National Beverage Corp. Continues Its Healthy Performance; Reports Best Ever Winter Quarter
March 11 2021 - 4:05PM
Business Wire
National Beverage Corp. (NASDAQ: FIZZ) today announced its best
third quarter ended January 30, 2021. We at National Beverage are
in the final quarter of FY2021 and our present performance is an
indicator of a recovery period for America, a summer of enthusiasm
and LaCroix imagination.
Third Quarter FY 2021 vs. Third Quarter FY
2020
- Net sales were $246 million, up 10%;
- Gross profit was $96 million, up 16.5%;
- Net Income increased 38% to $37 million; and
- Earnings per share was $.39 vs. $.29
TTM ended January 30, 2021 vs. TTM ended
January 25, 2020
- Net sales were $1.074 billion, up 10%;
- EBITDA* was $240 million, up 41%;
- Operating profit margin increased to 21%; and
- Earnings per share grew 43% to $1.84
“In addition to being our all-time best winter quarter, our
third quarter was our fifth consecutive quarter of year-over-year
revenue and profit growth,” stated a company spokesperson. “Led by
LaCroix sparkling water, our Power+ portfolio volume grew 14%, and
all our other major brands posted volume increases. As a result of
pandemic related measures, more consumers were introduced to the
great tasting innocence of LaCroix, and we believe many of these
new ‘converts’ will remain loyal fans long after the stay-at-home
lifestyle wanes.
During the quarter we paid a $6.00 per share special cash
dividend to shareholders of record as of December 4, 2020. On
February 5th, our Board also declared a one for one stock split in
the form of a 100% stock dividend. Share and earnings per share
data has been adjusted to reflect this split.
At the core of National Beverage’s innovation is its unique
imagination and healthy promise that provides superior taste along
with a refreshing mindset. We continue to surprise our devoted
consumers with our unmatched innovation and they continue to
reciprocate with their allegiance. Our sales and margins have
improved despite the efforts of competitors to introduce LaCroix
knockoffs, but even heavy promotional pricing by the cola giants
and others has not affected our growth. LaCroix continues to be the
ultimate core brand of the most discriminating consumer.
After payment of the $280 million special dividend, we finished
the quarter with over $153 million in cash and continue to generate
free cash flow that exceeds our re-investment to support the growth
and expand the reach of our brands. All in all, we believe in our
consumer who echoes that our future continues to provide unique and
tasteful innovations . . . like our soon-to-be launched Beach
Plum,” concluded the spokesperson.
We love our LaCroix . . . We are passionate
about our LaCroix We are crazy about our LaCroix . . . We #LIVE
LaCroix!!
National Beverage Corp. Consolidated
Results for the Periods Ended January 30, 2021 and January
25, 2020 (in thousands, except per share amounts)
Three Months Ended Twelve Months Ended Jan. 30,
2021 Jan. 25, 2020 Jan. 30, 2021 Jan. 25,
2020 Net Sales
$
245,931
$
222,814
$
1,073,508
$
977,908
Net Income
$
36,687
$
26,563
$
171,228
$
119,896
Earnings Per Common Share Basic
$
.39
$
.29
$
1.84
$
1.29
Diluted
$
.39
$
.28
$
1.83
$
1.28
Average Common Shares Outstanding Basic
93,296
93,200
93,276
93,264
Diluted
93,610
93,604
93,586
93,674
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.
*Although the Company reports its
financial results in accordance with accounting principles
generally accepted in the United States ("GAAP"), management
believes that the disclosure of EBITDA, a non-GAAP financial
measure, may provide users with additional insights into the
operating performance of the business. EBITDA (in millions) of $240
and $171 for the twelve months ended January 30, 2021 and January
25, 2020, respectively, is calculated by adding the following
expenses back to Net Income: Depreciation and Amortization of $17.5
and $17.3; Net Interest (Income) of ($1.2) and ($3.5); and
Provision for Income Taxes of $53.0 and $37.0.
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