Celsius reports 61 percent rise in net revenue for Q3
Growth primarily attributed to international sales
Celsius Holdings Inc., Boca Raton, Fla., reported positive results for its third-quarter and year-to-date 2013 results ending Sept. 30.
During the third quarter, the company increased its net revenue 61 percent to $2.3 million compared with net revenues of $1.4 million in the third quarter of 2012. Domestically, net revenue increased 33 percent to $1.3 million; internationally, net revenue rose 131 percent to $1 million. Gross profit increased 111 percent to $900,000 compared with $400,000 in the third quarter of 2012. Net loss decreased 9 percent to $700,000 compared with $800,000 in the prior-year period. Results for the third quarter continue to reflect the efforts of the company’s Turnaround Plan, it says.
Year to date, Celsius’ net revenue increased 34 percent to $7.7 million compared with net revenues of $5.8 million in the prior-year period. Net revenue from domestic sales increased 49 percent to $4.3 million, excluding Costco Wholesale sales of $1.7 million from the prior year, and net revenue from international sales rose 182 percent to $3.4 million. Gross profit increased 76 percent to $3 million compared with $1.7 million in the third quarter of 2012. Net loss decreased 45 percent to $1.3 million compared with $2.4 million in the prior-year period. Additionally, the company recently shipped its first order to China and partnered with Brazilian company Latco Beverages to lead its global expansion into South America.
“We are very pleased to report continued strong financial results for the third quarter of 2013 as revenues grew 61 percent from the comparable year-ago quarter and margins improved,” said Chief Executive Officer Gerry David in a statement. “The quarter was highlighted by the growth in international sales and continued growth in all domestic channels of distribution.
“Our partnership with Latco Beverages will provide Celsius solid footing in the countries of Brazil, Argentina, Paraguay and Uruguay,” he continued. “The timely introduction of our brand with Brazil hosting the World Cup 2014 and the Olympics 2016 provides an exciting opportunity. Our first shipments arrived in China, initiating our brand distribution within this vast opportunity. Celsius’ public relations efforts have generated over 551 million impressions year to date, while our digital radio campaign continues to deliver 7.8 million ads each month that are focused in our ‘Drill Deep’ markets.