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2023-11-02
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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):
November 2, 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 November 2, 2023,
Monster Beverage Corporation (the “Company”) issued a press release relating to its financial results for the third quarter
ended September 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 November 2, 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: November 2, 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 THIRD QUARTER
FINANCIAL RESULTS
-- Record Third Quarter Net Sales Rise 14.3
Percent to $1.86 Billion --
-- Net Sales, Adjusted for Adverse Changes
in Foreign Currency of $29.2 Million, Rise 16.1 Percent --
-- Gross Profit as a Percentage of Net Sales
Improves to 53.0 Percent on a Reported Basis and to 53.4 Percent Excluding the Bang Inventory Step-Up --
-- Third Quarter Net Income Increases 40.4
Percent to $452.7 Million --
Corona,
CA – November 2, 2023 – Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the
three- and nine-months ended September 30, 2023.
Bang
Energy® Transaction
On July 31, 2023, the Company completed its
acquisition of Bang Energy® (the “Bang Transaction”). The acquired assets primarily include Bang Energy® drinks
and a beverage production facility in Phoenix, Arizona.
Inventory purchased as part of the Bang Transaction
was recorded at fair value. Certain of the purchased inventory was subsequently sold in the 2023 third quarter and was recognized through
cost of sales at fair value (the “Bang Inventory Step-Up”). As a result of the Bang Inventory Step-Up, gross profit was adversely
impacted by approximately $7.8 million during the 2023 third quarter.
During the 2023 third quarter, in connection with
the Bang Transaction, the Company recorded a gain of $45.4 million (the “Bang Transaction Gain”), in interest and other
income (expense), net within the condensed consolidated statement of income. During the 2023 third quarter, the Company incurred
approximately $8.0 million of acquisition expenses related to the Bang Transaction (the “Bang Transaction Expenses”).
(more)
Monster Beverage Corporation
2-2-2
Third Quarter Results
Net sales for the 2023 third quarter increased
14.3 percent to $1.86 billion, from $1.62 billion in the comparable period last year. Net changes in foreign currency exchange rates had
an unfavorable impact on net sales for the 2023 third quarter of $29.2 million. Net sales on a foreign currency adjusted basis increased
16.1 percent in the 2023 third 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, Reign Storm™ total wellness energy drinks and Bang Energy® drinks, increased 13.7 percent to $1.71 billion
for the 2023 third quarter, from $1.50 billion for the 2022 third quarter. Net changes in foreign currency exchange rates had an unfavorable
impact on net sales for the Monster Energy® Drinks segment of approximately $20.2 million for the 2023 third quarter. Net sales on
a foreign currency adjusted basis for the Monster Energy® Drinks segment increased 15.1 percent in the 2023 third 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 11.2 percent to $98.8 million for the 2023 third quarter, from $88.8 million in the 2022 third quarter.
Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Strategic Brands segment of approximately
$9.0 million for the 2023 third quarter. Net sales on a foreign currency adjusted basis for the Strategic Brands segment increased 21.3
percent in the 2023 third quarter.
Net
sales for the Alcohol Brands segment, which is comprised of The Beast Unleashed™
which was launched in the 2023 first quarter, as well as the various craft beers and hard seltzers purchased as part of the CANarchy
transaction on February 17, 2022, increased 57.8 percent to $42.3 million for the 2023 third quarter, from $26.8 million in the
2022 third 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 3.9 percent to $6.7 million for the 2023 third quarter,
from $6.4 million in the 2022 third quarter.
Net sales to customers outside the United States
increased 20.2 percent to $733.7 million in the 2023 third quarter, from $610.6 million in the 2022 third quarter. Such sales were approximately
40 percent of total net sales in the 2023 third quarter, compared with 38 percent in the 2022 third quarter. Net sales to customers outside
the United States, on a foreign currency adjusted basis, increased 24.9 percent in the 2023 third quarter.
Gross profit as a percentage of net sales for the
2023 third quarter was 53.0 percent, compared with 51.3 percent in the 2022 third quarter. The increase in gross profit as a percentage
of net sales was primarily the result of pricing actions in certain markets, decreased freight-in costs and decreased aluminum can costs.
Gross profit as a percentage of net sales was 53.4 percent for the 2023 third quarter, excluding the Bang
Inventory Step-Up.
Operating
expenses for the 2023 third quarter were $473.2 million, compared with $415.8 million in the 2022 third quarter. Operating expenses
as a percentage of net sales for the 2023 third quarter were 25.5 percent, compared with 25.6 percent in the 2022 third quarter. Operating
expenses for the 2023 third quarter included the Bang Transaction Expenses.
Distribution expenses for the 2023 third quarter
were $85.7 million, or 4.6 percent of net sales, compared with $83.0 million, or 5.1 percent of net sales, in the 2022 third quarter.
(more)
Monster Beverage Corporation
3-3-3
Selling expenses for the 2023 third quarter were
$177.2 million, or 9.5 percent of net sales, compared with $157.3 million, or 9.7 percent of net sales, in the 2022 third quarter.
General
and administrative expenses for the 2023 third quarter were $210.3 million, or 11.3 percent of net sales, compared with $175.5
million, or 10.8 percent of net sales, for the 2022 third quarter. Stock-based compensation was $17.9 million for the 2023 third quarter,
compared with $16.6 million in the 2022 third quarter.
Operating income for the 2023 third quarter increased
22.2 percent to $510.5 million, from $417.9 million in the 2022 third quarter, primarily as a result of an increase in net sales as well
as an increase in gross profit as a percentage of net sales.
The effective tax rate for the 2023 third quarter
was 22.2 percent, compared with 23.3 percent in the 2022 third quarter.
Net income for the 2023 third quarter increased
40.4 percent to $452.7 million, from $322.4 million in the 2022 third quarter. Net income per diluted share for the 2023 third quarter
increased 41.3 percent to $0.43, from $0.30 in the third quarter of 2022. Net income per diluted share, adjusted for the Bang Transaction
Gain, the Bang Inventory Step-Up and the Bang Transaction Expenses was $0.41 for the 2023 third quarter.
Hilton H.
Schlosberg, Vice Chairman and Co-Chief Executive Officer, said, “The energy drink market in the United States, as well as internationally,
continues to grow. We are pleased to report another quarter of solid revenue growth, with record sales for our third 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 third quarter, primarily as a result of pricing actions,
decreased freight-in costs and decreased aluminum can costs. Gross profit margins also improved sequentially from the previous quarters.
Promotional allowances as a percentage of net sales for the 2023 third quarter were higher than in the comparable 2022 third quarter.
“On
July 31, 2023, we completed the Bang Transaction. The Bang Inventory Step-Up adversely impacted consolidated gross margins,”
Schlosberg added.
Rodney C. Sacks, Chairman and Co-Chief Executive
Officer, said, “We are pleased with our new product innovation launches this year.
“During
the 2023 third quarter, we continued our roll-out of our first flavored malt beverage alcohol product, The Beast Unleashed™,
with the goal of being available in substantially all of the United States by the end of 2023. We will be launching certain flavors
of The Beast Unleashed™ in 24 oz. single serve cans primarily for the convenience and gas market later this year. Nasty Beast™ our new hard tea, will be launched initially in four flavors, in 12 oz. variety packs as well as 24 oz. single serve cans, early
in 2024. Our innovation pipeline for both our non-alcoholic and alcoholic beverages remains strong,” Sacks said.
2023 Nine-Months Results
Net sales for the nine-months ended September 30,
2023 increased 12.8 percent to $5.41 billion, from $4.80 billion in the comparable period last year. Net changes in foreign currency
exchange rates had an unfavorable impact on net sales for the nine-months ended September 30, 2023 of $119.6 million. Net sales on
a foreign currency adjusted basis increased 15.2 percent for the nine-months ended September 30, 2023.
Gross profit, as a percentage of net sales, for
the nine-months ended September 30, 2023 was 52.8 percent, compared with 49.8 percent in the comparable period last year.
Operating expenses for the nine-months ended September 30,
2023 were $1.34 billion, compared with $1.20 billion in the comparable period last year.
(more)
Monster Beverage Corporation
4-4-4
Operating income for the nine-months ended September 30,
2023 increased to $1.52 billion, from $1.19 billion in the comparable period last year.
The effective tax rate was 21.9 percent for the
nine-months ended September 30, 2023, compared with 24.5 percent in the comparable period last year.
Net income for the nine-months ended September 30,
2023 increased 42.0 percent to $1.26 billion, from $890.0 million in the comparable period last year. Net income per diluted share
for the nine-months ended September 30, 2023 increased 43.3 percent to $1.19, from $0.83 in the comparable period last year.
Share Repurchase Program
During
the 2023 third quarter, the Company purchased approximately 7.3 million shares of its common stock at an average purchase price of $54.83
per share, for a total amount of $400.0 million (excluding broker commissions). As of November 2, 2023, approximately $282.8
million remained available for repurchase under the previously authorized repurchase program.
Investor Conference Call
The
Company will host an investor conference call today, November 2, 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™ total wellness energy drinks, NOS® energy drinks, Full Throttle® energy drinks, Bang 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 reports. 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, 2023 AND 2022
(In Thousands, Except Per Share Amounts) (Unaudited)
| |
Three-Months Ended | | |
Nine-Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net sales¹ | |
$ | 1,856,028 | | |
$ | 1,624,286 | | |
$ | 5,409,919 | | |
$ | 4,798,119 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of sales | |
| 872,265 | | |
| 790,561 | | |
| 2,554,086 | | |
| 2,407,867 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit¹ | |
| 983,763 | | |
| 833,725 | | |
| 2,855,833 | | |
| 2,390,252 | |
Gross profit as a percentage of net sales | |
| 53.0 | % | |
| 51.3 | % | |
| 52.8 | % | |
| 49.8 | % |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| 473,236 | | |
| 415,795 | | |
| 1,336,437 | | |
| 1,199,883 | |
Operating expenses as a percentage of net sales | |
| 25.5 | % | |
| 25.6 | % | |
| 24.7 | % | |
| 25.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Operating income¹ | |
| 510,527 | | |
| 417,930 | | |
| 1,519,396 | | |
| 1,190,369 | |
Operating income as a percentage of net sales | |
| 27.5 | % | |
| 25.7 | % | |
| 28.1 | % | |
| 24.8 | % |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Interest and other income (expense), net | |
| 71,357 | | |
| 2,149 | | |
| 99,010 | | |
| (11,932 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income before provision for income taxes¹ | |
| 581,884 | | |
| 420,079 | | |
| 1,618,406 | | |
| 1,178,437 | |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| 129,190 | | |
| 97,692 | | |
| 354,397 | | |
| 288,487 | |
Income taxes as a percentage of income before taxes | |
| 22.2 | % | |
| 23.3 | % | |
| 21.9 | % | |
| 24.5 | % |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 452,694 | | |
$ | 322,387 | | |
$ | 1,264,009 | | |
$ | 889,950 | |
Net income as a percentage of net sales | |
| 24.4 | % | |
| 19.8 | % | |
| 23.4 | % | |
| 18.5 | % |
| |
| | | |
| | | |
| | | |
| | |
Net income per common share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.43 | | |
$ | 0.31 | | |
$ | 1.21 | | |
$ | 0.84 | |
Diluted | |
$ | 0.43 | | |
$ | 0.30 | | |
$ | 1.19 | | |
$ | 0.83 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares of common stock and common stock equivalents: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 1,047,015 | | |
| 1,053,594 | | |
| 1,046,337 | | |
| 1,056,526 | |
Diluted | |
| 1,059,966 | | |
| 1,066,600 | | |
| 1,059,809 | | |
| 1,069,198 | |
| |
| | | |
| | | |
| | | |
| | |
Energy Drink Case sales (in thousands) (in 192-ounce case equivalents) | |
| 203,087 | | |
| 182,460 | | |
| 583,937 | | |
| 535,451 | |
Average net sales per case2 | |
$ | 8.90 | | |
$ | 8.72 | | |
$ | 8.98 | | |
$ | 8.79 | |
1Includes
$10.0 million for both the three-months ended September 30, 2023 and 2022, related to the recognition of deferred revenue. Includes
$30.0 million for both the nine-months ended September 30, 2023 and 2022, related to the recognition of deferred revenue.
2Excludes
Alcohol Brands segment and Other segment net.
MONSTER
BEVERAGE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022
(In Thousands, Except Par Value)
(Unaudited)
|
|
September 30, 2023 |
|
|
December 31,
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,773,849 |
|
|
$ |
1,307,141 |
|
Short-term investments |
|
|
1,236,752 |
|
|
|
1,362,314 |
|
Accounts receivable, net |
|
|
1,231,188 |
|
|
|
1,016,203 |
|
Inventories |
|
|
883,582 |
|
|
|
935,631 |
|
Prepaid expenses and other current assets |
|
|
162,676 |
|
|
|
109,823 |
|
Prepaid income taxes |
|
|
23,468 |
|
|
|
33,785 |
|
Total current assets |
|
|
5,311,515 |
|
|
|
4,764,897 |
|
|
|
|
|
|
|
|
|
|
INVESTMENTS |
|
|
52,636 |
|
|
|
61,443 |
|
PROPERTY AND EQUIPMENT, net |
|
|
731,208 |
|
|
|
516,897 |
|
DEFERRED INCOME TAXES |
|
|
176,724 |
|
|
|
177,039 |
|
GOODWILL |
|
|
1,417,941 |
|
|
|
1,417,941 |
|
OTHER INTANGIBLE ASSETS, net |
|
|
1,459,447 |
|
|
|
1,220,410 |
|
OTHER ASSETS |
|
|
164,867 |
|
|
|
134,478 |
|
Total Assets |
|
$ |
9,314,338 |
|
|
$ |
8,293,105 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
539,892 |
|
|
$ |
444,265 |
|
Accrued liabilities |
|
|
207,727 |
|
|
|
172,991 |
|
Accrued promotional allowances |
|
|
296,577 |
|
|
|
255,631 |
|
Deferred revenue |
|
|
40,127 |
|
|
|
43,311 |
|
Accrued compensation |
|
|
76,835 |
|
|
|
72,463 |
|
Income taxes payable |
|
|
17,644 |
|
|
|
13,317 |
|
Total current liabilities |
|
|
1,178,802 |
|
|
|
1,001,978 |
|
|
|
|
|
|
|
|
|
|
DEFERRED REVENUE |
|
|
209,136 |
|
|
|
223,800 |
|
|
|
|
|
|
|
|
|
|
OTHER LIABILITIES |
|
|
53,251 |
|
|
|
42,286 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
Common stock - $0.005 par value; 5,000,000 shares authorized; 1,118,498 shares issued and 1,040,420 shares outstanding as of September 30, 2023; 1,283,688 shares issued and 1,044,600 shares outstanding as of December 31, 2022 |
|
|
5,592 |
|
|
|
6,418 |
|
Additional paid-in capital |
|
|
4,893,289 |
|
|
|
4,776,804 |
|
Retained earnings |
|
|
5,572,757 |
|
|
|
9,001,173 |
|
Accumulated other comprehensive loss |
|
|
(198,033 |
) |
|
|
(159,073 |
) |
Common stock in treasury, at cost; 78,078 shares and 239,088 shares as of September 30, 2023 and December 31, 2022, respectively |
|
|
(2,400,456 |
) |
|
|
(6,600,281 |
) |
Total stockholders' equity |
|
|
7,873,149 |
|
|
|
7,025,041 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
9,314,338 |
|
|
$ |
8,293,105 |
|
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