National Beverage Corp. Reports Record Second Quarter Revenues - Reflects Upon Dynamic Performance

Rhea-AI Summary

National Beverage Corp. (NASDAQ: FIZZ) reported a record net sales of $283.2 million for the second quarter ended October 30, 2021, reflecting a 13% increase from pre-pandemic levels. The gross profit stood at $101.5 million, with earnings per share at $.42. Cash reserves rose by 41% to $273 million. However, demand exceeded supply, resulting in significant backlogs. The company announced a $3.00 per share cash dividend, highlighting its commitment to delivering long-term shareholder value.

Positive

• Record net sales of $283.2 million, a 13% increase from pre-pandemic levels.
• Gross profit reported at $101.5 million.
• Earnings per share of $0.42.
• Cash reserves increased by 41% to $273 million.
• Announced a $3.00 per share cash dividend, emphasizing long-term shareholder value.

Negative

• Exceeded consumer demand resulted in record backlogs, indicating potential supply chain issues.

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- National Beverage Corp. (NASDAQ: FIZZ) today announced results for its second quarter ended October 30, 2021:

• Net sales were $283.2 million, a second quarter sales record;
• Gross profit was $101.5 million;
• Earnings per share was $.42; and
• Cash was $273 million, up 41%.

“Our results for the quarter are a dynamic reflection of the current business conditions in America and around the planet,” stated a company spokesperson. “While net sales for the quarter increased 13% from the pre-pandemic levels of the second quarter of FY20, the dynamics of how we monitor and measure internal performance reveal metrics that reflect the reality of our results. The current, well-publicized conditions, while impacting all consumer products companies, prevented us from meeting consumer demand and resulted in creating record backlogs at the end of the quarter.

“Beverage companies utilize several methods to get their products to consumers. National is a genuine partner to major retailers in that we utilize assets that are owned by both our company and the retailer to effectively lower the cost to the consumer. Conditions have temporarily reduced the importance of gross profit as a significant business metric making sales backlogs (currently) an important indicator of consumer demand.

“The recently announced $3.00 per share cash dividend is further evidence of our focus on growing long-term shareholder value. Seventeen years ago, National Beverage’s market capitalization stood at approximately $315 million and our balance sheet equity was $125 million. Since that time, we will have paid out over $1.2 billion in dividends. In other words, we have returned over 3.8x the starting market capitalization and almost 10x our starting balance sheet equity! We believe that innovation has made this possible and is the magic ingredient that separates us from our competition.

“This magic might not fit with conventional notions of return on invested capital, but few companies can match our ‘cash-on-cash’ track record. In our view, it reflects the corporate philosophy that defines who we are.

“Team National is deeply concerned about those who may not be as fortunate as we are. We sincerely hope all will feel our special Peace and Joy this Wonderful Time of Year . . . Merry Christmas!”

“Patriotism” – If Only We Could Bottle It!

National Beverage Corp.
Consolidated Results for the Periods Ended
October 30, 2021 and October 31, 2020
		(in thousands, except per share amounts)
		Three Months Ended							Six Months Ended
		Oct. 30, 2021			Oct. 31, 2020				Oct. 30, 2021			Oct. 31, 2020
Net Sales		$	283,158		$	271,809			$	594,870		$	565,176
Net Income		$	39,284		$	47,164			$	93,100		$	98,328
Earnings Per Common Share
Basic		$	.42		$	.51			$	1.00		$	1.05
Diluted		$	.42		$	.50			$	.99		$	1.05
Average Common Shares Outstanding
Basic			93,321			93,276				93,310			93,262
Diluted			93,640			93,754				93,607			93,632

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/20211209006094/en/

Office of the Chairman

Grace Keene

877-NBC-FIZZ

Source: National Beverage Corp.

FAQ

What were National Beverage Corp.'s net sales for the second quarter of 2021?

National Beverage Corp. reported net sales of $283.2 million for the second quarter ended October 30, 2021.

How did National Beverage Corp.'s earnings per share perform in the second quarter of 2021?

Earnings per share for National Beverage Corp. were $0.42 for the second quarter ended October 30, 2021.

What is the cash dividend announced by National Beverage Corp. in December 2021?

National Beverage Corp. announced a cash dividend of $3.00 per share.

What was the gross profit reported by National Beverage Corp. for the second quarter of 2021?

National Beverage Corp. reported a gross profit of $101.5 million for the second quarter ended October 30, 2021.

How much did National Beverage Corp.'s cash reserves increase by in the second quarter of 2021?

Cash reserves increased by 41% to $273 million for National Beverage Corp. in the second quarter ended October 30, 2021.