UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): December 7, 2017
| National Beverage Corp. | |
| (Exact Name of Registrant as Specified in Its Charter) | |
| Delaware | |
| (State or Other Jurisdiction of Incorporation) | |
| 1-14170 |
59-2605822 |
| (Commission File Number) | (IRS Employer Identification No.) |
|
8100 SW Tenth Street, Suite 4000 Fort Lauderdale, Florida
|
33324 |
| (Address of Principal Executive Offices) | (Zip Code) |
| (954) 581-0922 | |
| (Registrant’s Telephone Number, Including Area Code) | |
| (Former Name or Former Address, if Changed Since Last Report) | |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On December 7, 2017, National Beverage Corp. issued a press release announcing financial results for the periods ended October 28, 2017. This release is furnished herewith as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits
|
(c) Exhibit 99.1 |
Press release dated December 7, 2017 announcing the Company’s financial results for the periods ended October 28, 2017. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
National Beverage Corp.
(Registrant)
|
By: |
/s/ Gregory P. Cook Gregory P. Cook Vice President - Controller and Chief Accounting Officer
|
Date: December 8, 2017
EXHIBIT INDEX
|
99.1 |
Exhibit 99.1
 |
NASDAQ: FIZZ For Immediate Release Contact: Office of the Chairman, Grace Keene |
NATIONAL BEVERAGE CORP. GROWTH ACCELERATES
ON TRACK FOR BILLION DOLLAR REVENUES
$504 MILLION – FIRST 6 MONTHS
FORT LAUDERDALE, FL, December 7, 2017 . . . National Beverage Corp. (NASDAQ: FIZZ) today announced that the Company continues its momentum with its first half of fiscal year 2018 achieving a half billion dollars in revenues while growth continues to accelerate. Compared to the prior year:
|
● |
Revenues grew 20% to $504 million |
|
● |
Net Income and EPS increased 35% |
|
● |
Operating profit increased $27 million |
|
● |
Operating margin climbed to 21.5% |
For the Trailing Twelve Months ended October 28, 2017:
(Dollars in millions except EPS)
|
Revenues |
Op. Income |
Net Income |
EPS |
EBITDA* |
||||||||||||||||
|
FY 2018 |
$ | 911 | $ | 190 | $ | 126 | $ | 2.70 | $ | 203 | ||||||||||
|
YOY Growth |
20 | % | 52 | % | 54 | % | 53 | % | 48 | % | ||||||||||
|
FY 2017 |
$ | 761 | $ | 125 | $ | 82 | $ | 1.77 | $ | 137 | ||||||||||
| • Cash was $129 million net of $140 million dividend distributions | ||||||||||||||||||||
-more-
National Beverage Corp.
Page 2
“National Beverage is creating operating performance that is astounding, and when a seasoned operator can innovate, develop and focus on all the variables necessary to achieve these results – it’s standing ovation! If Warren wrote what I did, not a soul would utter a squeak of criticism!” stated Chairman and CEO Nick A. Caporella.
“As I previously stated and wrote relative to our strong sustained performance, I sincerely believe that our record second quarter and six-month results more than certify that my statements were accurate . . . twelve consecutive quarters of revenue and earnings growth, the last ten of which include double-digit net income increases. Add to that, expanding operating margins, leadership of a consumer revolution and one of the industry’s strongest balance sheets, and you have the formula for impressive, dynamic momentum.
LaCroix not only leads the category . . . but defines the category! Despite the introduction of competitive look-alikes, LaCroix remains the clear leader in packaging/shelf marketing, taste and consumer loyalty. With the increasing shelf presence of both LaCroix and our Shasta Sparkling Water SDA (soft drink alternative), we are in a unique position to convert multiple generations to life-long consumers of our ‘healthy-hydration’ beverages.
We are about to further the changing sparkling water protocols by introducing a revolutionary concept called ‘Shelf Demographics’. No other brand of refreshments has dared to organize the shelf set to cater to the changing ethnic preferences of the local population. These consumers will certainly love this new shelf set . . . created especially for them.
Our brand performance and mid-year numbers post a clear signal of things to come; we are on course for another record year. Improving the health of America while rewarding shareholders with exceptional returns . . . it doesn’t get much better than this,” concluded a smiling Caporella.
FIZZ IS – HEALTHY SPARKLING, ALL-WAYS!
National Beverage’s iconic brands are the genuine essence . . . of America
“Patriotism” – If Only We Could Bottle It!
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National Beverage Corp.
Page 3
|
National Beverage Corp. |
|
Consolidated Results for the Periods Ended |
|
October 28, 2017 and October 29, 2016 |
| (in thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
|
Oct. 28, 2017 |
Oct. 29, 2016 |
Oct. 28, 2017 |
Oct. 29, 2016 |
|||||||||||||
|
Net Sales |
$ | 244,119 | $ | 203,180 | $ | 503,951 | $ | 420,288 | ||||||||
|
Net Income |
$ | 33,980 | $ | 24,604 | $ | 72,252 | $ | 53,599 | ||||||||
|
Earnings Per Common Share |
||||||||||||||||
|
Basic |
$ | .73 | $ | .53 | $ | 1.55 | $ | 1.15 | ||||||||
|
Diluted |
$ | .72 | $ | .53 | $ | 1.54 | $ | 1.15 | ||||||||
|
Common Shares Outstanding |
||||||||||||||||
|
Basic |
46,593 | 46,560 | 46,589 | 46,558 | ||||||||||||
|
Diluted |
46,925 | 46,761 | 46,921 | 46,764 | ||||||||||||
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.
*Although the Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"), management believes that the disclosure of EBITDA, a non-GAAP financial measure, may provide users with additional insights into the operating performance of the business. EBITDA (in millions) of $203.1 and $137.1 for the twelve months ended October 28, 2017 and October 29, 2016, respectively, is calculated by adding the following expenses back to Net Income: Depreciation and Amortization of $13.6 and $12.4; Net Interest (Income) of ($.8) and ($.2); and Provision for Income Taxes of $64.6 and $42.5.