Before the opening bell, OurPet’s Company (OTCQX: OPCO) reported record revenue of $7.26 million for the fiscal quarter ended September 30, 2016, marking a year-over-year increase of 21 percent. The company’s net income for the three-month period of $495,669, or $0.025 per share, was also up 21 percent from the previous year. All told, when discounting the effects of a one-time U.S. Custom exam refund of $94,000 that was received during the third quarter of 2015, OPCO’s adjusted net income grew by a staggering 57 percent between the third quarters of 2015 and 2016. Dr. Steven Tsengas, president and chief executive officer of OurPet’s Company, reiterated the strong results in this morning’s update.
“With the resumption of shipments to our major specialty pet retail customer, we were firing on all cylinders this past quarter,” he stated. “With the strong third-quarter sales, we are up almost 10% for the nine months of 2016, more than double the pet industry average.”
To view OurPet’s Company’s full third quarter results, visit http://dtn.fm/WxAE3
Over the years, OurPet’s Company has established a position in the growing global pet products industry through a commitment to quality and innovation, and this dedication played a key role in the company’s third quarter growth. Leveraging a sizable intellectual property portfolio that includes more than 170 patents in either issued or pending status, OPCO recently commenced initial shipments of both its environmentally-friendly Switchgrass Natural Cat Litter™ with BioChar (http://dtn.fm/SeMk8) and its technology-powered Intelligent Pet Care™ product line (http://dtn.fm/jPs9U). Based upon the early market acceptance of these innovations and initial sales bookings for the month of October, OPCO’s management team is currently “guardedly optimistic” about the company’s prospects for sustained growth in the fourth quarter of 2016 and beyond.
“Beyond 2016, our strategy is to achieve double-digit growth in sales and net income with an emphasis on developing and launching proprietary, innovative products and entering appropriate new market segments,” continued Tsengas.
Central to these development efforts is a newly-announced partnership with Paulee Cleantec Ltd., an international leader in eco-friendly solutions for the management of human and animal waste. Through this partnership, the two companies will seek to jointly develop and commercialize a portable solution to the growing environmental concerns associated with improperly managed pet waste. Paulee Cleantec has already developed a powerful proof-of-concept waste system that uses an exothermic oxidation process to “convert animal feces into an odor-free ash fertilizer in less than a minute.”
“In addition, we recently completed contracts with a leading direct TV (DRTV) marketing company to test market several of our new electronic interactive cat toys for a possible DRTV campaign to launch sometime in the second quarter of 2017,” added Tsengas. “We have many ‘irons in the fire’ and are very excited about the future.”
For more information, visit the company’s website at www.OurPets.com