o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Three-Months
Ended
December
31,
|
Twelve-Months
Ended
December
31,
|
||||||||
2009
|
2008
|
2009
|
2008
|
||||||
Gross
sales, net of
discounts
& returns*
|
$ 329,603
|
$ 289,593
|
$ 1,309,335
|
$ 1,182,876
|
|||||
Less: Promotional
and
other
allowances**
|
38,689
|
35,220
|
166,036
|
149,096
|
|||||
Net
sales¹
|
290,914
|
254,373
|
1,143,299
|
1,033,780
|
|||||
Cost
of sales
|
135,638
|
115,948
|
530,983
|
494,986
|
|||||
Gross
profit¹
|
155,276
|
138,425
|
612,316
|
538,794
|
|||||
Gross
profit margin as a
percentage
of net sales
|
53.4%
|
54.4%
|
53.6%
|
52.1%
|
|||||
Operating expenses 2
|
69,442
|
177,643
|
275,007
|
375,203
|
|||||
Operating
expenses as a
percentage
of net sales
|
23.9%
|
69.8%
|
24.1%
|
36.3%
|
|||||
Operating income (loss)
1,2
|
85,834
|
(39,218)
|
337,309
|
163,591
|
|||||
Operating
income (loss) as a percentage of net sales
|
29.5%
|
(15.4%)
|
29.5%
|
15.8%
|
|||||
Other
income (expense):
|
|||||||||
Interest
and other income, net
|
667
|
1,907
|
2,273
|
10,413
|
|||||
Other-than-temporary
impairment
of
investments
|
-
|
(527)
|
(3,887)
|
(527)
|
|||||
Total
other income (expense)
|
667
|
1,380
|
(1,614)
|
9,886
|
|||||
Income
(loss) before provision for
income
taxes
|
86,501
|
(37,838)
|
335,695
|
173,477
|
|||||
Provision
(benefit) for income taxes
|
33,144
|
(14,390)
|
126,979
|
65,445
|
|||||
Net
income (loss)
|
$ 53,357
|
$ (23,448)
|
$ 208,716
|
$ 108,032
|
|||||
Net
income (loss) as a percentage of net sales
|
18.3%
|
(9.2%)
|
18.3%
|
10.5%
|
|||||
Net
income (loss) per common share:
|
|||||||||
Basic
|
$0.60
|
($0.25)
|
$2.32
|
$1.17
|
|||||
Diluted
|
$0.57
|
($0.25)
|
$2.21
|
$1.11
|
|||||
Weighted
average number of
shares
of common stock and
common
stock equivalents:
|
|||||||||
Basic
|
88,744
|
91,518
|
89,967
|
92,515
|
|||||
Diluted
|
93,398
|
91,518
|
94,643
|
97,530
|
|||||
Case
sales (in thousands) (in 192-ounce case equivalents)
|
27,461
|
23,650
|
109,985
|
102,659
|
|||||
Average
net sales price per case
|
$ 10.59
|
$ 10.76
|
$ 10.40
|
$ 10.07
|
2009
|
2008
|
|||
ASSETS
|
||||
CURRENT
ASSETS:
|
||||
Cash
and cash equivalents
|
$ 328,349
|
$ 256,801
|
||
Short-term
investments
|
18,487
|
29,145
|
||
Trade
accounts receivable, net
|
104,206
|
45,233
|
||
Distributor
receivables
|
4,699
|
90,722
|
||
Inventories
|
108,143
|
116,326
|
||
Prepaid
expenses and other current assets
|
11,270
|
8,379
|
||
Prepaid
income taxes
|
-
|
4,977
|
||
Deferred
income taxes
|
10,350
|
9,741
|
||
Total
current assets
|
585,504
|
561,324
|
||
INVESTMENTS
|
80,836
|
89,567
|
||
PROPERTY
AND EQUIPMENT, net
|
33,314
|
14,389
|
||
DEFERRED
INCOME TAXES
|
65,678
|
65,748
|
||
INTANGIBLES,
net
|
33,512
|
28,365
|
||
OTHER
ASSETS
|
1,226
|
2,444
|
||
$ 800,070
|
$ 761,837
|
|||
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
||||
CURRENT
LIABILITIES:
|
||||
Accounts
payable
|
$ 48,863
|
$ 64,787
|
||
Accrued
liabilities
|
23,299
|
12,524
|
||
Accrued
distributor terminations
|
2,977
|
102,282
|
||
Accrued
compensation
|
7,623
|
6,782
|
||
Current
portion of debt
|
206
|
959
|
||
Income
taxes payable
|
761
|
-
|
||
Total
current liabilities
|
83,729
|
187,334
|
||
DEFERRED
REVENUE
|
131,388
|
138,187
|
||
COMMITMENTS
AND CONTINGENCIES
|
||||
STOCKHOLDERS'
EQUITY:
|
||||
Common
stock - $0.005 par value; 120,000 shares authorized;
97,285
shares issued and 88,159 outstanding as of December 31, 2009;
96,851
shares issued and 90,328 outstanding as of December 31,
2008
|
486
|
484
|
||
Additional
paid-in capital
|
137,040
|
117,106
|
||
Retained
earnings
|
670,396
|
461,680
|
||
Accumulated
other comprehensive loss
|
(4,667)
|
(10,825)
|
||
Common
stock in treasury, at cost; 9,126 and 6,523 shares
as
of December 31, 2009 and 2008, respectively
|
(218,302)
|
(132,129)
|
||
Total
stockholders' equity
|
584,953
|
436,316
|
||
$ 800,070
|
$ 761,837
|