Before the opening bell, OurPet’s Company (OTCQX: OPCO)
announced its financial results for the fourth quarter of 2015, which included
record net revenue and net income. In particular, the company achieved a 10
percent year-over-year increase in net income, recording $450,592 for the
three-month period. The company’s net income increased roughly 74 percent over
the full 12 months of 2015, as compared to the previous year, bolstered by
specific management initiatives that resulted in lower fixed costs, product
costs and selling, general and administrative expenses. OPCO’s net revenue also
rose slightly, as compared to the fourth quarter of 2014, to a record
$6,648,394. For the 2015 full-year, the company’s net revenue was up
approximately five percent, despite a challenging retail environment and the
negative impact of an increasingly strong dollar on international sales
throughout the year.
“Our record results for the 2015 fourth quarter and
full-year reflect successful execution of our business strategy,” Dr. Steven
Tsengas, president and chief executive officer of OPCO, stated in this
morning’s news release. “We remain focused on growth initiatives in all three
of our key product categories; feeding and storage, toys and accessories, and
waste management and odor control.”
OPCO’s financial performance was powered by strong growth in
the e-commerce sales channel. Tsengas highlighted a 27 percent year-over-year
increase in e-commerce sales for the quarter, solidifying a six percent rise in
the vital channel over the entirety of 2015. This growth went hand-in-hand with
the company’s implementation of an innovative dual branding strategy, which
includes the OurPet’s brand for the pet specialty channel and the Pet Zone
brand for the food, drug and mass retail channel. As OPCO continues to
introduce exciting new products to its pipeline that leverage cutting-edge
technology to better meet the needs of pets and their owners, Tsengas expects
the company’s dual brand strategy to continue to flourish.
“There are additional growth opportunities, particularly
with the Pet Zone brand where sales were relatively flat compared to the prior
year and we have accordingly increased our initiatives in that sales channel,”
Tsengas added. “The company’s improved performance in 2015, especially during
the second half of the year, combined with our planned product launches and
expanded sales force position us well for 2016.”
Moving forward, OPCO will look to build on this momentum as
it continues to increase its share of the growing global pet products industry.
As part of these efforts, the company is set to unveil a new, first-of-its-kind
line of products at the Global Pet Expo in Orlando, Florida, next month. The
Global Pet Expo is the industry’s largest trade show, with last year’s event
featuring more than 1,050 exhibitors and 3,000 new product launches.
For more information, visit the company’s website at
www.ourpets.com
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