--Third Quarter Net Sales Rise 4.1
percent to $788.0 million;Third Quarter Diluted
Earnings per Share Increase 17.5 percent to $0.99 per
share--
Monster Beverage Corporation (NASDAQ:MNST) today reported financial
results for the three- and nine-months ended September 30, 2016.
Third Quarter ResultsNet sales for the 2016
third quarter increased 4.1 percent to $788.0 million from $756.6
million in the same period last year. Gross sales for the 2016
third quarter increased 5.9 percent to $913.3 million, from $862.4
million in the same period last year. The comparative gross
and net sales of $862.4 million and $756.6 million, respectively,
for the 2015 third quarter were impacted by advance purchases made
by the Company’s customers due to a pre-announced price increase,
effective August 31, 2015, (“Advance Purchases”), on certain of the
Company’s Monster Energy® brand energy drinks. The Company
estimates that gross and net sales for the 2015 third quarter
increased by approximately $12.0 million and $11.0 million,
respectively, as a result of such Advance Purchases. Gross and net
sales for the 2016 third quarter, after adjusting the 2015 third
quarter comparatives for Advance Purchases, increased by 7.4
percent and 5.7 percent, respectively. Unfavorable currency
exchange rates reduced gross sales by approximately $4.8 million
and net sales by approximately $2.6 million in the 2016 third
quarter.
Net sales for the Company’s Monster Energy® Drinks segment,
which is comprised of the Company’s Monster Energy® drinks as well
as MutantTM Super Soda, increased 3.4 percent to $710.1 million for
the 2016 third quarter, from $686.7 million for the same period
last year. Net sales for the Company’s Strategic Brands
segment, which include the various energy drink brands acquired
from The Coca-Cola Company, increased 3.2 percent to $72.1 million
for the 2016 third quarter, from $69.9 million in the comparable
2015 quarter. Net sales for the Company’s Other segment,
which includes certain products of American Fruits & Flavors
sold to independent third parties, were $5.7 million for the 2016
third quarter. There were no net sales for the Other segment for
the 2015 third quarter.
Net sales to customers outside the United States rose to $190.8
million in the 2016 third quarter, from $170.6 million in the
corresponding quarter in 2015.
Gross profit, as a percentage of net sales, for the 2016 third
quarter, increased to 63.8 percent from 61.5 percent for the
comparable 2015 third quarter.
Operating expenses for the 2016 third quarter were $212.6
million, compared with $174.0 million in the third quarter last
year.
Distribution costs as a percentage of net sales were 3.1 percent
for the 2016 third quarter, compared with 3.5 percent in the third
quarter last year.
Selling expenses as a percentage of net sales for the 2016 third
quarter were 12.1 percent, compared with 10.7 percent in the third
quarter last year.
General and administrative expenses for the 2016 third quarter
were $92.5 million, or 11.7 percent of net sales, compared with
$67.0 million, or 8.8 percent of net sales, for the comparable 2015
third quarter. Stock-based compensation (a non-cash item) was $12.1
million for the third quarter of 2016, compared with $8.9 million
in the third quarter last year.
Operating income for the 2016 third quarter was $290.4 million,
compared with $291.4 million in the third quarter of last year.
The effective tax rate for the 2016 third quarter was 33.8
percent, compared with 39.4 percent in the same period last year.
The decrease in the effective tax rate was due in part to a
one-time tax benefit related to a prior period domestic production
deduction.
Net income for the 2016 third quarter was $191.6 million,
compared with $174.6 million in the same period last year.
Net income per diluted share for the 2016 third quarter was $0.99,
compared with $0.84 in the third quarter of 2015.
Rodney C. Sacks, Chairman and Chief Executive Officer, said:
“We are pleased to report continued progress on the
implementation of our strategic alignment with Coca-Cola bottlers
internationally. We transitioned to Coca-Cola bottlers in Chile,
Colombia, Mexico, South Africa and certain other countries in
Africa during the quarter. We commenced the launch of Monster
Energy® drinks in China beginning with Beijing in September and
Shanghai and Hunan Province in October. Further launches are
planned in the fourth quarter and throughout 2017 in China.
We also launched Monster Energy® drinks in Turkey in October.
We commenced the transition to Coca-Cola bottlers in Brazil earlier
this week and in the fourth quarter we will be transitioning to
Coca-Cola bottlers in certain Central Asian, Latin American, Middle
Eastern and African countries, with further launches to follow in
2017. In the United States, we are continuing to see
improvements in our quality of distribution. We launched MutantTM,
our new Super Soda, in certain convenience store chains in late
September 2016 with encouraging early results.
“The continued strength of the U.S. dollar as well as
distributor transitions impacted our results,” Sacks added.
2016 Nine MonthsGross sales for the nine-months
ended September 30, 2016 increased 11.6 percent to $2.6 billion,
from $2.4 billion for the comparable period a year earlier.
Net sales for the first nine months of 2016 rose to $2.3 billion,
from $2.1 billion for the same period in 2015. The comparative
gross and net sales of $2.4 billion and $2.1 billion, respectively,
for the nine-months ended September 30, 2015 were impacted by
Advance Purchases. The Company estimates that gross sales and net
sales for the nine-months ended September 30, 2015 were increased
by approximately $12.0 million and $11.0 million, respectively, as
a result of Advance Purchases. Gross and net sales for the
nine-months ended September 30, 2016, after adjusting the
nine-months ended September 30, 2015 comparatives for Advance
Purchases, increased by 12.2 percent and 11.1 percent,
respectively.
Gross profit as a percentage of net sales was 62.9 percent for
the first nine months of 2016, compared with 59.2 percent for the
comparable period in 2015.
Operating expenses for the nine-months ended September 30, 2016
were $610.3 million, compared with $725.2 million in the same
period last year.
Operating income for the first nine months of 2016 was $833.6
million, compared with $665.2 million for the comparable period in
2015.
The effective tax rate for the first nine months of 2016 was
35.2 percent, compared with 38.4 percent in the same period last
year. The decrease in the effective tax rate was due in part to a
one-time benefit related to a prior period domestic production
deduction.
Net income for the first nine months of 2016 was $539.7 million,
compared with $408.0 million in the same period last year.
Net income per diluted share for the first nine months of 2016 was
$2.67, based on 202.1 million shares outstanding, versus $2.17
based on 188.1 million shares outstanding in the same period last
year.
Factors Impacting Profitability The following
table summarizes the impact of certain items on net sales and
operating income for the three- and nine-months ended September 30,
2016 and 2015:
(In Thousands) |
Three-Months EndedSeptember
30, |
|
Nine-Months EndedSeptember
30, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
Included in Net Sales: |
|
|
|
|
|
|
|
Accelerated recognition of deferred
revenue |
$ |
- |
|
|
$ |
- |
|
|
$ |
4,963 |
|
|
$ |
39,761 |
|
|
|
|
|
|
|
|
|
Included in Operating Expenses: |
|
|
|
|
|
|
|
•
“modified Dutch auction” stock repurchase expenses |
$ |
- |
|
|
$ |
- |
|
|
$ |
(1,556 |
) |
|
$ |
- |
|
•
American Fruits & Flavors transaction expenses |
|
- |
|
|
|
- |
|
|
|
(4,483 |
) |
|
|
- |
|
• The
Coca-Cola Company transaction expenses |
|
- |
|
|
|
(292 |
) |
|
|
- |
|
|
|
(15,426 |
) |
•
Distributor termination costs |
|
(4,712 |
) |
|
|
(2,471 |
) |
|
|
(33,413 |
) |
|
|
(220,658 |
) |
•
Expenditures related to regulatory matters and litigation
concerning the advertising, marketing, promotion, ingredients,
usage, safety and sale of the Company’s Monster Energy® brand
energy drinks |
|
(4,904 |
) |
|
|
(3,432 |
) |
|
|
(14,115 |
) |
|
|
(11,828 |
) |
Gain on sale of the non-energy business |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
161,470 |
|
|
|
|
|
|
|
|
|
Net Impact on Operating Income |
$ |
(9,616 |
) |
|
$ |
(6,195 |
) |
|
$ |
(48,604 |
) |
|
$ |
(46,681 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Conference CallThe
Company will host an investor conference call today, November 3,
2016, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The
conference call will be open to all interested investors through a
live audio web broadcast via the internet at www.monsterbevcorp.com
in the “Events & Presentations” section. For those who
are not able to listen to the live broadcast, the call will be
archived for approximately one year on the website.
Monster Beverage CorporationBased in Corona,
California, Monster Beverage Corporation is a holding company and
conducts no operating business except through its consolidated
subsidiaries. The Company’s subsidiaries develop and market
energy drinks, including Monster Energy® energy drinks, Monster
Energy Extra Strength Nitrous Technology® energy drinks, Java
Monster® non-carbonated coffee + energy drinks, Monster Rehab®
non-carbonated energy drinks with electrolytes, Muscle Monster®
Energy Shakes, Übermonster® energy drinks, NOS® energy drinks, Full
Throttle® energy drinks, Burn® energy drinks, Samurai® energy
drinks, Relentless® energy drinks, Mother® energy drinks, Power
Play® energy drinks, BU® energy drinks, Nalu® energy drinks, BPM®
energy drinks, Gladiator® energy drinks, and Ultra® energy
drinks. The Company’s subsidiaries also develop and market
MutantTM Super Soda. For more information, visit
www.monsterbevcorp.com.
Note Regarding Use of Non-GAAP MeasuresGross
sales is used internally by management as an indicator of and to
monitor operating performance, including sales performance of
particular products, salesperson performance, product growth or
declines and overall Company performance. The use of gross sales
allows evaluation of sales performance before the effect of any
promotional items, which can mask certain performance issues. We
therefore believe that the presentation of gross sales provides a
useful measure of our operating performance. Gross sales is not a
measure that is recognized under accounting principles generally
accepted in the United States of America (“GAAP”) and should not be
considered as an alternative to net sales, which is determined in
accordance with GAAP, and should not be used alone as an indicator
of operating performance in place of net sales. Additionally, gross
sales may not be comparable to similarly titled measures used by
other companies, as gross sales has been defined by our internal
reporting practices. In addition, gross sales may not be realized
in the form of cash receipts as promotional payments and allowances
may be deducted from payments received from certain customers.
Caution Concerning Forward-Looking
StatementsCertain statements made in this announcement may
constitute “forward-looking statements” within the meaning of the
U.S. federal securities laws, as amended, regarding the
expectations of management with respect to our future operating
results and other future events including revenues and
profitability. The Company cautions that these statements are
based on management’s current knowledge and expectations and are
subject to certain risks and uncertainties, 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. Such risks and uncertainties include, but are not
limited to, the following: our ability to recognize benefits from
The Coca-Cola Company transaction and the American Fruits &
Flavors transaction; our ability to introduce and increase sales of
both existing and new products; our ability to implement the share
repurchase program; unanticipated litigation concerning the
Company’s products; the current uncertainty and volatility in the
national and global economy; changes in consumer preferences;
changes in demand due to both domestic and international economic
conditions; activities and strategies of competitors, including the
introduction of new products and competitive pricing and/or
marketing of similar products; actual performance of the parties
under the new distribution agreements; potential disruptions
arising out of the transition of certain territories to new
distributors; changes in sales levels by existing distributors;
unanticipated costs incurred in connection with the termination of
existing distribution agreements or the transition to new
distributors; changes in the price and/or availability of raw
materials; other supply issues, including the availability of
products and/or suitable production facilities; product
distribution and placement decisions by retailers; changes in
governmental regulation; the imposition of new and/or increased
excise sales and/or other taxes on our products; criticism of
energy drinks and/or the energy drink market generally; our ability
to satisfy all criteria set forth in any U.S. model energy drink
guidelines; the impact of proposals to limit or restrict the sale
of energy drinks to minors and/or persons below a specified age
and/or restrict the venues and/or the size of containers in which
energy drinks can be sold; or political, legislative or other
governmental actions or events, including the outcome of any state
attorney general, government and/or quasi-government agency
inquiries, in one or more regions in which we operate. For a
more detailed discussion of these and other risks that could affect
our operating results, see the Company’s reports filed with the
Securities and Exchange Commission. The Company’s actual results
could differ materially from those contained in the forward-looking
statements. The Company assumes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
(tables below)
MONSTER BEVERAGE CORPORATION
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME AND OTHER INFORMATION |
FOR THE THREE- AND
NINE-MONTHS ENDED SEPTEMBER 30, 2016 AND 2015 |
(In
Thousands, Except Per Share Amounts) (Unaudited) |
|
|
|
|
|
Three-Months
Ended |
|
Nine-Months Ended |
|
September 30, |
|
September 30, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
Net sales1 |
$ |
787,954 |
|
|
$ |
756,619 |
|
|
$ |
2,295,628 |
|
|
$ |
2,077,131 |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
284,979 |
|
|
|
291,143 |
|
|
|
851,741 |
|
|
|
848,191 |
|
|
|
|
|
|
|
|
|
Gross profit1 |
|
502,975 |
|
|
|
465,476 |
|
|
|
1,443,887 |
|
|
|
1,228,940 |
|
Gross profit as a percentage of net sales |
|
63.8 |
% |
|
|
61.5 |
% |
|
|
62.9 |
% |
|
|
59.2 |
% |
|
|
|
|
|
|
|
|
Operating expenses2,3 |
|
212,600 |
|
|
|
174,038 |
|
|
|
610,277 |
|
|
|
725,205 |
|
Operating expenses as a percentage of net
sales |
|
27.0 |
% |
|
|
23.0 |
% |
|
|
26.6 |
% |
|
|
34.9 |
% |
|
|
|
|
|
|
|
|
Gain on sale of the non-energy business |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
161,470 |
|
|
|
|
|
|
|
|
|
Operating income1,2,3 |
|
290,375 |
|
|
|
291,438 |
|
|
|
833,610 |
|
|
|
665,205 |
|
Operating income as a percentage of net
sales |
|
36.9 |
% |
|
|
38.5 |
% |
|
|
36.3 |
% |
|
|
32.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other expense, net |
|
(1,037 |
) |
|
|
(3,362 |
) |
|
|
(651 |
) |
|
|
(3,144 |
) |
|
|
|
|
|
|
|
|
Income before provision for income
taxes1,2,3 |
|
289,338 |
|
|
|
288,076 |
|
|
|
832,959 |
|
|
|
662,061 |
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
97,695 |
|
|
|
113,502 |
|
|
|
293,221 |
|
|
|
254,070 |
|
Income taxes as a percentage of income before
taxes |
|
33.8 |
% |
|
|
39.4 |
% |
|
|
35.2 |
% |
|
|
38.4 |
% |
|
|
|
|
|
|
|
|
Net income1,2,3 |
$ |
191,643 |
|
|
$ |
174,574 |
|
|
$ |
539,738 |
|
|
$ |
407,991 |
|
Net income as a percentage of net sales |
|
24.3 |
% |
|
|
23.1 |
% |
|
|
23.5 |
% |
|
|
19.6 |
% |
|
|
|
|
|
|
|
|
Net income per common share:* |
|
|
|
|
|
|
Basic |
$ |
1.01 |
|
|
$ |
0.85 |
|
|
$ |
2.72 |
|
|
$ |
2.22 |
|
Diluted |
$ |
0.99 |
|
|
$ |
0.84 |
|
|
$ |
2.67 |
|
|
$ |
2.17 |
|
|
|
|
|
|
|
|
|
Weighted average number of shares of common
stock and common stock equivalents:* |
|
|
|
|
|
|
|
Basic |
|
190,379 |
|
|
|
205,051 |
|
|
|
198,073 |
|
|
|
184,098 |
|
Diluted |
|
194,431 |
|
|
|
208,094 |
|
|
|
202,093 |
|
|
|
188,131 |
|
|
|
|
|
|
|
|
|
Case sales (in thousands) (in 192-ounce case
equivalents) |
|
82,767 |
|
|
|
81,274 |
|
|
|
242,994 |
|
|
|
207,090 |
|
Average net sales per case4 |
$ |
9.45 |
|
|
$ |
9.31 |
|
|
$ |
9.40 |
|
|
$ |
10.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Includes $8.4 million and $8.2 million for the three-months
ended September 30, 2016 and 2015, respectively, related to the
recognition of deferred revenue. Includes $28.6 million and $54.7
million for the nine-months ended September 30, 2016 and 2015,
respectively, related to the recognition of deferred revenue.
There was no accelerated amortization of deferred revenue for the
three-months ended September 30, 2016 and 2015, respectively.
Included in $28.6 million recognition of deferred revenue for the
nine-months ended September 30, 2016, is $5.0 million related to
the accelerated amortization of the deferred revenue balances
associated with certain of the Company’s prior distributors who
were sent notices of termination during the nine-months ended
September 30, 2016. Included in the $54.7 million recognition
of deferred revenue for the nine-months ended September 30, 2015,
is $39.8 million related to the accelerated amortization of the
deferred revenue balances associated with certain of the Company’s
prior distributors who were sent notices of termination during the
nine-months ended September 30, 2015.
2 Includes $4.7 million and $2.5 million for the three-months
ended September 30, 2016 and 2015, respectively, related to
distributor termination costs. Includes $33.4 million and $220.7
million for the nine-months ended September 30, 2016 and 2015,
respectively, related to distributor termination costs.
3Includes $4.5 million for the nine-months ended September 30,
2016 of American Fruits & Flavors transaction expenses. There
were no American Fruit & Flavors transaction expenses incurred
for the three-month ended September 30, 2016. Includes $0.3 million
and $15.4 million for the three- and nine-months ended September
30, 2015, respectively of The Coca-Cola Company transaction
expenses. Includes $1.6 million for the nine-months ended September
30, 2016 of modified Dutch auction stock repurchase
expenses. There were no “modified Dutch auction” stock
repurchase expenses during the three-months ended September 30,
2016.
4Excludes Other segment net sales of $5.7 million and $12.1
million for the three- and nine-months ended September 30, 2016
representing third-party sales of American Fruits & Flavors as
these sales do not have unit case equivalents.
*Three-for-one Stock Split
On October 11, 2016, the Company filed a
Certificate of Amendment to its Amended and Restated Certificate of
Incorporation to increase the number of authorized shares of the
Company’s common stock, par value $0.005 per share (“Common
Stock”), from 240,000,000 shares to 1,250,000,000 shares.
On October 14, 2016, the Company announced that its
Board of Directors approved a 3-for-1 stock split of its Common
Stock to be effected in the form of a 200 percent stock dividend.
The additional shares will be distributed on November 9, 2016 to
stockholders of record at the close of business (Eastern Time) on
October 26, 2016. The Company anticipates its Common Stock to begin
trading at the split-adjusted price on November 10, 2016.
The following pro-forma earnings per share information has been
adjusted retroactively to reflect the stock split:
|
Three-Months
Ended |
|
Nine-Months Ended |
|
September 30, |
|
September 30, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
191,643 |
|
|
$ |
174,574 |
|
|
$ |
539,738 |
|
|
$ |
407,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share:* |
|
|
|
|
|
|
Basic |
$ |
0.34 |
|
|
$ |
0.28 |
|
|
$ |
0.91 |
|
|
$ |
0.74 |
|
Diluted |
$ |
0.33 |
|
|
$ |
0.28 |
|
|
$ |
0.89 |
|
|
$ |
0.72 |
|
|
|
|
|
|
|
|
|
Weighted average number of shares of common
stock and common stock equivalents:* |
|
|
|
|
|
|
|
Basic |
|
571,138 |
|
|
|
615,153 |
|
|
|
594,219 |
|
|
|
552,294 |
|
Diluted |
|
583,293 |
|
|
|
624,282 |
|
|
|
606,280 |
|
|
|
564,393 |
|
|
|
|
|
|
|
|
|
MONSTER BEVERAGE CORPORATION
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
AS OF SEPTEMBER 30, 2016 AND
DECEMBER 31, 2015 |
(In
Thousands, Except Par Value) (Unaudited) |
|
|
|
|
|
|
|
September
30,2016 |
|
December 31,2015 |
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash
equivalents |
|
$ |
341,526 |
|
|
$ |
2,175,417 |
|
Short-term
investments |
|
|
257,653 |
|
|
|
744,610 |
|
Accounts receivable,
net |
|
|
467,348 |
|
|
|
352,955 |
|
The Coca-Cola Company
transaction receivable |
|
|
125,000 |
|
|
|
125,000 |
|
Inventories |
|
|
167,840 |
|
|
|
156,121 |
|
Prepaid expenses and
other current assets |
|
|
35,016 |
|
|
|
26,967 |
|
Prepaid income
taxes |
|
|
155,641 |
|
|
|
18,462 |
|
Total
current assets |
|
|
1,550,024 |
|
|
|
3,599,532 |
|
|
|
|
|
|
INVESTMENTS |
|
|
9,519 |
|
|
|
15,348 |
|
PROPERTY AND EQUIPMENT,
net |
|
|
144,625 |
|
|
|
97,354 |
|
DEFERRED INCOME
TAXES |
|
|
142,116 |
|
|
|
140,468 |
|
GOODWILL |
|
|
1,283,643 |
|
|
|
1,279,715 |
|
OTHER INTANGIBLE
ASSETS, net |
|
|
1,080,813 |
|
|
|
427,986 |
|
OTHER ASSETS |
|
|
25,691 |
|
|
|
10,874 |
|
Total Assets |
|
$ |
4,236,431 |
|
|
$ |
5,571,277 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Accounts payable |
|
$ |
172,159 |
|
|
$ |
144,763 |
|
Accrued
liabilities |
|
|
91,819 |
|
|
|
81,786 |
|
Accrued promotional
allowances |
|
|
140,952 |
|
|
|
115,530 |
|
Accrued distributor
terminations |
|
|
5,650 |
|
|
|
11,018 |
|
Deferred revenue |
|
|
34,407 |
|
|
|
32,271 |
|
Accrued
compensation |
|
|
21,820 |
|
|
|
22,159 |
|
Income taxes
payable |
|
|
5,835 |
|
|
|
2,750 |
|
Total
current liabilities |
|
|
472,642 |
|
|
|
410,277 |
|
|
|
|
|
|
DEFERRED REVENUE |
|
|
365,389 |
|
|
|
351,590 |
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY: |
|
|
|
|
Common
stock - $0.005 par value; 240,000 shares authorized; |
|
|
|
|
|
|
|
207,384 shares issued and 190,426 outstanding as of September
30, 2016; |
|
|
|
|
|
|
|
207,019 shares issued and 202,900 outstanding as of December
31, 2015 |
|
1,037 |
|
|
|
1,035 |
|
Additional paid-in
capital |
|
|
4,036,204 |
|
|
|
3,991,857 |
|
Retained earnings |
|
|
1,934,601 |
|
|
|
1,394,863 |
|
Accumulated other
comprehensive loss |
|
|
(14,534 |
) |
|
|
(21,878 |
) |
Common
stock in treasury, at cost; 16,958 and 4,119 shares as
of |
|
|
|
|
|
|
|
September 30, 2016 and December 31, 2015, respectively |
|
(2,558,908 |
) |
|
|
(556,467 |
) |
Total
stockholders' equity |
|
|
3,398,400 |
|
|
|
4,809,410 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
4,236,431 |
|
|
$ |
5,571,277 |
|
|
|
|
|
|
|
|
|
|
CONTACTS:
Rodney C. Sacks
Chairman and Chief Executive Officer
(951) 739-6200
Hilton H. Schlosberg
Vice Chairman
(951) 739-6200
Roger S. Pondel / Judy Lin Sfetcu
PondelWilkinson Inc.
(310) 279-5980
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