PetHealth Announces Q2 Results

Pethealth Inc. ("Pethealth" or "the Company") (TSX:PTZ) today announced its financial results for the quarter and six months ended June 30, 2011.

According to the company financial highlights for Q2 include:

• Total revenue for the quarter ended June 30, 2011 was $8.2 million, up 4% from Q2 2010
• Net income, before taxes, was $705,000, up 239% from the prior year
• Net income, after taxes, for the quarter was $552,000 ($0.017 per share) compared to prior year's after tax net income of $708,000 ($0.022 per share), including a tax recovery of $500,000 in the prior year
• EBITDA for the quarter was $1.15 million compared to EBITDA of $659,000 for the same period in the prior year, up 75%
• Adjusted EBITDA was $1.15 million for Q2 2011 vs. $785,000 for the same period in the prior year, up 47%
• Foreign exchange had a significant impact on year over year quarterly results particularly the 6% appreciation of the Canadian dollar against the U.S. dollar

According to the company financial highlights for the six months ended 30June2011 include:

• Total revenue for the six months ended June 30, 2011 was $16.1 million, down 1% from 2010
• Net income, before taxes, was $1.45 million, up 70% from the prior year
• Net income, after taxes, for the six months ended was $1.16 million ($0.017 per share after giving effect to the $585,000 dividend payment made in the first quarter of 2011) compared to prior year's after tax net income of $1.27 million ($0.020) per share after giving effect to the $585,000 dividend payment made in the first quarter of 2010 and which included a $500,000 tax recovery in the second quarter of 2010
• EBITDA for the six months was $2.36 million compared to EBITDA of $1.76 million for the same period in the prior year, up 34%
• Adjusted EBITDA was $2.38 million for the six months vs. $1.8 million for the same period in the prior year, up 32%
• Foreign exchange had a significant impact on year over year six month results particularly the 6% appreciation of the Canadian dollar against the U.S. dollar.

The full report is available here.

Seizures may account for 7% of dogs and cats entering Shelters

According to Pethealth statistics Seizures account for Over 7% of Dogs and Cats entering Shelters

Seizures of dogs and cats by law enforcement agencies increased 10% and 11% respectively year over year, accounting for over 7% of all dogs and cats entering shelters in April, 2011, according to the April PetPoint Report. Trends based on data collected since September also indicate seizures are increasing as a percent of all dogs and cats entering shelters, pointing to the expanding role of animal cruelty and law enforcement within the animal welfare and sheltering community.

"The trends identified in our own data are what ultimately led to the development and subsequent enhancements of our PetPoint Case Module," says Steve Zeidman, Managing Director of PetPoint Solutions at Pethealth Inc. "The role of humane investigation is becoming increasingly common, particularly among larger organizations servicing metropolitan areas, and we expect the trend in seizures to continue as public tolerance for animal cruelty and neglect continues to decline and media attention surrounding these events increases."

The April report aggregated data from 964 animal welfare organizations using PetPoint. Findings were based on 129,733 intakes and 117,622 outcomes for cats and dogs that entered or left animal welfare organizations during the month. PetPoint is the most widely used animal management application in animal welfare.

For the April report, data was aggregated only from those organizations that were using PetPoint in April 2010 and April 2011. By comparing data from April 2011 to April 2010, the following can be summarized:

Seizures of dogs and cats by law enforcement agencies increased 10% and 11% respectively;

Adoptions of dogs and cats increased 1% and 3% respectively;

Intakes of dogs and cats declined 1% and 7% respectively;

Intakes of stray dogs and cats declined 4% and 12% respectively;

Euthanasia of dogs and cats declined 6% and 12% respectively;

Adoption fees for cats more than and less than 1 year of age declined 14% and 5% respectively while adoption fees for dogs more than and less than 1 year of age increased 2% and 5% respectively.

Pethealth claims to be the leading provider of companion animal services in North Americaand the leading provider of management software to North American animal welfare organizations.