National Beverage Corp. Reports “Best Ever” Quarter
September 10 2020 - 9:15AM
Business Wire
National Beverage Corp. (NASDAQ:FIZZ) today announced impressive
results for its first quarter ended August 1, 2020:
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the full release here:
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New LaCroix Offerings (Photo: Business
Wire)
- Net sales were $293 million – the highest quarterly sales
figure in the company’s history, an 11.3% increase from last
year;
- Gross profit was a record $117 million, a 21.4% increase from
the prior year;
- Net income increased $17 million to $51 million;
- Earnings per share increased 49% to $1.10; and
- Cash was $353 million at quarter-end, an increase of $150
million for the last twelve months.
Our balance sheet continued to strengthen with quarter-end cash
plus shareholders’ equity of $509 million both reaching all-time
highs. With cash now representing 50% of assets and total
liabilities less than half of equity, our financial strength will
allow us to invest in future brand innovations and capacity
expansion while maintaining capital deployment flexibility.
National Beverage results were driven by a 16% volume increase
in Power+ brands, the result of strong consumer commitment to
health, trust and authenticity. The LaCroix brand led growth and
outpaced the category in tracked channels throughout the quarter
with market share reflecting sequential growth. Our new LaCroix
offerings, LimonCello, Pastèque and Hi-Biscus, bring consumers
iconic innovation with extraordinary tastes and unique essences,
establishing record volume movement.
Highlights from a Recent Strategy Meeting
- Our brands, management philosophy, sustainable cash generation
and innovative mastery have positioned National Beverage to
successfully challenge competitive pressures in today’s
health-conscious environment.
- We are developing flavors new to the category that are far
reaching in sensory, elegant in name, extraordinary in taste and
capture the very soul of the consumer.
- All variables came together as though meant to be; moving the
innovative needle high on the scale. We have proven that palate
preference defines the ultimate choice.
- Others try to outsmart us, overtake us, and outspend us by
millions trying to unseat LaCroix – with its iconic innovation in
flavors and packaging, extraordinary taste and essences and its
dedicated, loyal following – yet LaCroix is and will remain
the leader.
In conclusion, as we stated in our recently mailed shareholder
letter, “We begin fiscal 2021 with more purpose, more passion and
more determination . . . Our indomitable spirit and our steadfast
philosophy protect our balance sheet, cash flow and the equity of
our devoted shareholders.”
National Beverage Corp. Consolidated Results for
the Periods Ended August 1, 2020 and July 27, 2019
(in thousands, except per share amounts) Three
Months Ended August 1, 2020 July 27, 2019
Net Sales
$
293,367
$
263,568
Net Income
$
51,164
$
34,542
Earnings Per Common Share Basic
$
1.10
$
.74
Diluted
$
1.09
$
.74
Average Common Shares Outstanding Basic
46,624
46,646
Diluted
46,754
46,880
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements involve risks, uncertainties and
other factors described in the Company's Securities and Exchange
Commission filings which may cause actual results or achievements
to differ from the results or achievements expressed or implied by
such statements. The Company disclaims an obligation to update or
announce revisions to any forward-looking statements.
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