Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 28, 2018 | Sep. 04, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | National Beverage Corp. | |
Entity Central Index Key | 69,891 | |
Trading Symbol | fizz | |
Current Fiscal Year End Date | --04-27 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 46,625,240 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 28, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jul. 28, 2018 | Apr. 28, 2018 |
Assets | ||
Cash and equivalents | $ 243,042 | $ 189,864 |
Trade receivables - net | 94,666 | 84,360 |
Inventories | 67,814 | 60,920 |
Prepaid and other assets | 9,045 | 17,823 |
Total current assets | 414,567 | 352,967 |
Property, plant and equipment - net | 88,608 | 85,807 |
Goodwill | 13,145 | 13,145 |
Intangible assets | 1,615 | 1,615 |
Other assets | 5,215 | 5,298 |
Total assets | 523,150 | 458,832 |
Liabilities and Shareholders' Equity | ||
Accounts payable | 82,805 | 74,853 |
Accrued liabilities | 29,549 | 29,718 |
Income taxes payable | 8,557 | 99 |
Total current liabilities | 120,911 | 104,670 |
Deferred income taxes net | 15,545 | 14,502 |
Other liabilities | 8,302 | 8,220 |
Shareholders' equity: | ||
Preferred stock, $1 par value - 1,000,000 shares authorized: Series C - 150,000 shares issued | 150 | 150 |
Common stock, $.01 par value - 200,000,000 shares authorized; 50,657,784 shares issued (50,650,784 shares at April 28) | 507 | 507 |
Additional paid-in capital | 36,521 | 36,358 |
Retained earnings | 356,654 | 307,824 |
Accumulated other comprehensive income | 2,560 | 4,601 |
Total shareholders' equity | 378,392 | 331,440 |
Total liabilities and shareholders' equity | 523,150 | 458,832 |
Series C Preferred Stock [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | (5,100) | (5,100) |
Treasury Stock, Common [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | $ (12,900) | $ (12,900) |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jul. 28, 2018 | Apr. 28, 2018 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 150,000 | 150,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 50,657,784 | 50,650,784 |
Series C Preferred Stock [Member] | ||
Treasury stock, shares (in shares) | 150,000 | 150,000 |
Treasury Stock, Common [Member] | ||
Treasury stock, shares (in shares) | 4,032,784 | 4,032,784 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 28, 2018 | Jul. 29, 2017 | |
Net sales | $ 292,590 | $ 259,832 |
Cost of sales | 176,896 | 155,329 |
Gross profit | 115,694 | 104,503 |
Selling, general and administrative expenses | 52,690 | 46,723 |
Interest expense | 50 | 50 |
Other income - net | 855 | 311 |
Income before income taxes | 63,809 | 58,041 |
Provision for income taxes | 14,979 | 19,769 |
Net income | $ 48,830 | $ 38,272 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 1.05 | $ 0.82 |
Diluted (in dollars per share) | $ 1.04 | $ 0.82 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 46,619 | 46,585 |
Diluted (in shares) | 46,919 | 46,916 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 28, 2018 | Jul. 29, 2017 | |
Net income | $ 48,830 | $ 38,272 |
Other comprehensive loss, net of tax: | ||
Cash flow hedges | (2,041) | (628) |
Comprehensive income | $ 46,789 | $ 37,644 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member]Series C Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Preferred [Member]Series C Preferred Stock [Member] | Treasury Stock, Common [Member] |
Balance at Jul. 29, 2017 | $ 213,471 | $ 150 | $ 506 | $ 35,725 | $ (1,232) | $ (5,100) | $ (12,900) | |
Balance at Apr. 29, 2017 | 35,638 | $ 227,928 | (604) | |||||
Stock options exercised | 46 | |||||||
Stock-based compensation | 41 | |||||||
Net income | 38,272 | 38,272 | ||||||
Common stock cash dividend | (69,878) | |||||||
End of period | 196,322 | |||||||
Cash flow hedges, net of tax | (628) | (628) | ||||||
Balance at Jul. 28, 2018 | 378,392 | $ 150 | $ 507 | 36,521 | 2,560 | $ (5,100) | $ (12,900) | |
Balance at Apr. 28, 2018 | 331,440 | 36,358 | 307,824 | 4,601 | ||||
Stock options exercised | 123 | |||||||
Stock-based compensation | $ 40 | |||||||
Net income | 48,830 | 48,830 | ||||||
Common stock cash dividend | ||||||||
End of period | $ 356,654 | |||||||
Cash flow hedges, net of tax | $ (2,041) | $ (2,041) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 28, 2018 | Jul. 29, 2017 | |
Operating Activities: | ||
Net income | $ 48,830 | $ 38,272 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,955 | 3,531 |
Deferred income tax provision | 1,588 | 108 |
Loss on disposal of property, net | 1 | 6 |
Stock-based compensation | 40 | 41 |
Changes in assets and liabilities: | ||
Trade receivables | (10,306) | (14,819) |
Inventories | (6,894) | (3,971) |
Prepaid and other assets | 769 | (656) |
Accounts payable | 7,952 | (3,761) |
Accrued and other liabilities | 13,345 | 24,791 |
Net cash provided by operating activities | 59,280 | 43,542 |
Investing Activities: | ||
Additions to property, plant and equipment | (6,226) | (4,054) |
Proceeds from sale of property, plant and equipment | 1 | 9 |
Net cash used in investing activities | (6,225) | (4,045) |
Financing Activities: | ||
Proceeds from stock options exercised | 123 | 46 |
Net cash provided by financing activities | 123 | 46 |
Net Increase in Cash and Equivalents | 53,178 | 39,543 |
Cash and Equivalents - Beginning of Period | 189,864 | 136,372 |
Cash and Equivalents - End of Period | 243,042 | 175,915 |
Other Cash Flow Information: | ||
Interest paid | 13 | 25 |
Income taxes paid | $ 2 | $ 648 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 3 Months Ended |
Jul. 28, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation The consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not 10 April 28, 2018. 6, The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the interim periods presented are not Derivative Financial Instruments We use derivative financial instruments to partially mitigate our exposure to changes in raw material costs. All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. The estimated fair value of derivative financial instruments is calculated based on market rates to settle the instruments. We do not 5. Earnings P er Common Share Basic earnings per common share is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated in a similar manner, but includes the dilutive effect of stock options. Inventories Inventories are stated at the lower of first first July 28, 2018 $40.6 $27.2 April 28, 2018 $37.6 $23.3 |
Note 2 - Property, Plant and Eq
Note 2 - Property, Plant and Equipment | 3 Months Ended |
Jul. 28, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2 . PROPERTY , PLANT AND EQUIPMENT Property, plant and equipment consist of the following: (In thousands) July 28, 2018 April 28, 2018 Land $ 9,500 $ 9,500 Buildings and improvements 56,957 56,947 Machinery and equipment 200,248 194,241 Total 266,705 260,688 Less accumulated depreciation (178,097 ) (174,881 ) Property, plant and equipment – net $ 88,608 $ 85,807 Depreciation expense was $3.4 three July 28, 2018 $3.0 three July 29, 2017. |
Note 3 - Debt
Note 3 - Debt | 3 Months Ended |
Jul. 28, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3 . DEBT At July 28, 2018, $100 October 3, 2020 June 18, 2021 .9% one no July 28, 2018 April 28, 2018. July 28, 2018, $2.1 $97.9 The Credit Facilities require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the Credit Facilities), and contain other restrictions, none July 28, 2018, |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 3 Months Ended |
Jul. 28, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 4 . STOCK-BASED COMPENSATION During the three July 28, 2018, 7,000 $17.59 July 28, 2018, 337,945 $10.70 2,816,413 |
Note 5 - Derivative Financial I
Note 5 - Derivative Financial Instruments | 3 Months Ended |
Jul. 28, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5 . DERIVATIVE FINANCIAL INSTRUMENTS From time to time, we enter into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum cans. Such financial instruments are designated and accounted for as a cash flow hedge. Accordingly, gains or losses attributable to the effective portion of the cash flow hedge are reported in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and reclassified into cost of sales in the period in which the hedged transaction affects earnings. The ineffective portion of the change in fair value of our cash flow hedge was immaterial. The following summarizes the gains (losses) recognized in the Consolidated Statements of Income and AOCI relative to the cash flow hedge for the three July 28, 2018 July 29, 2017: (In thousands) 2018 2017 Recognized in AOCI: Gain (loss) before income taxes $ 6,347 $ (967 ) Less income tax provision (benefit) 1,518 (359 ) Net 4,829 (608 ) Reclassified from AOCI to cost of sales: Gain before income taxes 8,934 31 Less income tax provision 2,064 11 Net 6,870 20 Net change to AOCI $ (2,041 ) $ (628 ) As of July 28, 2018, $26.3 no $3.6 12 1. As of July 28, 2018, $3.6 April 28, 2018, $6.2 not 2 |
Note 6 - Recently Issued Accoun
Note 6 - Recently Issued Accounting Pronouncements | 3 Months Ended |
Jul. 28, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 6 . RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May 2014, No. 2014 09, 2014 09” 2014 09 August 12, 2015, 2015 14 2014 09 one December 15, 2017. April 29, 2018 no In February 2016, No. 2016 02, 2016 02” 2016 02 March 2018, 2016 02 April 28, 2019. not In August 2017, 2017 12, 2017 12” 2017 12 April 28, 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 28, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not 10 April 28, 2018. 6, The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the interim periods presented are not |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments We use derivative financial instruments to partially mitigate our exposure to changes in raw material costs. All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. The estimated fair value of derivative financial instruments is calculated based on market rates to settle the instruments. We do not 5. |
Earnings Per Share, Policy [Policy Text Block] | Earnings P er Common Share Basic earnings per common share is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated in a similar manner, but includes the dilutive effect of stock options. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of first first July 28, 2018 $40.6 $27.2 April 28, 2018 $37.6 $23.3 |
Note 2 - Property, Plant and 15
Note 2 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Jul. 28, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) July 28, 2018 April 28, 2018 Land $ 9,500 $ 9,500 Buildings and improvements 56,957 56,947 Machinery and equipment 200,248 194,241 Total 266,705 260,688 Less accumulated depreciation (178,097 ) (174,881 ) Property, plant and equipment – net $ 88,608 $ 85,807 |
Note 5 - Derivative Financial16
Note 5 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Jul. 28, 2018 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | (In thousands) 2018 2017 Recognized in AOCI: Gain (loss) before income taxes $ 6,347 $ (967 ) Less income tax provision (benefit) 1,518 (359 ) Net 4,829 (608 ) Reclassified from AOCI to cost of sales: Gain before income taxes 8,934 31 Less income tax provision 2,064 11 Net 6,870 20 Net change to AOCI $ (2,041 ) $ (628 ) |
Note 1 - Significant Accounti17
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | Jul. 28, 2018 | Apr. 28, 2018 |
Inventory, Finished Goods, Gross, Total | $ 40.6 | $ 37.6 |
Inventory, Raw Materials, Gross, Total | $ 27.2 | $ 23.3 |
Note 2 - Property, Plant and 18
Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 28, 2018 | Jul. 29, 2017 | |
Depreciation, Total | $ 3.4 | $ 3 |
Note 2 - Property, Plant and 19
Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 28, 2018 | Apr. 28, 2018 |
Land | $ 9,500 | $ 9,500 |
Buildings and improvements | 56,957 | 56,947 |
Machinery and equipment | 200,248 | 194,241 |
Total | 266,705 | 260,688 |
Less accumulated depreciation | (178,097) | (174,881) |
Property, plant and equipment – net | $ 88,608 | $ 85,807 |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 28, 2018 | Apr. 28, 2018 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |
Long-term Line of Credit, Total | 0 | $ 0 |
Letters of Credit Outstanding, Amount | 2,100 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 97,900 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.90% |
Note 4 - Stock-based Compensa21
Note 4 - Stock-based Compensation (Details Textual) | 3 Months Ended |
Jul. 28, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 7,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 17.59 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 337,945 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 10.70 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,816,413 |
Note 5 - Derivative Financial22
Note 5 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions | Jul. 28, 2018 | Apr. 28, 2018 |
Derivative, Notional Amount | $ 26.3 | |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 3.6 | |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Current | $ 3.6 | $ 6.2 |
Note 5 - Derivative Financial23
Note 5 - Derivative Financial Instruments - Derivatives Instruments, Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 28, 2018 | Jul. 29, 2017 | |
Gain (loss) before income taxes | $ 6,347 | $ (967) |
Less income tax provision (benefit) | 1,518 | (359) |
Net | 4,829 | (608) |
Gain before income taxes | 8,934 | 31 |
Less income tax provision | 2,064 | 11 |
Net | 6,870 | 20 |
Net change to AOCI | $ (2,041) | $ (628) |