(MENAFN- Investors Ideas) Pets are part of the family these days. We register them in the American Kennel Club or the American Kennel Association; buy them insurance and health plans; make monthly appointments at the groomer and veterinarian; and are projected to spend $61 billion in 2015 on our pets in the U.S. alone, according to the American Pet Products Association. OurPet's Company (OTC: OPCO) is capitalizing on this already prodigious and constantly growing market with its innovative, high quality product line designed to improve the health, comfort, safety, and enjoyment of pets.
The company markets its products through two brands: the OurPets brand caters to pet specialty customers and consumers and the Pet Zone brand focuses on the needs of the food/drug/mass-market channel and shoppers.
In the third quarter, OurPet's reported record revenue of $6 million, which was a 7 percent increase from the comparable 2014-quarter. The company also reported a massive 428 percent increase in net income to $410,450, or $0.02 diluted earnings per share, compared to $77,751, or $0.00, for the third quarter of 2014.
Growth is key to determining whether a small company is on the right track. In the third quarter press release, Dr. Steven Tsengas, president and CEO, commented, "We have expanded and strengthened our relationship with several domestic and international independent sales representative organizations, and have added another experienced salesperson to our staff."
Nearly 100 million households own either a dog or cat, according to the American Pet Products Association, and with the health conscience consumer segment experiencing rapid growth, it is logical to predict that this type of shopper will want to buy the same type of safe, healthy and innovative products for their pets. OurPet's is poised for a breakout year in 2016 after expanding its product line, distribution cycle and adding more talent to its sales team.
For more information, visit the company's website at www.ourpets.com
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