National Beverage Corp. (FIZZ, Financial) filed Quarterly Report for the period ended 2009-08-01.
National Beverage Corp. is a holding company for various subsidiaries that develop manufacture market and distribute a complete portfolio of quality beverage products throughout the United States. Their brands emphasize distinctive flavor variety including their flagship brands Shasta(R) and Faygo(R) complete lines of multi-flavored and cola soft drinks. National Beverage Corp. has a market cap of $467.5 million; its shares were traded at around $10.16 with a P/E ratio of 18.8 and P/S ratio of 0.8.
Other income includes interest income of $99,000 (fiscal 2010) and $202,000 (fiscal 2009). Also, included in other income for the first quarter of fiscal 2010 is a net loss of $97,000 from the disposal of assets.
Net income was $9.8 million for the first quarter of fiscal 2010 compared to $7.8 million for the first quarter of fiscal 2009.
Our principal source of funds is cash generated from operations, which may be supplemented by borrowings under existing credit facilities. We maintain unsecured revolving credit facilities aggregating $75 million, of which $2.9 million was used for standby letters of credit at August 1, 2009. There was no debt outstanding under the credit facilities. We believe that our capital resources, including cash and equivalents aggregating $95.4 million as of August 1, 2009, are sufficient to fund our capital requirements for the foreseeable future.
During the first quarter of fiscal 2010, $12.6 million was provided by operating activities while $1.4 million was used in investing activities. Cash provided by operating activities increased $6.2 million due primarily to an improvement in earnings and working capital requirements.
During the first quarter of fiscal 2010, working capital increased $11.6 million to $129.5 million due primarily to cash provided by operating activities. Trade receivables increased due to higher volume related to seasonality while inventories declined due to improved inventory rationalization. Prepaid and other assets decreased due to a decline in income tax refund receivables. The current ratio was 3.0 to 1 at August 1, 2009 and 2.7 to 1 at May 2, 2009.
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National Beverage Corp. is a holding company for various subsidiaries that develop manufacture market and distribute a complete portfolio of quality beverage products throughout the United States. Their brands emphasize distinctive flavor variety including their flagship brands Shasta(R) and Faygo(R) complete lines of multi-flavored and cola soft drinks. National Beverage Corp. has a market cap of $467.5 million; its shares were traded at around $10.16 with a P/E ratio of 18.8 and P/S ratio of 0.8.
Highlight of Business Operations:
Net sales for the first quarter of fiscal 2010 increased 6.5% to $162.8 million compared to $152.9 million for the first quarter of fiscal 2009. The net sales increase reflects case volume growth of 3.4% for the Companys energy drinks, juices and waters and 16.1% for branded carbonated soft drinks. This improvement was partially offset by lower allied-branded volume and a 1.5% decline in unit pricing due primarily to product mix changes and higher promotional activity.Other income includes interest income of $99,000 (fiscal 2010) and $202,000 (fiscal 2009). Also, included in other income for the first quarter of fiscal 2010 is a net loss of $97,000 from the disposal of assets.
Net income was $9.8 million for the first quarter of fiscal 2010 compared to $7.8 million for the first quarter of fiscal 2009.
Our principal source of funds is cash generated from operations, which may be supplemented by borrowings under existing credit facilities. We maintain unsecured revolving credit facilities aggregating $75 million, of which $2.9 million was used for standby letters of credit at August 1, 2009. There was no debt outstanding under the credit facilities. We believe that our capital resources, including cash and equivalents aggregating $95.4 million as of August 1, 2009, are sufficient to fund our capital requirements for the foreseeable future.
During the first quarter of fiscal 2010, $12.6 million was provided by operating activities while $1.4 million was used in investing activities. Cash provided by operating activities increased $6.2 million due primarily to an improvement in earnings and working capital requirements.
During the first quarter of fiscal 2010, working capital increased $11.6 million to $129.5 million due primarily to cash provided by operating activities. Trade receivables increased due to higher volume related to seasonality while inventories declined due to improved inventory rationalization. Prepaid and other assets decreased due to a decline in income tax refund receivables. The current ratio was 3.0 to 1 at August 1, 2009 and 2.7 to 1 at May 2, 2009.
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