To My Fellow Stockholders:
In fiscal 2014, the Company made progress in growing both top line and bottom line results. Net sales for the fiscal year ended March 31, 2014 were $233.4 compared to $227.8 million for the fiscal year ended March 31, 2013, an increase of 2.4%. For fiscal 2014 our net income increased to $18.0 million, or $0.90 diluted per share, compared to $17.2 million, or $0.86 diluted per share, for fiscal 2013, an increase to earnings per share of 4.7%. Online sales for the fiscal year were approximately 79% of all sales compared to 77% of all sales for the prior fiscal year, which resulted in online sale growth of 4.8%. For fiscal 2015 we are focusing on improving our new order sales.
1-800-PetMeds remains committed to returning capital to our stockholders. During the fiscal year, we increased our quarterly dividend from $0.15 to $0.17 per share. The Company intends to continue to pay regular quarterly dividends; however the declaration and payment of future dividends is discretionary and will be subject to a determination by our Board of Directors each quarter, following its review of the Company's financial performance. Since fiscal 2010 the Company has paid a cumulative total of $3.73 per share in dividends.
As the national brand leader and America's Largest Pet Pharmacy, we have served over 8.0 million satisfied customers, with approximately 2.6 million having purchased from us within the last two years. It is the goal of everyone at 1-800-PetMeds to provide "Fast, Easy, Helpful Service with Great Savings!" and we are proud that our customer service satisfaction rating, as measured by independent companies, well exceeds other online participants.
We are a licensed pharmacy to dispense prescription medications in all 50 states. We offer a wide selection of products, over 3,000 SKUs, including a variety of private label products made in the United States. We are always looking to expand our selection of products so that we can offer our customers the best medications, supplements, and pet supplies for dogs and cats at affordable prices. Our customers can enjoy either the convenience of ordering online at our top-rated website www.1800petmeds.com, or over the telephone, where they can experience 1-800-PetMeds' exceptional customer care.
As always, we remain thankful to our loyal customers, dedicated employees, and, you, our stockholders, for your ongoing support of 1-800-PetMeds.
President, Chief Executive Officer, Director
June 14, 2013
PetMed Express, Inc., d/b/a 1-800-PetMeds