US: Hansen cleared of SEC investigation, reports strong Q2
Hansen Natural Corporation will not face any enforcement action from the US Securities and Exchange Commission, following an investigation into the company's historical stock option granting practices.
The soft drinks group said yesterday (7 August) that it had received a letter from the SEC's Los Angeles Regional Office advising them that the investigation had been closed.
Hansen has been under scrutiny for several months over its stock option practices. In June, the company was told that it could once more trade on the Nasdaq, having previously fallen out of compliance because it delayed filing financial reports pending the conclusion of an independent investigation by a special committee of Hansen's board relating to the stock options.
In March, a special committee of Hansen directors completed over four months of investigations into the company's stock option practices and found "no willful or intentional misconduct".
Furthermore, today Hansen Natural reported record financial results, including sharp increases in sales and profits, for the three and six months to the end of June.
Net sales for the second quarter increased 56.9% to $244.8m helping net income rise by 35.9% to $38.3m. Meanwhile, net sales for the first half of this year were up 48.9% to $410.6m over the same period a year ago. Net income for the six-month period increased 18.7% to $58.5m.
Rodney C. Sacks, chairman and CEO, said the record revenues reflected continued strong sales of Monster Energy brand energy drinks, as well as certain new products such as Java Monster brand non-carbonated dairy based coffee drinks and Monster M-80 energy drinks.
"The energy category continues to show strong growth over the prior year, and the Monster Energy brand continues to increase market share," Sacks said.
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