Pet DRx Corp. of Brentwood, Tenn., recently reported net loss of $5.24 million on revenue of $17.92 million for its second quarter ended June 30, 2008 compared to net loss of $3.27 million on revenue of $17.73 million in the year-ago period.
“We are pleased to have grown same-store revenue in this challenging economic environment,” said Steven Johnson, president and chief operating officer. “We acquired an additional facility in July which further strengthens our presence in the Coachella Valley in California.
“We continue to focus on optimizing the productivity and efficiency of our current facilities in California, and remain confident that our strategy of building ‘hub-and-spoke’ networks in high volume markets will provide customers with the best possible service.
“We also delivered on our goal of moving the trading of Pet DRx from the OTC Bulletin Board to the Nasdaq, which has increased our visibility in the financial community.”
Year to date, the company reported net loss of $8.27 million on revenue of $35.76 million, compared to net loss of $5.8 million on revenue of $28.4 million.
Pet DRx has temporarily suspended its financial guidance. It expects to resume guidance following the completion of management’s review of operations and the projected acquisition pipeline.
The company also announced that Gregory Eisenhauer, executive vice president and chief financial officer of Pet DRx, has decided to leave the company and return to Atlanta for family reasons. He will remain with the company through Nov. 30, 2008.