National Beverage (US:FIZZ)2023-12-06 16:00Financial Performance - Net sales for the second quarter of fiscal 2024 increased by $0.5 million to $300.1 million, driven by a 3.2% increase in average selling price per case, despite a 3.6% decline in case volume [50]. - Gross profit for the second quarter of fiscal 2024 rose to $107.9 million, with gross margin increasing to 35.9% from 33.4% in the same quarter of the previous year [51]. - For the first six months of fiscal 2024, net sales increased by $6.5 million to $624.3 million, primarily due to a 3.4% increase in average selling price per case [55]. - Gross profit for the first six months of fiscal 2024 increased to $222.3 million, with gross margin improving to 35.6% from 32.3% in the same period last year [56]. Expenses - Selling, general and administrative expenses for the second quarter of fiscal 2024 increased to $53.6 million, representing 17.8% of net sales, up from 17.7% in the prior year [52]. Cash and Working Capital - The company's cash position increased by $89.6 million for the first six months of fiscal 2024, compared to an increase of $44.6 million in the same period of fiscal 2023 [66]. - At October 28, 2023, working capital rose to $313.9 million from $222.1 million at April 29, 2023, with a current ratio of 3.2 to 1 [62]. Capital Expenditures - Capital expenditures for the first six months of fiscal 2024 were $12.8 million, with anticipated total capital expenditures for the fiscal year projected to be between $25 million and $30 million [61]. Tax Rate - The effective income tax rate for the second quarter of fiscal 2024 was 23.2%, slightly down from 23.3% in the same quarter of the previous year [55]. Credit Facilities - The company maintains unsecured revolving credit facilities totaling $150 million, with no borrowings outstanding as of October 28, 2023 [59].