US: Hansen Natural Corp. readies share buyback
Hansen Natural Corp. has lined up a share repurchase programme.
The US-based soft drinks company said today (25 April) that its board has authorised a programme to buy back up to US$200m of outstanding common stock.
The board has terminated the common stock repurchase programme authorised in November 2005, under which the company had purchased $27.7m of common stock.
As of 14 April, the company said, there were just over 93.4m shares of common stock outstanding.
Last month, Hansen Natural said that net sales for the final three months of last year leapt by 63% on the same three-month period a year earlier, hitting US$246.6m. Net profit performed better still, the company said, soaring by 103% to $45.1m.
The rise in sales in the final quarter were in part credited to purchases made by customers in anticipation of the price increase, introduced at the beginning of this year, for both the 16oz Monster Energy and Java Monster lines.
For the full-year, Hansen saw sales rise by almost a third, up to $904.5m from $605.8m in 2006. Net profit followed suit, increasing by 52.5% to $149.4m.
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