OurPet’s Posts Record Q1 Financial Results

OurPet's Co. of Fairport Harbor, Ohio, posted record first quarter revenue and income.

The company reported net income of $262,254 on net revenue of $3.6 million for the first quarter ended March 31, compared to net income of $78,610 on net revenue of $3.4 million in the year-ago period.

President and CEO Steven Tsengas, Ph.D., said the company is benefitting from a strengthening of its branded product portfolio and the implementation of a multi-pronged growth strategy.

"As we continue to grow, our focus remains on gaining improved efficiencies through tight control of our costs throughout the company," he said. "We continue to execute our long-range plan, which targets annual revenue and earnings growth of 20 to 25 percent and goal net income between 10 and 12 percent of annual net revenues."

Tsengas said he expects the company's performance for the remainder of the year to continue to benefit from further implementation of the growth strategy, ongoing attention to costs and the launch of more than 100 new products.