In a recent
interview with DreamTeamNetwork, Dr. Steven Tsengas, chairman and chief
executive officer of OurPet’s Company (OTCQX: OPCO), gave some insight into
OPCO’s strong start to 2016, as well as its prospects for additional growth
moving forward. The primary focus of the interview is OPCO’s record financial
results for the first quarter of 2016, which included a double-digit increase
in both net revenue and net income from the comparable period of the previous
year. When asked about the driving force behind the company’s strong
performance, Dr. Tsengas pointed toward OPCO’s continued commitment to
innovation in the pet industry.
“We introduced in
2015 quite a lot of new products,” Dr. Tsengas stated in the interview. “Also,
the tremendous investment we made in the waste and odor control products
finally started showing results, and we had double-digit growth in the cat
waste and odor control products… We have over 160 patents, issued or pending…
[and] about 75 percent of our sales are derived from proprietary products. This
has given us a tremendous advantage in the marketplace in terms of sales
growth, as well as profitability.”
To listen to the
full interview, visit http://dtn.fm/5z69S
In addition to a
massive 64 percent increase in revenues derived from its waste and odor
products category, OPCO recorded strong performance in its remaining product
segments. The company achieved growth of 10 percent for its toys and accessories
segment in the first quarter, as well as nine percent growth for its bowls and
feeders product category.
These results
highlight OPCO’s rapidly expanding presence on the domestic stage, but the
company is also turning its attention toward international growth. In the first
quarter, international sales dipped by just over seven percent due to the
strength of the U.S. dollar, but Dr. Tsengas presented a promising outlook for
OPCO’s international growth in the coming months.
“It’s kind of
interesting. I think one of the big positive surprises in 2016 is going to be
international sales,” he stated. “In spite of the appreciation of the American
dollar, we’ve been putting a lot of emphasis in… South Korea, China and Japan,
and the fruits are about to bare in those particular markets. We’ve gained very
strong following for our products… Both the OurPet’s and the PetZone brands are
becoming quite well-known in the Far East.”
Following the launch
of its newest innovation, the Intelligent Pet Care™ product line, at this
year’s Global Pet Expo, OPCO reaffirmed its position at the forefront of the
global pet industry. Leveraging Bluetooth and Wi-Fi connectivity, the company’s
newest product line aims to enhance the connection between humans and pets in a
variety of ways while giving pet parent’s the tools necessary to monitor
various activities that can be interpreted as indicators of pet health.
Reception following the Intelligent Pet Care™ unveiling confirmed the market
potential of these cutting-edge products.
“At the Global Pet
Expo… we launched the Intelligent Pet Care™ and [garnered] so much interest
that we ended up having a special showing and invited magazines, newspapers and
all kinds of media,” added Dr. Tsengas.
With a strong start
already in the books, OPCO will look to build on its first quarter results
while promoting sustainable financial growth for the balance of 2016 and
beyond. Dr. Tsengas echoed this optimistic tone to close out the interview.
“The major goal is…
to grow at double-digit rates at three- to four-times industry growth, this has
been our goal since our founding,” he stated. “Of course, profitability should
grow at a faster rate because of economies of scale and absorption… We’re
optimistic about 2016. I think we should have a pretty good year.”
For more
information, visit the company’s website at www.ourpets.com
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