‘Grass Turning Greener’ States National Beverage Corp.; First Quarter Revenues Up; Cites Long-Term Performance Chart

Rhea-AI Summary

National Beverage Corporation (NASDAQ: FIZZ) reported its first quarter fiscal 2023 results with net sales of $318.1 million and a net income of $35.5 million.

Earnings per share stood at $0.38, while cash reserves increased to $56 million after a $30 million debt repayment.

The company acknowledged a decline in sparkling water volume and emphasized its commitment to long-term brand growth despite current market challenges.

Positive

• Net sales rose to $318.1 million.
• Net income increased to $35.5 million.
• Earnings per share was $0.38.
• Cash reserves grew to $56 million after $30 million debt repayment.

Negative

• Volume declines in the sparkling water category.
• Consumer trading-down affecting premium brands.

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- National Beverage Corp. (NASDAQ: FIZZ) today announced results for the first quarter of its 2023 fiscal year.

Long-Term Performance Chart (Graphic: Business Wire)

First Quarter Ended July 30, 2022:

• Net sales increased to $318.1 million
• Net income was $35.5 million
• Earnings per share was $.38
• Cash grew to $56 million after $30 million of debt repayment

“A company’s principal fiduciary purpose is to not only protect shareholder investment; its ultimate goal is to create long-term enterprise value. Presently, that goal is being compromised by factors never before witnessed.

As the leader of the premium domestic sparkling water category, LaCroix was impacted by the volume declines of the category and the apparent trading-down by consumers. Our Power+ brands previously recorded revenue and volume growth for 23 years, and we certainly plan for the return of normalized marketplace conditions that promote pre-pandemic brand growth,” stated a company spokesperson.

“In a recent letter to our shareholders, we included the following:

‘Our Company has an undeniable connection with its long-term shareholders. Those shareholders who have rewarded us with their loyalty have been justly rewarded with 750% appreciation since becoming a public company, compared to 196% in the S&P 500 over that same period. We also have shared our free cash flow with our shareholders by paying $1.2 billion in cash dividends over the last 17 years.’

We are committed to strengthening our focus to create long-term brand equity by upholding marketplace price discipline while remaining focused on managing margins and cash flows. We continue to believe that this philosophy, together with our innovative strengths, have positioned National Beverage for long-term success and the ability to create appreciable shareholder value,” concluded the spokesperson.

“Patriotism” – If Only We Could Bottle It!

National Beverage Corp.
Consolidated Results for the
Three and Twelve Month Periods Ended July 30, 2022
(in thousands, except per share amounts)
		3 Months Ended			12 Months Ended
		July 30, 2022
Net Sales		$	318,117		$	1,144,418
Net Income		$	35,454		$	140,150
Earnings Per Common Share
Basic		$	.38		$	1.50
Diluted		$	.38		$	1.50
Average Common Shares Outstanding
Basic			93,338			93,331
Diluted			93,599			93,605
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties and other factors described in the Company's Securities and Exchange Commission filings which may cause actual results or achievements to differ from the results or achievements expressed or implied by such statements. The Company disclaims an obligation to update or announce revisions to any forward-looking statements.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220908006030/en/

Office of the Chairman, Grace Keene

877-NBC-FIZZ

Source: National Beverage Corp.

FAQ

What were the financial results of National Beverage Corp. for the first quarter of fiscal 2023?

National Beverage Corp. reported net sales of $318.1 million and a net income of $35.5 million for the first quarter of fiscal 2023.

What is the earnings per share for National Beverage Corp. in Q1 2023?

The earnings per share for National Beverage Corp. in Q1 2023 was $0.38.

How much cash did National Beverage Corp. have after debt repayment?

After debt repayment, National Beverage Corp. had cash reserves of $56 million.

What challenges is National Beverage Corp. facing in the sparkling water market?

National Beverage Corp. is facing volume declines in the sparkling water category and consumer trading-down affecting its premium brands.