND EQUIPMENT |
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| | |
| Computers and office equipment |
| | 974,857 |
| | 883,163 |
| Warehouse equipment |
| | 581,974 |
| | 567,816 |
| Leasehold improvements |
| | 289,217 |
| | 276,952 |
| Tooling |
| | 4,207,203 |
| | 3,885,401 |
| Construction in progress |
| | 216,000 |
| | 157,031 |
| | Total |
| | 6,269,251 |
| | 5,770,363 |
| Less accumulated depreciation |
| | 4,314,660 |
| | 4,000,815 |
| | Net property and equipment |
| | 1,954,591 |
| | 1,769,548 |
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OTHER ASSETS |
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| Amortizable Intangible Assets, less amortization of $457,722 and $417,349 |
| | 366,632 |
| | 384,063 |
| Intangible Assets |
| | 461,000 |
| | 461,000 |
| Goodwill |
| | 67,511 |
| | 67,511 |
| Deposits and other assets |
| | 18,003 |
| | 18,003 |
| | Total other assets |
| | 913,146 |
| | 930,577 |
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| | Total assets |
| $ | 14,931,370 |
| $ | 13,381,729 |
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The accompanying notes are an integral part of the consolidated financial statements. |
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OURPET'S COMPANY AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS (CONTINUED) |
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June 30, |
| December 31, |
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2015 |
| 2014 |
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(unaudited) |
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LIABILITIES |
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CURRENT LIABILITIES |
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| | |
| Current maturities of long-term debt |
$ | 520,420 |
| $ | 601,632 |
| Accounts payable - trade |
| 1,885,647 |
| | 1,489,982 |
| Other accrued expenses |
| 621,607 |
| | 565,491 |
| | Total current liabilities |
| 3,027,674 |
| | 2,657,105 |
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LONG-TERM LIABILITIES |
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| | |
| Long-term debt - less current portion above |
| 160,708 |
| | 119,780 |
| Revolving Line of Credit |
| 3,567,032 |
| | 2,862,032 |
| Deferred Income Taxes |
| 226,927 |
| | 281,651 |
| | Total long term liabilities |
| 3,954,667 |
| | 3,263,463 |
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| | Total liabilities |
| 6,982,341 |
| | 5,920,568 |
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STOCKHOLDERS' EQUITY |
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COMMON STOCK |
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| | |
| No par value; 50,000,000 shares authorized, 17,562,239 and 17,553,007shares issued and outstanding at June 30, 2015 and December 31, 2014respectively |
| 5,031,766 |
| | 5,031,766 |
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CONVERTIBLE PREFERRED STOCK |
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| No par value; convertible into Common Stock at the rate of 10 common shares for each preferred share; 4,825,000 shares authorized, 63,500 shares issued and outstanding at June 30, 2015 and December 31, 2014 respectively |
| 579,850 |
| | 579,850 |
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| |
| | |
| Series 2009 no par value; convertible into Common Stock at the rate of 10 common shares for each preferred share; 175,000 shares authorized,123,616 shares issued and outstanding at June 30, 2015 and December 31, 2014 |
| 865,312 |
| | 865,312 |
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PAID-IN CAPITAL |
| 65,307 |
| | 53,307 |
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| | |
ACCUMULATED EARNINGS |
| 1,406,794 |
| | 930,926 |
| | Total stockholders' equity |
| 7,949,029 |
| | 7,461,161 |
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| |
| | |
| | Total liabilities and stockholders' equity |
$ | 14,931,370 |
| $ | 13,381,729 |
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The accompanying notes are an integral part of the consolidated financial statements. |
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OURPET'S COMPANY AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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| For the Three Months Ended June 30, |
| | For the Six Months Ended June 30, |
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| 2015 |
| | 2014 |
| | 2015 |
| | 2014 |
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Net revenue |
| $ | 5,586,828 |
| | $ | 5,360,210 |
| | $ | 11,184,150 |
| | $ | 10,574,681 |
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Cost of goods sold |
| | 3,868,759 |
| | | 3,841,765 |
| | | 7,771,736 |
| | | 7,502,334 |
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Gross profit on sales |
| | 1,718,069 |
| | | 1,518,445 |
| | | 3,412,414 |
| | | 3,072,347 |
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Selling, general and administrative expenses |
| | 1,295,606 |
| | | 1,325,687 |
| | | 2,633,638 |
| | | 2,638,651 |
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Income from operations |
| | 422,463 |
| | | 192,758 |
| | | 778,776 |
| | | 433,696 |
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Other income |
| | (21,277 |
) | | | (61,232 |
) | | | (26,000 |
) | | | (71,662 |
) |
Interest expense |
| | 24,795 |
| | | 30,527 |
| | | 49,302 |
| | | 66,366 |
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Income before income taxes |
| | 418,945 |
| | | 223,463 |
| | | 755,474 |
| | | 438,992 |
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Income tax expense |
| | 156,869 |
| | | 75,708 |
| | | 279,606 |
| | | 156,808 |
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Net income |
| $ | 262,076 |
| | $ | 147,755 |
| | $ | 475,868 |
| | $ | 282,184 |
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Basic and Diluted Earnings Per Common ShareAfter Dividend Requirements For PreferredStock: |
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| Net Income |
| $ | 0.01 |
| | | 0.01 |
| | $ | 0.02 |
| | $ | 0.01 |
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Weighted average number of common sharesoutstanding used to calculatebasic earnings per share |
| | 17,558,838
|
| | | 16,897,781
|
| | | 17,555,973
|
| | | 16,798,259
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Weighted average number of common andequivalent shares outstanding used tocalculate diluted earnings per share |
| | 19,201,418
|
| | | 18,205,549
|
| | | 19,172,847
|
| | | 18,244,626
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The accompanying notes are an integral part of the consolidated financial statements. |
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OURPET'S COMPANY AND SUBSIDIARIES |
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CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY |
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FOR THE SIX MONTHS ENDED JUNE 30, 2015 |
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| Preferred Stock |
| Series 2009 Preferred Stock |
| Common Stock |
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| Total |
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| Number of |
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| Number of |
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| Number of |
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| Paid-In |
| Accumulated |
| Stockholders' |
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| Shares |
| Amount |
| Shares |
| Amount |
| Shares |
| Amount |
| Capital |
| Earnings |
| Equity |
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Balance at December 31, 2014 |
| 63,500 |
| $ | 579,850 |
| 123,616 |
| $ | 865,312 |
| 17,553,007 |
| $ | 5,031,766 |
| $ | 53,307 |
| $ | 930,926 |
| $ | 7,461,161 |
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Common Stock issued upon exercise of |
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stock options |
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| 9,232 |
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Net income |
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| | |
| | 475,868 |
| | 475,868 |
Stock-Based compensation expense |
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| | 12,000 |
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| | 12,000 |
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Balance at June 30, 2015 (unaudited) |
| 63,500 |
| $ | 579,850 |
| 123,616 |
| $ | 865,312 |
| 17,562,239 |
| $ | 5,031,766 |
| $ | 65,307 |
| $ | 1,406,794 |
| $ | 7,949,029 |
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OURPET'S COMPANY AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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| For the Six Months Ended |
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| June 30, |
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| 2015 |
| | 2014 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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| Net income |
| $ | 475,868 |
| | $ | 282,184 |
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| Adjustments to reconcile net income to net cash provided by operating activities: |
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| | | |
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| | Loss on Fixed Assets Written Off |
| | 6,638 |
| | | - |
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| | Depreciation expense |
| | 313,846 |
| | | 287,011 |
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| | Amortization expense |
| | 40,372 |
| | | 38,147 |
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| | Stock option expense |
| | 12,000 |
| | | 6,000 |
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| | (Increase) decrease in assets: |
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| | | |
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| | | Accounts receivable - trade |
| | (390,582 |
) | | | (220,866 |
) |
| | | Inventories |
| | (1,153,255 |
) | | | (1,345,359 |
) |
| | | Prepaid expenses |
| | 7,760 |
| | | (66,667 |
) |
| | | Amortizable Intangible Asset Additions |
| | (22,940 |
) | | | (37,450 |
) |
| | Increase (decrease) in liabilities: |
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| | | Accounts payable - trade |
| | 395,665 |
| | | 939,913 |
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| | | Accrued expenses |
| | 56,116 |
| | | (409,420 |
) |
| | | Deferred tax liabilities |
| | (54,724 |
) | | | (34,892 |
) |
| | | | Net cash used in operating activities |
| | (313,236 |
) | | | (561,399 |
) |
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CASH FLOWS FROM INVESTING ACTIVITIES |
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| Acquisition of property and equipment |
| | (420,528 |
) | | | (360,772 |
) |
| | Net cash used in investing activities |
| | (420,528 |
) | | | (360,772 |
) |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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| Principal payments on long-term debt |
| | (125,284 |
) | | | (273,307 |
) |
| Net borrowing on bank line of credit |
| | 705,000 |
| | | 1,334,000 |
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| | Net cash provided by financing activities |
| | 579,716 |
| | | 1,060,693 |
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| | Net increase (decrease) in cash |
| | (154,048 |
) | | | 138,522 |
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CASH AT BEGINNING OF PERIOD |
| | 192,448 |
| | | 57,975 |
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CASH AT END OF PERIOD |
| $ | 38,400 |
| | $ | 196,497 |
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SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
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| Interest paid |
| $ | 38,722 |
| | $ | 57,521 |
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| Income taxes paid |
| $ | 256,000 |
| | $ | 320,500 |
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SUPPLEMENTAL DISCLOSURE OF NON CASH TRANSACTIONS |
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| Non cash exercise of stock options/ warrants |
| $ | 6,933 |
| | $ | 232,645 |
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| Tooling Obtained through Asset Purchase |
| $ | 85,000 |
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The accompanying notes are an integral part of the consolidated financial statements. |
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| | Exhibit 11 |
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OURPET'S COMPANY AND SUBSIDIARIES |
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STATEMENT OF COMPUTATION OF NET INCOME PER SHARE |
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| For the Three Months Ended |
| | For the Six Months Ended |
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| June 30, |
| | June 30, |
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| 2015 |
| | 2014 |
| | 2015 |
| | 2014 |
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| | |
| | | |
| | | |
| | | |
|
Net income |
| $ | 262,076 |
| | $ | 147,755 |
| | $ | 475,868 |
| | $ | 282,184 |
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| | |
| | | |
| | | |
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Preferred Stock dividend requirements |
| | (11,399 |
) | | | (27,826 |
) | | | (22,672 |
) | | | (55,346 |
) |
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Net income attributable to common stockholders |
| $ | 250,677 |
| | $ | 119,929 |
| | $ | 453,196 |
| | $ | 226,838 |
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Basic weighted average number of common shares outstanding |
| | 17,558,838 |
| | | 16,897,781 |
| | | 17,555,973 |
| | | 16,798,259 |
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Preferred Stock Common Share Equivalents |
| | 1,236,160 |
| | | |
| | | 1,236,160 |
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Dilutive Stock Options outstanding for the Period |
| | 104,772 |
| | | 586,293 |
| | | 57,958 |
| | | 692,864 |
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Dilutive Warrants outstanding for the Period |
| | 301,649 |
| | | 721,475 |
| | | 322,755 |
| | | 753,503 |
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Diluted Weighted average number of common and equivalent shares outstanding |
| | 19,201,418 |
| | | 18,205,549 |
| | | 19,172,847 |
| | | 18,244,626 |
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Basic and Diluted Net income per common share |
| $ | 0.01 |
| | $ | 0.01 |
| | $ | 0.02 |
| | $ | 0.01 |
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OURPET'S COMPANY AND SUBSIDIARIES |
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CONSOLIDATED OPERATING RESULTS |
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| For the Three Months Ended |
| | For the Six Months Ended |
|
|
| June 30, |
| | June 30, |
|
|
| 2015 | | | 2014 |
| | 2015 | | | 2014 |
|
|
| | |
| | | |
| | | |
| | | |
|
Net revenue |
| $ | 5,586,828 |
| | $ | 5,360,210 |
| | $ | 11,184,150 |
| | $ | 10,574,681 |
|
Cost of goods sold |
| | 3,868,759 |
| | | 3,841,765 |
| | | 7,771,736 |
| | | 7,502,334 |
|
| | Gross profit on sales |
| | 1,718,069 |
| | | 1,518,445 |
| | | 3,412,414 |
| | | 3,072,347 |
|
|
| | |
| | | |
| | | |
| | | |
|
Selling, general and administrative expenses |
| | 1,295,606 |
| | | 1,325,687 |
| | | 2,633,638 |
| | | 2,638,651 |
|
|
| | |
| | | |
| | | |
| | | |
|
| | Income from operations |
| | 422,463 |
| | | 192,758 |
| | | 778,776 |
| | | 433,696 |
|
|
| | |
| | | |
| | | |
| | | |
|
Other income |
| | (21,277 |
) | | | (61,232 |
) | | | (26,000 |
) | | | (71,662 |
) |
Interest expense |
| | 24,795 |
| | | 30,527 |
| | | 49,302 |
| | | 66,366 |
|
Income before taxes |
| | 418,945 |
| | | 223,463 |
| | | 755,474 |
| | | 438,992 |
|
|
| | |
| | | |
| | | |
| | | |
|
Income Tax expense |
| | 156,869 |
| | | 75,708 |
| | | 279,606 |
| | | 156,808 |
|
Net Income |
| $ | 262,076 |
| | $ | 147,755 |
| | $ | 475,868 |
| | $ | 282,184 |
|
|
| | |
| | | |
| | | |
| | | |
|
|
| | |
| | | |
| | | |
| | | |
|
Basic and Diluted Net Income Per CommonShare After Dividend Requirements For PreferredStock |
| $ |
0.01 |
| | $ |
0.01 |
| | $ |
0.02 |
| | $ |
0.01 |
|
|
| | |
| | | |
| | | |
| | | |
|
Weighted average number of common sharesoutstanding used to calculatebasic earnings per share |
| | 17,558,838
|
| | | 16,897,781
|
| | | 17,555,973
|
| | | 16,798,259
|
|
|
| | |
| | | |
| | | |
| | | |
|
Weighted average number of common andequivalent shares outstanding used tocalculate diluted earnings per share |
| | 19,201,418
|
| | | 18,205,549
|
| | | 19,172,847
|
| | | 18,244,626
|
|
|
| | |
| | | |
| | | |
| | | |
|
| | | | | | | | | | | | | | | | |
|
| | |
| | | |
| | | |
| | | |
|
OURPET'S COMPANY AND SUBSIDIARIES |
| | | |
| | | |
|
CONSOLIDATED BALANCE SHEETS |
| | | |
| | | |
|
|
| | |
| | | |
| | | |
| | | |
|
|
| June 30, |
| | December 31, |
| | | |
| | | |
|
|
| 2015 |
| | 2014 |
| | | |
| | | |
|
ASSETS |
| | |
| | | |
| | | |
| | | |
|
| Cash and equivalents |
| $ | 38,400 |
| | $ | 192,448 |
| | | |
| | | |
|
| Receivables, net |
| | 3,507,030 |
| | | 3,116,448 |
| | | |
| | | |
|
| Inventories, net |
| | 8,047,370 |
| | | 6,894,115 |
| | | |
| | | |
|
| Prepaid expenses |
| | 470,833 |
| | | 478,593 |
| | | |
| | | |
|
| | Total current assets |
| | 12,063,633 |
| | | 10,681,604 |
| | | |
| | | |
|
|
| | |
| | | |
| | | |
| | | |
|
LONG TERM ASSETS |
| | |
| | | |
| | | |
| | | |
|
| Property and equipment, net |
| | 1,954,591 |
| | | 1,769,548 |
| | | |
| | | |
|
| Amortizable Intangible Assets, net |
| | 366,632 |
| | | 384,063 |
| | | |
| | | |
|
| Intangible Assets |
| | 461,000 |
| | | 461,000 |
| | | |
| | | |
|
| Goodwill |
| | 67,511 |
| | | 67,511 |
| | | |
| | | |
|
| Deposits and Other assets |
| | 18,003 |
| | | 18,003 |
| | | |
| | | |
|
| | Total long term assets |
| | 2,867,737 |
| | | 2,700,125 |
| | | |
| | | |
|
|
| | |
| | | |
| | | |
| | | |
|
| | Total assets |
| $ | 14,931,370 |
| | $ | 13,381,729 |
| | | |
| | | |
|
|
| | |
| | | |
| | | |
| | | |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
| | |
| | | |
| | | |
| | | |
|
| Current maturities of long-term debt |
| | 520,420 |
| | | 601,632 |
| | | |
| | | |
|
| Accounts payable |
| | 1,885,647 |
| | | 1,489,982 |
| | | |
| | | |
|
| Accrued expenses |
| | 621,607 |
| | | 565,491 |
| | | |
| | | |
|
| | Total current liabilities |
| | 3,027,674 |
| | | 2,657,105 |
| | | |
| | | |
|
|
| | |
| | | |
| | | |
| | | |
|
LONG TERM LIABILITIES |
| | |
| | | |
| | | |
| | | |
|
| Long-term debt - less current portion above |
| | 160,708 |
| | | 119,780 |
| | | |
| | | |
|
| Revolving line of credit |
| | 3,567,032 |
| | | 2,862,032 |
| | | |
| | | |
|
| Deferred income taxes |
| | 226,927 |
| | | 281,651 |
| | | |
| | | |
|
| | Total long term liabilities |
| | 3,954,667 |
| | | 3,263,463 |
| | | |
| | | |
|
|
| | |
| | | |
| | | |
| | | |
|
| | Total liabilities |
| | 6,982,341 |
| | | 5,920,568 |
| | | |
| | | |
|
|
| | |
| | | |
| | | |
| | | |
|
| Stockholders' Equity |
| | 7,949,029 |
| | | 7,461,161 |
| | | |
| | | |
|
|
| | |
| | | |
| | | |
| | | |
|
| | Total liabilities and stockholders' equity |
| $ | 14,931,370 |
| | $ | 13,381,729 |
| | | |
| | | |
|
|
| | |
| | | |
| | | |
| | | |
|
| | | | | | | | | | | | | | | | |
EBITDA |
| Q2'15 |
| Q2'14 |
| 1st six months 2015 |
| 1st six months 2014 |
|
| | |
| | |
| | |
| | |
Net Income |
| $ | 262,076 |
| $ | 147,755 |
| $ | 475,868 |
| $ | 282,184 |
Interest |
| | 24,795 |
| | 30,527 |
| | 49,302 |
| | 66,366 |
Tax Expense |
| | 156,869 |
| | 75,708 |
| | 279,606 |
| | 156,808 |
Depreciation |
| | 161,966 |
| | 153,326 |
| | 313,846 |
| | 287,011 |
Amortization |
| | 20,278 |
| | 19,437 |
| | 40,372 |
| | 38,147 |
| Total EBITDA |
| $ | 625,984 |
| $ | 426,753 |
| $ | 1,158,994 |
| $ | 830,516 |
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.