Monster Beverage Reports 2024 Second Quarter Financial Results
Monster Beverage (NASDAQ: MNST) reported its 2024 Q2 results, showing a 2.5% increase in net sales to $1.90 billion. Adjusted for adverse foreign currency impacts, net sales grew by 7.4%. The Monster Energy Drinks segment saw a 3.3% rise to $1.74 billion. The Strategic Brands segment rose 9.6% to $109.2 million, while the Alcohol Brands segment fell 31.9% to $41.6 million.
Gross profit margin improved to 53.6%, and net income increased by 2.8% to $425.4 million. Diluted EPS grew 5.0% to $0.41. Monster also completed a $3.0 billion share repurchase program, acquiring 56.6 million shares at $53 each. Additional shares were repurchased in later months, with a total expenditure of $299.9 million.
CEO Hilton Schlosberg highlighted lower growth rates in some markets but noted the resilience of the energy drink category. Positive trends include increased penetration and per capita consumption. Future price increases and product launches are planned to drive growth.
Monster Beverage (NASDAQ: MNST) ha riportato i risultati del secondo trimestre 2024, mostrando un aumento del 2,5% nelle vendite nette a 1,90 miliardi di dollari. Corretto per gli impatti avversi delle valute estere, le vendite nette sono aumentate del 7,4%. Il segmento delle Monster Energy Drinks ha registrato un incremento del 3,3% a 1,74 miliardi di dollari. Il segmento delle Strategic Brands è aumentato del 9,6% a 109,2 milioni di dollari, mentre il segmento delle Alcohol Brands è diminuito del 31,9% a 41,6 milioni di dollari.
Il margine di profitto lordo è migliorato al 53,6% e il reddito netto è aumentato del 2,8% a 425,4 milioni di dollari. L'EPS diluito è cresciuto del 5,0% a 0,41 dollari. Monster ha anche completato un programma di riacquisto di azioni da 3,0 miliardi di dollari, acquistando 56,6 milioni di azioni a 53 dollari ciascuna. Ulteriori azioni sono state riacquistate nei mesi successivi, con una spesa totale di 299,9 milioni di dollari.
Il CEO Hilton Schlosberg ha evidenziato tassi di crescita più bassi in alcuni mercati, ma ha notato la resilienza della categoria delle bevande energetiche. Tra le tendenze positive ci sono un aumento della penetrazione e del consumo pro capite. Sono previsti futuri aumenti di prezzo e lanci di nuovi prodotti per stimolare la crescita.
Monster Beverage (NASDAQ: MNST) reportó sus resultados del segundo trimestre de 2024, mostrando un aumento del 2.5% en las ventas netas a 1.90 mil millones de dólares. Ajustadas por los efectos adversos de las divisas extranjeras, las ventas netas crecieron un 7.4%. El segmento de Monster Energy Drinks vio un incremento del 3.3% a 1.74 mil millones de dólares. El segmento de Strategic Brands creció un 9.6% a 109.2 millones de dólares, mientras que el segmento de Alcohol Brands cayó un 31.9% a 41.6 millones de dólares.
El margen de utilidad bruta mejoró al 53.6%, y el ingreso neto aumentó un 2.8% a 425.4 millones de dólares. El EPS diluido creció un 5.0% a 0.41 dólares. Monster también completó un programa de recompra de acciones de 3.0 mil millones de dólares, adquiriendo 56.6 millones de acciones a 53 dólares cada una. Se compraron acciones adicionales en meses posteriores, con un gasto total de 299.9 millones de dólares.
El CEO Hilton Schlosberg destacó las tasas de crecimiento más bajas en algunos mercados, pero notó la resiliencia de la categoría de bebidas energéticas. Las tendencias positivas incluyen un aumento en la penetración y consumo per cápita. Se planifican futuros aumentos de precios y lanzamientos de productos para impulsar el crecimiento.
몬스터 음료(Monster Beverage) (NASDAQ: MNST)는 2024년 2분기 결과를 발표하며 순매출이 19억 달러로 2.5% 증가했다고 보고했습니다. 외환의 부정적 영향을 조정한 후 순매출은 7.4% 증가했습니다. 몬스터 에너지 음료 부문은 17억 4천만 달러로 3.3% 성장했습니다. 전략 브랜드 부문은 1억 920만 달러로 9.6% 증가했으며, 주류 브랜드 부문은 4천 160만 달러로 31.9% 감소했습니다.
총 이익률은 53.6%로 개선되었고, 순이익은 4억 2천 540만 달러로 2.8% 증가했습니다. 희석 주당순이익(EPS)은 0.41달러로 5.0% 증가했습니다. 몬스터는 또한 30억 달러 규모의 자사주 매입 프로그램을 완료하고, 1주당 53달러에 5660만 주를 매입했습니다. 이후 몇 달 동안 추가적으로 주식을 매입하여 총 지출은 2억 9천 990만 달러에 달했습니다.
CEO 힐튼 슐로스베르크는 일부 시장에서 낮은 성장률을 강조했지만 에너지 음료 카테고리의 회복력을 언급했습니다. 긍정적인 추세로는 침투율 증가 및 1인당 소비 증가가 있습니다. 앞으로 가격 인상 및 신제품 출시가 성장 동력이 될 계획입니다.
Monster Beverage (NASDAQ: MNST) a publié ses résultats pour le deuxième trimestre 2024, montrant une augmentation de 2,5 % des ventes nettes à 1,90 milliard de dollars. Ajustées pour les impacts négatifs des devises étrangères, les ventes nettes ont augmenté de 7,4 %. Le segment des Monster Energy Drinks a connu une hausse de 3,3 % à 1,74 milliard de dollars. Le segment des Strategic Brands a augmenté de 9,6 % à 109,2 millions de dollars, tandis que le segment des Alcohol Brands a chuté de 31,9 % à 41,6 millions de dollars.
La marge bénéficiaire brute s'est améliorée à 53,6 %, et le bénéfice net a augmenté de 2,8 % à 425,4 millions de dollars. Le BPA dilué a crû de 5,0 % à 0,41 dollar. Monster a également achevé un programme de rachat d'actions de 3,0 milliards de dollars, acquérant 56,6 millions d'actions à 53 dollars chacune. Des actions supplémentaires ont été rachetées dans les mois suivants, pour un total de dépenses de 299,9 millions de dollars.
Le PDG Hilton Schlosberg a souligné des taux de croissance plus faibles sur certains marchés, mais a noté la résilience de la catégorie des boissons énergétiques. Les tendances positives incluent une augmentation de la pénétration et de la consommation par habitant. Des augmentations de prix futures et des lancements de produits sont prévus pour stimuler la croissance.
Monster Beverage (NASDAQ: MNST) hat seine Ergebnisse für das zweite Quartal 2024 bekannt gegeben, mit einem Anstieg der Nettoumsätze um 2,5% auf 1,90 Milliarden Dollar. Korrigiert um die negativen Auswirkungen von Fremdwährungen sind die Nettoumsätze um 7,4% gestiegen. Der Bereich Monster Energy Drinks verzeichnete einen Anstieg von 3,3% auf 1,74 Milliarden Dollar. Der Bereich Strategic Brands stieg um 9,6% auf 109,2 Millionen Dollar, während der Bereich Alcohol Brands um 31,9% auf 41,6 Millionen Dollar fiel.
Die Bruttomarge verbesserte sich auf 53,6% und der Nettogewinn stieg um 2,8% auf 425,4 Millionen Dollar. Der verwässerte Gewinn pro Aktie (EPS) wuchs um 5,0% auf 0,41 Dollar. Monster hat außerdem ein Aktienrückkaufprogramm über 3,0 Milliarden Dollar abgeschlossen und 56,6 Millionen Aktien zu je 53 Dollar erworben. In den folgenden Monaten wurden weitere Aktien zurückgekauft, mit einer Gesamtausgabe von 299,9 Millionen Dollar.
CEO Hilton Schlosberg hob niedrigere Wachstumsraten in einigen Märkten hervor, stellte jedoch die Widerstandsfähigkeit der Energydrink-Kategorie fest. Zu den positiven Trends gehören eine erhöhte Marktdurchdringung und ein Anstieg des Pro-Kopf-Konsums. Zukünftige Preiserhöhungen und Produkteinführungen sind geplant, um Wachstum zu fördern.
- Net sales increased by 2.5% to $1.90 billion.
- Adjusted net sales grew 7.4% excluding adverse currency impacts.
- Gross profit margin improved to 53.6%.
- Net income increased 2.8% to $425.4 million.
- Diluted EPS rose 5.0% to $0.41.
- Completed $3.0 billion share repurchase program.
- Strategic Brands segment sales grew 9.6%.
- Alcohol Brands segment sales decreased by 31.9%.
- Operating expenses increased to $492.3 million from $450.4 million.
- Selling expenses rose to $192.1 million, up from $172.6 million.
Monster Beverage's Q2 2024 results show mixed performance. While net sales increased
The gross profit margin improved to
The company's core Monster Energy Drinks segment grew
Overall, net income increased
The energy drink market is showing signs of slowing growth, particularly in the US. Monster reported lower growth rates and a shift in consumer behavior, with reduced convenience store traffic and increased preference for mass and dollar channels. This suggests price sensitivity among consumers.
However, the company maintains that energy drinks are viewed as an "affordable luxury," which could provide some resilience in a tightening economy. The global expansion of the category, with opportunities in penetration and per capita consumption, remains a positive trend.
Monster's innovation pipeline is robust, with new product launches planned in both non-alcoholic and alcoholic segments. The expansion of The Beast Unleashed to all 50 states and Nasty Beast Hard Tea to 49 states shows progress in the alcohol segment, despite the recent sales decline.
The company's international performance is noteworthy, with sales outside the US growing
-- Record Second Quarter Net Sales Rise 2.5 Percent to
-- Net Sales, Excluding the Alcohol Brands Segment, Adjusted for Adverse Changes in Foreign Currency of
-- Second Quarter Diluted EPS Increases 5.0 Percent --
CORONA, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the three- and six-months ended June 30, 2024.
Second Quarter Results
Net sales for the 2024 second quarter increased 2.5 percent to
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, Bang Energy® drinks and Monster Tour Water®, increased 3.3 percent to
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 Predator® and Fury®, increased 9.6 percent to
Net sales for the Alcohol Brands segment, which is comprised of The Beast Unleashed®, Nasty Beast™ Hard Tea, as well as various craft beers and hard seltzers, decreased 31.9 percent to
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”), decreased 4.2 percent to
Net sales to customers outside the United States increased 4.3 percent to
Gross profit as a percentage of net sales for the 2024 second quarter was 53.6 percent, compared with 52.5 percent in the 2023 second quarter. The increase in gross profit as a percentage of net sales was primarily the result of decreased freight-in costs, pricing actions in certain markets and lower aluminum can costs, partially offset by production inefficiencies.
Operating expenses for the 2024 second quarter were
Distribution expenses for the 2024 second quarter were
Selling expenses for the 2024 second quarter were
General and administrative expenses for the 2024 second quarter were
Operating income for the 2024 second quarter was
The effective tax rate for the 2024 second quarter was 22.9 percent, compared with 23.2 percent in the 2023 second quarter.
Net income for the 2024 second quarter increased 2.8 percent to
Hilton H. Schlosberg, Vice Chairman and Co-Chief Executive Officer, said, “The energy drink category in the United States and in certain other countries experienced lower growth rates in the second quarter. Retailers have reported a reduction in convenience store foot traffic and we have seen a shift at retail towards more mass and dollar channels. Other beverage and consumer packaged product companies have also seen a tighter consumer spending environment and weaker demand in the quarter.
“The energy category globally continues to grow and has demonstrated resilience, as we believe that consumers view energy drinks as an ‘affordable luxury.’
“Growth opportunities in penetration, per capita consumption, along with consumers’ growing need for energy are positive trends for the category. We continue to expand our sales in non-Nielsen measured channels.
“We achieved another quarter of solid revenue growth, with record second quarter sales. The quarter was again impacted by unfavorable foreign currency exchange rates in certain markets.
“Gross profit margins improved in the second quarter, compared with the 2023 second quarter. This improvement was primarily the result of decreased freight-in costs, pricing actions in certain markets and lower aluminum can costs, partially offset by production inefficiencies. On a sequential quarterly basis, gross margins were 0.5 percent below first quarter margins primarily as a result of higher allowances, certain of which we believe are non-recuring as well as production inefficiencies.
“As previously reported, we will be taking an approximately 5 percent price increase on our core brands and packages in the United States, effective November 1, 2024,” Schlosberg added.
Rodney C. Sacks, Chairman and Co-Chief Executive Officer, said, “Innovation continues to play a key role in our strategy and globally, our innovation has been well received by our bottlers/distributors, wholesalers, retailers and consumers. We are planning to launch Monster Energy® Ultra Vice Guava™ in the United States in October.
“Response to Predator Energy® Gold Strike, launched in April 2024 in selected provinces in China, has been positive and plans are underway to continue its rollout into more markets in China later this year and in 2025.
“The Beast Unleashed® is now available in all 50 states. Nasty Beast™, our new hard tea line is now available in 49 states. We are currently launching a second variety pack of the Beast Unleashed® in a 12-pack of slim 12-oz cans, comprising of Mean Green, Pink Poison, Gnarly Grape and Killer Sunrise.
“Our innovation pipeline for both our non-alcoholic and alcoholic beverages remains robust,” Sacks said.
2024 Six-Months Results
Net sales for the six-months ended June 30, 2024 increased 6.9 percent to
Gross profit as a percentage of net sales for the six-months ended June 30, 2024 was 53.9 percent, compared with 52.7 percent in the comparable period last year.
Operating expenses for the six-months ended June 30, 2024 were
Operating income for the six-months ended June 30, 2024 increased to
The effective tax rate for the six-months ended June 30, 2024 was 23.2 percent, compared with 21.7 percent in the comparable period last year.
Net income for the six-months ended June 30, 2024 increased 6.9 percent to
Tender Offer and Share Repurchases
On June 10, 2024, the Company announced the final results of its
Investor Conference Call
The Company will host an investor conference call today, August 7, 2024, 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 Energy® Nitro energy drinks, Reign® Total Body 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, The Beast Unleashed® and Nasty Beast™ Hard Tea. For more information visit www.monsterbevcorp.com.
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, including a slowdown in consumer spending generally or reduced demand for consumer goods; 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, 2023 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, 2024 AND 2023
(In Thousands, Except Per Share Amounts) (Unaudited)
| Three-Months Ended | Six-Months Ended | ||||||||||
| June 30, | June 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Net sales¹ | $ | 1,900,597 | $ | 1,854,961 | $ | 3,799,695 | $ | 3,553,891 | |||
| Cost of sales | 881,091 | 880,739 | 1,753,061 | 1,681,820 | |||||||
| Gross profit¹ | 1,019,506 | 974,222 | 2,046,634 | 1,872,071 | |||||||
| Gross profit as a percentage of net sales | |||||||||||
| Operating expenses | 492,343 | 450,417 | 977,480 | 863,201 | |||||||
| Operating expenses as a percentage of net sales | |||||||||||
| Operating income¹ | 527,163 | 523,805 | 1,069,154 | 1,008,870 | |||||||
| Operating income as a percentage of net sales | |||||||||||
| Interest and other income, net | 24,376 | 15,159 | 60,131 | 27,653 | |||||||
| Income before provision for income taxes¹ | 551,539 | 538,964 | 1,129,285 | 1,036,523 | |||||||
| Provision for income taxes | 126,170 | 125,093 | 261,867 | 225,208 | |||||||
| Income taxes as a percentage of income before taxes | |||||||||||
| Net income | $ | 425,369 | $ | 413,871 | $ | 867,418 | $ | 811,315 | |||
| Net income as a percentage of net sales | |||||||||||
| Net income per common share: | |||||||||||
| Basic | $ | 0.41 | $ | 0.40 | $ | 0.84 | $ | 0.78 | |||
| Diluted | $ | 0.41 | $ | 0.39 | $ | 0.83 | $ | 0.77 | |||
| Weighted average number of shares of common stock and common stock equivalents: | |||||||||||
| Basic | 1,029,268 | 1,047,065 | 1,035,175 | 1,045,993 | |||||||
| Diluted | 1,037,378 | 1,060,093 | 1,044,363 | 1,059,667 | |||||||
| Energy drink case sales (in thousands) (in192-ounce case equivalents) | 212,194 | 198,406 | 423,624 | 380,850 | |||||||
| Average net sales per case2 | $ | 8.73 | $ | 9.00 | $ | 8.71 | $ | 9.02 | |||
¹Includes
2Excludes Alcohol Brands segment and Other segment net sales.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2024 AND DECEMBER 31, 2023
(In Thousands, Except Par Value) (Unaudited)
| June 30, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 1,564,734 | $ | 2,297,675 | ||||
| Short-term investments | - | 955,605 | ||||||
| Accounts receivable, net | 1,362,398 | 1,193,964 | ||||||
| Inventories | 834,404 | 971,406 | ||||||
| Prepaid expenses and other current assets | 129,303 | 116,195 | ||||||
| Prepaid income taxes | 63,458 | 54,151 | ||||||
| Total current assets | 3,954,297 | 5,588,996 | ||||||
| INVESTMENTS | - | 76,431 | ||||||
| PROPERTY AND EQUIPMENT, net | 960,962 | 890,796 | ||||||
| DEFERRED INCOME TAXES, net | 187,269 | 175,003 | ||||||
| GOODWILL | 1,417,941 | 1,417,941 | ||||||
| OTHER INTANGIBLE ASSETS, net | 1,433,326 | 1,427,139 | ||||||
| OTHER ASSETS | 107,109 | 110,216 | ||||||
| Total Assets | $ | 8,060,904 | $ | 9,686,522 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 511,137 | $ | 564,379 | ||||
| Accrued liabilities | 213,905 | 183,988 | ||||||
| Accrued promotional allowances | 319,757 | 269,061 | ||||||
| Deferred revenue | 44,377 | 41,914 | ||||||
| Accrued compensation | 60,357 | 87,392 | ||||||
| Income taxes payable | 10,990 | 14,955 | ||||||
| Total current liabilities | 1,160,523 | 1,161,689 | ||||||
| DEFERRED REVENUE | 192,354 | 204,251 | ||||||
| DEFERRED INCOME TAXES | 28,896 | - | ||||||
| OTHER LIABILITIES | 64,068 | 91,838 | ||||||
| LONG-TERM DEBT | 748,740 | - | ||||||
STOCKHOLDERS' EQUITY: | ||||||||
| Common stock - | 5,627 | 5,613 | ||||||
| Additional paid-in capital | 5,068,291 | 4,975,115 | ||||||
| Retained earnings | 6,807,154 | 5,939,736 | ||||||
| Accumulated other comprehensive loss | (182,304 | ) | (125,337 | ) | ||||
| Common stock in treasury, at cost; 141,950 shares and 81,021 shares as of June 30, 2024 and December 31, 2023, respectively | (5,832,445 | ) | (2,566,383 | ) | ||||
| Total stockholders' equity | 5,866,323 | 8,228,744 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 8,060,904 | $ | 9,686,522 | ||||
| CONTACTS: | Rodney C. Sacks |
| Chairman and Co-Chief Executive Officer | |
| (951) 739-6200 | |
| Hilton H. Schlosberg | |
| Vice Chairman and Co-Chief Executive Officer | |
| (951) 739-6200 | |
| Roger S. Pondel / Judy Lin | |
| PondelWilkinson Inc. | |
| (310) 279-5980 |
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