-- Third Quarter Net Sales Rise 8.9% to $590.4 million; Third Quarter Net Income Increases 7.0% to $92.2 million; Third Quarter Diluted Net Income per Share Increases 13.1% to $0.53--
CORONA, Calif., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Monster Beverage Corporation (Nasdaq:MNST) today reported financial results for the third quarter ended September 30, 2013.
Gross sales for the 2013 third quarter increased 8.6 percent to $686.6 million from $632.3 million in the same period last year. Net sales for the three-months ended September 30, 2013 increased 8.9 percent to $590.4 million from $541.9 million in the same quarter a year ago.Gross profit, as a percentage of net sales, for the 2013 third quarter was 52.1 percent, compared with 50.5 percent for the 2012 third quarter. Operating expenses for the 2013 third quarter increased to $156.0 million from $132.9 million in the same quarter last year. Distribution costs as a percentage of net sales were 4.6 percent for the 2013 third quarter, compared with 4.4 percent in the same quarter last year. Selling expenses as a percentage of net sales for the 2013 third quarter were 12.0 percent, compared with 11.6 percent in the same quarter a year ago. General and administrative expenses for the 2013 third quarter were $57.9 million, compared with $46.3 million for the corresponding quarter last year. Stock-based compensation (a non-cash item) was $7.2 million in the third quarter of 2013, compared with $7.9 million for the third quarter of 2012. Operating income for the 2013 third quarter increased 7.6 percent to $151.4 million from $140.7 million in the 2012 comparable quarter. The effective tax rate for the 2013 third quarter was 38.8 percent, compared with 39.0 percent in the same quarter last year. Net income for the 2013 third quarter increased 7.0 percent to $92.2 million from $86.1 million in the same quarter last year. Net income per diluted share increased 13.1 percent to $0.53, from $0.47 per diluted share in the 2012 comparable quarter.
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