Hansen Natural Reports Record 2010 Third Quarter Financial Results
CORONA, Calif., Nov. 4, 2010 (GLOBE NEWSWIRE) -- Hansen Natural Corporation (Nasdaq:HANS) today reported record sales and profits for the three-months ended September 30, 2010.
Gross sales for the 2010 third quarter increased 23.5 percent to $438.6 million from $355.0 million in the same period last year. Net sales for the three-months ended September 30, 2010 increased 23.9 percent to $381.5 million from $307.9 million a year ago.
Gross profit as a percentage of net sales for the 2010 third quarter was 51.9 percent, compared with 53.6 percent for the comparable 2009 quarter.Distribution costs as a percentage of net sales were 4.5 percent for the 2010 third quarter, compared with 4.3 percent in the same quarter last year. Selling expenses as a percentage of net sales for the 2010 third quarter were 11.0 percent, compared with 12.5 percent in the same quarter a year ago. General and administrative expenses for the 2010 third quarter were $31.1 million, compared with $20.3 million for the corresponding quarter last year. Stock-based compensation (a non-cash item) was $4.3 million in the third quarter of 2010, compared with $3.3 million for the third quarter of 2009. Operating expenses for the 2010 third quarter increased to $90.4 million from $72.1 million in the same quarter last year. Operating expenses (specifically general and administrative expenses) in the comparable 2009 third quarter were reduced by proceeds of $4.7 million from the reimbursement to the Company of legal expenses previously paid by the Company. Operating income for the 2010 third quarter increased 15.8 percent to $107.6 million from $92.9 million in the comparable 2009 quarter. The effective tax rate for the 2010 third quarter was 38.1 percent compared with 39.1 percent in the same quarter last year. Net income for the 2010 third quarter increased 17.7 percent to $66.5 million from $56.5 million in the same quarter last year. Net income per diluted share increased 20.0 percent to $0.72 from $0.60 per diluted share in the 2009 comparable quarter.
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