NATIONAL BEVERAGE CORP
For the period ended Jan 25, 2025. Filed Mar 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jan 25, 2025 · Filed Mar 6, 2025
FIZZ$37.14-0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-10-26; filed 2024-12-05.
0001437749-24-036808
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-01-25; filed 2025-03-06.
0001437749-25-006467
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 32 previous paragraphs and 32 current paragraphs.
13 unchanged; 15 reworded; 4 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Three Months Ended January 25, 2025 (third quarter of fiscal 2025) compared to
Current report
Three Months Ended January 27, 2024 (third quarter of fiscal 2024)
Current report
Nine Months Ended January 25, 2025 (first nine months of fiscal 2025) compared to
Current report
Nine Months Ended January 27, 2024 (first nine months of fiscal 2024)
Removed paragraphs (4)
Previous report
Three Months Ended October 26, 2024 (second quarter of fiscal 2025) compared to
Previous report
Three Months Ended October 28, 2023 (second quarter of fiscal 2024)
Previous report
Six Months Ended October 26, 2024 (first six months of fiscal 2025) compared to
Previous report
Six Months Ended October 28, 2023 (first six months of fiscal 2024)
Reworded paragraphs (15)
Previous wording
Net sales for the second quarter of fiscal 2025 decreased 3.0% to $291.2 million compared to $300.1 million for the second quarter of fiscal 2024. The decrease in sales resulted primarily from a 4.6% decrease in case volume, partially offset by a 2.2% increase in average selling price per case. The decrease in case volume impacted both Power + Brands and carbonated soft drink brands.
Current wording
Net sales for the third quarter of fiscal 2025 decreased 1.1% to $267.1 million from $270.1 million for the third quarter of fiscal 2024. The decrease in sales resulted primarily from a 3.4% decrease in case volume, partially offset by a 2.2% increase in average selling price per case. The decrease in case volume primarily impacted Power + Brands, partially offset by a modest increase in carbonated soft drink brands.
Previous wording
Gross profit for the second quarter of fiscal 2025 increased to $109.4 million compared to $107.9 million for the second quarter of fiscal 2024. The increase in gross profit was primarily due to a decline in certain packaging costs and an increase in average selling price per case, partially offset by the decrease in case volume. The average cost of sales per case decreased 0.3% and gross margin increased to 37.6% compared to 35.9% for the second quarter of fiscal 2024.
Current wording
Gross profit for the third quarter of fiscal 2025 increased to $99.0 million from $97.0 million for the third quarter of fiscal 2024. The increase in gross profit was primarily due to an increase in average selling price per case and a decline in packaging costs, partially offset by the decrease in case volume. The average cost of sales per case remained constant and gross margin increased to 37.1% from 35.9% for the third quarter of fiscal 2024.
Previous wording
Selling, general and administrative expenses for the second quarter of fiscal 2025 decreased $2.1 million to $51.5 million from $53.6 million for the second quarter of fiscal 2024. The decrease was primarily due to a decrease in marketing and shipping and handling costs. As a percentage of net sales, selling, general and administrative expenses decreased to 17.7% for the second quarter of fiscal 2025 compared to 17.8% for the second quarter of fiscal 2024.
Current wording
Selling, general and administrative expenses for the third quarter of fiscal 2025 decreased $0.5 million to $48.4 million from $48.9 million for the second quarter of fiscal 2024. The decrease was primarily due to a decrease in marketing and selling costs. As a percentage of net sales, selling, general and administrative expenses remained constant at 18.1% for the third quarter of fiscal 2025 and fiscal 2024, respectively.
Previous wording
Other income, net includes interest income of $1.7 million for the second quarter of fiscal 2025 and $2.2 million for the second quarter of fiscal 2024. The decrease in interest income is due primarily to lower average invested balances.
Current wording
Other income, net includes interest income of $1.4 million for the third quarter of fiscal 2025 and $1.8 million for the third quarter of fiscal 2024. The decrease in interest income is due primarily to lower average invested balances.
Previous wording
The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.4% for the second quarter of fiscal 2025 and 23.2% for the second quarter of fiscal 2024. The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.
Current wording
The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.7% for the third quarter of fiscal 2025 and 21.0% for the third quarter of fiscal 2024. The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.
Previous wording
Net sales for the first six months of fiscal 2025 decreased 0.6% to $620.7 million from $624.3 million for the first six months of fiscal 2024. The decrease in sales resulted primarily from a 1.8% decrease in case volume, partially offset by a 1.4% increase in average selling price per case. The decrease in case volume impacted both Power+ Brands and carbonated soft drink brands.
Current wording
Net sales for the first nine months of fiscal 2025 decreased 0.7% to $887.7 million from $894.4 million for the first nine months of fiscal 2024. The decrease in sales resulted primarily from a 2.3% decrease in case volume, partially offset by a 1.7% increase in average selling price per case. The decrease in case volume impacted both Power+ Brands and carbonated soft drink brands.
Previous wording
Gross profit for the first six months of fiscal 2025 increased to $231.8 million from $222.3 million for the first six months of fiscal 2024. The increase in gross profit was primarily due to a decline in certain packaging costs and an increase in average selling price per case, partially offset by the decrease in case volume. The average cost of sales per case decreased 1.2% and gross margin increased to 37.3% compared to 35.6% for the first six months of fiscal 2024.
Current wording
Gross profit for the first nine months of fiscal 2025 increased to $330.7 million from $319.4 million for the first nine months of fiscal 2024. The increase in gross profit was primarily due to a decline in packaging costs and an increase in average selling price per case, partially offset by the decrease in case volume. The average cost of sales per case decreased 0.9% and gross margin increased to 37.3% from 35.7% for the first nine months of fiscal 2024.
Previous wording
Selling, general and administrative expenses for the first six months of fiscal 2025 decreased $0.5 million to $104.4 million from $104.9 million for the first six months of fiscal 2024. The decrease was primarily due to a decrease in marketing and shipping and handling costs. As a percentage of net sales, selling, general and administrative expenses remained at 16.8% for both of the first six months of fiscal 2025 and fiscal 2024.
Current wording
Selling, general and administrative expenses for the first nine months of fiscal 2025 decreased $1.0 million to $152.8 million from $153.8 million for the first nine months of fiscal 2024. The decrease was primarily due to a decrease in marketing and shipping and handling costs. As a percentage of net sales, selling, general and administrative expenses remained constant at 17.2% for the first nine months of fiscal 2025 and fiscal 2024.
Previous wording
Other income, net includes interest income of $6.0 million for the first six months of fiscal 2025 and $4.0 million for the first six months of fiscal 2024. The increase in interest income is due to increased average invested balances and higher yields.
Current wording
Other income, net includes interest income of $7.4 million for the first nine months of fiscal 2025 and $5.8 million for the first nine months of fiscal 2024. The increase in interest income is due to increased average invested balances.
Previous wording
The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.3% for the first six months of fiscal 2025 and 23.5% for the first six months of fiscal 2024. The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.
Current wording
The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.4% for the first nine months of fiscal 2025 and 22.8% for the first nine months of fiscal 2024. The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.
Previous wording
The Company’s cash position decreased $214.2 million for the first six months of fiscal 2025 compared to an increase of $89.6 million for the first six months of fiscal 2024 primarily due to the special cash dividend of $304.1 million paid on July 24, 2024.
Current wording
The Company’s cash position decreased $177.8 million for the first nine months of fiscal 2025 compared to an increase of $118.9 million for the first nine months of fiscal 2024 primarily due to the special cash dividend of $304.1 million paid on July 24, 2024.
Previous wording
Net cash provided by operating activities for the first six months of fiscal 2025 was $100.1 million compared to $102.1 million for the first six months of fiscal 2024. For the first six months of fiscal 2025, cash flow provided by operating activities decreased primarily due to increases in working capital excluding cash, partially offset by an increase in net income.
Current wording
Net cash provided by operating activities for the first nine months of fiscal 2025 was $146.6 million compared to $137.5 million for the first nine months of fiscal 2024. For the first nine months of fiscal 2025, cash flow provided by operating activities increased primarily due to an increase in net income, partially offset by increases in working capital excluding cash.
Previous wording
Net cash used in investing activities for the first six months of fiscal 2025 reflects capital expenditures of $10.6 million, compared to capital expenditures of $12.8 million for the first six months of fiscal 2024. Certain production capacity and efficiency improvement projects are in progress and we anticipate fiscal 2025 capital expenditures will be in the range of $25 to $30 million.
Current wording
Net cash used in investing activities for the first nine months of fiscal 2025 reflects capital expenditures of $20.8 million, compared to capital expenditures of $19.5 million for the first nine months of fiscal 2024. Certain production capacity and efficiency improvement projects are in progress and we anticipate fiscal 2025 capital expenditures will be in the range of $25 to $30 million.
Previous wording
Net cash used in financing activities for the first six months of fiscal 2025 reflects the payment of a special dividend of $304.1 million.
Current wording
Net cash used in financing activities for the first nine months of fiscal 2025 reflects the payment of a special dividend of $304.1 million. No dividends were paid during the first nine months of fiscal 2024.
Previous wording
At October 26, 2024, working capital decreased to $196.8 million from $398.9 million at April 27, 2024. The current ratio was 2.5 to 1 at October 26, 2024 compared to 3.9 to 1 at April 27, 2024. The decrease in working capital and current ratio was due primarily to the payment of the $304.1 million cash dividend. Trade receivables decreased $3.2 million and days sales outstanding decreased to 31.1 from 31.5 days. Inventories increased $6.4 million and inventory turns declined to 8.2 times from 8.6 times.
Current wording
At January 25, 2025, working capital decreased to $233.0 million from $398.9 million at April 27, 2024. The current ratio was 2.9 to 1 at January 25, 2025 compared to 3.9 to 1 at April 27, 2024. The decrease in working capital and current ratio was due primarily to the payment of the $304.1 million cash dividend. Trade receivables decreased $11.9 million and days sales outstanding decreased to 31.0 from 31.5 days. Inventories increased $0.4 and inventory turns remained constant at 8.6 times. Subsequent to January 25, 2025, the Company renewed two leases and entered into a new lease which will result in an increase in the operating lease right-of-use assets and associated operating lease liabilities of approximately $18 million.