The company's sales, however, fell short of analysts' average expectations of $168.4 million. Sales for the quarter were $165.4 million. The company did not release specific earnings results due to an investigation into its stock-option practices.
Shares of the company fell .
Andrew Sawyer, an analyst with Goldman Sachs, said the preliminary first-quarter results imply earnings per share of 28 cents a share, compared with Sawyer's view of 30 cents a share.
In a research note to clients, Sawyer wrote that the shortfall was driven by some gross margin deterioration, and surprising negative operating leverage due to a 48% increase in selling, general and administrative expenses.
Stephen Colbert, an analyst with Canaccord Adams said from Boston that sales for the quarter were in line, but the gross margins were weaker than what he expected.
Colbert added that the quarter fell a penny short of market expectations at 28 cents a share. He said that the selling, general and administrative expenses were also above view.
Analysts on average expect the company to earn 29 cents a share, before items, according to Reuters Estimates.
In March, Hansen, which also makes iced teas, smoothies and juices, said a special committee substantially completed its probe into the company's stock option practices and found "no willful or intentional misconduct."
On Monday, the company said it was working towards filing its delinquent financial reports with the regulators on time in order to maintain its listing on Nasdaq and was reporting only selected financial results pending the filing.