[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) [Fourth Quarter Performance](index=1&type=section&id=1.1%20Fourth%20Quarter%20Performance) The company reported record net sales, operating profit, and net income for the fourth quarter, driven by volume growth and new product launches Q4 FY2025 Key Financial Metrics | Metric | Q4 FY2025 | Q4 FY2024 | Change (%) | | :----- | :-------- | :-------- | :--------- | | Net Sales | $314 million | $297.315 million | +5.5% | | Operating Income | $57.5 million | N/A | +8.6% | | Net Income | $44.8 million | $43.721 million | +2.4% | | EPS | $0.48 | $0.47 | +2.1% | - LaCroix's recent innovations began shipping in the fourth quarter, providing a **growth stimulus** in a challenging consumer environment[2](index=2&type=chunk) [Fiscal Year Performance](index=1&type=section&id=1.2%20Fiscal%20Year%20Performance) The full fiscal year demonstrated overall growth with increases in net sales, gross margin, operating income, and earnings per share FY2025 Key Financial Metrics | Metric | FY2025 | FY2024 | Change (%) | | :----- | :----- | :----- | :--------- | | Net Sales | $1.2 billion | $1.191 billion | +0.8% | | Gross Margin | 37.0% of sales | N/A | N/A | | Operating Income | $235 million | N/A | +7.8% | | EPS | $2.00 | $1.89 | +5.8% | [Operational & Marketing Initiatives](index=2&type=section&id=Operational%20%26%20Marketing%20Initiatives) [LaCroix Brand Innovations & Marketing](index=2&type=section&id=2.1%20LaCroix%20Brand%20Innovations%20%26%20Marketing) The company launched multi-faceted marketing campaigns and strategic partnerships to enhance LaCroix's brand awareness and drive growth - Initiated various LaCroix Summer marketing campaigns, including a multi-city bus tour featuring the captivating graphics of LaCroix Sunshine[4](index=4&type=chunk) - Partnered with men's and women's professional soccer teams and WNBA teams, and continued its partnership with the Florida Panthers to **enhance brand awareness**[4](index=4&type=chunk) - Emphasizes creative thinking in marketing, social media, BrandED (in-store tasting experience), and MerchMx (creative, themed displays)[4](index=4&type=chunk) - New flavors are meticulously developed, focusing on appealing names and unique taste to ensure **strong consumer connection** before release[4](index=4&type=chunk) [Strategic Outlook & Company Philosophy](index=2&type=section&id=2.2%20Strategic%20Outlook%20%26%20Company%20Philosophy) The company expresses confidence for the new fiscal year, citing consumer resilience and a deliberate, long-term operational focus - The company begins its new fiscal year with optimism that its innovative brands are well-positioned to deliver a **'healthy' future** to consumers and shareholders[4](index=4&type=chunk) - Highlights the **resilience of the U.S. consumer** and the company's deliberate, long-term operational focus amid current events[4](index=4&type=chunk) [Consolidated Financial Results](index=3&type=section&id=Consolidated%20Financial%20Results) [Consolidated Statements of Operations](index=3&type=section&id=3.1%20Consolidated%20Statements%20of%20Operations) The statements detail financial performance for the fourth quarter and full fiscal year, comparing key metrics against the prior year Consolidated Statements of Operations Highlights | Metric (in thousands, except per share) | Q4 FY2025 | Q4 FY2024 | FY2025 | FY2024 | | :------------------------------------ | :-------- | :-------- | :----- | :----- | | Net Sales | $313,629 | $297,315 | $1,201,354 | $1,191,694 | | Net Income | $44,761 | $43,721 | $186,821 | $176,732 | | Earnings Per Common Share - Basic | $0.48 | $0.47 | $2.00 | $1.89 | | Earnings Per Common Share - Diluted | $0.48 | $0.47 | $1.99 | $1.89 | | Average Common Shares Outstanding - Basic | 93,620 | 93,550 | 93,607 | 93,429 | | Average Common Shares Outstanding - Diluted | 93,684 | 93,666 | 93,685 | 93,630 | [Forward-Looking Statements & Disclosures](index=3&type=section&id=Forward-Looking%20Statements%20%26%20Disclosures) [Forward-Looking Statements & Fiscal Period Details](index=3&type=section&id=4.1%20Forward-Looking%20Statements%20%26%20Fiscal%20Period%20Details) This section contains standard disclosures on forward-looking statements, associated risks, and clarifies the duration of reported fiscal periods - The press release contains forward-looking statements, which involve risks and uncertainties that may cause actual results to differ[9](index=9&type=chunk) - The Company **disclaims any obligation to update** or announce revisions to any forward-looking statements[9](index=9&type=chunk) - The Fourth Quarter and Fiscal Year Ended May 3, 2025, consisted of **14 and 53 weeks**, respectively[9](index=9&type=chunk)

[Part I: Business and Risks](index=4&type=section&id=Part%20I) This section provides an overview of the company's business operations, strategic focus, and the various risks it faces, including competitive pressures, regulatory changes, and cybersecurity threats [Business Overview](index=4&type=section&id=ITEM%201.%20BUSINESS) National Beverage Corp. innovates and markets a portfolio of sparkling waters, juices, and energy drinks, emphasizing a 'Healthy Transformation' strategy for health-conscious consumers with brands like LaCroix - The company's strategy centers on developing healthier beverages for 'crossover consumers' who are moving away from artificially sweetened or high-calorie drinks[14](index=14&type=chunk) - LaCroix Sparkling Water is the company's most significant brand and leads the premium domestic sparkling water category. Recent flavor innovations include Sunshine, Strawberry Peach, and Mojito[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - The company operates 12 strategically located production facilities, enabling efficient distribution across the U.S. This vertically integrated model is considered a competitive advantage over competitors reliant on third-party bottlers[38](index=38&type=chunk)[39](index=39&type=chunk) - As of May 3, 2025, the company employed approximately **1,681 people**, with **384** covered by collective bargaining agreements[63](index=63&type=chunk) [Risk Factors](index=10&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces key risks including brand image damage, intense competition, customer consolidation, volatile raw material and energy costs, government regulations, rising labor costs, and potential cybersecurity incidents - The beverage industry is extremely competitive, with rivals like Coca-Cola, PepsiCo, and Nestlé possessing substantially greater financial and marketing resources[56](index=56&type=chunk)[73](index=73&type=chunk) - The cost and availability of key raw materials (aluminum, resin, juice) and energy are subject to price volatility and supply chain disruptions, which could adversely affect financial results[75](index=75&type=chunk) - Potential changes in government regulations, such as new taxes on sweetened beverages or restrictions on certain ingredients, could increase costs or reduce demand for some products[76](index=76&type=chunk) - The business depends on information technology, and a cybersecurity incident could lead to system shutdowns, data breaches, and a material adverse effect on operations and financial condition[82](index=82&type=chunk) [Cybersecurity](index=12&type=section&id=ITEM%201C.%20CYBERSECURITY) The company manages cybersecurity risks through a multi-tiered strategy overseen by the Audit Committee, involving internal and external resources, employee training, and an incident response plan, with no material incidents in Fiscal 2025 - The Board's Audit Committee has oversight responsibility for cybersecurity and other information technology risks[87](index=87&type=chunk) - The company's management team, led by the Director of Information Technology, is responsible for managing material cybersecurity risks[87](index=87&type=chunk) - No cybersecurity incidents in Fiscal 2025 were reasonably likely to have a material effect on the company's business strategy, operations, or financial condition[86](index=86&type=chunk) [Properties](index=12&type=section&id=ITEM%202.%20PROPERTIES) National Beverage Corp. operates twelve production facilities, ten owned and two leased, totaling approximately two million square feet across ten states, which are deemed sufficient for current needs - The company owns ten production facilities and leases two, located in Maryland and Florida, with leases expiring through **2035**[88](index=88&type=chunk) [Part II: Financial Information and Performance](index=13&type=section&id=Part%20II) This section details the company's financial performance, including market information for its common stock, management's discussion and analysis of operations and liquidity, market risk disclosures, and audited financial statements [Market for Common Equity and Stockholder Matters](index=13&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) The company's common stock trades on NASDAQ under 'FIZZ'; in Fiscal 2025, a special cash dividend of **$3.25 per share** totaling **$304.1 million** was paid, with no share repurchases despite an authorized program - A special cash dividend of **$3.25 per share**, aggregating **$304.1 million**, was paid on July 24, 2024[95](index=95&type=chunk) - No shares of common stock were repurchased during the fiscal year ended May 3, 2025. Approximately **1.9 million shares** remain available for repurchase under the current authorization[95](index=95&type=chunk) [Management's Discussion and Analysis (MD&A)](index=15&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) In Fiscal 2025, net sales slightly increased to **$1.2 billion** due to higher prices, gross margin improved to **37.0%**, and net income rose to **$186.8 million**, maintaining strong liquidity with **$193.8 million** cash and no debt despite a large dividend payment [Results of Operations](index=15&type=section&id=Results%20of%20Operations) Fiscal 2025 saw a slight increase in net sales driven by higher average selling prices, improved gross profit and margin due to lower packaging costs, and a rise in net income despite reduced SG&A expenses Fiscal 2025 vs. Fiscal 2024 Performance | Metric | Fiscal 2025 | Fiscal 2024 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $1,201.4M | $1,191.7M | +0.8% | 1.7% increase in avg. selling price, offset by 0.9% volume decrease | | **Gross Profit** | $443.9M | $428.5M | +3.6% | Decline in packaging costs and higher selling prices | | **Gross Margin** | 37.0% | 36.0% | +1.0 ppt | Favorable cost of sales and pricing | | **SG&A Expenses** | $208.5M | $209.9M | -0.7% | Reduced marketing spending and lower shipping costs | | **Net Income** | $186.8M | $176.7M | +5.7% | Higher gross profit and lower SG&A | | **Diluted EPS** | $1.99 | $1.89 | +5.3% | Increased net income | [Liquidity and Financial Condition](index=16&type=section&id=Liquidity%20and%20Financial%20Condition) The company's cash decreased to **$193.8 million** due to a **$304.1 million** special dividend, yet operating cash flow remained strong at **$206.7 million**, with increased capital expenditures and **$150 million** in unused credit facilities - The company's cash position decreased by **$133.2 million** to **$193.8 million**, primarily due to the payment of a **$304.1 million** special cash dividend[118](index=118&type=chunk)[120](index=120&type=chunk) - Net cash provided by operating activities was strong at **$206.7 million** for Fiscal 2025, compared to **$197.9 million** in Fiscal 2024[118](index=118&type=chunk) - Capital expenditures increased to **$36.3 million** in Fiscal 2025 from **$30.2 million** in Fiscal 2024, primarily for capacity expansion and efficiency projects[119](index=119&type=chunk) - The company maintained unsecured revolving credit facilities totaling **$150 million** with no borrowings outstanding at fiscal year-end[116](index=116&type=chunk) [Contractual Obligations](index=17&type=section&id=CONTRACTUAL%20OBLIGATIONS) As of May 3, 2025, the company's total contractual obligations amounted to **$97.474 million**, primarily consisting of operating lease commitments and short-term purchase commitments Contractual Obligations as of May 3, 2025 (In thousands) | Obligation Type | Total | Less than 1 Year | 2 to 3 Years | 4 to 5 Years | More than 5 Years | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating leases | $82,856 | $17,388 | $28,010 | $20,441 | $17,017 | | Purchase commitments | $14,618 | $14,618 | - | - | - | | **Total** | **$97,474** | **$32,006** | **$28,010** | **$20,441** | **$17,017** | [Market Risk Disclosures](index=18&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages market risks from commodity price fluctuations and interest rate changes, utilizing derivative instruments for materials like aluminum and addressing interest rate exposure primarily through its short-duration investment securities - The company uses derivative financial instruments, such as aluminum swap contracts, to partially mitigate exposure to changes in raw material costs[131](index=131&type=chunk) - As of May 3, 2025, the company had no outstanding borrowings, so its primary interest rate risk is related to its cash equivalent investments[132](index=132&type=chunk) [Financial Statements and Supplementary Data](index=19&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section presents the company's audited consolidated financial statements for Fiscal 2025, including the balance sheet, income statement, cash flow statement, and statement of shareholders' equity, along with detailed notes and the independent auditor's report [Consolidated Financial Statements](index=19&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for Fiscal 2025 show total assets of **$672.86 million**, net sales of **$1.201 billion**, net income of **$186.821 million**, and net cash from operating activities of **$206.696 million** Key Financial Data Summary (Fiscal Year 2025) | Metric | Amount (in thousands) | | :--- | :--- | | **Balance Sheet (as of May 3, 2025)** | | | Total Current Assets | $406,928 | | Total Assets | $672,860 | | Total Current Liabilities | $140,502 | | Total Liabilities | $228,861 | | Total Shareholders' Equity | $443,999 | | **Income Statement (for FY ended May 3, 2025)** | | | Net Sales | $1,201,354 | | Gross Profit | $443,941 | | Operating Income | $235,459 | | Net Income | $186,821 | | **Cash Flow Statement (for FY ended May 3, 2025)** | | | Net Cash from Operating Activities | $206,696 | | Net Cash used in Investing Activities | ($36,275) | | Net Cash used in Financing Activities | ($303,633) | [Notes to Consolidated Financial Statements](index=24&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including the 53-week Fiscal 2025, classification of shipping costs, absence of debt, related-party transactions with CMA totaling **$12.0 million**, use of **$57.7 million** notional aluminum swap derivatives, and **$2.9 million** in multi-employer pension plan contributions - Fiscal 2025 consisted of **53 weeks**, whereas Fiscal 2024 and 2023 were **52-week** years[144](index=144&type=chunk) - The company incurred management fees of **$12.0 million** in Fiscal 2025 payable to Corporate Management Advisors, Inc. (CMA), a company owned by the Chairman and CEO[176](index=176&type=chunk) - The company uses aluminum swap contracts to hedge against commodity price volatility. As of May 3, 2025, the notional amount of these contracts was **$57.7 million**[177](index=177&type=chunk) - The company contributes to multi-employer pension plans, with total contributions amounting to **$2.9 million** in Fiscal 2025[197](index=197&type=chunk) [Report of Independent Registered Public Accounting Firm](index=33&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Grant Thornton LLP issued an unqualified opinion on the company's Fiscal 2025 consolidated financial statements and the effectiveness of its internal control over financial reporting, reporting no critical audit matters - The audit firm Grant Thornton LLP issued an unqualified opinion, stating the financial statements are presented fairly in all material respects[207](index=207&type=chunk) - The auditors also issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of May 3, 2025[208](index=208&type=chunk)[215](index=215&type=chunk) [Controls and Procedures](index=36&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) As of May 3, 2025, the CEO and principal financial officer concluded that both disclosure controls and internal control over financial reporting were effective, with no material changes reported during the last fiscal quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the fiscal year[230](index=230&type=chunk) - Management's evaluation concluded that the company's internal control over financial reporting was effective as of May 3, 2025[233](index=233&type=chunk) [Part III: Corporate Governance and Executive Compensation](index=37&type=section&id=Part%20III) This section identifies the company's executive officers and incorporates detailed information on directors, corporate governance, executive compensation, security ownership, and related party transactions by reference from the 2025 Proxy Statement [Directors, Executive Officers and Corporate Governance](index=37&type=section&id=ITEM%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) The report lists key executive officers, including Nick A. Caporella (Chairman & CEO), Joseph G. Caporella (President), and George R. Bracken (EVP - Finance), with further details on directors and governance incorporated by reference Executive Officers as of May 3, 2025 | Name | Age | Position | | :--- | :--- | :--- | | Nick A. Caporella | 89 | Chairman of the Board and Chief Executive Officer | | Joseph G. Caporella | 64 | President | | George R. Bracken | 80 | Executive Vice President - Finance | [Part IV: Exhibits and Financial Statement Schedules](index=38&type=section&id=Part%20IV) This final part lists the financial statements, schedules, and exhibits filed with the Form 10-K, including consents from independent auditors and certifications by the CEO and CFO [Exhibits and Signatures](index=38&type=section&id=ITEM%2015.%20EXHIBITS%2C%20FINANCIAL%20STATEMENT%20SCHEDULES) This section indexes all exhibits filed with the 10-K, such as corporate documents, material contracts, and compensation plans, and includes required signatures from the company's officers and directors - The report includes certifications from the Chief Executive Officer and Principal Financial Officer as required by Sections 302 and 906 of the Sarbanes-Oxley Act[257](index=257&type=chunk) - The report was signed by key executives, including George R. Bracken (Principal Financial Officer), Nick A. Caporella (CEO), and Joseph G. Caporella (President)[260](index=260&type=chunk)[261](index=261&type=chunk)

Core Insights - The article emphasizes the investment philosophy focused on small cap companies, highlighting the importance of identifying mispriced securities through understanding financial drivers and utilizing DCF model valuation [1] Investment Philosophy - The investment approach is not confined to traditional categories such as value, dividend, or growth investing, but rather considers all prospects of a stock to assess risk-to-reward [1]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) National Beverage Corp. reports challenging Q3 performance due to weather and fires, while trailing twelve-month results show growth in sales and profit [Company Announcement & Q3 Overview](index=1&type=section&id=Company%20Announcement%20%26%20Q3%20Overview) Q3 performance was challenging due to unpredictable winter weather and Southern California fires, negatively impacting sales volumes in key markets - Q3 performance was challenging due to unpredictable winter weather and Southern California fires, which adversely impacted volumes in key markets[2](index=2&type=chunk) [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) Q3 net sales reached $267 million with a 5% operating profit increase, while trailing twelve-month net sales grew to $1.2 billion with a 10% net income rise Key Financial Highlights (Q3 & Trailing Twelve Months) | Metric | Three Months Ended Jan 25, 2025 | Trailing Twelve Months Ended Jan 25, 2025 | | :----------------- | :------------------------------ | :---------------------------------------- | | Net Sales | $267 million | $1.2 billion | | Operating Profit | $51 million (up 5%) | $231 million (up 8%) | | Net Income | N/A | $186 million (up 10%) | | Earnings Per Share | $0.42 | $1.99 (up $0.18) | | Cash | $149 million | N/A | [Operational Review & Strategic Initiatives](index=2&type=section&id=Operational%20Review%20%26%20Strategic%20Initiatives) The company strengthens brand awareness through marketing and sponsorships, while LaCroix innovates the sparkling water category with a new "creativity" [Marketing & Brand Strategy](index=2&type=section&id=Marketing%20%26%20Brand%20Strategy) Marketing efforts focus on in-store displays, consumer engagements, social media, and sports sponsorships to enhance brand awareness and health alignment - Marketing strategy reinforces brand awareness through in-store displays, consumer 'experiential' engagements, social media, and sponsorships of women's soccer and youth sports[4](index=4&type=chunk) - The company aligns with the media's focus on improving health by promoting its products as 'delicious and innocent refreshment'[4](index=4&type=chunk) [Product Innovation](index=2&type=section&id=Product%20Innovation) LaCroix is developing and testing a new "creativity" for sparkling water, showing promising results at Natural Products Expo West - LaCroix is testing a new 'creativity' at Natural Products Expo West to innovate the sparkling water category[4](index=4&type=chunk) - The new concept is currently exceeding expectations and is considered a potential **'game changer'**[4](index=4&type=chunk) [Consolidated Financial Results](index=3&type=section&id=Consolidated%20Financial%20Results) This section details the company's financial performance for the three months and trailing twelve months ended January 25, 2025 [Three Months Ended January 25, 2025](index=3&type=section&id=Three%20Months%20Ended%20January%2025%2C%202025) Net sales slightly decreased to $267.05 million, while net income and EPS remained stable for the three months ended January 25, 2025 Consolidated Results for Three Months Ended | Metric | Jan. 25, 2025 (in thousands) | Jan. 27, 2024 (in thousands) | Change (YoY) | | :--------------------------- | :--------------------------- | :--------------------------- | :----------- | | Net Sales | $267,050 | $270,065 | -$3,015 (-1.1%) | | Net Income | $39,643 | $39,592 | +$51 (+0.1%) | | Basic EPS | $0.42 | $0.42 | $0.00 (0%) | | Diluted EPS | $0.42 | $0.42 | $0.00 (0%) | | Average Basic Shares Outstanding | 93,617 | 93,454 | +163 | | Average Diluted Shares Outstanding | 93,691 | 93,640 | +51 | [Trailing Twelve Months Ended January 25, 2025](index=3&type=section&id=Trailing%20Twelve%20Months%20Ended%20January%2025%2C%202025) Net sales increased to $1.185 billion, with net income rising 9.7% and EPS increasing to $1.99 for the trailing twelve months Consolidated Results for Trailing Twelve Months Ended | Metric | Jan. 25, 2025 (in thousands) | Jan. 27, 2024 (in thousands) | Change (YoY) | | :--------------------------- | :--------------------------- | :--------------------------- | :----------- | | Net Sales | $1,185,040 | $1,181,078 | +$3,962 (+0.3%) | | Net Income | $185,781 | $169,314 | +$16,467 (+9.7%) | | Basic EPS | $1.99 | $1.81 | +$0.18 (+9.9%) | | Diluted EPS | $1.98 | $1.81 | +$0.17 (+9.4%) | | Average Basic Shares Outstanding | 93,590 | 93,380 | +210 | | Average Diluted Shares Outstanding | 93,680 | 93,618 | +62 | [Forward-Looking Statements Disclaimer](index=3&type=section&id=Forward-Looking%20Statements%20Disclaimer) This disclaimer addresses forward-looking statements, highlighting inherent risks and uncertainties, and disclaims any obligation for future updates - The press release contains forward-looking statements, subject to risks and uncertainties described in SEC filings[7](index=7&type=chunk) - The Company disclaims any obligation to update or revise forward-looking statements[7](index=7&type=chunk)

☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended January 25, 2025 or Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-14170 NATIONAL BEVERAGE CORP. (Exact name of registrant as specified in its charter) Delaware 59-2605822 (State of incorporation) (I.R.S. Employer Identifi ...

Group 1 - National Beverage Corp. has reported stable overall earnings despite a decline in revenues due to slower inflation and consumer weakness, particularly in fiscal Q2 [1] - The company's performance reflects a trend seen across its peers in the beverage industry [1] Group 2 - The investment philosophy focuses on identifying mispriced securities by understanding the financial drivers of a company, often revealed through DCF model valuation [1] - This approach allows for a flexible investment strategy that encompasses various prospects of a stock, rather than being confined to traditional value, dividend, or growth investing [1]

Financial Performance - Net sales for the second quarter were $291 million, a 3% decline compared to the prior year due to volume shortfalls in August and September[3][5] - Gross margin improved to 38% of net sales in the second quarter[3] - Operating income grew 7% to $58 million in the second quarter[3] - Earnings per share increased to $0.49 from $0.47 in the second quarter[3] - Net sales for the six-month period were $621 million[4] - Operating income for the six-month period grew $10 million to $127 million[4] - Net income for the six-month period increased 10% to $102 million, or $1.09 per share[4] - Second quarter operating margins improved for the 8th consecutive quarter, with operating profit per case increasing 12%[6] Product and Market Expansion - LaCroix's new product, Strawberry Peach, launched at the beginning of the quarter, received an exceptionally positive consumer response and is anticipated to be available nationwide by the end of the year[6] - The company expanded its in-store merchandising teams to new cities and increased its staff of in-store sampling ambassadors to promote its beverages[6]

Core Insights - National Beverage Corporation, known for its LaCroix brand, reported its Q1'25 earnings on September 5, revealing results that were not favorable for investors [1]. Company Overview - National Beverage Corporation is a non-alcoholic beverage company that owns several popular brands, including sparkling water and energy drinks [1]. Financial Performance - The Q1'25 earnings report indicated disappointing results, although specific financial metrics were not detailed in the provided content [1].

[Fourth Quarter Fiscal 2024 Highlights](index=1&type=section&id=Fourth%20Quarter%20Fiscal%202024%20Highlights) National Beverage Corp. achieved record Q4 net sales, net income, and gross margins, fueled by a 5% increase in LaCroix and Rip It case volume | Metric | Q4 FY 2024 | YoY Change | | :--- | :--- | :--- | | Net Sales | $297 million | +$11 million | | Net Income | $44 million | +20% | | Earnings Per Share | $0.47 | +20.5% | | Gross Margin | 36.7% | +100 bps | - The company achieved a **"best ever" fourth quarter**, setting records for **net sales**, **operating profit**, and **net income**[6](index=6&type=chunk) - **Overall case volume grew by 5%**, driven by strong performance from the **LaCroix** and **Rip It** brands[6](index=6&type=chunk) [Full Fiscal Year 2024 Highlights](index=1&type=section&id=Full%20Fiscal%20Year%202024%20Highlights) Fiscal year 2024 saw solid growth with **$1.2 billion** in net sales, a **24% increase** in net income, and a **$169 million** boost in cash | Metric | FY 2024 | YoY Change | | :--- | :--- | :--- | | Net Sales | $1.2 billion | +$19 million | | Net Income | $177 million | +24% | | Earnings Per Share | $1.89 | +24.3% | | Operating Profits | $218 million | +240 bps (margin growth) | | Cash | $327 million | +$169 million | [Management Commentary and Strategic Focus](index=2&type=section&id=Management%20Commentary%20and%20Strategic%20Focus) Management highlights sustained record revenue and income growth, driven by brand innovation and a strong commitment to shareholder value - Growth is driven by innovative flavors and packaging, with new offerings like **LaCroix Mojito**, **Rip It**, and **Shasta Zero Sugar** receiving enthusiastic consumer and retailer reception[7](index=7&type=chunk) - Management anticipates future performance will be fueled by a backlog of innovative ideas and profound creativity in packaging and flavor development[4](index=4&type=chunk)[9](index=9&type=chunk) - The company's philosophy and strategy, described as "corporate endorphins," stimulate business with a core commitment to delivering value to shareholders[4](index=4&type=chunk)[7](index=7&type=chunk) [Consolidated Financial Results](index=3&type=section&id=Consolidated%20Financial%20Results) This section details consolidated financial results for Q4 and full fiscal year 2024, covering net sales, net income, EPS, and average shares outstanding | (in thousands, except per share) | **Three Months Ended** | | **Fiscal Years Ended** | | | :--- | :--- | :--- | :--- | :--- | | | **Apr 27, 2024** | **Apr 29, 2023** | **Apr 27, 2024** | **Apr 29, 2023** | | **Net Sales** | *$297,331* | $286,699 | $1,191,694 | $1,172,932 | | **Net Income** | *$43,532* | $36,303 | $176,732 | $142,164 | | **Earnings Per Share - Basic** | *$0.47* | $0.39 | $1.89 | $1.52 | | **Earnings Per Share - Diluted** | *$0.47* | $0.39 | $1.89 | $1.52 | | **Avg. Shares - Basic** | *93,429* | 93,353 | 93,429 | 93,347 | | **Avg. Shares - Diluted** | *93,630* | 93,618 | 93,630 | 93,608 |

Table of Contents ☑ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended April 27, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to _________ Commission file number 1-14170 NATIONAL BEVERAGE CORP. (Exact name of Registrant as specified in its charter) Delaware 59-2605822 (State of incorporation) (I.R.S. Employer Identification No.) United States Securities ...