-- First Quarter Net Sales Rise 10.7% to $536.1 Million; Net Income Increases 50.0% to $95.3 Million --
CORONA, Calif., May 8, 2014 (GLOBE NEWSWIRE) -- Monster Beverage Corporation (Nasdaq:MNST) today reported financial results for the first quarter ended March 31, 2014.
Gross sales for the 2014 first quarter increased 10.6 percent to $613.7 million from $555.0 million in the same period last year. Net sales for the three-months ended March 31, 2014 increased 10.7 percent to $536.1 million from $484.2 million a year ago.Gross profit, as a percentage of net sales, for the 2014 first quarter was 53.5 percent, compared with 52.1 percent for the comparable 2013 quarter. Operating expenses for the 2014 first quarter decreased to $138.0 million from $144.7 million in the same quarter last year. Operating expenses as a percentage of net sales were 25.7 percent for the 2014 first quarter, compared with 29.9 percent in the same quarter last year. Distribution costs as a percentage of net sales were 4.7 percent for the 2014 first quarter, compared with 4.6 percent in the same quarter last year. Selling expenses as a percentage of net sales for the 2014 first quarter were 10.7 percent, compared with 13.5 percent in the same quarter a year ago. General and administrative expenses as a percentage of net sales for the 2014 first quarter were 10.3 percent, compared with 11.8 percent for the corresponding quarter last year. Distributor termination expenses were $0.01 million in the 2014 first quarter, compared with $8.3 million in the corresponding quarter last year. Stock-based compensation (a non-cash item) was $7.0 million in both the first quarter of 2014 and 2013. Operating income for the 2014 first quarter increased 38.7 percent to $148.9 million from $107.3 million in the comparable 2013 quarter.
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