Ourpets Company (OPCO) has reported 60.41 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $2.14 million, or $0.11 a share in the quarter, compared with $1.34 million, or $0.07 a share for the same period last year.
Revenue during the quarter grew 13.65 percent to $27.07 million from $23.82 million in the previous year period. Gross margin for the quarter expanded 64 basis points over the previous year period to 32.33 percent. Total expenses were 90.09 percent of quarterly revenues, down from 90.93 percent for the same period last year. This has led to an improvement of 85 basis points in operating margin to 9.91 percent.
Operating income for the quarter was $2.68 million, compared with $2.16 million in the previous year period.
Steve Tsengas, president and chief executive officer stated, "The fourth quarter of 2016 was the best in the history of our Company. We capitalized on a strong pipeline, drove revenues, increased margins, and boosted profits. Performance was strong across channels as well. In the fourth quarter, our Pet Specialty channel revenue grew 30%, and our Food, Drug and Mass (FDM) channel revenue grew 17%, each setting new records."
Debt comes down significantly
OurPets Company has recorded a decline in total debt over the last one year. It stood at $2.96 million as on Dec. 31, 2016, down 33.08 percent or $1.46 million from $4.42 million on Dec. 31, 2015. Interest coverage ratio improved to 24.49 for the quarter from 18.66 for the same period last year.
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