National Beverage (US:FIZZ)2023-03-08 16:00Financial Performance - Net sales for Q3 fiscal 2023 increased by 3.7% to $268.5 million from $258.9 million in Q3 fiscal 2022, driven by a 6.9% increase in average selling price per case [41]. - Gross profit for the first nine months of fiscal 2023 decreased to $294.3 million from $320.1 million in the same period of fiscal 2022, with gross margin declining to 33.2% from 37.5% [44]. - Selling, general and administrative expenses for Q3 fiscal 2023 decreased by $2.6 million to $50.5 million, representing 18.8% of net sales, down from 20.5% in Q3 fiscal 2022 [55]. - The cost of sales per case increased by 16.7% for the first nine months of fiscal 2023, contributing to the decline in gross margin [44]. - Average selling price per case increased by 9.3% for the first nine months of fiscal 2023, despite a 5.0% decline in case volumes [57]. Cash Flow and Working Capital - Net cash provided by operating activities for the first nine months of fiscal 2023 amounted to $112.3 million, compared to $92.6 million for the same period in fiscal 2022 [47]. - The cash position increased by $70.3 million for the first nine months of fiscal 2023, contrasting with a decrease of $153.2 million in the same period of fiscal 2022 [61]. - Working capital increased to $198.4 million at January 28, 2023, compared to $129.2 million at April 30, 2022, with a current ratio of 2.6 to 1 [63]. Taxation - The company's effective income tax rate was 23.5% for both Q3 fiscal 2023 and fiscal 2022, primarily affected by state income taxes [56]. Strategic Focus - The company is focusing on developing healthier beverages and responding to changing consumer trends to drive profitable growth [51].