OurPet’s Company, a leading proprietary pet supply company, recently announced its financial results for the fourth quarter and year ended December 31, 2010.
Dr. Steven Tsengas, President and CEO, commented, “We are pleased with the record fourth quarter net revenue and net income which reflect solid organic growth and the full integration of Cosmic Pet. During the quarter we completed the installation of an enterprise resource planning (“ERP”) system at Cosmic Pet, enhanced its operations, and significantly improved customer service and on-time delivery. We ended 2010 with sales momentum and were better positioned to meet the increased demand for our products.”
2010 fourth quarter net revenue totaled a record $4,690,500, 25% greater than what was reported for the same period in 2009. Gross profit increased 11% to $1,244,738 compared to $1,120,524 reported in the year earlier period. Net income was reported at $396,533, up 24% from the same period in 2009.
Net revenue for the full year increased 20% to a record $17,091,741 compared to $14,251,786 for the same period a year ago. Gross Profit increased as well, up 12% to $4,799,482. Net income increased 27% to $986,534 for the year ended December 31, 2010 compared to the $775,767 reported a year earlier. Also notable, stockholders’ equity increased a substantial 69% year-over-year.
Commenting on the future, Dr. Tsengas stated, “We are optimistic for 2011 and beyond. With the SmartScoop litigation behind us, the integration of Cosmic Pet completed, and a pipeline full of new, exciting products we are committed to fully pursuing our growth formula, including product innovation, leading brand development, aggressive marketing and sales and strategic acquisitions/key partnerships in order to achieve superior revenue and profit results for our shareholders.”