Monster Beverage Corporation (NASDAQ: MNST) today reported
financial results for the three- and six-months ended June 30,
2020, including an update on the impact of the COVID-19 pandemic.
COVID-19 Pandemic
The Company’s top priority continues to be the health, safety
and well-being of its employees. Early in March 2020, the Company
implemented global travel restrictions and work-from-home policies
for employees who are able to work remotely. For those employees
who are unable to work remotely, safety precautions have been
instituted, which were developed and adopted in line with guidance
from public health authorities and professional consultants. The
Company’s flavor manufacturing facilities, its co-packers,
warehouses and shipment facilities, are all operating. Certain of
the Company’s bottlers/distributors have implemented modifications
to their call points and service levels, but generally the
Company’s products remain available to consumers. In limited
countries the operations of its bottlers/distributors have been
more affected.
The Company’s second quarter net and gross sales were adversely
impacted by the COVID-19 pandemic, in part due to certain of the
Company’s bottlers/distributors reducing their inventory
levels. However, the Company experienced a sequential
improvement in sales in the latter half of the quarter as certain
countries and states began to gradually re-open. Since mid-March
2020, the Company has seen a shift in consumer channel preferences
and package configurations, including an increase in at-home
consumption and a decrease in immediate consumption. The
Company’s sales in the second quarter of 2020 were initially
adversely affected as a result of a decrease in foot traffic in the
convenience and gas channel (which is the Company’s largest
channel) but improved sequentially throughout the quarter. The
Company’s e-commerce, club store, mass merchandiser and grocery and
related business continued to increase in the quarter while its
food service on-premise business, which is a small channel for the
Company, remained challenged.
Currently, the Company does not foresee a material impact on the
ability of its co-packers to manufacture and its
bottlers/distributors to distribute its products as a result of the
COVID-19 pandemic. In addition, the Company is not experiencing raw
material or finished product shortages in its supply chain.
As of June 30, 2020, the Company had $921.3 million in cash and
cash equivalents, $250.8 million in short-term investments and $2.1
million in long-term investments. Based on currently available
information, the Company does not expect the COVID-19 pandemic to
have a material impact on its liquidity.
Second Quarter Results
Net sales for the 2020 second quarter were $1.09 billion
compared with $1.10 billion in the same period last year.
Gross sales for the 2020 second quarter were $1.27 billion as
compared to $1.29 billion in the same period last year. The
COVID-19 pandemic had an adverse impact on net and gross sales for
the three-months ended June 30, 2020. The COVID-19 pandemic’s
impact was more pronounced in EMEA during the 2020 second quarter,
particularly in the Strategic Brands segment. Net changes in
foreign currency exchange rates had an unfavorable impact on net
and gross sales for the 2020 second quarter of $18.2 million and
$21.6 million, respectively.
Net sales for the Company’s Monster Energy® Drinks segment,
which primarily includes the Company’s Monster Energy® drinks and
Reign Total Body Fuel® high performance energy drinks increased 0.8
percent to $1.03 billion for the 2020 second quarter, from $1.02
billion for the 2019 second quarter. The COVID-19 pandemic had an
adverse impact on net sales of the Company’s Monster Energy® Drinks
segment for the three-months ended June 30, 2020. Net changes in
foreign currency exchange rates had an unfavorable impact on net
sales for the Monster Energy® Drinks segment of approximately $16.8
million for the 2020 second quarter.
Net sales for the Company’s Strategic Brands segment, which
primarily includes the various energy drink brands acquired from
The Coca-Cola Company, as well as the Company’s affordable energy
brands, decreased 24.7 percent to $59.6 million for the 2020 second
quarter, from $79.1 million in the 2019 second quarter. The
COVID-19 pandemic had a material adverse impact on net sales of the
Company’s Strategic Brands segment for the three-months ended June
30, 2020. The COVID-19 pandemic impact was more pronounced in the
Strategic Brands segment, particularly in EMEA, as the Company’s
larger revenue generating countries for this segment experienced
extended lockdowns. Net changes in foreign currency exchange rates
had an unfavorable impact on net sales for the Strategic Brands
segment of $1.4 million for the 2020 second quarter.
Net sales for the Company’s Other segment, which includes
certain products of American Fruits and Flavors, LLC, a
wholly-owned subsidiary of the Company, sold to independent third
party customers (the “AFF Third-Party Products”), were $6.6 million
for the 2020 second quarter, compared with $5.8 million in the 2019
second quarter.Net sales to customers outside the United States
amounted to $328.3 million in the 2020 second quarter, versus
$343.3 million in the 2019 second quarter. Such sales were
approximately 30 percent of total net sales in the 2020 second
quarter, compared with 31 percent in the 2019 second quarter. The
COVID-19 pandemic had a material adverse impact on net sales to
customers outside the United States, primarily in EMEA, for the
2020 second quarter.
Gross profit, as a percentage of net sales, for the 2020 second
quarter was 60.3 percent, compared with 59.9 percent in the 2019
second quarter.
Operating expenses for the 2020 second quarter were $252.2
million, compared with $282.3 million in the 2019 second quarter.
The decrease in operating expenses was primarily due to decreased
expenditures of $19.8 million for sponsorship and endorsements and
decreased expenditures of $10.1 million for travel and
entertainment, each largely as a consequence of the COVID-19
pandemic. The costs for certain postponed or rescheduled events
have been, or may be, deferred to future periods. Due to the
uncertainty surrounding the COVID-19 pandemic, the Company is
unable to estimate in which future periods, if any, such deferred
sponsorship and endorsement costs will be recognized.
Distribution costs as a percentage of net sales were 3.6 percent
for the 2020 second quarter, compared with 3.4 percent in the 2019
second quarter.
Selling expenses as a percentage of net sales for the 2020
second quarter were 8.8 percent, compared with 11.2 percent in the
2019 second quarter, primarily as a result of the reduction in
sponsorship and endorsement costs referred to above.
General and administrative expenses for the 2020 second quarter
were $116.8 million, or 10.7 percent of net sales, compared with
$120.8 million, or 10.9 percent of net sales, for the 2019 second
quarter. Stock-based compensation (a non-cash item) was $15.9
million for the second quarter of 2020, compared with $15.6 million
in the 2019 second quarter.
Operating income for the 2020 second quarter increased to $407.3
million, from $379.0 million in the 2019 second quarter.
The effective tax rate for the 2020 second quarter was 23.2
percent, compared with 23.4 percent in the 2019 second
quarter.
Net income for the 2020 second quarter increased 6.5 percent to
$311.4 million, from $292.5 million in the 2019 second quarter.
Net income per diluted share for the 2020 second quarter
increased 9.9 percent to $0.59, from $0.53 in the second quarter of
2019.
Rodney C. Sacks, Chairman and Chief Executive Officer, said: “We
remain pleased with our performance in the second quarter. EMEA
sales were more impacted in the quarter, and especially so in our
Strategic Brands, but overall, we are experiencing sequential
improvements each month. Our supply chain remains intact, and we
are continuing to service our customers.
“According to Nielsen, the energy drinks category continues to
grow in many countries, including the United States.
“Now that certain countries and states are gradually reopening,
our teams are working to ensure the implementation of our 2020
product innovation launches, which were disrupted due to the
COVID-19 pandemic. We have a robust innovation plan for the
remainder of 2020.
“Internationally during the quarter, we added various Monster
Energy® brand energy drinks, and Reign Total Body Fuel® high
performance energy drinks to our portfolio in a number of
countries. Monster Energy® Dragon Tea was launched in China
in April 2020. We launched our affordable energy products,
Fury® Gold Strike in Honduras and Predator® Gold Strike in Nigeria
in the quarter.
“Our thoughts and prayers are with all who have been
impacted by this terrible virus and we wish them all a very speedy
recovery,” Sacks added.
2020 Six-Months Results
Net sales for the six-months ended June 30, 2020 increased
5.2 percent to $2.16 billion, from $2.05 billion in the comparable
period last year. Gross sales for the six-months ended
June 30, 2020 increased 5.6 percent to $2.51 billion, from
$2.38 billion in the comparable period last year.
Net changes in foreign currency exchange rates had an
unfavorable impact on net and gross sales for the six-months ended
June 30, 2020 of $28.6 million and $32.8 million,
respectively.
Gross profit, as a percentage of net sales, for the six-months
ended June 30, 2020 was 60.1 percent, compared with 60.2
percent in the comparable period last year.
Operating expenses for the six-months ended June 30, 2020
were $524.4 million, compared with $544.4 million in the comparable
period last year. The decrease in operating expenses was primarily
due to decreased expenditures of $24.2 million for sponsorship and
endorsements and decreased expenditures of $10.4 million for travel
and entertainment due, in part, to the COVID-19 pandemic as well as
decreased expenditures of $10.8 million related to the costs
associated with distributor terminations.
Operating income for the six-months ended June 30, 2020
increased to $772.3 million, from $690.5 million in the comparable
period last year.
The effective tax rate was 23.5 percent for the six-months ended
June 30, 2020, versus 20.4 percent for the same period last
year.
Net income for the six-months ended June 30, 2020 increased
6.5 percent to $590.2 million, from $554.0 million in the
corresponding period last year. Net income per diluted share
for the six-months ended June 30, 2020 increased 9.0 percent
to $1.10, from $1.01 in the comparable period last year.
Share Repurchase Program
During the 2020 second quarter, the Company
purchased approximately 0.3 million shares of its common stock at
an average purchase price of $52.88 per share, for a total amount
of $15.6 million (excluding broker commissions).
As of August 4, 2020, approximately $441.5 million
remained available for repurchase under the previously authorized
repurchase program.
Investor Conference Call
The Company will host an investor conference call
today, August 4, 2020, 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 Corporation
Based 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 Ultra® energy drinks, Monster MAXX® maximum strength
energy drinks, Java Monster® non-carbonated coffee + energy drinks,
Espresso Monster® non-carbonated espresso + energy drinks, Caffé
Monster® non-carbonated energy coffee drinks, Monster Rehab®
non-carbonated tea + energy drinks, Muscle Monster® non-carbonated
energy shakes, Monster Hydro® non-carbonated refreshment + energy
drinks, Monster HydroSport Super Fuel® non-carbonated advanced
hydration + energy drinks, Monster Dragon Tea® non-carbonated
energy teas, Reign Total Body Fuel® high performance energy drinks,
Reign Inferno® thermogenic fuel high performance energy drinks,
NOS® energy drinks, Full Throttle® energy drinks, Burn® energy
drinks, Samurai® energy drinks, Relentless® energy drinks, Mother®
energy drinks, Play® and Power Play® (stylized) energy drinks, BU®
energy drinks, Nalu® energy drinks, BPM® energy drinks, Gladiator®
energy drinks, Ultra Energy® energy drinks, Live+® energy drinks,
Predator® energy drinks and Fury® energy drinks. For more
information, visit www.monsterbevcorp.com.
Note Regarding Use of Non-GAAP
Measures
Gross 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.
The following table reconciles the non-GAAP financial measure of
gross sales with the most directly comparable GAAP financial
measure of net sales (in thousands):
|
|
Three-Months Ended June 30, |
|
Six-Months EndedJune 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Gross sales, net of discounts and returns |
|
$ |
1,274,277 |
|
$ |
1,286,436 |
|
$ |
2,510,337 |
|
$ |
2,376,862 |
Less: Promotional and other
allowances |
|
|
180,381 |
|
|
182,391 |
|
|
354,344 |
|
|
326,825 |
Net Sales |
|
$ |
1,093,896 |
|
$ |
1,104,045 |
|
$ |
2,155,993 |
|
$ |
2,050,037 |
Caution Concerning Forward-Looking
Statements
Certain 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: the
direct and indirect impacts of the human and economic consequences
of the COVID-19 pandemic as well as measures being taken or that
may be taken in the future by governments, and consequently,
businesses (including the Company and its suppliers,
bottlers/distributors, co-packers and other service providers), and
the public at large to limit the COVID-19 pandemic; the global
slowing of growth and/or decline in sales of energy drinks
including the convenience and gas channel (which is our largest
channel), resulting from deteriorating economic conditions and
financial uncertainties due to the COVID-19 pandemic; our ability
to recognize benefits from The Coca-Cola Company (TCCC)
transaction; our extensive commercial arrangements with TCCC and,
as a result, our future performance’s substantial dependence on the
success of our relationship with TCCC; the impact of TCCC
bottlers/distributors distributing Coca-Cola brand energy drinks;
the impact on our business of trademark and trade dress
infringement proceedings brought against us relating to our Reign
Total Body Fuel® high performance energy drinks; exposure to
significant liabilities due to litigation, legal or regulatory
proceedings; intellectual property injunctions; our ability to
introduce and increase sales of both existing and new products, and
the impact of the COVID-19 pandemic on our innovation plans; our
ability to implement the share repurchase programs; unanticipated
litigation concerning the Company’s products; the current
uncertainty and volatility in the national and global economy;
changes in consumer preferences; adverse publicity surrounding
obesity and health concerns related to our products, water usage,
environmental impact, human rights and labor and workplace laws;
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 including
limitations on co-packing availability and retort production;
product distribution and placement decisions by retailers; the
effects of retailer consolidation on our business and our ability
to successfully adapt to the rapidly changing retail landscape; our
ability to successfully adapt to the changing landscape of
advertising, marketing, promotional, sponsorship and endorsement
opportunities created by the COVID-19 pandemic; unilateral
decisions by bottlers/distributors, buying groups, convenience
chains, grocery chains, mass merchandisers, specialty chain stores,
club stores and other customers to discontinue carrying all or any
of our products that they are carrying at any time, restrict the
range of our products they carry and/or devote less resources to
the sale of our products; 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, including our annual report on Form 10-K for the year
ended December 31, 2019, and our quarterly report on Form 10-Q for
the quarter ended March 31, 2020. 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
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOME AND OTHER INFORMATIONFOR THE THREE- AND
SIX-MONTHS ENDED JUNE 30, 2020 AND 2019(In
Thousands, Except Per Share Amounts) (Unaudited)
|
Three-Months Ended |
|
Six-Months Ended |
|
June 30, |
|
June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
Net sales¹ |
$ |
1,093,896 |
|
|
$ |
1,104,045 |
|
|
$ |
2,155,993 |
|
|
$ |
2,050,037 |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
434,427 |
|
|
|
442,762 |
|
|
|
859,329 |
|
|
|
815,221 |
|
|
|
|
|
|
|
|
|
Gross profit¹ |
|
659,469 |
|
|
|
661,283 |
|
|
|
1,296,664 |
|
|
|
1,234,816 |
|
Gross profit as a percentage
of net sales |
|
60.3 |
% |
|
|
59.9 |
% |
|
|
60.1 |
% |
|
|
60.2 |
% |
|
|
|
|
|
|
|
|
Operating expenses² |
|
252,205 |
|
|
|
282,293 |
|
|
|
524,412 |
|
|
|
544,364 |
|
Operating expenses as a
percentage of net sales |
|
23.1 |
% |
|
|
25.6 |
% |
|
|
24.3 |
% |
|
|
26.6 |
% |
|
|
|
|
|
|
|
|
Operating income¹,² |
|
407,264 |
|
|
|
378,990 |
|
|
|
772,252 |
|
|
|
690,452 |
|
Operating income as a
percentage of net sales |
|
37.2 |
% |
|
|
34.3 |
% |
|
|
35.8 |
% |
|
|
33.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other (expense)
income, net |
|
(1,796 |
) |
|
|
2,973 |
|
|
|
(923 |
) |
|
|
5,714 |
|
|
|
|
|
|
|
|
|
Income before provision for
income taxes¹,² |
|
405,468 |
|
|
|
381,963 |
|
|
|
771,329 |
|
|
|
696,166 |
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
94,099 |
|
|
|
89,490 |
|
|
|
181,125 |
|
|
|
142,208 |
|
Income taxes as a percentage
of income before taxes |
|
23.2 |
% |
|
|
23.4 |
% |
|
|
23.5 |
% |
|
|
20.4 |
% |
|
|
|
|
|
|
|
|
Net income¹,² |
$ |
311,369 |
|
|
$ |
292,473 |
|
|
$ |
590,204 |
|
|
$ |
553,958 |
|
Net income as a percentage of
net sales |
|
28.5 |
% |
|
|
26.5 |
% |
|
|
27.4 |
% |
|
|
27.0 |
% |
|
|
|
|
|
|
|
|
Net income per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.59 |
|
|
$ |
0.54 |
|
|
$ |
1.11 |
|
|
$ |
1.02 |
|
Diluted |
$ |
0.59 |
|
|
$ |
0.53 |
|
|
$ |
1.10 |
|
|
$ |
1.01 |
|
|
|
|
|
|
|
|
|
Weighted average number of
shares of common stock and common stock equivalents: |
|
|
|
|
|
|
|
Basic |
|
526,911 |
|
|
|
544,156 |
|
|
|
531,486 |
|
|
|
543,466 |
|
Diluted |
|
531,191 |
|
|
|
548,218 |
|
|
|
535,897 |
|
|
|
548,299 |
|
|
|
|
|
|
|
|
|
Case sales (in thousands) (in
192-ounce case equivalents) |
|
116,960 |
|
|
|
119,595 |
|
|
|
232,559 |
|
|
|
220,879 |
|
Average net sales per
case3 |
$ |
9.30 |
|
|
$ |
9.18 |
|
|
$ |
9.22 |
|
|
$ |
9.23 |
|
¹Includes $10.5 million and $10.6 million for
the three-months ended June 30, 2020 and 2019, respectively,
related to the recognition of deferred revenue. Includes $21.1
million and $24.8 million for the six-months ended June 30, 2020
and 2019, respectively, related to the recognition of deferred
revenue.
²Includes $0.2 million and $0.3 million for the three-months
ended June 30, 2020 and 2019, respectively, related to distributor
termination costs. Includes $0.2 million and $11.0 million for the
six-months ended June 30, 2020 and 2019, respectively, related to
distributor termination costs.
3Excludes Other segment net sales of $6.6 million and $5.8
million for the three-months ended June 30, 2020 and 2019,
respectively, comprised of net sales of AFF Third-Party Products to
independent third-party customers, as these sales do not have unit
case equivalents. Excludes Other segment net sales of $11.7 million
and $11.1 million for the six-months ended June 30, 2020 and 2019,
respectively, comprised of net sales of AFF Third-Party Products to
independent third-party customers, as these sales do not have unit
case equivalents.
MONSTER BEVERAGE CORPORATION AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETSAS OF JUNE 30, 2020 AND DECEMBER 31,
2019
(In Thousands, Except Par
Value) (Unaudited)
|
|
June 30,2020 |
|
December 31,2019 |
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
921,326 |
|
|
$ |
797,957 |
|
Short-term investments |
|
|
250,753 |
|
|
|
533,063 |
|
Accounts receivable, net |
|
|
760,433 |
|
|
|
540,330 |
|
Inventories |
|
|
340,536 |
|
|
|
360,731 |
|
Prepaid expenses and other
current assets |
|
|
78,425 |
|
|
|
54,868 |
|
Prepaid income taxes |
|
|
19,977 |
|
|
|
29,360 |
|
Total current assets |
|
|
2,371,450 |
|
|
|
2,316,309 |
|
|
|
|
|
|
INVESTMENTS |
|
|
2,077 |
|
|
|
12,905 |
|
PROPERTY AND EQUIPMENT,
net |
|
|
301,946 |
|
|
|
298,640 |
|
DEFERRED INCOME TAXES |
|
|
84,777 |
|
|
|
84,777 |
|
GOODWILL |
|
|
1,331,643 |
|
|
|
1,331,643 |
|
OTHER INTANGIBLE ASSETS,
net |
|
|
1,055,544 |
|
|
|
1,052,105 |
|
OTHER ASSETS |
|
|
46,376 |
|
|
|
53,973 |
|
Total Assets |
|
$ |
5,193,813 |
|
|
$ |
5,150,352 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Accounts payable |
|
$ |
261,969 |
|
|
$ |
274,045 |
|
Accrued liabilities |
|
|
142,848 |
|
|
|
114,075 |
|
Accrued promotional
allowances |
|
|
167,011 |
|
|
|
166,761 |
|
Deferred revenue |
|
|
44,894 |
|
|
|
44,237 |
|
Accrued compensation |
|
|
35,646 |
|
|
|
47,262 |
|
Income taxes payable |
|
|
22,497 |
|
|
|
14,717 |
|
Total current liabilities |
|
|
674,865 |
|
|
|
661,097 |
|
|
|
|
|
|
DEFERRED REVENUE |
|
|
272,926 |
|
|
|
287,469 |
|
|
|
|
|
|
OTHER LIABILITIES |
|
|
24,482 |
|
|
|
30,505 |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
Common stock -
$0.005 par value; 1,250,000 shares authorized;637,924 shares issued
and 527,361 shares outstanding as of June 30, 2020;636,460 shares
issued and 536,698 shares outstanding as of December 31, 2019 |
|
3,190 |
|
|
|
3,182 |
|
Additional paid-in
capital |
|
|
4,474,379 |
|
|
|
4,397,511 |
|
Retained earnings |
|
|
5,612,684 |
|
|
|
5,022,480 |
|
Accumulated other
comprehensive loss |
|
|
(53,438 |
) |
|
|
(32,387 |
) |
Common stock in
treasury, at cost; 110,563 and 99,762 shares as of June 30, 2020
and December 31, 2019, respectively |
|
(5,815,275 |
) |
|
|
(5,219,505 |
) |
Total stockholders' equity |
|
|
4,221,540 |
|
|
|
4,171,281 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
5,193,813 |
|
|
$ |
5,150,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACTS:Rodney C. SacksChairman and Chief Executive
Officer(951) 739-6200
Hilton H. SchlosbergVice Chairman(951) 739-6200
Roger S. Pondel / Judy Lin SfetcuPondelWilkinson Inc.(310)
279-5980
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