In a recent interview with DreamTeamNetwork, Dr. Steven Tsengas, chairman and chief executive officer of OurPet’s Company (OTCQX: OPCO), gave some insight into OPCO’s strong start to 2016, as well as its prospects for additional growth moving forward. The primary focus of the interview is OPCO’s record financial results for the first quarter of 2016, which included a double-digit increase in both net revenue and net income from the comparable period of the previous year. When asked about the driving force behind the company’s strong performance, Dr. Tsengas pointed toward OPCO’s continued commitment to innovation in the pet industry.
“We introduced in 2015 quite a lot of new products,” Dr. Tsengas stated in the interview. “Also, the tremendous investment we made in the waste and odor control products finally started showing results, and we had double-digit growth in the cat waste and odor control products… We have over 160 patents, issued or pending… [and] about 75 percent of our sales are derived from proprietary products. This has given us a tremendous advantage in the marketplace in terms of sales growth, as well as profitability.”
To listen to the full interview, visit http://dtn.fm/5z69S
In addition to a massive 64 percent increase in revenues derived from its waste and odor products category, OPCO recorded strong performance in its remaining product segments. The company achieved growth of 10 percent for its toys and accessories segment in the first quarter, as well as nine percent growth for its bowls and feeders product category.
These results highlight OPCO’s rapidly expanding presence on the domestic stage, but the company is also turning its attention toward international growth. In the first quarter, international sales dipped by just over seven percent due to the strength of the U.S. dollar, but Dr. Tsengas presented a promising outlook for OPCO’s international growth in the coming months.
“It’s kind of interesting. I think one of the big positive surprises in 2016 is going to be international sales,” he stated. “In spite of the appreciation of the American dollar, we’ve been putting a lot of emphasis in… South Korea, China and Japan, and the fruits are about to bare in those particular markets. We’ve gained very strong following for our products… Both the OurPet’s and the PetZone brands are becoming quite well-known in the Far East.”
Following the launch of its newest innovation, the Intelligent Pet Care™ product line, at this year’s Global Pet Expo, OPCO reaffirmed its position at the forefront of the global pet industry. Leveraging Bluetooth and Wi-Fi connectivity, the company’s newest product line aims to enhance the connection between humans and pets in a variety of ways while giving pet parent’s the tools necessary to monitor various activities that can be interpreted as indicators of pet health. Reception following the Intelligent Pet Care™ unveiling confirmed the market potential of these cutting-edge products.
“At the Global Pet Expo… we launched the Intelligent Pet Care™ and [garnered] so much interest that we ended up having a special showing and invited magazines, newspapers and all kinds of media,” added Dr. Tsengas.
With a strong start already in the books, OPCO will look to build on its first quarter results while promoting sustainable financial growth for the balance of 2016 and beyond. Dr. Tsengas echoed this optimistic tone to close out the interview.
“The major goal is… to grow at double-digit rates at three- to four-times industry growth, this has been our goal since our founding,” he stated. “Of course, profitability should grow at a faster rate because of economies of scale and absorption… We’re optimistic about 2016. I think we should have a pretty good year.”
For more information, visit the company’s website at www.ourpets.com
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