Gross sales for the 2011 first quarter increased 50.6% to $407.6m from $270.6m in the same period last year. Net sales for the first quarter of 2011 increased 49.7% to $356.4m from $238.1m in the same period last year.
Gross and net sales for the comparative 2010 first quarter were impacted by advance purchases made by customers in the 2009 fourth quarter, following the company’s announcement of a new marketing contribution programme for Monster Energy distributors, as well as to avoid product supply interruptions due to the company’s planned transition to the SAP enterprise resource planning system in January 2010. The company previously estimated that approximately 4% to 6% of the fiscal 2009 fourth quarter gross sales were attributable to such advance purchases.
Gross profit as a percentage of net sales was 52.1% for the 2011 first quarter, compared with 52.3% for the comparable 2010 first quarter.
Operating expenses for the 2011 first quarter increased to $97.1m from $73.8m in the same quarter last year, but decreased as a percentage of net sales to 27.2% from 31.0% in the comparable quarter last year.
Distribution costs as a percentage of net sales were 4.1% for the 2011 first quarter, compared with 4.9% in the same quarter last year.
Selling expenses as a percentage of net sales increased in the 2011 first quarter to 13.7%, compared with 13.0% in the same quarter last year.
General and administrative expenses for the 2011 first quarter were $33.6m, compared with $31.2m for the corresponding quarter last year. General and administrative expenses as a percentage of net sales, decreased in the 2011 first quarter to 9.4% from 13.1% in the same quarter a year ago. Stock-based compensation (a non-cash item) was $3.8m in the first quarter of 2011, compared with $5.0m in the corresponding quarter last year.
Operating income for the 2011 first quarter increased to $88.5m from $50.8m in the 2010 comparable quarter.
The effective tax rate for the 2011 first quarter was 38.0%, compared with 37.1% in the same quarter last year.
Net income for the 2011 first quarter rose to $55.0m, or $0.59 per diluted share, from $32.6m, or $0.35 per diluted share, in the same quarter last year.
Net sales for the company’s DSD segment increased 54.1% to $334.7m for the 2011 first quarter from $217.2m for the same quarter last year.
Gross sales to customers outside the US rose to $72.8m in the 2011 first quarter, compared with $37.8m in the corresponding quarter in 2010.
Source: Hansen Natural Corporation
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