OurPet's Company, an accessory and consumable pet products supplier, reported fourth-quarter results reflecting strength in the company's pet specialty, grocery, and ecommerce channels.
"While the fourth quarter is historically our strongest quarter, this 15 percent increase in quarterly revenues over a year ago is right in line with our business plan and is reflective of the various initiatives we have put in place over the past year," Dr. Steven Tsengas, chairman and CEO, stated in the press release.
Quarterly revenues increased 14.9 percent to $5.9 million compared to $5.1 million for the same period a year ago.
Income from operations grew to $352,633, compared to a loss of $181,959 reported in the same period a year ago. Net income was $232,655, or earnings of $0.01 per share, compared to a loss of $152,656, or a loss of $0.01 per share in the fourth quarter of 2011. Net income for the 2012 quarter was offset by one-time charges associated with the restructuring of the company's sales and marketing departments.
Full-year revenue was $20.1 million, an increase of 2.5 percent compared to 2011 revenues of $19.6 million.
Income from operations for the year was $412,515, compared to $370,197 for 2011. Net income was $192,740, or earnings of $0.01 per share, an increase over prior year net income of $120,674, or earnings of $0.00 per share.
Dr. Tsengas labeled 2012 as a year of "transition" for the company as it added a new president/chief operating officer, improved its sales and marketing teams, among other initiatives.
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