OurPet’s Company develops, produces and sells a broad array of consumer brand pet products that comprise its portfolio of brands, including Play-n-Squeak, Smartscoop, ecoPure Naturals, Flappy Dog Toys, Go! Cat Go!, Cosmic Pet, Durapet and Pet Zone. Domestic and foreign subcontractors manufacture the products, which OurPet’s then sells to retailers and distributors.
In July 2010, the company acquired certain assets of Cosmic Pet Products Inc., with expectations that the combination of both companies’ resources would create significant product and distribution synergies and market expansion. At the time, OurPet’s said it anticipated Cosmic Pet contributions to generate approximately $2.25 million-$2.75 million in revenue, accretive to earnings throughout 12 months.
For the year ended December 31, 2010, the company reported consolidated net revenue of $17.0 million, a 19 percent increase of $14.2 million reported for 2009. Of the increase, Cosmic Pet’s product division added $738,000 in revenue over the last five months of 2010.
The company also has an international presence, and reported consolidated sales to foreign customers at $1.6 million, up 75.3 percent from foreign sales of $929,363 in 2009.
Net revenue increased by 19.9 percent for the full year, and the cost of goods sold increased by 23.3 percent, which resulted in a 12.1 percent increase in gross profit on sales to $4.7 million in 2010. Cosmic Pet generated approximately $194,000 of the gross profit increase, with the balance of gross profit coming from OurPet’s.
Net income for 2010 was $986,534 as compared to net income in 2009 of $775,767, representing an increase in profitability of $210,767.
For more information visit www.ourpets.com