National Beverage (US:FIZZ)2023-09-06 16:00Financial Performance - Net sales for the three months ended July 29, 2023, increased to $324,240,000, up from $318,117,000 for the same period in 2022, representing a growth of 0.4%[11] - Gross profit for the three months ended July 29, 2023, was $114,481,000, compared to $99,401,000 in the prior year, reflecting an increase of 15.2%[11] - Operating income rose to $63,104,000 for the three months ended July 29, 2023, compared to $46,478,000 in the same period last year, marking a growth of 35.6%[11] - Net income for the three months ended July 29, 2023, was $49,631,000, up from $35,454,000 in the prior year, indicating a year-over-year increase of 40.0%[11] - Basic and diluted earnings per share for the three months ended July 29, 2023, were both $0.53, compared to $0.38 for the same period in 2022, reflecting a growth of 39.5%[11] - The company reported a comprehensive income of $49,420,000 for the three months ended July 29, 2023, compared to $24,498,000 for the same period in 2022, indicating a significant increase of 102.5%[12] - Net income for the three months ended July 29, 2023, was $49.6 million, an increase of 40% compared to $35.5 million for the same period in 2022[17] Cash Flow and Assets - Net cash provided by operating activities was $70.1 million, up 73% from $40.6 million in the prior year[17] - Cash and equivalents increased to $222,769,000 as of July 29, 2023, compared to $158,074,000 as of April 29, 2023, reflecting a growth of 40.9%[8] - The company reported a net increase in cash and equivalents to $222.8 million, up from $56.1 million at the end of the previous period[17] - Working capital increased to $274.6 million as of July 29, 2023, compared to $222.1 million at April 29, 2023, with a current ratio of 2.8 to 1[53] - The company's cash position increased by $64.7 million during the first quarter of fiscal 2024[50] Expenses and Liabilities - Total liabilities increased to $218,332,000 as of July 29, 2023, compared to $201,855,000 as of April 29, 2023, an increase of 8.1%[8] - Selling, general and administrative expenses decreased by $1.5 million to $51.4 million, representing 15.8% of net sales, down from 16.6% in the first quarter of fiscal 2023[45] - Marketing costs increased to $10.8 million for the three months ended July 29, 2023, compared to $10.3 million for the same period in 2022[23] - Shipping and handling costs decreased to $20.9 million from $23.6 million year-over-year[24] Equity and Investments - Shareholders' equity rose to $422,075,000 as of July 29, 2023, up from $372,487,000 as of April 29, 2023, indicating a growth of 13.3%[8] - Capital expenditures for the first quarter of fiscal 2024 were $5.5 million, up from $2.6 million in the prior year, with anticipated total capital expenditures for fiscal 2024 expected to be between $25 million and $30 million[52] Market and Strategy - The company’s strategy focuses on developing healthier beverages and responding quickly to consumer trends[38] - The company is considering options to expand distribution to other regions beyond the primary focus on the United States and Canada[41] Other Financial Metrics - Total current assets increased to $431,473,000 as of July 29, 2023, from $366,405,000 as of April 29, 2023, representing a growth of 17.7%[8] - Interest income for the first quarter of fiscal 2024 was $1.8 million, significantly higher than $24,000 in the same period of fiscal 2023, due to increased average invested balances and higher yields[46] - The effective income tax rate for the first quarter of fiscal 2024 was 23.8%, slightly higher than 23.6% in the same period of fiscal 2023[47] - The company maintained $100 million in unsecured revolving credit facilities, with $97.8 million available for borrowings as of July 29, 2023[27] - The company’s property, plant, and equipment net value increased to $149.3 million from $148.4 million[26] - The fair value of the derivative liability related to aluminum swap contracts was $4.9 million as of July 29, 2023[33] - Net sales for the first quarter of fiscal 2024 increased by 1.9% to $324.2 million from $318.1 million in the same period of fiscal 2023, driven by a 3.9% increase in average selling price per case, despite a 1.9% decrease in case volume[43] - Gross profit rose to $114.5 million for the first quarter of fiscal 2024, up from $99.4 million in the prior year, resulting in a gross margin of 35.3%, compared to 31.2% in the first quarter of fiscal 2023[44]