Celsius Holdings Inc., the Boca Raton, Fla.-based maker of Celsius negative-calorie beverages, reported a revenue increase of 47 percent to $3.42 million in the third quarter of 2014, which ended Sept. 30. This increase was associated with a 60 percent increase in international sales to approximately $1.6 million due to increases from existing accounts and initial sales in Brazil. In addition, domestic sales increased 38 percent to approximately $1.9 million because of a 66 percent increase in health and fitness retail accounts and a 53 percent increase in domestic retail accounts. However, this was partially offset by a 6 percent decrease in Internet sales and the elimination of a liquidator sale that took place during the same period in 2013.

Gross profits for the quarter totaled approximately $1.3 million, and operating expenses totaled approximately $2 million, reflecting a 33 percent increase compared with the prior-year period. A significant portion of this increase is associated with a $365,000 increase in stock-based compensation expenses, additional increases in marketing programs, and investments in human resources.

“We are very pleased to report record third-quarter financial results as third-quarter revenues grew to $3.42 million,” said Chief Executive Officer Gerry David in a statement. “The quarter was highlighted by the growth in existing international accounts and expansion into Brazil. Domestically, we continued our sales growth and are making excellent progress, and our products are resonating well with consumers. Our partnerships with multi-platinum recording artist Flo Rida and NASCAR race team TriStar Motorsports and driver Blake Koch are opening up new demographics for our one-of-a-kind drink that promotes weight management. Our scheduled launch in Brazil with our partners, two-time world Formula One Champion Emerson Fittipaldi, and Latco Beverages, will provide an exciting opportunity for growth."

Celsius Holdings announced early this month that it entered into a distribution agreement with Brazil-based Latco Beverages to expand the brand into the South American market — specifically Brazil, Agentina, Paraguay and Uruguay.

For the full year thus far, the company recorded a 30 percent increase in revenues to approximately $10 million; gross profits of approximately $3.8 million; and operating expenses of approximately $2.3 million.