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Team Corona Newsletter Archive
Monster Beverage Reports Record 2011 Fourth Quarter and Full Year Financial Results
Gross profit, as a percentage of net sales, for the 2011 fourth quarter was 52.3 percent, compared with 51.6 percent for the comparable 2010 quarter. Operating expenses for the 2011 fourth quarter increased to $110.8 million from $84.6 million in the same quarter last year.
Distribution costs as a percentage of net sales were 4.4 percent for the 2011 fourth quarter, compared with 4.2 percent in the same quarter last year.
Selling expenses as a percentage of net sales for the 2011 fourth quarter were 12.5 percent, compared with 12.2 percent in the same quarter a year ago.
General and administrative expenses as a percentage of net sales for the 2011 fourth quarter were 10.1 percent, compared with 10.2 percent for the corresponding quarter last year. Stock-based compensation (a non-cash item) was $6.6 million in the fourth quarter of 2011, compared with $4.0 million for the fourth quarter of 2010.
Operating income for the 2011 fourth quarter increased 29.6 percent to $103.4 million from $79.8 million in the comparable 2010 quarter.
The effective tax rate for the 2011 fourth quarter was 38.3 percent, compared with 38.7 percent in the same quarter last year.
Net income for the 2011 fourth quarter increased 31.4 percent to $64.5 million from $49.1 million in the same quarter last year. Net income per diluted share increased 32.6 percent to $0.35 from $0.26 per diluted share in the 2010 comparable quarter.
Net sales for the Company's DSD segment for the 2011 fourth quarter increased 31.1 percent to $389.8 million from $297.5 million for the same period in 2010.
Gross sales to customers outside the United States rose to $88.9 million in the 2011 fourth quarter, compared with $66.4 million in the corresponding quarter in 2010.
During the 2011 fourth quarter, the Company purchased approximately 0.7 million shares of its common stock at an average purchase price of $39.78 per share pursuant to the share repurchase program previously authorized by the Board of Directors in March 2010. These purchases exhausted the availability under the 2010 share repurchase program.
Rodney C. Sacks, chairman and chief executive officer, noted that the energy drink category is continuing to demonstrate solid growth. Once again, the Monster Energy(R) brand grew in excess of the category and increased market share. "Our new Monster Rehab(TM) tea + lemonade rehydration energy drink with electrolytes, which was launched in the first quarter of 2011, continues to gain traction and has become one of our top selling Monster Energy(R) products. During the fourth quarter, we launched three new product extensions in the Monster Rehab(TM) line," Sacks said. "We are continuing to expand into new international markets, with additional launches in 2012. We commenced sales of the Monster Energy(R) brand in Poland earlier this month," Sacks added.
For the 2011 fiscal year, gross sales increased 31.0 percent to $1.950 billion from $1.489 billion a year earlier. Net sales for the year ended December 31, 2011 increased 30.6 percent to $1.703 billion from $1.304 billion a year ago. Both gross and net sales for 2010 were impacted by advance purchases made by customers in the 2009 fourth quarter, following the Company's announcement of a new marketing contribution program for Monster Energy(R) 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 percent to 6 percent of its fiscal 2009 fourth quarter gross sales were attributable to such advance purchases.
Gross profit as a percentage of net sales was 52.5 percent for the year ended December 31, 2011, compared with 52.2 percent a year earlier.
Operating expenses as a percentage of net sales for 2011 year increased to 25.7 percent or $437.9 million from 25.5 percent or $332.4 million for 2010. Operating income for the year ended December 31, 2011 increased 31.2 percent to $456.4 million from $347.8 million a year ago.
Net income for the twelve months of 2011 increased by 35.0 percent to $286.2 million, or $1.53 per diluted share, compared with $212.0 million, or $1.14 per diluted share, for 2010.
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