Gross margin grew to 54.4% versus 53.0% for the same period in 2011, but sales and marketing expenses rose to $37.1 million, or 36.0% of revenue, versus to $22.5 million, or 32.5% of revenue, for the comparable period last year. Operating income increased to $9.7 million, or 9.5% of revenue as compared to $6.9 million, or 10.0% of revenue in the second quarter of 2011.
Guidance for 2012 is for sales to gain about 40% over that of 2011, above guidance of “only” about 33%. Net income is now put for 2012 as growing about 55% rather than the 50% it had previously targeted for its 2012 growth projection.
We would be advised to mention that this last quarter brought an accounting change to reporting in dollars rather than euros.
One thing to note was that this was the first quarter of $100 million in sales ever due to expanded distribution and increased marketing in the United States and other growth markets.
SodaStream shares closed at $41.25 and the 52-week range is $27.60 to $71.68; shares are up almost 8% at $44.50 in early trading indications but that may change as the open gets closer.
JON C. OGG
Contact [email protected] for any questions or corrections.
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