FAIRPORT HARBOR, OH--(Marketwired - November 02, 2015) - OurPet's Company (OTCQX: OPCO) (www.ourpets.com), a leading proprietary pet supply company, today reported record third-quarter revenue of $5.99 million, an increase of 7% from $5.60 million in revenues for the comparable three months of 2014. Net income for the third quarter ended September 30, 2015, increased 428% to $410,450, or $0.02 diluted earnings per share, compared to $77,751, or $0.00, for the year prior.
Dr. Steven Tsengas, President and CEO, commented, "We are pleased with our results for the third quarter in which we achieved record net revenue, gross margins improving to 34%, and net income from operations of almost 11% of sales. We continue to see strong sales growth in the Pet Specialty channel driven by our cat toys and bowls/feeder lines. E-commerce sales rebounded and grew 7% while the Food, Drug, Mass channel slightly decreased; however, we anticipate improved sales as the conversion to the PetZone brand is completed by year end. Unfortunately, with the strengthening of the U.S. dollar, international sales have been negatively impacted particularly in Canada and the United Kingdom."
Dr. Tsengas continued, "We have expanded and strengthened our relationship with several domestic and international independent sales representative organizations, and have added another experienced salesperson to our staff. With the recent and anticipated introduction of a significant number of new innovative products in all our product categories, we are experiencing robust sales activity. Our Catty Whack™, winner of the SuperZoo 'Best New Cat Product' award, is beginning to ship and is receiving strong consumer reaction. We expect to release more information on other major, trend-setting products over the next six months.
"As we have previously communicated, the last five years have been challenging for OurPet's as we have transitioned from a small- to a medium-sized company poised for accelerated future growth in both revenue and net income. This required large investments in management/operating informational systems; strengthening and, where appropriate, adding management and professional/technical talent; improving warehousing and inventory management efficiencies; strengthening relationships of strategic domestic and overseas suppliers; and strengthening our relationship with our banking resources. We sincerely believe that these improvements will positively impact revenue and profit results going into the fourth quarter of 2015 and beyond."
2015 Third Quarter Results
Net revenue increased 7% to $5,986,645 for the 2015 third quarter versus the same period last year. The $386,000 increase was attributable to strong sales in the Pet Specialty and Value channels, partially offset by a decrease in the Food, Drug and Mass channel.
Gross Profit was $2,012,177 for the 2015 third quarter compared to $1,640,751 the prior year. Gross profit margin increased 4.3 percentage points to 33.6% for the 2015 third quarter from 29.3% for the same period a year ago due to continuous improvement initiatives, price increases, and product mix.
Income from operations increased to $649,023 for the 2015 third quarter from $152,768 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 third quarter increased to $14,582 from $6,051 a year ago due to a higher amount of patent infringement settlements.
Income before taxes was almost five times greater at $627,686 for the 2015 third quarter compared to $127,666 a year ago.
Income tax expense for the 2015 third quarter increased to $217,236 from $49,915 a year ago due to the higher income.
Net income increased to $410,450 for the 2015 third quarter from $77,751 last year. Net income per diluted share increased to $0.02 for the third quarter of 2015 from $0.00 a year ago.
EBITDA was $825,696 for the 2015 third quarter versus $323,140 a year ago. A reconciliation of EBITDA to GAAP net income is provided in an attachment to the summary financial statements.
2015 First Nine Months Results
Net revenue increased 6% to $17,170,795 for the first nine months of 2015. The year-over-year increase was due to strong Pet Specialty sales, especially in the bowls and feeders category.
Gross profit increased 15% to $5,424,591 for the first nine months of 2015 versus the prior year. Gross profit margin increased 2.5 percentage points to 31.6% for the first nine months of 2015 from 29.1% the prior year due to the same factors that benefited the 2015 third quarter results.
Income from operations increased 143% to $1,427,797 for the first nine months of 2015, which was attributable to higher gross profit and lower selling, general, and administrative expenses.
Other income decreased to $40,582 for the first nine months of 2015 from $77,713 for the same period last year due to a greater amount of patent infringement settlements in 2014.
Income before taxes increased to $1,383,158 for the first nine months of 2015 compared to $566,658 for the same period a year ago.
Income tax expense was $496,839 for the first nine months of 2015 compared to $206,723 the prior year.
Net income for the first nine months of 2015 increased 146% to $886,319 from $359,935 for the same period in 2014. Net income per share increased to $0.04 for the first nine months of 2015 from $0.02 last year.
EBITDA increased 72% to $1,984,688 the first nine months of 2015 compared to $1,153,656 the prior year. A reconciliation of EBITDA to GAAP Net Income is provided in an attachment to the summary financial statements.
The Current Ratio improved to 5.61, reflecting or strong liquidity, while Stockholders’ Equity improved by $904,319 or 12.1% over the comparable date last year.
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. Investors 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.
Forward-Looking Statements
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.
| |
| OURPET'S COMPANY AND SUBSIDIARIES |
| CONSOLIDATED OPERATING RESULTS |
| |
| |
| | |
| | |
| | |
|
| |
| For the Three Months Ended |
| | For the Nine Months Ended |
|
| |
| September 30, |
| | September 30, |
|
| |
| 2015 | | | 2014 |
| | 2015 | | | 2014 |
|
| |
| |
| | |
| | |
| | |
|
| Net revenue |
| $ | 5,986,645 |
| | $ | 5,601,011 |
| | $ | 17,170,795 |
| | $ | 16,175,692 |
|
| Cost of goods sold |
| | 3,974,468 |
| | | 3,960,260 |
| | | 11,746,204 |
| | | 11,462,593 |
|
| | | Gross profit on sales |
| | 2,012,177 |
| | | 1,640,751 |
| | | 5,424,591 |
| | | 4,713,099 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Selling, general and administrative expenses |
| | 1,363,154 |
| | | 1,487,983 |
| | | 3,996,794 |
| | | 4,126,635 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| | | Income from operations |
| | 649,023 |
| | | 152,768 |
| | | 1,427,797 |
| | | 586,464 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Other (income) and expense, net |
| | (14,582 |
) | | | (6,051 |
) | | | (40,582 |
) | | | (77,713 |
) |
| Interest expense |
| | 35,919 |
| | | 31,153 |
| | | 85,221 |
| | | 97,519 |
|
| Income before taxes |
| | 627,686 |
| | | 127,666 |
| | | 1,383,158 |
| | | 566,658 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Income Tax expense |
| | 217,236 |
| | | 49,915 |
| | | 496,839 |
| | | 206,723 |
|
| Net Income |
| $ | 410,450 |
| | $ | 77,751 |
| | $ | 886,319 |
| | $ | 359,935 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| |
| | |
| | | |
| | | |
| | | |
|
| | Basic and Diluted Net Income Per Common Share After Dividend Requirements For Preferred Stock |
| $ | 0.02 |
| | $ | 0.00 |
| | $ | 0.04 |
| | $ | 0.02 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Weighted average number of common shares outstanding used to calculate basic earnings per share |
| | 17,562,239 |
| | | 17,056,910 |
| | | 17,558,085 |
| | | 16,884,581 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Weighted average number of common and equivalent shares outstanding used to calculate diluted earnings per share |
| | 19,824,793 |
| | | 18,037,565 |
| | | 19,220,115 |
| | | 18,160,977 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| |
| |
| OURPET'S COMPANY AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS |
| |
| |
| |
| |
| September 30, |
| December 31, |
| |
| 2015 |
| 2014 |
| ASSETS |
| | |
| | |
| | Cash and equivalents |
| $ | 101,775 |
| $ | 192,448 |
| | Receivables, net |
| | 4,048,759 |
| | 3,116,448 |
| | Inventories, net |
| | 7,802,675 |
| | 6,894,115 |
| | Prepaid expenses |
| | 467,126 |
| | 478,593 |
| | | Total current assets |
| | 12,420,335 |
| | 10,681,604 |
| |
| | |
| | |
| LONG TERM ASSETS |
| | |
| | |
| | Property and equipment, net |
| | 1,867,252 |
| | 1,769,548 |
| | Amortizable intangible assets, net |
| | 361,259 |
| | 384,063 |
| | Non amortizable Intangible Assets |
| | 461,000 |
| | 461,000 |
| | Goodwill |
| | 67,511 |
| | 67,511 |
| | Deposits and Other assets |
| | 18,003 |
| | 18,003 |
| | | Total long term assets |
| | 2,775,025 |
| | 2,700,125 |
| |
| | |
| | |
| | | Total assets |
| $ | 15,195,360 |
| $ | 13,381,729 |
| |
| | |
| | |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
| | |
| | |
| | Current maturities of long-term debt |
| | 311,470 |
| | 601,632 |
| | Accounts payable |
| | 1,244,885 |
| | 1,489,982 |
| | Accrued expenses |
| | 656,652 |
| | 565,491 |
| | | Total current liabilities |
| | 2,213,007 |
| | 2,657,105 |
| |
| | |
| | |
| LONG TERM LIABILITIES |
| | |
| | |
| | Long-term debt - less current portion above |
| | 938,894 |
| | 119,780 |
| | Revolving line of credit |
| | 3,473,032 |
| | 2,862,032 |
| | Deferred income taxes |
| | 204,947 |
| | 281,651 |
| | | Total long term liabilities |
| | 4,616,873 |
| | 3,263,463 |
| |
| | |
| | |
| | | Total liabilities |
| | 6,829,880 |
| | 5,920,568 |
| |
| | |
| | |
| | Stockholders' Equity |
| | 8,365,480 |
| | 7,461,161 |
| |
| | |
| | |
| | | Total liabilities and stockholders' equity |
| $ | 15,195,360 |
| $ | 13,381,729 |
| |
| | |
| | |
| |
| |
| OURPET'S COMPANY AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| |
| |
| September 30, |
| December 31, |
| |
| 2015 |
| 2014 |
| |
| Unaudited |
| |
| ASSETS |
| | |
| | |
| |
| | |
| | |
| CURRENT ASSETS |
| | |
| | |
| | Cash and cash equivalents |
| $ | 101,775 |
| $ | 192,448 |
| | Accounts receivable - trade, less allowance for doubtful accounts of $37,824 and $39,539 |
| | 4,048,759 |
| | 3,116,448 |
| | Inventories net of reserve |
| | 7,802,675 |
| | 6,894,115 |
| | Prepaid expenses |
| | 467,126 |
| | 478,593 |
| | | Total current assets |
| | 12,420,335 |
| | 10,681,604 |
| |
| | |
| | |
| PROPERTY AND EQUIPMENT |
| | |
| | |
| | Computers and office equipment |
| | 1,020,239 |
| | 883,163 |
| | Warehouse equipment |
| | 585,815 |
| | 567,816 |
| | Leasehold improvements |
| | 289,217 |
| | 276,952 |
| | Tooling |
| | 4,207,203 |
| | 3,885,401 |
| | Construction in progress |
| | 222,573 |
| | 157,031 |
| | | Total |
| | 6,325,047 |
| | 5,770,363 |
| | Less accumulated depreciation |
| | 4,457,795 |
| | 4,000,815 |
| | | Net property and equipment |
| | 1,867,252 |
| | 1,769,548 |
| |
| | |
| | |
| OTHER ASSETS |
| | |
| | |
| | Amortizable Intangible Assets, less amortization of $476,677 and $417,349 |
| | 361,259 |
| | 384,063 |
| | Intangible Assets |
| | 461,000 |
| | 461,000 |
| | Goodwill |
| | 67,511 |
| | 67,511 |
| | Deposits and other assets |
| | 18,003 |
| | 18,003 |
| | | Total other assets |
| | 907,773 |
| | 930,577 |
| | |
| | |
| | |
| | | Total assets |
| $ | 15,195,360 |
| $ | 13,381,729 |
| | | | | | | | | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
| |
| OURPET'S COMPANY AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
| |
| |
| |
| |
| September 30, |
| December 31, |
| |
| 2015 |
| 2014 |
| |
| Unaudited |
| |
| LIABILITIES |
| | |
| | |
| |
| | |
| | |
| CURRENT LIABILITIES |
| | |
| | |
| | Current maturities of long-term debt |
| | 311,470 |
| | 601,632 |
| | Accounts payable - trade |
| | 1,244,885 |
| | 1,489,982 |
| | Other accrued expenses |
| | 656,652 |
| | 565,491 |
| | | Total current liabilities |
| | 2,213,007 |
| | 2,657,105 |
| |
| | |
| | |
| LONG-TERM LIABILITIES |
| | |
| | |
| | Long-term debt - less current portion above |
| | 938,894 |
| | 119,780 |
| | Revolving Line of Credit |
| | 3,473,032 |
| | 2,862,032 |
| | Deferred Income Taxes |
| | 204,947 |
| | 281,651 |
| | | Total long term liabilities |
| | 4,616,873 |
| | 3,263,463 |
| |
| | |
| | |
| | | Total liabilities |
| | 6,829,880 |
| | 5,920,568 |
| |
| | |
| | |
| STOCKHOLDERS' EQUITY |
| | |
| | |
| |
| | |
| | |
| COMMON STOCK, |
| | |
| | |
| | no par value; 50,000,000 shares authorized, 17,562,239 and 16,657,660 shares issued and outstanding at September 30, 2015 and December 31, 2014 respectively |
| | 5,031,766 |
| | 5,031,766 |
| |
| | |
| | |
| CONVERTIBLE PREFERRED STOCK, |
| | |
| | |
| | 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 September 30, 2015 and December 31, 2014 |
| | 579,850 |
| | 579,850 |
| |
| | |
| | |
| | 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 September 30, 2015 and December 31, 2014 |
| | 865,312 |
| | 865,312 |
| |
| | |
| | |
| PAID-IN CAPITAL |
| | 71,307 |
| | 53,307 |
| |
| | |
| | |
| ACCUMULATED EARNINGS |
| | 1,817,245 |
| | 930,926 |
| | | Total stockholders' equity |
| | 8,365,480 |
| | 7,461,161 |
| |
| | |
| | |
| | | Total liabilities and stockholders' equity |
| $ | 15,195,360 |
| $ | 13,381,729 |
| |
| | |
| | |
The accompanying notes are an integral part of the consolidated financial statements.
| |
| OURPETS COMPANY AND SUBSIDIARIES |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Unaudited) |
| |
| |
| | |
| | |
| | |
|
| |
| For the Three Months Ended September 30, |
| | For the Nine Months Ended September 30, |
|
| |
| 2015 |
| | 2014 |
| | 2015 |
| | 2014 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Net revenue |
| $ | 5,986,645 |
| | $ | 5,601,011 |
| | $ | 17,170,795 |
| | $ | 16,175,692 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Cost of goods sold |
| | 3,974,468 |
| | | 3,960,260 |
| | | 11,746,204 |
| | | 11,462,593 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Gross profit on sales |
| | 2,012,177 |
| | | 1,640,751 |
| | | 5,424,591 |
| | | 4,713,099 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Selling, general and administrative expenses |
| | 1,363,154 |
| | | 1,487,983 |
| | | 3,996,794 |
| | | 4,126,635 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Income from operations |
| | 649,023 |
| | | 152,768 |
| | | 1,427,797 |
| | | 586,464 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Other income |
| | (14,582 |
) | | | (6,051 |
) | | | (40,582 |
) | | | (77,713 |
) |
| Interest expense |
| | 35,919 |
| | | 31,153 |
| | | 85,221 |
| | | 97,519 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Income before income taxes |
| | 627,686 |
| | | 127,666 |
| | | 1,383,158 |
| | | 566,658 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Income tax expense |
| | 217,236 |
| | | 49,915 |
| | | 496,839 |
| | | 206,723 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Net income |
| $ | 410,450 |
| | $ | 77,751 |
| | $ | 886,319 |
| | $ | 359,935 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Basic and Diluted Earnings Per Common Share After Dividend Requirements For Preferred Stock: |
| | |
| | | |
| | | |
| | | |
|
| | Net Income |
| $ | 0.02 |
| | $ | 0.00 |
| | $ | 0.04 |
| | $ | 0.02 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Weighted average number of common shares outstanding used to calculate basic earnings per share |
| | 17,562,239 |
| | | 17,056,910 |
| | | 17,558,085 |
| | | 16,884,581 |
|
| |
| | |
| | | |
| | | |
| | | |
|
| Weighted average number of common and equivalent shares outstanding used to calculate diluted earnings per share |
| | 19,824,793 |
| | | 18,037,565 |
| | | 19,220,115 |
| | | 18,160,977 |
|
| |
| | |
| | | |
| | | |
| | | |
|
The accompanying notes are an integral part of the consolidated financial statements.
| |
| OURPET'S COMPANY AND SUBSIDIARIES |
| |
| CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) |
| |
| FOR THE NINE MONTHS ENDED September 30, 2015 |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Preferred Stock |
| Series 2009 Preferred Stock |
| Common Stock |
| |
| |
| |
| |
| Number of
Shares |
| Amount |
| Number of
Shares |
| Amount |
| Number of
Shares |
| Amount |
| Paid-In
Capital |
| Accumulated
Earnings |
| Total
Stockholders'
Equity |
| 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 |
| |
| |
| | |
| |
| | |
| |
| | |
| | |
| | |
| | |
| Common Stock issued upon exercise of stock options |
| - |
| | - |
| - |
| | - |
| 9,232 |
| | - |
| | - |
| | - |
| | - |
| Net income |
| - |
| | - |
| - |
| | - |
| - |
| | - |
| | - |
| | 886,319 |
| | 886,319 |
| Stock-Based compensation expense |
| - |
| | - |
| - |
| | - |
| - |
| | - |
| | 18,000 |
| | - |
| | 18,000 |
| |
| |
| | |
| |
| | |
| |
| | |
| | |
| | |
| | |
| Balance at September 30, 2015 (unaudited) |
| 63,500 |
| $ | 579,850 |
| 123,616 |
| $ | 865,312 |
| 17,562,239 |
| $ | 5,031,766 |
| $ | 71,307 |
| $ | 1,817,245 |
| $ | 8,365,480 |
| |
| |
| | |
| |
| | |
| |
| | |
| | |
| | |
| | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
| |
| OURPET'S COMPANY AND SUBSIDIARIES |
| |
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
| |
| (Unaudited) |
| |
| |
| | |
|
| |
| For the Nine Months Ended |
|
| |
| September 30, |
|
| |
| 2015 |
| | 2014 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
| | |
| | | |
|
| | Net income |
| $ | 886,319 |
| | $ | 359,935 |
|
| | Adjustments to reconcile net income to net cash used in operating activities: |
| | |
| | | |
|
| | | Loss on Disposal of Fixed Assets |
| | 20,657 |
| | | 12,323 |
|
| | | Depreciation expense |
| | 456,981 |
| | | 430,988 |
|
| | | Amortization expense |
| | 59,328 |
| | | 58,491 |
|
| | | Stock option expense |
| | 18,000 |
| | | 9,000 |
|
| | | (Increase) decrease in assets: |
| | |
| | | |
|
| | | | Accounts receivable - trade |
| | (932,311 |
) | | | (417,090 |
) |
| | | | Inventories |
| | (908,560 |
) | | | (1,848,425 |
) |
| | | | Prepaid expenses |
| | 11,467 |
| | | 33,901 |
|
| | | Amortizable Intangible Asset Additions |
| | (36,524 |
) | | | (67,154 |
) |
| | | Increase (decrease) in liabilities: |
| | |
| | | |
|
| | | | Accounts payable - trade |
| | (245,097 |
) | | | 933,303 |
|
| | | | Accrued expenses |
| | 91,161 |
| | | (415,195 |
) |
| | | | Deferred tax liabilities |
| | (76,704 |
) | | | (58,234 |
) |
| | | | | Net cash used in operating activities |
| | (655,284 |
) | | | (968,157 |
) |
| |
| | |
| | | |
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
| | |
| | | |
|
| | Acquisition of property and equipment |
| | (490,341 |
) | | | (398,816 |
) |
| | | | | Net cash used in investing activities |
| | (490,341 |
) | | | (398,816 |
) |
| |
| | |
| | | |
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
| | |
| | | |
|
| | Principal borrowings of long-term debt |
| | 1,000,000 |
| | | - |
|
| | Principal payments on long-term debt |
| | (556,048 |
) | | | (335,289 |
) |
| | Borrowings on bank line of credit |
| | 611,000 |
| | | 1,649,000 |
|
| | Issuances of Common Stock |
| | - |
| | | 72,500 |
|
| | | | | Net cash provided by financing activities |
| | 1,054,952 |
| | | 1,386,211 |
|
| | | | | Net increase (decrease) in cash |
| | (90,673 |
) | | | 19,238 |
|
| |
| | |
| | | |
|
| CASH AT BEGINNING OF PERIOD |
| | 192,448 |
| | | 57,975 |
|
| CASH AT END OF PERIOD |
| $ | 101,775 |
| | $ | 77,213 |
|
| |
| | |
| | | |
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
| | |
| | | |
|
| | Interest paid |
| $ | 126,552 |
| | $ | 81,856 |
|
| | Income taxes paid |
| $ | 472,150 |
| | $ | 425,466 |
|
| |
| | |
| | | |
|
| SUPPLEMENTAL DISCLOSURE OF NON CASH TRANSACTIONS |
| | |
| | | |
|
| | Non cash exercise of stock options/ warrants |
| $ | 6,933 |
| | $ | 539,128 |
|
| | Tooling Obtained through Asset Purchase |
| $ | 85,000 |
| | $ | - |
|
| |
| | |
| | | |
|
The accompanying notes are an integral part of the consolidated financial statements.
| | |
| OURPET'S COMPANY AND SUBSIDIARIES | |
| STATEMENT OF COMPUTATION OF NET INCOME PER SHARE | |
| |
| |
| |
| | |
| | |
|
| |
| For the Three Months Ended |
| | For the Nine Months Ended |
|
| |
| September 30, |
| | September 30, |
|
| |
| 2015 |
| 2014 |
| | 2015 |
| | 2014 |
|
| |
| | |
| | |
| | | |
| | | |
|
| Net income (loss) |
| $ | 410,450 |
| $ | 77,751 |
| | $ | 886,319 |
| | $ | 359,935 |
|
| |
| | |
| | |
| | | |
| | | |
|
| Preferred Stock dividend requirements |
| | - |
| | (24,610 |
) | | | (35,621 |
) | | | (73,028 |
) |
| |
| | |
| | |
| | | |
| | | |
|
| Net income (loss) attributable to common stockholders |
| $ | 410,450 |
| $ | 53,141 |
| | $ | 850,698 |
| | $ | 286,907 |
|
| |
| | |
| | |
| | | |
| | | |
|
| Basic weighted average number of common shares outstanding |
| | 17,562,239 |
| | 17,056,910 |
| | | 17,558,085 |
| | | 16,884,581 |
|
| |
| | |
| | |
| | | |
| | | |
|
| Preferred Stock Common Share Equivalents |
| | 1,871,160 |
| | - |
| | | 1,236,160 |
| | | - |
|
| |
| | |
| | |
| | | |
| | | |
|
| Dilutive Stock Options outstanding for the Period |
| | 97,973 |
| | 380,077 |
| | | 111,733 |
| | | 594,024 |
|
| |
| | |
| | |
| | | |
| | | |
|
| Dilutive Warrants outstanding for the Period |
| | 293,420 |
| | 600,578 |
| | | 314,137 |
| | | 682,372 |
|
| |
| | |
| | |
| | | |
| | | |
|
| Diluted weighted average number of common and equivalent shares outstanding |
| | 19,824,793 |
| | 18,037,565 |
| | | 19,220,115 |
| | | 18,160,978 |
|
| |
| | |
| | |
| | | |
| | | |
|
| Basic and Diluted Net income (loss) per common share |
| $ | 0.02 |
| $ | 0.00 |
| | $ | 0.04 |
| | $ | 0.02 |
|
| |
| | |
| | |
| | | |
| | | |
|
| |
| EBITDA Q3'15 |
| | | | | | | | | |
| EBITDA | | Q3'15 | | Q3'14 | | 1st nine
months
2015 | | 1st nine
months
2014 |
| | | | | | | | | | | | | |
| Net Income | | $ | 410,450 | | $ | 77,751 | | $ | 886,319 | | $ | 359,935 |
| Interest | | | 35,919 | | | 31,153 | | | 85,221 | | | 97,519 |
| Tax Expense | | | 217,236 | | | 49,915 | | | 496,839 | | | 206,723 |
| Depreciation | | | 143,135 | | | 143,977 | | | 456,981 | | | 430,988 |
| Amortization | | | 18,956 | | | 20,344 | | | 59,328 | | | 58,491 |
| | Total EBITDA | | $ | 825,696 | | $ | 323,140 | | $ | 1,984,688 | | $ | 1,153,656 |
| | | | | | | | | | | | | |
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.