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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