Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 29, 2023 | Sep. 06, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000069891 | |
Entity Registrant Name | National Beverage Corp. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-29 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 29, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-14170 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 59-2605822 | |
Entity Address, Address Line One | 8100 SW Tenth Street, Suite 4000 | |
Entity Address, City or Town | Fort Lauderdale | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33324 | |
City Area Code | 954 | |
Local Phone Number | 581-0922 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | FIZZ | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 93,354,146 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 29, 2023 | Apr. 29, 2023 |
Assets | ||
Cash and equivalents | $ 222,769 | $ 158,074 |
Trade receivables - net | 107,680 | 104,918 |
Inventory | 92,999 | 93,578 |
Prepaid and other assets | 8,025 | 9,835 |
Total current assets | 431,473 | 366,405 |
Property, plant and equipment - net | 149,300 | 148,423 |
Right of use assets- net | 39,766 | 39,506 |
Goodwill | 13,145 | 13,145 |
Intangible assets | 1,615 | 1,615 |
Other assets | 5,108 | 5,248 |
Total assets | 640,407 | 574,342 |
Liabilities and Shareholders' Equity | ||
Accounts payable | 87,323 | 85,106 |
Accrued liabilities | 48,734 | 47,318 |
Operating lease liabilities | 11,876 | 11,745 |
Income taxes payable | 8,898 | 152 |
Total current liabilities | 156,831 | 144,321 |
Deferred income taxes net | 24,030 | 19,814 |
Operating lease liability - non current | 29,911 | 29,782 |
Other liabilities | 7,560 | 7,938 |
Total liabilities | 218,332 | 201,855 |
Commitments and contingencies | ||
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; 101,727,658 issued at July 29, 2023 and April 29, 2023 | 1,017 | 1,017 |
Additional paid-in capital | 40,561 | 40,393 |
Retained earnings | 407,976 | 358,345 |
Accumulated other comprehensive loss | (3,396) | (3,185) |
Common stock - 8,374,112 shares | (19,133) | (19,133) |
Total shareholders' equity | 422,075 | 372,487 |
Total liabilities and shareholders' equity | 640,407 | 574,342 |
Series C Preferred Stock [Member] | ||
Shareholders' equity: | ||
Series C preferred stock - 150,000 shares | $ (5,100) | $ (5,100) |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jul. 29, 2023 | Apr. 29, 2023 |
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) | 101,727,658 | 101,727,658 |
Common stock, shares (in shares) | 8,374,112 | 8,374,112 |
Series C Preferred Stock [Member] | ||
Series C preferred stock, shares (in shares) | 150,000 | 150,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 29, 2023 | Jul. 30, 2022 | |
Net sales | $ 324,240 | $ 318,117 |
Cost of sales | 209,759 | 218,716 |
Gross profit | 114,481 | 99,401 |
Selling, general and administrative expenses | 51,377 | 52,923 |
Operating income | 63,104 | 46,478 |
Other (income) expense - net | (2,063) | 84 |
Income before income taxes | 65,167 | 46,394 |
Provision for income taxes | 15,536 | 10,940 |
Net income | $ 49,631 | $ 35,454 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 53 | $ 38 |
Diluted (in dollars per share) | $ 53 | $ 38 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 93,354 | 93,338 |
Diluted (in shares) | 93,610 | 93,599 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 29, 2023 | Jul. 30, 2022 | |
Net income | $ 49,631 | $ 35,454 |
Cash flow hedges | (211) | (10,956) |
Comprehensive income | $ 49,420 | $ 24,498 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Series C Preferred Stock [Member] Preferred Stock [Member] | Series C Preferred Stock [Member] Treasury Stock, Preferred [Member] |
Balance (in shares) | 101,712 | |||||||
Balance | $ 1,017 | $ 39,405 | $ 216,181 | $ 6,918 | ||||
Beginning and end of period (in shares) at Apr. 30, 2022 | 101,712 | |||||||
Beginning and end of period at Apr. 30, 2022 | $ 1,017 | 39,405 | 216,181 | 6,918 | ||||
Stock-based compensation | 170 | |||||||
Balance at Jul. 30, 2022 | $ 264,106 | 39,575 | 251,635 | (4,038) | $ (19,133) | $ 150 | $ (5,100) | |
Net income | 35,454 | 35,454 | ||||||
Cash flow hedges, net of tax | (10,956) | (10,956) | ||||||
Balance (in shares) | 8,374 | 150 | 150 | |||||
Balance | 264,106 | 39,575 | 251,635 | (4,038) | $ (19,133) | $ 150 | $ (5,100) | |
Balance (in shares) | 101,727 | |||||||
Balance | 372,487 | $ 1,017 | 40,393 | 358,345 | (3,185) | |||
Beginning and end of period (in shares) at Apr. 29, 2023 | 101,727 | |||||||
Beginning and end of period at Apr. 29, 2023 | 372,487 | $ 1,017 | 40,393 | 358,345 | (3,185) | |||
Stock-based compensation | 168 | |||||||
Balance at Jul. 29, 2023 | 422,075 | 40,561 | 407,976 | (3,396) | $ (19,133) | $ 150 | $ (5,100) | |
Net income | 49,631 | 49,631 | ||||||
Cash flow hedges, net of tax | (211) | (211) | ||||||
Balance (in shares) | 8,374 | 150 | 150 | |||||
Balance | $ 422,075 | $ 40,561 | $ 407,976 | $ (3,396) | $ (19,133) | $ 150 | $ (5,100) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 29, 2023 | Jul. 30, 2022 | |
Operating Activities: | ||
Net income | $ 49,631 | $ 35,454 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,956 | 5,461 |
Deferred income taxes | 4,284 | 1,072 |
Loss on disposal of property, net | 3 | 6 |
Stock-based compensation | 171 | 170 |
Amortization of operating right of use assets | 3,329 | 3,164 |
Changes in assets and liabilities: | ||
Trade receivables | (2,762) | (6,681) |
Inventories | 579 | 12,965 |
Operating lease right of use assets | (3,589) | (12,468) |
Prepaid and other assets | 1,475 | 11,656 |
Accounts payable | 2,217 | (19,148) |
Accrued and other liabilities | 9,562 | (344) |
Operating lease liabilities | 287 | 9,310 |
Net cash provided by operating activities | 70,143 | 40,617 |
Investing Activities: | ||
Additions to property, plant and equipment | (5,474) | (2,609) |
Proceeds from sale of property, plant and equipment | 26 | 3 |
Net cash used in investing activities | (5,448) | (2,606) |
Financing Activities: | ||
Repayments of loan facility | 0 | (30,000) |
Net cash used in financing activities | 0 | (30,000) |
Net Increase in Cash and Equivalents | 64,695 | 8,011 |
Cash and Equivalents - Beginning of Period | 158,074 | 48,050 |
Cash and Equivalents - End of Period | 222,769 | 56,061 |
Other Cash Flow Information: | ||
Interest paid | 112 | 192 |
Income taxes paid (refunded) | $ 1 | $ (79) |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 3 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation The condensed consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. The accompanying interim unaudited condensed 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 29, 2023. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the interim unaudited condensed 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 Inventories Inventories are stated at the lower of first first July 29, 2023 April 29, 2023 Marketing Costs The Company utilizes a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote its products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs, which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $10.8 million for the three July 29, 2023 three July 30, 2022. Shipping and Handling Costs Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying condensed consolidated statements of income. Such costs totaled $20.9 million for the three July 29, 2023 three July 30, 2022. may not |
Note 2 - Property, Plant and Eq
Note 2 - Property, Plant and Equipment | 3 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2. Property, plant and equipment consist of the following: (In thousands) July 29, 2023 April 29, 2023 Land $ 9,835 $ 9,835 Buildings and improvements 70,867 70,615 Machinery and equipment 294,230 289,567 Total 374,932 370,017 Less accumulated depreciation (225,632 ) (221,594 ) Property, plant and equipment – net $ 149,300 $ 148,423 Depreciation expense was $4.6 million for three July 29, 2023, three July 30, 2022. |
Note 3 - Debt
Note 3 - Debt | 3 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. At July 29, 2023, October 28, 2024 May 30, 2025 July 29, 2023 April 29, 2023. July 29, 2023, On December 21, 2021, July 29, 2023 April 29, 2023. December 31, 2023 .95% The Credit Facilities and Loan Facility require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the credit agreements), and contain other restrictions, none July 29, 2023, |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 3 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 4. During the three July 29, 2023, July 30, 2022, |
Note 5 - Derivative Financial I
Note 5 - Derivative Financial Instruments | 3 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5. From time to time, the Company enters 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 cash flow hedges. Accordingly, gains or losses 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 following summarizes the gains (losses) recognized in the consolidated statements of Income and AOCI for the quarters ended July 29, 2023 July 30, 2022: (In thousands) 2023 2022 Recognized in AOCI: Loss before income taxes $ (4,040 ) $ (15,010 ) Less income tax benefit (966 ) (3,590 ) Net (3,074 ) (11,420 ) Reclassified from AOCI to cost of sales: Loss before income taxes (3,763 ) (608 ) Less income tax benefit (900 ) (144 ) Net (2,863 ) (464 ) Net change to AOCI $ (211 ) $ (10,956 ) As of July 29, 2023, no 12 As of July 29, 2023, April 29, 2023, not 2 |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. The Company has entered into various non-cancelable operating lease agreements for certain of our offices, buildings, machinery and equipment expiring at various dates through July 2035. not not three July 29, 2023 July 30, 2022 July 29, 2023, April 29, 2023, three July 29, 2023 three July 30, 2022. The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of July 29, 2023: (In thousands) Fiscal 2024 – Remaining 3 quarters $ 10,061 Fiscal 2025 10,719 Fiscal 2026 8,892 Fiscal 2027 7,428 Fiscal 2028 3,522 Thereafter 4,519 Total minimum lease payments including interest 45,141 Less: Amounts representing interest (3,354 ) Present value of minimum lease payments 41,787 Less: Current portion of lease obligations (11,876 ) Non-current portion of lease obligations $ 29,911 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 29, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The condensed consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. The accompanying interim unaudited condensed 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 29, 2023. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the interim unaudited condensed 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 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of first first July 29, 2023 April 29, 2023 |
Advertising Cost [Policy Text Block] | Marketing Costs The Company utilizes a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote its products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs, which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $10.8 million for the three July 29, 2023 three July 30, 2022. |
Contract With Customer Liability, Shipping and Handling Cost [Policy Text Block] | Shipping and Handling Costs Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying condensed consolidated statements of income. Such costs totaled $20.9 million for the three July 29, 2023 three July 30, 2022. may not |
Note 2 - Property, Plant and _2
Note 2 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Jul. 29, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) July 29, 2023 April 29, 2023 Land $ 9,835 $ 9,835 Buildings and improvements 70,867 70,615 Machinery and equipment 294,230 289,567 Total 374,932 370,017 Less accumulated depreciation (225,632 ) (221,594 ) Property, plant and equipment – net $ 149,300 $ 148,423 |
Note 5 - Derivative Financial_2
Note 5 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Jul. 29, 2023 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | (In thousands) 2023 2022 Recognized in AOCI: Loss before income taxes $ (4,040 ) $ (15,010 ) Less income tax benefit (966 ) (3,590 ) Net (3,074 ) (11,420 ) Reclassified from AOCI to cost of sales: Loss before income taxes (3,763 ) (608 ) Less income tax benefit (900 ) (144 ) Net (2,863 ) (464 ) Net change to AOCI $ (211 ) $ (10,956 ) |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Jul. 29, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | (In thousands) Fiscal 2024 – Remaining 3 quarters $ 10,061 Fiscal 2025 10,719 Fiscal 2026 8,892 Fiscal 2027 7,428 Fiscal 2028 3,522 Thereafter 4,519 Total minimum lease payments including interest 45,141 Less: Amounts representing interest (3,354 ) Present value of minimum lease payments 41,787 Less: Current portion of lease obligations (11,876 ) Non-current portion of lease obligations $ 29,911 |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Apr. 29, 2023 | |
Inventory, Finished Goods, Gross | $ 52.6 | $ 54.3 | |
Inventory, Raw Materials, Gross | 40.3 | $ 39.2 | |
Marketing Expense | 10.8 | $ 10.3 | |
Shipping and Handling Costs | $ 20.9 | $ 23.6 |
Note 2 - Property, Plant and _3
Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 29, 2023 | Jul. 30, 2022 | |
Depreciation | $ 4.6 | $ 4.5 |
Note 2 - Property, Plant and _4
Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 29, 2023 | Apr. 29, 2023 |
Land | $ 9,835 | $ 9,835 |
Buildings and improvements | 70,867 | 70,615 |
Machinery and equipment | 294,230 | 289,567 |
Total | 374,932 | 370,017 |
Less accumulated depreciation | (225,632) | (221,594) |
Property, plant and equipment – net | $ 149,300 | $ 148,423 |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 21, 2021 | Jul. 29, 2023 | Apr. 29, 2023 | |
Term Loan Facility [Member] | |||
Debt Instrument, Face Amount | $ 50,000 | ||
Long-Term Debt, Gross | $ 0 | $ 0 | |
Secured Overnight Financing Rate (SOFR) [Member] | Term Loan Facility [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.95% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | ||
Long-Term Line of Credit | 0 | ||
Letters of Credit Outstanding, Amount | 2,200 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 97,800 | ||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.05% |
Note 4 - Stock-based Compensa_2
Note 4 - Stock-based Compensation (Details Textual) - $ / shares | Jul. 29, 2023 | Jul. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 0 | 536,600 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 18.97 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 5,387,005 |
Note 5 - Derivative Financial_3
Note 5 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions | Jul. 29, 2023 | Apr. 29, 2023 |
Derivative, Notional Amount | $ 49.5 | |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 4.9 | |
Derivative Liability, Current | $ 4.9 | $ 4.6 |
Note 5 - Derivative Financial_4
Note 5 - Derivative Financial Instruments - Derivatives Instruments, Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 29, 2023 | Jul. 30, 2022 | |
Loss before income taxes | $ (4,040) | $ (15,010) |
Less income tax benefit | (966) | (3,590) |
Net | (3,074) | (11,420) |
Loss before income taxes | (3,763) | (608) |
Less income tax benefit | (900) | (144) |
Net | (2,863) | (464) |
Net change to AOCI | $ (211) | $ (10,956) |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Apr. 29, 2023 | |
Operating Lease, Cost | $ 3.7 | $ 3.4 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 4 months 24 days | 4 years 4 months 2 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.40% | 3.30% | |
Operating Lease, Payments | $ 3.7 | $ 3.4 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments and Related Liabilities for Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Jul. 29, 2023 | Apr. 29, 2023 |
Fiscal 2024 – Remaining 3 quarters | $ 10,061 | |
Fiscal 2025 | 10,719 | |
Fiscal 2026 | 8,892 | |
Fiscal 2027 | 7,428 | |
Fiscal 2028 | 3,522 | |
Thereafter | 4,519 | |
Total minimum lease payments including interest | 45,141 | |
Less: Amounts representing interest | (3,354) | |
Present value of minimum lease payments | 41,787 | |
Less: Current portion of lease obligations | (11,876) | $ (11,745) |
Non-current portion of lease obligations | $ 29,911 | $ 29,782 |