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2023-08-03
2023-08-03
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 3, 2023
Monster Beverage Corporation
(Exact name of registrant as specified in
its charter)
Delaware
(State or other jurisdiction of incorporation)
001-18761 |
|
47-1809393 |
(Commission File Number) |
|
(IRS Employer Identification No.) |
1 Monster Way
Corona, California 92879
(Address of principal executive offices and zip code)
(951) 739 - 6200
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which
registered |
Common Stock |
|
MNST |
|
Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or
Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On August 3, 2023, Monster
Beverage Corporation (the “Company”) issued a press release relating to its financial results for the second quarter ended
June 30, 2023, a copy of which is furnished as Exhibit 99.1 hereto. The press release did not include certain financial statements,
related footnotes and certain other financial information that will be filed with the Securities and Exchange Commission as part of the
Company’s Quarterly Report on Form 10-Q.
On
August 3, 2023, the Company will conduct a conference call at 2:00 p.m. Pacific 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.
Item
9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
Monster Beverage Corporation |
|
|
|
|
Date: August 3, 2023 |
/s/ Hilton H. Schlosberg |
|
Hilton H. Schlosberg |
|
Vice Chairman of the Board of Directors
and |
|
Co-Chief Executive Officer |
Exhibit 99.1
PondelWilkinson Inc.
2945 Townsgate Road, Suite 200
Westlake Village, CA 91361
Investor Relations | T (310)
279 5980 |
Strategic Public Relations | W www.pondel.com |
CONTACTS: |
Rodney C. Sacks |
|
Chairman and Co-Chief Executive Officer |
|
(951) 739-6200 |
|
|
NEWS
RELEASE
|
Hilton H. Schlosberg Vice Chairman and Co-Chief
Executive Officer (951) 739-6200 |
|
|
|
Roger S. Pondel / Judy Lin |
|
PondelWilkinson Inc. |
|
(310) 279-5980 |
MONSTER BEVERAGE REPORTS 2023 SECOND QUARTER
FINANCIAL RESULTS
-- Record Second Quarter Net Sales Rise 12.1
Percent to $1.85 Billion --
--
Net Sales, Adjusted for Adverse Changes in Foreign Currency of $38.4 Million, Rise 14.4 Percent --
-- Second Quarter Net Income Increases 51.4
Percent to $413.9 Million --
Corona,
CA – August 3, 2023 – Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the
three- and six-months ended June 30, 2023.
Second Quarter Results
Net sales for the 2023 second quarter increased
12.1 percent to $1.85 billion, from $1.66 billion in the same period last year. Net changes in foreign currency exchange rates had an
unfavorable impact on net sales for the 2023 second quarter of $38.4 million. Net sales on a foreign currency adjusted basis increased
14.4 percent in the 2023 second quarter.
Net sales for the Company’s Monster Energy®
Drinks segment, which primarily includes the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy
drinks and Reign Storm® total wellness energy drinks, increased 9.7 percent to $1.69 billion for the 2023 second quarter, from $1.54
billion for the 2022 second quarter. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Monster
Energy® Drinks segment of approximately $36.3 million for the 2023 second quarter. Net sales on a foreign currency adjusted basis
for the Monster Energy® Drinks segment increased 12.1 percent in the 2023 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, increased 26.0 percent to $99.7 million for the 2023 second quarter, from $79.1 million in the 2022 second quarter.
Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Strategic Brands segment of approximately
$2.1 million for the 2023 second quarter. Net sales on a foreign currency adjusted basis for the Strategic Brands segment increased 28.7
percent in the 2023 second quarter.
(more)
Monster Beverage Corporation
2-2-2
Net
sales for the Alcohol Brands segment, which is comprised of The Beast UnleashedTM, as well as the various craft beers
and hard seltzers purchased as part of the CANarchy transaction on February 17, 2022, increased 88.2 percent to $61.1 million for
the 2023 second quarter, from $32.4 million in the 2022 second quarter.
Net sales for the Company’s Other segment,
which primarily 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”), increased 22.2 percent to $7.3 million for the 2023 second quarter,
from $6.0 million in the 2022 second quarter.
Net sales to customers outside the United States
increased 10.2 percent to $715.4 million in the 2023 second quarter, from $649.0 million in the 2022 second quarter. Such sales were approximately
39 percent in both the 2023 and 2022 second quarters. Net sales to customers outside the United States, on a foreign currency adjusted
basis, increased 16.1 percent in the 2023 second quarter.
Gross profit as a percentage of net sales for the
2023 second quarter was 52.5 percent, compared with 47.1 percent in the 2022 second quarter. The increase in gross profit as a percentage
of net sales was primarily the result of pricing actions, decreased freight-in costs and decreased aluminum
can costs.
Operating
expenses for the 2023 second quarter were $450.4 million, compared with $406.9 million in the 2022 second quarter. Operating expenses
as a percentage of net sales for the 2023 second quarter were 24.3 percent, compared with 24.6 percent in the 2022 second quarter.
Distribution expenses for the 2023 second quarter
were $82.0 million, or 4.4 percent of net sales, compared with $87.9 million, or 5.3 percent of net sales, in the 2022 second quarter.
Selling expenses for the 2023 second quarter were
$172.6 million, or 9.3 percent of net sales, compared with $150.4 million, or 9.1 percent of net sales, in the 2022 second quarter.
General
and administrative expenses for the 2023 second quarter were $195.8 million, or 10.6 percent of net sales, compared with $168.7
million, or 10.2 percent of net sales, for the 2022 second quarter. Stock-based compensation was $18.6 million for the 2023 second quarter,
compared with $16.3 million in the 2022 second quarter.
Operating
income for the 2023 second quarter was $523.8 million, compared with $373.0 million in the 2022 second quarter.
The effective tax rate for the 2023 second quarter
was 23.2 percent, compared with 25.3 percent in the 2022 second quarter.
Net income for the 2023 second quarter increased
51.4 percent to $413.9 million, from $273.4 million in the 2022 second quarter. Net income per diluted share for the 2023 second quarter
increased 52.8 percent to $0.39, from $0.26 in the second quarter of 2022.
Hilton H.
Schlosberg, Vice Chairman and Co-Chief Executive Officer, said, “We are seeing sustained growth in the energy drink market in the
United States, as well as internationally. We are pleased to report another quarter of continued revenue growth, with record
sales for our second fiscal quarter. The quarter was again impacted by unfavorable foreign currency exchange rates.
“Gross profit margins in
the quarter improved significantly as compared to the 2022 second quarter, primarily as a result of pricing actions, decreased freight-in
costs and decreased aluminum can costs. As expected, promotional allowances as a percentage of net sales for the 2023 second quarter were
marginally higher than the comparable 2022 second quarter as well as marginally higher than the 2023 first quarter.
(more)
Monster Beverage Corporation
3-3-3
“Internationally,
we implemented price increases in certain markets during the 2023 second quarter, with additional price increases planned in a number
of other markets during the remainder of the year. In certain markets, such increases are in addition to price increases implemented in
2022.
“On
July 31, 2023, we completed our purchase of Bang Energy and are in the process of integrating this brand into our portfolio,”
Schlosberg added.
Rodney C. Sacks, Chairman and Co-Chief Executive
Officer, said, “We are pleased with our new product innovation launches in the first half of this year. We are particularly
excited with the launch in March 2023, of Reign Storm®, positioned in the total wellness energy category in the United States.
“During
the second quarter, we continued our roll-out of our first flavored malt beverage alcohol product, The Beast Unleashed™, in
the United States. We are pleased with the results of the launch to date and are continuing to expand distribution into additional markets,
with the goal of being national by the end of the year. We will be launching certain flavors of The Beast Unleashed™ in new
24 oz. single serve cans mainly for the convenience and gas market.
“We also plan to launch a hard iced tea extension
of The Beast Unleashed™, named Nasty Beast™ Hardcore Tea, later this year or early next year, with a goal of national distribution
in the first half of 2024. The brand will be available in four flavors: Original, Half & Half, Razzleberry and Green. Nasty Beast™
Hardcore Tea will be sold in a variety 12-pack and 24 oz. single-serve cans.
“We have a robust innovative pipeline of
both alcoholic and non-alcoholic beverages,” Sacks added.
2023 Six-Months Results
Net sales for the six-months ended June 30,
2023 increased 12.0 percent to $3.55 billion, from $3.17 billion in the comparable period last year. Net changes in foreign currency exchange
rates had an unfavorable impact of $90.4 million on net sales for the six-months ended June 30, 2023. Net sales on a foreign currency
adjusted basis increased 14.8 percent in the six-months ended June 30, 2023.
Gross profit as a percentage of net sales for the
six-months ended June 30, 2023 was 52.7 percent, compared with 49.0 percent in the comparable period last year.
Operating expenses for the six-months ended June 30,
2023 were $863.2 million, compared with $784.1 million in the comparable period last year.
Operating income for the six-months ended June 30,
2023 increased to $1.01 billion, from $772.4 million in the comparable period last year.
The effective tax rate for the six-months ended
June 30, 2023 was 21.7 percent, compared with 25.2 percent in the comparable period last year.
Net income for the six-months ended June 30,
2023 increased 42.9 percent to $811.3 million, from $567.6 million in the comparable period last year. Net income per diluted share
for the six-months ended June 30, 2023 was $0.77, compared with $0.53 in the comparable period last year.
Share Repurchase Program
No shares of the Company’s common stock were
repurchased during the 2023 second quarter under the previously authorized repurchase programs. As of August 3, 2023, approximately
$682.8 million remained available for repurchase under the previously authorized repurchase programs.
Bang Energy
On July 31, 2023 the Company completed its
acquisition of substantially all of the assets of Vital Pharmaceuticals, Inc. and certain of its affiliates (collectively, “Bang
Energy”) for a purchase price of approximately $362 million, subject to adjustments. The acquired assets include Bang Energy beverages
and a beverage production facility in Phoenix, Arizona.
(more)
Monster Beverage Corporation
4-4-4
Investor Conference Call
The
Company will host an investor conference call today, August 3, 2023, 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® drinks, Monster Energy
Ultra® energy drinks, Juice Monster® Energy + Juice energy drinks, Java Monster® non-carbonated coffee + energy drinks, Rehab®
Monster® non-carbonated energy drinks, Monster Hydro® non-carbonated refreshment + energy drinks, Monster Energy® Nitro energy
drinks, Reign Total Body Fuel® high performance energy drinks, Reign Inferno® thermogenic fuel high performance energy drinks,
Reign Storm® clean energy drinks, NOS® energy drinks, Full Throttle® energy drinks, BPM® energy drinks, BU® energy
drinks, Burn® energy drinks, Gladiator® energy drinks, Live+® energy drinks, Mother® energy drinks, Nalu® energy drinks,
Play® and Power Play® (stylized) energy drinks, Relentless® energy drinks, Samurai® energy drinks, Ultra Energy® drinks,
Predator® energy drinks and Fury® energy drinks. The Company’s subsidiaries also develop and market still and sparkling
waters under the Monster Tour Water® brand name. The Company’s subsidiaries also develop and market craft beers, hard seltzers
and flavored malt beverages under a number of brands, including Jai Alai® IPA, Dale’s Pale Ale®, Dallas Blonde®, Wild
Basin® hard seltzers and The Beast Unleashed™. For more information visit www.monsterbevcorp.com.
(more)
Monster Beverage Corporation
5-5-5
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 impact of the military conflict in Ukraine, including supply chain disruptions, volatility in commodity prices, increased
economic uncertainty and escalating geopolitical tensions; our extensive commercial arrangements with The Coca-Cola Company (TCCC) and,
as a result, our future performance’s substantial dependence on the success of our relationship with TCCC; our ability to implement
our growth strategy, including expanding our business in existing and new sectors; the inherent operational risks presented by the alcoholic
beverage industry that may not be adequately covered by insurance or lead to litigation relating to the abuse or misuse of our products;
our ability to successfully integrate Bang Energy businesses and assets, transition the acquired beverages to the Company’s primary
distributors, and retain and increase sales of the acquired beverages; exposure to significant liabilities due to litigation, legal or
regulatory proceedings; intellectual property injunctions; unanticipated litigation concerning the Company’s products; the current
uncertainty and volatility in the national and global economy and changes in demand due to such economic conditions; changes in consumer
preferences; adverse publicity surrounding obesity, alcohol consumption and other health concerns related to our products, product safety
and quality; activities and strategies of competitors, including the introduction of new products and competitive pricing and/or marketing
of similar products; 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 including retort production; disruption to our
manufacturing facilities and operations related to climate, labor, production difficulties, capacity limitations, regulations or other
causes; product distribution and placement decisions by retailers; the effects of retailer and/or bottler/distributor consolidation on
our business; unilateral decisions by bottlers/distributors, buying groups, convenience chains, grocery chains, mass merchandisers, specialty
chain stores, e-commerce retailers, e-commerce websites, 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, impose restrictions or limitations on the sale of our
products and/or the sizes of containers for our products 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; our ability to adapt to the changing
retail landscape with the rapid growth in e-commerce retailers and e-commerce websites; the impact of proposals to limit or restrict the
sale of energy or alcohol drinks to minors and/or persons below a specified age and/or restrict the venues and/or the size of containers
in which energy or alcohol drinks can be sold; possible recalls of our products and/or the consequences and costs of defective production;
or our ability to absorb, reduce or pass on to our bottlers/distributors increases in commodity costs, including freight costs. 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, 2022 and our
subsequently filed quarterly report. 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 SIX-MONTHS ENDED JUNE 30, 2023 AND 2022
(In Thousands, Except Per Share Amounts) (Unaudited)
| |
Three-Months Ended | | |
Six-Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net sales1 | |
$ | 1,854,961 | | |
$ | 1,655,260 | | |
$ | 3,553,891 | | |
$ | 3,173,833 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of sales | |
| 880,739 | | |
| 875,399 | | |
| 1,681,820 | | |
| 1,617,306 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit1 | |
| 974,222 | | |
| 779,861 | | |
| 1,872,071 | | |
| 1,556,527 | |
Gross profit as a percentage of net sales | |
| 52.5 | % | |
| 47.1 | % | |
| 52.7 | % | |
| 49.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| 450,417 | | |
| 406,910 | | |
| 863,201 | | |
| 784,088 | |
Operating expenses as a percentage of net sales | |
| 24.3 | % | |
| 24.6 | % | |
| 24.3 | % | |
| 24.7 | % |
| |
| | | |
| | | |
| | | |
| | |
Operating income1 | |
| 523,805 | | |
| 372,951 | | |
| 1,008,870 | | |
| 772,439 | |
Operating income as a percentage of net sales | |
| 28.2 | % | |
| 22.5 | % | |
| 28.4 | % | |
| 24.3 | % |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Interest and other income (expense), net | |
| 15,159 | | |
| (6,781 | ) | |
| 27,653 | | |
| (14,080 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income before provision for income taxes1 | |
| 538,964 | | |
| 366,170 | | |
| 1,036,523 | | |
| 758,359 | |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| 125,093 | | |
| 92,810 | | |
| 225,208 | | |
| 190,796 | |
Income taxes as a percentage of income before taxes | |
| 23.2 | % | |
| 25.3 | % | |
| 21.7 | % | |
| 25.2 | % |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 413,871 | | |
$ | 273,360 | | |
$ | 811,315 | | |
$ | 567,563 | |
Net income as a percentage of net sales | |
| 22.3 | % | |
| 16.5 | % | |
| 22.8 | % | |
| 17.9 | % |
| |
| | | |
| | | |
| | | |
| | |
Net income per common share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.40 | | |
$ | 0.26 | | |
$ | 0.78 | | |
$ | 0.54 | |
Diluted | |
$ | 0.39 | | |
$ | 0.26 | | |
$ | 0.77 | | |
$ | 0.53 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares of common stock and common stock equivalents: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 1,047,065 | | |
| 1,057,233 | | |
| 1,045,993 | | |
| 1,058,017 | |
Diluted | |
| 1,060,093 | | |
| 1,069,622 | | |
| 1,059,667 | | |
| 1,070,418 | |
| |
| | | |
| | | |
| | | |
| | |
Energy drink case sales (in thousands) (in 192-ounce case equivalents) | |
| 198,406 | | |
| 184,197 | | |
| 380,850 | | |
| 352,990 | |
Average net sales per case2 | |
$ | 9.00 | | |
$ | 8.78 | | |
$ | 9.02 | | |
$ | 8.82 | |
1Includes $10.0 million and $10.1 million
for the three-months ended June 30, 2023 and 2022, respectively, related to the recognition of deferred revenue. Includes $19.9 million
and $20.1 million for the six-months ended June 30, 2023 and 2022, respectively, related to the recognition of deferred revenue.
2Excludes Alcohol Brands segment net sales of $61.1 million
and $32.4 million for the three-months ended June 30, 2023 and 2022, respectively, as these sales do not have unit case equivalents.
Excludes Other segment net sales of $7.3 million and $6.0 million for the three-months ended June 30, 2023 and 2022, respectively,
comprised primarily of net sales of AFF Third-Party Products to independent third-party customers, as these sales do not have unit case
equivalents. Excludes Alcohol Brands segment net sales of $107.4 million and $47.7 million for the six-months ended June 30, 2023
and 2022, respectively, as these sales do not have unit case equivalents. Excludes Other segment net sales of $11.9 million for both the
six-months ended June 30, 2023 and 2022, respectively, comprised primarily 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 SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2023 AND DECEMBER 31, 2022
(In Thousands, Except Par Value)
(Unaudited)
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,869,774 |
|
|
$ |
1,307,141 |
|
Short-term investments |
|
|
1,417,239 |
|
|
|
1,362,314 |
|
Accounts receivable, net |
|
|
1,333,004 |
|
|
|
1,016,203 |
|
Inventories |
|
|
846,812 |
|
|
|
935,631 |
|
Prepaid expenses and other current assets |
|
|
148,750 |
|
|
|
109,823 |
|
Prepaid income taxes |
|
|
38,534 |
|
|
|
33,785 |
|
Total current assets |
|
|
5,654,113 |
|
|
|
4,764,897 |
|
|
|
|
|
|
|
|
|
|
INVESTMENTS |
|
|
62,248 |
|
|
|
61,443 |
|
PROPERTY AND EQUIPMENT, net |
|
|
576,645 |
|
|
|
516,897 |
|
DEFERRED INCOME TAXES |
|
|
177,039 |
|
|
|
177,039 |
|
GOODWILL |
|
|
1,417,941 |
|
|
|
1,417,941 |
|
OTHER INTANGIBLE ASSETS, net |
|
|
1,224,100 |
|
|
|
1,220,410 |
|
OTHER ASSETS |
|
|
151,252 |
|
|
|
134,478 |
|
Total Assets |
|
$ |
9,263,338 |
|
|
$ |
8,293,105 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
568,613 |
|
|
$ |
444,265 |
|
Accrued liabilities |
|
|
198,656 |
|
|
|
172,991 |
|
Accrued promotional allowances |
|
|
283,647 |
|
|
|
255,631 |
|
Deferred revenue |
|
|
42,765 |
|
|
|
43,311 |
|
Accrued compensation |
|
|
56,195 |
|
|
|
72,463 |
|
Income taxes payable |
|
|
12,704 |
|
|
|
13,317 |
|
Total current liabilities |
|
|
1,162,580 |
|
|
|
1,001,978 |
|
|
|
|
|
|
|
|
|
|
DEFERRED REVENUE |
|
|
215,039 |
|
|
|
223,800 |
|
|
|
|
|
|
|
|
|
|
OTHER LIABILITIES |
|
|
44,255 |
|
|
|
42,286 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
Common stock - $0.005 par value; 5,000,000 shares authorized; 1,118,269 shares issued and 1,047,485 shares outstanding as of June 30, 2023; 1,283,688 shares issued and 1,044,600 shares outstanding as of December 31, 2022 |
|
|
5,591 |
|
|
|
6,418 |
|
Additional paid-in capital |
|
|
4,869,791 |
|
|
|
4,776,804 |
|
Retained earnings |
|
|
5,120,063 |
|
|
|
9,001,173 |
|
Accumulated other comprehensive loss |
|
|
(155,725 |
) |
|
|
(159,073 |
) |
Common stock in treasury, at cost; 70,784 shares and 239,088 shares as of June 30, 2023 and December 31, 2022, respectively |
|
|
(1,998,256 |
) |
|
|
(6,600,281 |
) |
Total stockholders' equity |
|
|
7,841,464 |
|
|
|
7,025,041 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
9,263,338 |
|
|
$ |
8,293,105 |
|
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