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Meldungen 14.03.2003

14.3.2003: Meldung: Hansen Natural Corp.: Year-End Results

Hansen Natural Corp. (Nasdaq:HANS - News) today announced its financial results, including record sales, for the year and fourth quarter ended December 31, 2002.

 

For the year ended December 31, 2002, gross sales rose 15.8 percent to $115.5 million from $99.7 million in 2001. Net sales for same period increased 14.1 percent to $92.0 million from $80.7 million. Operating income for the year was $5.3 million compared with $5.6 million a year ago. Net income for the same period was $3.0 million, or $0.29 per diluted share, which was consistent with net income in 2001.

 

Rodney C. Sacks, chairman and chief executive officer, noted that the record sales for 2002 continued to reflect the strength of the Hansen product lines, particularly natural sodas, E20 Energy Water, Energade®, apple juice, Soy Smoothies and children"s multi-vitamin juice drinks, as well as the Monster(TM) energy drink.

 

The sales increase was partially offset by lower sales of Signature Sodas, smoothies, Hard e, functional drinks (other than energy drinks) in 8.3-oz. slim cans, and teas, lemonades and juice cocktails.

 

Gross profit as a percentage of net sales for the year was 36.1%, which was slightly higher than in 2001, despite higher promotional payments and allowances, notably higher coupon expenses. Selling general and administrative expenses as a percentage of net sales was slightly higher than in the previous year. This was primarily due to higher distribution expenses, advertising, point of sale materials, merchandise displays, in-store demonstrations and graphic design costs.

 

Gross sales for the fourth quarter rose 10.2 percent to $25.9 million from $23.5 million a year earlier. Net sales for the fourth quarter rose 9.8 percent to $20.2 million from $18.4 million in 2001. Operating income for the quarter decreased to $149,000 from $642,000 a year ago. Net income for the same period decreased to $77,000, or $0.01 per diluted share, from $328,000, or $0.03 per diluted share, in the comparable period in 2001.

 

The decrease in net income for the fourth quarter compared with the prior year period was primarily attributable to substantial slotting expenses incurred in the fourth quarter as well as high coupon costs mainly in connection with Monster(TM) energy drinks.

 

Finally, Sacks also noted that Hansen"s currently is launching a new Diet Red energy drink in 8.3 oz slim cans.

 

Hansen Natural Corporation markets and distributes Hansen"s® Natural Sodas, Signature Sodas, fruit juice and soy Smoothies, Energy drinks, Energade® energy sports drinks, E20 Energy Water®, functional drinks, Sparkling Lemonades and Orangeades, multi-vitamin juice drinks in aseptic packaging, Junior Juice® juices, iced teas, lemonades and juice cocktails, old fashioned apple juice, cider and juice blends, as well as cereals and bars, Blue Sky® brand carbonated beverages and Monster(TM) brand energy drinks. The company"s subsidiary, Hard e Beverage Co., markets and distributes Hard e malt beverages. Hansen can be found on the Web at www.hansens.com.

 

Certain statements made in this announcement may constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding the expectations of management with respect to revenues and profitability. Management cautions that these statements are qualified by their terms/or important factors, many of which are outside of the control of the company, that could cause actual results and events to differ materially from the statements made herein, including, but not limited to, the following: Changes in consumer preferences, changes in demand that are weather related, particularly in areas outside of California, competitive pricing pressures, changes in the price and/ or availability of raw materials for the company"s products, the availability of production and/or suitable facilities, the marketing efforts of the distributors of the company"s products, most of which distribute products that are competitive with the products of the company, the introduction of new products, as well as unilateral decisions that may be made by grocery chain stores, specialty chain stores, club stores and other customers to discontinue carrying all or any of the company"s products that they are carrying at any time. Management further notes that the company"s plans and results may be affected by any change in the availability of the company"s credit facilities and the actions of its creditors.

 

HANSEN NATURAL CORP.

Consolidated Statements of Operations (Unaudited)

 

Three Months Twelve Months

Ended Dec. 31, Ended Dec. 31,

2002 2001 2002 2001

 

GROSS SALES $25,857,868 $23,467,882 $115,490,019 $ 99,693,390

 

LESS: Discounts,

allowances and

promotional

payments 5,653,944 5,065,923 23,443,657 19,035,073

 

NET SALES 20,203,924 18,401,959 92,046,362 80,658,317

 

COST OF SALES 13,282,000 12,440,799 58,802,669 51,796,539

 

GROSS PROFIT 6,921,924 5,961,160 33,243,693 28,861,778

 

OPERATING EXPENSES:

Selling, general and

administrative 6,757,584 5,190,602 27,896,202 22,803,433

Amortization of

trademark license 15,471 128,463 54,558 507,488

 

Total operating

expenses 6,773,055 5,319,065 27,950,760 23,310,921

 

OPERATING INCOME 148,869 642,095 5,292,933 5,550,857

 

NONOPERATING EXPENSE (INCOME)

Interest and financing

expense 46,555 96,667 230,732 527,594

Interest income (1,595) (652) (2,974) (8,992)

Net nonoperating

expense (income) 44,960 96,015 227,758 518,602

 

INCOME BEFORE PROVISION

FOR INCOME TAXES 103,909 546,080 5,065,175 5,032,255

 

PROVISION FOR

INCOME TAXES 26,667 218,432 2,035,980 2,012,902

 

NET INCOME $ 77,242 $ 327,648 $ 3,029,195 $ 3,019,353

 

NET INCOME PER COMMON SHARE:

Basic $ 0.01 $ 0.03 $ 0.30 $ 0.30

Diluted $ 0.01 $ 0.03 $ 0.29 $ 0.29

 

NUMBER OF COMMON SHARES USED

IN PER SHARE COMPUTATIONS:

Basic 10,053,003 10,045,003 10,052,499 10,036,547

Diluted 10,306,656 10,328,515 10,339,604 10,314,904

 

Contact:

 

Hansen Natural Corporation

Rodney C. Sacks, 909/739-6200

Chairman and Chief Executive Officer

Hilton H. Schlosberg, 909/739-6200

Vice Chairman

or

PondelWilkinson MS&L

Roger S. Pondel, 323/866-606

 

Source: Hansen Natural Corporation

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