NATIONAL BEVERAGE CORP (FIZZ) SEC Filing 10-Q Quarterly report for the period ending Saturday, October 27, 2018

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Exhibit 99.1

 

 

NASDAQ: FIZZ

For Immediate Release

Contact: Office of the Chairman, Grace Keene

 

NATIONAL BEVERAGE CORP.

ACHIEVES

BILLION DOLLAR GOAL

 

 

FORT LAUDERDALE, FL, September 6, 2018 . . . National Beverage Corp. (NASDAQ: FIZZ) today announced record results for its first quarter ended July 28, 2018.

 

 

For the Three Months ended July 28, 2018:

 

 

Revenues were $292.6 million − the 15th consecutive quarter of increased growth;

 

 

Gross Profit exceeded $115 million for the first time – ever;

 

 

Operating Profit exceeded $63 million for the first time – ever; and

 

 

Net Income and EPS increased 28% from the prior year to $1.05 – the 13th consecutive quarter of double-digit growth.

 

 

“Reaching $1 billion in revenues is more than the achievement of a milestone – it is the culmination of a . . . long ago goal!” proudly exclaimed Nick A. Caporella, Chairman and Chief Executive Officer.

 

“First, let’s congratulate Team National for achieving that milestone on June 20th,” was a statement made by Nick A. Caporella to a group recently at a National Beverage management meeting. “This year’s Annual Report focuses on a new series of LaCroix themes that just happen to coincide with large cola’s recent M&A strategic endeavors. Some may say – they looked at our past Annual Reports and used our innovative themes to develop their acquisition and competitive strategies.”

 

 

-more-

 

 

 

The following information was filed by NATIONAL BEVERAGE CORP on Friday, September 7, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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  • 18489017_23
    Financial - Earnings
    The increase in gross profit is due to increased volume and growth in higher margin Power+ Brands.
  • 18489017_40
    Financial - Earnings
    The increase in gross profit is due to increased volume and growth in higher margin Power+ Brands.
  • 18489017_63
    Other - Other
    The increase in working capital was due to higher cash and inventory, partially offset by higher accounts payable.
  • 18489017_65
    Revenue - Product
    Inventories increased $19.9 million in anticipation of future sales growth.
  • 18489017_67
    Other - Other
    At October 27, 2018, the current ratio increased to 4.1 to 1 compared to 3.4 to 1 at April 29, 2018, primarily due to the effect of cash balances and inventory.
  • 18489017_18
    Revenue - Product
    The increase in sales resulted primarily from a 8.5% increase in branded case volume and a higher average selling price.
  • 18489017_36
    Revenue - Product
    The increase in sales resulted primarily from a 13.0% increase in branded case volume and, to a lesser extent, a higher average selling price.
  • 18489017_33
    Financial - Income
    The Company?s effective income tax rate, based upon estimated annual income tax rates, was 22.9% for the second quarter of fiscal 2019 and 33.3% for the second quarter of fiscal 2018.
  • 18489017_50
    Financial - Income
    The Company?s effective income tax rate, based upon estimated annual income tax rates, was 23.2% for the first six months of fiscal 2019 and 33.7% for the first six months of fiscal 2018.
  • 18489017_34
    Financial - Income
    The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.
  • 18489017_51
    Financial - Income
    The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.
  • 18489017_17
    Revenue - Product
    Three Months Ended October 27, 2018 (second quarter of fiscal 2019) compared to Three Months Ended October 28, 2017 (second quarter of fiscal 2018) Net sales for the second quarter of fiscal 2019 increased 6.8% to $260.7 million compared to $244.1 million for the second quarter of fiscal 2018.
  • 18489017_35
    Revenue - Product
    Six Months Ended October 27, 2018 (first six months of fiscal 2019) compared to Six Months Ended October 28, 2017 (first six months of fiscal 2018) Net sales for the first six months of fiscal 2019 increased 9.8% to $553.3 million compared to $503.4 million for the six months of fiscal 2018.
  • 18489017_42
    Financial - Earnings
    As a result, gross margin declined slightly to 39.6% compared to 39.8% for the first six months of fiscal 2018.
  • 18489017_13
    Revenue - Product
    While yesteryear we witnessed more seasonality, we continue to see higher sales during the summer when outdoor activities are more prevalent.
  • 18489017_59
    Financial - Cash Flow
    For the first six months of fiscal 2019, cash flow was principally provided by net income of $89.9 million, an increase in accounts payable of $3.1 million and depreciation and amortization aggregating $7.4 million, offset in part by increases in inventory.
  • 18489017_53
    Other - Other
    At October 27, 2018, we maintained $100 million unsecured revolving credit facilities, under which no borrowings were outstanding and $2.1 million was reserved for standby letters of credit.
  • 18489017_22
    Financial - Earnings
    Gross profit for the second quarter of fiscal 2019 increased 7.7% to $103.5 million compared to $96.1 million for the second quarter of fiscal 2018.
  • 18489017_39
    Financial - Earnings
    Gross profit for the first six months of fiscal 2019 increased 9.3% to $219.2 million compared to $200.6 million for the first six months of fiscal 2018.
  • 18489017_26
    Financial - Expense
    Selling, general and administrative expenses for the second quarter of fiscal 2019 increased $5.9 million to $51.4 million from $45.4 million for the second quarter of fiscal 2018.
  • 18489017_43
    Financial - Expense
    Selling, general and administrative expenses for the first six months of fiscal 2019 increased $11.9 million to $104.1 million from $92.1 million for the first six months of fiscal 2018.
  • 18489017_30
    Financial - Income
    The increase in interest income is due to increased invested balances and returns on investments.
  • 18489017_47
    Financial - Income
    The increase in interest income is due to increased invested balances and returns on investments.
  • 18489017_6
    Other - Other
    Additionally, we produce and distribute carbonated soft drinks including Shasta? and Faygo?, iconic brands whose consumer loyalty spans more than 125 years.
  • 18489017_55
    Financial - Dividend
    On November 20, 2018, the Company declared a special cash dividend of $2.90 per share payable to shareholders of record on November 30, 2018.

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Exhibit 32.1 - SECTION 1350 CERTIFICATION

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  • Form Type: Quarterly
  • Number of times amended: 0
  • Accession Number: 0001437749-18-021683
  • Submitted to the SEC: Thursday, December 6, 2018 5:21:38 PM EST
  • Accepted by the SEC: Thursday, December 6, 2018
  • Period ending: October 2018
  • Industry: Bottled And Canned Soft Drinks And Carbonated Waters