Earlier this month,
OurPet’s Company (OTCQX: OPCO) made headlines when it reported record financial
results for the three months ended March 31, 2016. The company’s first quarter
net revenue increased by 10.3 percent from the previous year, totaling $6.17
million. Similarly, OPCO’s net income rose by 24.7 percent over the previous
year to a record total of $266,581. These strong results continue to highlight
the company’s success in promoting growth through multiple sales channels.
OPCO’s sales through e-commerce channels were up 14 percent over the previous
year, while sales through food, drug and mass retail channels grew by eight
percent.
“These results
reflect our continued ability to successfully execute our business strategy,”
Dr. Steven Tsengas, Chairman and Chief Executive Officer of OPCO, stated in a
news release. “We are pleased that all major product categories showed a strong
performance with Waste & Odor up 64%, Toys/Accessories up 10% and
Bowls/Feeders up 9%.”
Despite recording a
slim year-over-year decrease in gross profit margin due to product mix, OPCO
continues to position itself for sustainable growth by focusing on minimizing
overhead costs. The company’s selling, general & administrative expenses as
a percentage of total sales dropped by a full percent from the first quarter of
2015, while income from operations increased by 16.5 percent to $415,269. In
line with its goal of minimizing costs, OPCO also made progress on an
initiative to reduce its inventory below $7 million by the end of the year,
dropping inventory from $7.91 million at the beginning of the year to $7.44
million at the end of the first quarter.
While this strong
financial growth should be enough to catch the attention of prospective
shareholders, OPCO has also unveiled its next innovation in the roughly $62.75
billion pet space. At the Global Pet Expo international trade show in Orlando,
Florida, the company introduced its new Intelligent Pet Care™ product line,
which leverages Bluetooth and wireless connectivity to enhance the bond between
pets and pet owners. The SmartScoop® – Intelligent Litter Box, SmartLink™
Feeder – Intelligent Pet Bowl and SmartLink™ Waterer – Intelligent Water
Fountain are specially designed to monitor and wirelessly report on various
activities that can be interpreted as indicators of pet health, such as
elimination behavior, eating and drinking.
Since its founding
in 1995, OPCO has remained dedicated to enhancing the bond between pets and pet
parents by marketing high quality, innovative products. Look for the company to
continue pursuing this goal as it leans on the tremendous experience of its
management team and the marketability of its advanced Intelligent Pet Care™
product line. With strong financial growth and a commitment to the advancement
of the industry, OPCO is primed to build on its position as a leader in the
global pet market moving forward.
For more information,
visit the company’s website at www.ourpets.com
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Sign up for “The Mission Report” at www.MissionIR.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html
