CORONA, Calif., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Monster Beverage Corporation (Nasdaq:MNST) today reported financial results for the second quarter ended June 30, 2013.
Gross sales for the 2013 second quarter increased 6.6 percent to $723.9 million from $678.9 million in the same period last year. Net sales for the three-months ended June 30, 2013 increased 6.5 percent to $630.9 million from $592.6 million in the same quarter a year ago.
Gross profit, as a percentage of net sales, for the 2013 second quarter was 53.3 percent, compared with 51.8 percent for the 2012 second quarter. Operating expenses for the 2013 second quarter increased to $156.8 million from $137.2 million in the same quarter last year.Distribution costs as a percentage of net sales were 4.5 percent for the 2013 second quarter, compared with 4.1 percent in the same quarter last year. Selling expenses as a percentage of net sales were 11.6 percent for both the 2013 and 2012 second quarters. General and administrative expenses as a percentage of net sales for the 2013 second quarter were 8.8 percent, compared with 7.5 percent for the corresponding quarter last year. Stock-based compensation (a non-cash item) was $7.4 million in the second quarter of 2013, compared with $7.1 million for the same period in 2012. Operating income for the 2013 second quarter increased 5.7 percent to $179.4 million from $169.8 million in the 2012 comparable quarter. The effective tax rate for the 2013 second quarter was 39.3 percent, compared with 35.3 percent in the same quarter last year. Net income for the 2013 second quarter decreased 2.7 percent to $106.9 million from $109.8 million in the same quarter last year. Net income per diluted share increased 4.6 percent to $0.62, from $0.59 per diluted share in the 2012 comparable quarter.
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