Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended January 27, 2024

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number 1-14170

NATIONAL BEVERAGE CORP.

(Exact name of registrant as specified in its charter)

Delaware	59-2605822
(State of incorporation)	(I.R.S. Employer Identification No.)

8100 SW Tenth Street, Suite 4000, Fort Lauderdale, FL 33324

(Address of principal executive offices including zip code)

(954) 581-0922

(Registrant’s telephone number including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	FIZZ	The NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The number of shares of registrant’s common stock outstanding as of March 4, 2024 was 93,541,346.

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NATIONAL BEVERAGE CORP.

QUARTERLY REPORT ON FORM 10-Q

INDEX

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)	Page

Condensed Consolidated Balance Sheets as of January 27, 2024 and April 29, 2023	3

Condensed Consolidated Statements of Income for the Three and Nine Months Ended January 27, 2024 and January 28, 2023	4

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended January 27, 2024 and January 28, 2023	5

Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended January 27, 2024 and January 28, 2023	6

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended January 27, 2024 and January 28, 2023	7

Notes to Condensed Consolidated Financial Statements	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	11

Item 3. Quantitative and Qualitative Disclosures about Market Risk	14

Item 4. Controls and Procedures	14

PART II - OTHER INFORMATION

Item 1A. Risk Factors	15

Item 6. Exhibits	15

Signature	16

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

NATIONAL BEVERAGE CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share data)

	January 27,			April 29,
	2024			2023
Assets
Current assets:
Cash and equivalents	$	276,961		$	158,074
Trade receivables - net		101,731			104,918
Inventories		88,670			93,578
Prepaid and other assets		21,784			9,835
Total current assets		489,146			366,405
Property, plant and equipment - net		153,805			148,423
Right-of-use assets		56,929			39,506
Goodwill		13,145			13,145
Intangible assets		1,615			1,615
Other assets		5,240			5,248
Total assets	$	719,880		$	574,342

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	73,310		$	85,106
Accrued liabilities		45,413			47,318
Operating lease obligations		13,585			11,745
Income taxes payable		789			152
Total current liabilities		133,097			144,321
Deferred income taxes - net		24,889			19,814
Operating lease obligations		44,571			29,782
Other liabilities		7,102			7,938
Total liabilities		209,659			201,855
Shareholders' equity:
Preferred stock, $1 par value - 1,000,000 shares authorized:
Series C - 150,000 shares issued		150			150
Common stock, $.01 par value - 200,000,000 shares authorized; 101,908,458 shares issued (101,727,658 shares at April 29)		1,019			1,017
Additional paid-in capital		41,738			40,393
Retained earnings		491,356			358,345
Accumulated other comprehensive income (loss)		191			(3,185	)
Treasury stock - at cost:
Series C preferred stock - 150,000 shares		(5,100	)		(5,100	)
Common stock - 8,374,112 shares		(19,133	)		(19,133	)
Total shareholders' equity		510,221			372,487
Total liabilities and shareholders' equity	$	719,880		$	574,342

See accompanying Notes to Condensed Consolidated Financial Statements.

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NATIONAL BEVERAGE CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(In thousands, except per share amounts)

	Three Months Ended				Nine Months Ended
	January 27,		January 28,		January 27,		January 28,
	2024		2023		2024		2023

Net sales	$	270,065	$	268,483	$	894,379	$	886,233

Cost of sales		173,034		173,561		575,009		591,914

Gross profit		97,031		94,922		319,370		294,319

Selling, general and administrative expenses		48,850		50,488		153,785		156,484

Operating income		48,181		44,434		165,585		137,835

Other income - net		1,967		482		6,745		484

Income before income taxes		50,148		44,916		172,330		138,319

Provision for income taxes		10,556		10,555		39,319		32,458

Net income	$	39,592	$	34,361	$	133,011	$	105,861

Earnings per common share:
Basic	$	.42	$	.37	$	1.42	$	1.13
Diluted	$	.42	$	.37	$	1.42	$	1.13

Weighted average common shares outstanding:
Basic		93,454		93,353		93,389		93,345
Diluted		93,640		93,611		93,618		93,604

See accompanying Notes to Condensed Consolidated Financial Statements.

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NATIONAL BEVERAGE CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(In thousands)

	Three Months Ended				Nine Months Ended
	January 27,		January 28,		January 27,		January 28,
	2024		2023		2024		2023

Net income	$	39,592	$	34,361	$	133,011	$	105,861

Other comprehensive income (loss), net of tax:
Cash flow hedges		2,732		9,856		3,376		(6,594	)

Comprehensive income	$	42,324	$	44,217	$	136,387	$	99,267

See accompanying Notes to Condensed Consolidated Financial Statements.

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NATIONAL BEVERAGE CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)

(In thousands)

	Three Months Ended										Nine Months Ended
	January 27, 2024					January 28, 2023					January 27, 2024					January 28, 2023
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Series C Preferred Stock
Beginning and end of period		150	$	150			150	$	150			150	$	150			150	$	150

Common Stock
Beginning of period		101,766		1,018			101,726		1,017			101,727		1,017			101,712		1,017
Stock options exercised		142		1			1		-			181		2			15		-
End of Period		101,908		1,019			101,727		1,017			101,908		1,019			101,727		1,017

Additional Paid-In Capital
Beginning of period				41,012					40,032					40,393					39,405
Stock options exercised				562					7					841					292
Stock-based compensation				164					165					504					507
End of period				41,738					40,204					41,738					40,204

Retained Earnings
Beginning of period				451,764					287,681					358,345					216,181
Net income				39,592					34,361					133,011					105,861
End of period				491,356					322,042					491,356					322,042

Accumulated Other Comprehensive (Loss) Income
Beginning of period				(2,541	)				(9,532	)				(3,185	)				6,918
Cash flow hedges, net of tax				2,732					9,856					3,376					(6,594	)
End of period				191					324					191					324

Treasury Stock - Series C Preferred
Beginning and end of period		150		(5,100	)		150		(5,100	)		150		(5,100	)		150		(5,100	)

Treasury Stock - Common
Beginning and end of period		8,374		(19,133	)		8,374		(19,133	)		8,374		(19,133	)		8,374		(19,133	)

Total Shareholders' Equity			$	510,221				$	339,504				$	510,221				$	339,504

See accompanying Notes to Condensed Consolidated Financial Statements.

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NATIONAL BEVERAGE CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In thousands)

	Nine Months Ended
	January 27,			January 28,
	2024			2023
Operating Activities:
Net income	$	133,011		$	105,861
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		15,089			15,552
Deferred income tax provision		4,024			3,266
Loss on sale of property, plant and equipment, net		3			20
Stock-based compensation		504			507
Amortization of operating right-of-use assets		10,482			9,946
Changes in assets and liabilities:
Trade receivables		3,187			(3,512	)
Inventories		4,908			9,727
Operating lease right-of-use assets		(27,905	)		(19,539	)
Prepaid and other assets		(3,186	)		1,832
Accounts payable		(11,796	)		(26,311	)
Accrued and other liabilities		(7,485	)		5,271
Operating lease obligation		16,629			9,633
Net cash provided by operating activities		137,465			112,253

Investing Activities:
Additions to property, plant and equipment		(19,464	)		(12,282	)
Proceeds from sale of property, plant and equipment		45			11
Net cash used in investing activities		(19,419	)		(12,271	)

Financing Activities:
Proceeds from stock options exercised		841			292
Repayments of Loan Facility		-			(30,000	)
Net cash provided by (used in) financing activities		841			(29,708	)

Net Increase in Cash and Equivalents		118,887			70,274

Cash and Equivalents - Beginning of Period		158,074			48,050

Cash and Equivalents - End of Period	$	276,961		$	118,324

Other Cash Flow Information:
Interest paid	$	146		$	291
Income taxes paid	$	43,549		$	27,411

See accompanying Notes to Condensed Consolidated Financial Statements.

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NATIONAL BEVERAGE CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

National Beverage Corp. develops, produces, markets and sells a distinctive portfolio of sparkling waters, juices, energy drinks and carbonated soft drinks primarily in the United States and Canada. Incorporated in Delaware in 1985, National Beverage Corp. is a holding company for various operating subsidiaries. When used in this report, the terms “we,” “us,” “our,” “Company” and “National Beverage” mean National Beverage Corp. and its subsidiaries.

1. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The condensed consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated.

The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles and rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements. The condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended April 29, 2023. The accounting policies used in these interim unaudited condensed consolidated financial statements are consistent with those used in the annual consolidated financial statements.

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the interim unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the interim periods presented are not necessarily indicative of results which might be expected for the entire fiscal year.

Inventories

Inventories are stated at the lower of first-in, first-out cost or net realizable market. Inventories at January 27, 2024 were comprised of finished goods of $53.1 million and raw materials of $35.6 million. Inventories at April 29, 2023 were comprised of finished goods of $54.3 million and raw materials of $39.2 million.

Marketing Costs

The Company utilizes a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote its beverages to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs, which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, were $11.0 million and $10.4 million for the three months ended January 27, 2024 and January 28, 2023, respectively. Marketing costs were $35.1 million and $31.0 million for the nine months ended January 27, 2024 and January 28, 2023, respectively.

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Shipping and Handling Costs

Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying condensed consolidated statements of income. Such costs were $17.7 million and $20.2 million for the three months ended January 27, 2024 and January 28, 2023, respectively. Shipping and handling costs were $58.3 million and $65.8 million for the nine months ended January 27, 2024 and January 28, 2023, respectively. Although our classification is consistent with many beverage companies, our gross margin may not be comparable to companies that include shipping and handling costs in cost of sales.

2. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

	(In thousands)
	January 27, 2024			April 29, 2023
Land	$	9,835		$	9,835
Buildings and improvements		71,296			70,615
Machinery and equipment		307,066			289,567
Total		388,197			370,017
Less: accumulated depreciation		(234,392	)		(221,594	)
Property, plant and equipment – net	$	153,805		$	148,423

Depreciation expense was $4.8 million and $4.5 million for the three months ended January 27, 2024 and January 28, 2023, respectively. Depreciation expense was $14.0 million and $13.5 million for the nine months ended January 27, 2024 and January 28, 2023, respectively.

3. DEBT

At January 27, 2024, a subsidiary of the Company maintained unsecured revolving credit facilities with banks aggregating $100 million (the “Credit Facilities”). The Credit Facilities expire from October 28, 2024 to May 30, 2025 and any borrowings would currently bear interest at 1.05% above the Secured Overnight Financing Rate (SOFR). There were no borrowings outstanding under the Credit Facilities at January 27, 2024 or April 29, 2023. At January 27, 2024, $2.2 million of the Credit Facilities was reserved for standby letters of credit and $97.8 million was available for borrowings.

On December 21, 2021, a subsidiary of the Company entered into an unsecured revolving term loan facility with a national bank aggregating $50 million (the “Loan Facility”). There were no borrowings outstanding under the Loan Facility at January 27, 2024 or April 29, 2023. The Loan Facility expires December 31, 2025 and any borrowings would bear interest at 1.05% above the adjusted daily SOFR.

The Credit Facilities and Loan Facility require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the credit agreements), and contain other restrictions, none of which are expected to have a material effect on operations or financial position. At January 27, 2024, the subsidiary was in compliance with all loan covenants.

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4. STOCK OPTIONS

During the nine months ended January 27, 2024 no options were granted, options to purchase 180,800 shares were exercised and options to purchase 6,400 shares were cancelled at weighted average exercise prices of $4.65 and $31.49, respectively. At January 27, 2024, options to purchase 334,100 shares at a weighted average exercise price of $24.10 per share were outstanding and stock-based awards to purchase 5,393,405 shares of common stock were available for grant.

5. DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, we enter into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum containers. Such financial instruments are designated and accounted for as cash flow hedges. Accordingly, gains or losses attributable to the effective portion of the cash flow hedge are reported in accumulated other comprehensive income (loss) (“AOCI”) and reclassified into cost of sales in the period in which the hedged transaction affects earnings. The ineffective portion of the change in fair value of our cash flow hedge was immaterial. The following summarizes the gains (losses) recognized in the Condensed Consolidated Statements of Income and AOCI:

	(In thousands)
	Three Months Ended						Nine Months Ended
	January 27, 2024			January 28, 2023			January 27, 2024			January 28, 2023
Recognized in AOCI:
Gain (loss) before income taxes	$	1,465		$	10,918		$	(4,916	)	$	(14,419	)
Less: income tax provision (benefit)		350			2,612			(1,176	)		(3,449	)
Net		1,115			8,306			(3,740	)		(10,970	)
Reclassified from AOCI to cost of sales:
Loss before income taxes		(2,126	)		(2,036	)		(9,353	)		(5,750	)
Less: income tax benefit		(509	)		(486	)		(2,237	)		(1,374	)
Net		(1,617	)		(1,550	)		(7,116	)		(4,376	)
Net change to AOCI	$	2,732		$	9,856		$	3,376		$	(6,594	)

As of January 27, 2024, the notional amount of our outstanding aluminum swap contracts was $70.4 million and, assuming no change in commodity prices, $0.6 million of unrealized loss before tax will be reclassified from AOCI and recognized in earnings over the next 12 months.

As of January 27, 2024 and April 29, 2023 the fair value of the derivative liability, which was included in accrued liabilities, was $1.4 million and $4.6 million, respectively. As of January 27, 2024, the fair value of the derivative asset was $0.8 million, which was included in prepaid and other assets and the fair value of the long-term derivative asset was $0.4 million, which was included in other assets. Such valuation does not entail a significant amount of judgment and the inputs that are significant to the fair value measurement are Level 2 as defined by the fair value hierarchy as they are observable market based inputs or unobservable inputs that are corroborated by market data.

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6. LEASES

The Company has entered into various non-cancelable operating lease agreements for certain offices, buildings and machinery and equipment which expire at various dates through July 2035. The Company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Lease agreements generally do not contain material residual value guarantees or material restrictive covenants. Operating lease costs were $4.1 million and $3.6 million for the three months ended January 27, 2024 and January 28, 2023, respectively. Operating lease costs were $11.8 million and $10.7 million for the nine months ended January 27, 2024 and January 28, 2023, respectively. As of January 27, 2024, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.95 years and 4.28%, respectively. As of April 29, 2023, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.34 years and 3.30%, respectively. Cash payments were $3.5 million and $3.7 million for operating leases for the three months ended January 27, 2024 and January 28, 2023, respectively. Cash payments were $11.4 million and $10.8 million for the nine months ended January 27, 2024 and January 28, 2023, respectively.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of January 27, 2024:

	(In thousands)
Fiscal 2024 – Remaining quarter	$	4,078
Fiscal 2025		15,047
Fiscal 2026		13,363
Fiscal 2027		11,828
Fiscal 2028		6,927
Thereafter		13,873
Total minimum lease payments including interest		65,116
Less: amounts representing interest		(6,960	)
Present value of minimum lease payments		58,156
Less: current portion of lease obligations		(13,585	)
Non-current portion of lease obligations	$	44,571

7. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280), to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This standard does not change how an entity identifies its operating segments or applies the quantitative thresholds to determine its reportable segments. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this standard on its consolidated financial statements and does not expect a material impact upon adoption.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW

National Beverage Corp. innovatively refreshes America with a distinctive portfolio of sparkling waters, juices, energy drinks (Power+ Brands) and, to a lesser extent, carbonated soft drinks. We believe our creative product designs, innovative packaging and imaginative flavors, along with our corporate culture and philosophy, make National Beverage unique as a stand-alone entity in the beverage industry. Traditional and typical are not a part of an innovator’s vocabulary.

Our strategy seeks the profitable growth of our products by (i) developing healthier beverages in response to the global shift in consumer buying habits and tailoring our beverage portfolio to the preferences of a diverse mix of ‘crossover consumers’ – a growing group desiring a healthier alternative to artificially sweetened and high-caloric beverages; (ii) emphasizing unique flavor development and variety throughout our brands that appeal to multiple demographic groups; (iii) maintaining points of difference through innovative marketing, packaging and consumer engagement and (iv) responding faster and more creatively to changing consumer trends than larger competitors who are burdened by legacy production and distribution complexity and costs.

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The majority of our brands are geared to the active and health-conscious consumer including sparkling waters, energy drinks, and juices. Our portfolio of Power+ Brands includes LaCroix®, LaCroix Cúrate®, and LaCroix NiCola® sparkling water beverages; Clear Fruit® non-carbonated water beverages enhanced with fruit flavor; Rip It® energy drinks and shots; and Everfresh®, Everfresh Premier Varietals™ and Mr. Pure® 100% juice and juice-based beverages. Additionally, we produce and distribute carbonated soft drinks including Shasta® and Faygo®, iconic brands whose consumer loyalty spans more than 130 years.

Presently, our primary market focus is the United States and Canada. Certain of our beverages are also distributed on a limited basis in other countries and options to expand distribution to other regions are being pursued. To service a diverse customer base that includes numerous national retailers, as well as thousands of smaller “up-and-down-the-street” accounts, we utilize a hybrid distribution system consisting of warehouse and direct-store delivery. The warehouse delivery system allows our retail partners to further maximize their assets by utilizing their ability to pick up beverages at our warehouses, further lowering their/our costs.

Our operating results are affected by numerous factors, including fluctuations in the costs of raw materials, holiday and seasonal programming, changes in consumer purchasing habits and weather conditions. Beverage sales are seasonal with higher sales volume realized during the summer months when outdoor activities are more prevalent.

RESULTS OF OPERATIONS

Three Months Ended January 27, 2024 (third quarter of fiscal 2024) compared to

Three Months Ended January 28, 2023 (third quarter of fiscal 2023)

Net sales for the third quarter of fiscal 2024 increased $1.6 million to $270.1 million from $268.5 million for the third quarter of fiscal 2023. The increase in sales resulted primarily from a 0.9% increase in average selling price per case, partially offset by a 0.7% decline in case volume. The volume decline primarily impacted Power+ Brands, partially offset by an increase in carbonated soft drink brands.

Gross profit for the third quarter of fiscal 2024 increased to $97.0 million from $94.9 million for the third quarter of fiscal 2023. The increase in gross profit was primarily due to the increased average selling price per case. The cost of sales per case was flat and gross margin increased to 35.9% from 35.4% for the third quarter of fiscal 2023.

Selling, general and administrative expenses for the third quarter of fiscal 2024 decreased $1.6 million to $48.9 million from $50.5 million for the third quarter of fiscal 2023. The decrease was primarily due to a decrease in shipping and administrative costs, partially offset by an increase in selling and marketing costs. As a percentage of net sales, selling, general and administrative expenses decreased to 18.1% for the third quarter of fiscal 2024 from 18.8% for the third quarter of fiscal 2023.

Other income – net includes interest income of $1.8 million for the third quarter of fiscal 2024 and $0.4 million for the third quarter of fiscal 2023. The increase in interest income is due to increased average invested balances and higher yields.

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The Company’s effective income tax rate, based upon estimated annual income tax rates, was 21.1% for the third quarter of fiscal 2024 and 23.5% for the third quarter of fiscal 2023. The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes offset by excess tax benefits realized from stock options exercised.

Nine Months Ended January 27, 2024 (first nine months of fiscal 2024) compared to

Nine Months Ended January 28, 2023 (first nine months of fiscal 2023)

Net sales for the first nine months of fiscal 2024 increased $8.2 million to $894.4 million from $886.2 million for the first nine months of fiscal 2023. The increase in sales resulted primarily from a 2.6% increase in average selling price per case, partially offset by a 2.1% decline in case volume. The volume decline primarily impacted Power+ Brands, partially offset by an increase in carbonated soft drink brands.

Gross profit for the first nine months of fiscal 2024 increased to $319.4 million from $294.3 million for the first nine months of fiscal 2023. The increase in gross profit was due to the increased average selling price per case and a decline in packaging and ingredient costs. The cost of sales per case decreased 1.3% and gross margin increased to 35.7% from 33.2% for the first nine months of fiscal 2023.

Selling, general and administrative expenses for the first nine months of fiscal 2024 decreased $2.7 million to $153.8 million from $156.5 million for the first nine months of fiscal 2023. The decrease was primarily due to a decrease in shipping and administrative costs, partially offset by an increase in selling and marketing costs. As a percentage of net sales, selling, general and administrative expenses decreased to 17.2% from 17.7% for the first nine months of fiscal 2023.

Other income – net includes interest income of $5.8 million for the first nine months of fiscal 2024 and $0.5 million for the first nine months of fiscal 2023. The increase in interest income is due to increased average invested balances and higher yields.

The Company’s effective income tax rate, based upon estimated annual income tax rates, was 22.8% for the first nine months of fiscal 2024 and 23.5% for the first nine months of fiscal 2023. The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.

LIQUIDITY AND FINANCIAL CONDITION

Liquidity and Capital Resources

Our principal source of funds is cash generated from operations. At January 27, 2024, we maintained unsecured revolving credit facilities totaling $150 million, under which no borrowings were outstanding and $2.2 million was reserved for standby letters of credit. We believe existing capital resources will be sufficient to meet our liquidity and capital requirements for the next twelve months.

Cash Flows

The Company’s cash position increased $118.9 million for the first nine months of fiscal 2024 compared to an increase of $70.3 million for the first nine months of fiscal 2023.

Net cash provided by operating activities for the first nine months of fiscal 2024 was $137.5 million compared to $112.3 million for the nine months of fiscal 2023. For the first nine months of fiscal 2024, cash flow provided by operating activities was principally provided by net income of $133.0 million, depreciation and amortization of $15.1 million, and amortization of operating lease right-of-use assets of $10.5 million, partially offset by changes in working capital and other accounts.

Table of Contents

Net cash used in investing activities for the first nine months of fiscal 2024 reflects capital expenditures of $19.5 million, compared to capital expenditures of $12.3 million for the first nine months of fiscal 2023. Certain production capacity and efficiency improvement projects are in progress and we anticipate fiscal 2024 capital expenditures will be in the range of $27 to $30 million.

Financial Position

At January 27, 2024, working capital increased to $356.0 million from $222.1 million at April 29, 2023. The current ratio was 3.7 to 1 at January 27, 2024 compared to 2.5 to 1 at April 29, 2023. Trade receivables - net decreased $3.2 million and days sales outstanding increased to 34.3 from 33.3 days. Inventories decreased $4.9 million and inventory turns improved to 8.3 times from 7.9 times.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in market risks from those reported in our Annual Report on Form 10-K for the fiscal year ended April 29, 2023.

ITEM 4. CONTROLS AND PROCEDURES

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of the Company’s management, including our Chief Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934). Based upon that evaluation, the Chief Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective to ensure information required to be disclosed by us in reports we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (2) accumulated and communicated to our management, including our Chief Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

FORWARD-LOOKING STATEMENTS

National Beverage Corp. and its representatives may make written or oral statements relating to future events or results relative to our financial, operational and business performance, achievements, objectives and strategies. These statements are “forward-looking” within the meaning of the Private Securities Litigation Reform Act of 1995 and include statements contained in this report and other filings with the Securities and Exchange Commission and in reports to our stockholders. Certain statements including, without limitation, statements containing the words “believes,” “anticipates,” “intends,” “plans,” “expects,” and “estimates” constitute “forward-looking statements” and involve known and unknown risk, uncertainties and other factors that may cause the actual results, performance or achievements of our Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the following: general economic and business conditions, pricing of competitive beverages, success of new product and flavor introductions, fluctuations in the costs and availability of raw materials and packaging supplies, ability to pass along cost increases to our customers, labor strikes or work stoppages or other interruptions in the employment of labor, continued retailer support for our beverages, changes in brand image, consumer demand and preferences and our success in creating beverages geared toward consumers’ tastes, success in implementing business strategies, changes in business strategy or development plans, government regulations, taxes or fees imposed on the sale of our beverages, unfavorable weather conditions and other factors referenced in this report, filings with the Securities and Exchange Commission and other reports to our stockholders. We disclaim an obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments.

Table of Contents

PART II - OTHER INFORMATION

ITEM 1A. RISK FACTORS

There have been no material changes in risk factors from those reported in our Annual Report on Form 10-K for the fiscal year ended April 29, 2023.

ITEM 6. EXHIBITS

Exhibit No.	Description

31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2	Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101	The following financial information from National Beverage Corp. Quarterly Report on Form 10-Q for the quarterly period ended January 27, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets (Unaudited); (ii) Condensed Consolidated Statements of Income (Unaudited); (iii) Condensed Consolidated Statements of Comprehensive Income (Unaudited); (iv) Condensed Consolidated Statements of Shareholders’ Equity (Unaudited); (v) Condensed Consolidated Statements of Cash Flows (Unaudited); and (vi) the Notes to Condensed Consolidated Financial Statements (Unaudited).

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Table of Contents

SIGNATURE

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.

Date: March 7, 2024

	National Beverage Corp. (Registrant)

	By:	/s/ George R. Bracken
		George R. Bracken
		Executive Vice President – Finance
		(Principal Financial Officer)

EXHIBIT 31.1

CERTIFICATION

I, Nick A. Caporella, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of National Beverage Corp.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 7, 2024

/s/ Nick A. Caporella

Nick A. Caporella

Chairman of the Board and

Chief Executive Officer

EXHIBIT 31.2

CERTIFICATION

I, George R. Bracken, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of National Beverage Corp.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 7, 2024

/s/ George R. Bracken

George R. Bracken

Executive Vice President – Finance

(Principal Financial Officer)

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of National Beverage Corp. (the “Company”) on Form 10-Q for the period ended January 27, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Nick A. Caporella, Chairman of the Board and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 7, 2024

/s/ Nick A. Caporella

Nick A. Caporella

Chairman of the Board and

Chief Executive Officer

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of National Beverage Corp. (the “Company”) on Form 10-Q for the period ended January 27, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, George R. Bracken, Executive Vice President - Finance of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: March 7, 2024

/s/ George R. Bracken

George R. Bracken

Executive Vice President – Finance

(Principal Financial Officer)

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Jan. 27, 2024	Mar. 04, 2024
Document Information [Line Items]
Entity Central Index Key	0000069891
Entity Registrant Name	National Beverage Corp.
Amendment Flag	false
Current Fiscal Year End Date	--04-27
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 27, 2024
Document Transition Report	false
Entity File Number	1-14170
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	59-2605822
Entity Address, Address Line One	8100 SW Tenth Street, Suite 4000
Entity Address, City or Town	Fort Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33324
City Area Code	954
Local Phone Number	581-0922
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	FIZZ
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		93,541,346

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jan. 27, 2024	Apr. 29, 2023
Assets
Cash and equivalents	$ 276,961	$ 158,074
Trade receivables - net	101,731	104,918
Inventories	88,670	93,578
Prepaid and other assets	21,784	9,835
Total current assets	489,146	366,405
Property, plant and equipment - net	153,805	148,423
Right-of-use assets	56,929	39,506
Goodwill	13,145	13,145
Intangible assets	1,615	1,615
Other assets	5,240	5,248
Total assets	719,880	574,342
Liabilities and Shareholders' Equity
Accounts payable	73,310	85,106
Accrued liabilities	45,413	47,318
Operating lease obligations	13,585	11,745
Income taxes payable	789	152
Total current liabilities	133,097	144,321
Deferred income taxes net	24,889	19,814
Operating lease obligations	44,571	29,782
Other liabilities	7,102	7,938
Total liabilities	209,659	201,855
Shareholders' equity:
Preferred stock, $1 par value - 1,000,000 shares authorized: Series C - 150,000 shares issued	150	150
Common stock, $.01 par value - 200,000,000 shares authorized; 101,908,458 shares issued (101,727,658 shares at April 29)	1,019	1,017
Additional paid-in capital	41,738	40,393
Retained earnings	491,356	358,345
Accumulated other comprehensive income (loss)	191	(3,185)
Common stock - 8,374,112 shares	(19,133)	(19,133)
Total shareholders' equity	510,221	372,487
Total liabilities and shareholders' equity	719,880	574,342
Series C Preferred Stock [Member]
Shareholders' equity:
Treasury stock - at cost: Series C preferred stock - 150,000 shares	$ (5,100)	$ (5,100)

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jan. 27, 2024	Apr. 29, 2023
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	150,000	150,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	101,908,458	101,727,658
Common stock, shares (in shares)	8,374,112	8,374,112
Series C Preferred Stock [Member]
Series C preferred stock, shares (in shares)	150,000	150,000

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Net sales	$ 270,065	$ 268,483	$ 894,379	$ 886,233
Cost of sales	173,034	173,561	575,009	591,914
Gross profit	97,031	94,922	319,370	294,319
Selling, general and administrative expenses	48,850	50,488	153,785	156,484
Operating income	48,181	44,434	165,585	137,835
Other income - net	1,967	482	6,745	484
Income before income taxes	50,148	44,916	172,330	138,319
Provision for income taxes	10,556	10,555	39,319	32,458
Net income	$ 39,592	$ 34,361	$ 133,011	$ 105,861
Earnings per common share:
Basic (in dollars per share)	$ 42	$ 37	$ 1.42	$ 1.13
Diluted (in dollars per share)	$ 42	$ 37	$ 1.42	$ 1.13
Weighted average common shares outstanding:
Basic (in shares)	93,454	93,353	93,389	93,345
Diluted (in shares)	93,640	93,611	93,618	93,604

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Net income	$ 39,592	$ 34,361	$ 133,011	$ 105,861
Cash flow hedges	2,732	9,856	3,376	(6,594)
Comprehensive income	$ 42,324	$ 44,217	$ 136,387	$ 99,267

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common [Member]	Series C Preferred Stock [Member] Preferred Stock [Member]	Series C Preferred Stock [Member] Treasury Stock, Preferred [Member]
Balance (in shares)		101,712,000					150,000
Balance		$ 1,017	$ 39,405	$ 216,181	$ 6,918		$ 150
Balance (in shares) at Apr. 30, 2022		101,712,000					150,000
Balance at Apr. 30, 2022		$ 1,017	39,405	216,181	6,918		$ 150
Stock options exercised (in shares)		15,000
Stock options exercised		$ 0	292
Balance at Jan. 28, 2023	$ 339,504	$ 1,017	40,204	322,042	324	$ (19,133)		$ (5,100)
Stock-based compensation			507
Net income	105,861			105,861
Cash flow hedges, net of tax	(6,594)				(6,594)
Balance (in shares)		101,726,000					150,000
Balance		$ 1,017	40,032	287,681	(9,532)		$ 150
Balance (in shares) at Oct. 29, 2022		101,726,000					150,000
Balance at Oct. 29, 2022		$ 1,017	40,032	287,681	(9,532)		$ 150
Stock options exercised (in shares)		1,000
Stock options exercised		$ 0	7
Balance at Jan. 28, 2023	339,504	$ 1,017	40,204	322,042	324	$ (19,133)		$ (5,100)
Stock-based compensation			165
Net income	34,361			34,361
Cash flow hedges, net of tax	9,856				9,856
Balance (in shares)		101,727,000				8,374,000		150,000
Balance	339,504	$ 1,017	40,204	322,042	324	$ (19,133)		$ (5,100)
Balance (in shares)		101,727,000					150,000
Balance	372,487	$ 1,017	40,393	358,345	(3,185)		$ 150
Balance (in shares) at Apr. 29, 2023		101,727,000					150,000
Balance at Apr. 29, 2023	$ 372,487	$ 1,017	40,393	358,345	(3,185)		$ 150
Stock options exercised (in shares)	180,800	181,000
Stock options exercised		$ 2	841
Balance at Jan. 27, 2024	$ 510,221	$ 1,019	41,738	491,356	191	(19,133)		(5,100)
Stock-based compensation			504
Net income	133,011			133,011
Cash flow hedges, net of tax	3,376				3,376
Balance (in shares)		101,766,000					150,000
Balance		$ 1,018	41,012	451,764	(2,541)		$ 150
Balance (in shares) at Oct. 28, 2023		101,766,000					150,000
Balance at Oct. 28, 2023		$ 1,018	41,012	451,764	(2,541)		$ 150
Stock options exercised (in shares)		142,000
Stock options exercised		$ 1	562
Balance at Jan. 27, 2024	510,221	$ 1,019	41,738	491,356	191	$ (19,133)		$ (5,100)
Stock-based compensation			164
Net income	39,592			39,592
Cash flow hedges, net of tax	2,732				2,732
Balance (in shares)		101,908,000				8,374,000		150,000
Balance	$ 510,221	$ 1,019	$ 41,738	$ 491,356	$ 191	$ (19,133)		$ (5,100)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023
Operating Activities:
Net income	$ 133,011	$ 105,861
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,089	15,552
Deferred income tax provision	4,024	3,266
Loss on sale of property, plant and equipment, net	3	20
Stock-based compensation	504	507
Amortization of operating right-of-use assets	10,482	9,946
Changes in assets and liabilities:
Trade receivables	3,187	(3,512)
Inventories	4,908	9,727
Operating lease right-of-use assets	(27,905)	(19,539)
Prepaid and other assets	(3,186)	1,832
Accounts payable	(11,796)	(26,311)
Accrued and other liabilities	(7,485)	5,271
Operating lease obligation	16,629	9,633
Net cash provided by operating activities	137,465	112,253
Investing Activities:
Additions to property, plant and equipment	(19,464)	(12,282)
Proceeds from sale of property, plant and equipment	45	11
Net cash used in investing activities	(19,419)	(12,271)
Financing Activities:
Proceeds from stock options exercised	841	292
Repayments of Loan Facility	0	(30,000)
Net cash provided by (used in) financing activities	841	(29,708)
Net Increase in Cash and Equivalents	118,887	70,274
Cash and Equivalents - Beginning of Period	158,074	48,050
Cash and Equivalents - End of Period	276,961	118,324
Other Cash Flow Information:
Interest paid	146	291
Income taxes paid	$ 43,549	$ 27,411

Note 1 - Significant Accounting Policies

9 Months Ended

Jan. 27, 2024

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The condensed consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated.

Inventories

Marketing Costs

Shipping and Handling Costs

Note 2 - Property, Plant and Equipment

9 Months Ended

Jan. 27, 2024

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

2. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

	(In thousands)
	January 27, 2024			April 29, 2023
Land	$	9,835		$	9,835
Buildings and improvements		71,296			70,615
Machinery and equipment		307,066			289,567
Total		388,197			370,017
Less: accumulated depreciation		(234,392	)		(221,594	)
Property, plant and equipment – net	$	153,805		$	148,423

Note 3 - Debt

9 Months Ended

Jan. 27, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

3. DEBT

Note 4 - Stock Options

9 Months Ended

Jan. 27, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

4. STOCK OPTIONS

Note 5 - Derivative Financial Instruments

9 Months Ended

Jan. 27, 2024

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

5. DERIVATIVE FINANCIAL INSTRUMENTS

	(In thousands)
	Three Months Ended						Nine Months Ended
	January 27, 2024			January 28, 2023			January 27, 2024			January 28, 2023
Recognized in AOCI:
Gain (loss) before income taxes	$	1,465		$	10,918		$	(4,916	)	$	(14,419	)
Less: income tax provision (benefit)		350			2,612			(1,176	)		(3,449	)
Net		1,115			8,306			(3,740	)		(10,970	)
Reclassified from AOCI to cost of sales:
Loss before income taxes		(2,126	)		(2,036	)		(9,353	)		(5,750	)
Less: income tax benefit		(509	)		(486	)		(2,237	)		(1,374	)
Net		(1,617	)		(1,550	)		(7,116	)		(4,376	)
Net change to AOCI	$	2,732		$	9,856		$	3,376		$	(6,594	)

Note 6 - Leases

9 Months Ended

Jan. 27, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

6. LEASES

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of January 27, 2024:

	(In thousands)
Fiscal 2024 – Remaining quarter	$	4,078
Fiscal 2025		15,047
Fiscal 2026		13,363
Fiscal 2027		11,828
Fiscal 2028		6,927
Thereafter		13,873
Total minimum lease payments including interest		65,116
Less: amounts representing interest		(6,960	)
Present value of minimum lease payments		58,156
Less: current portion of lease obligations		(13,585	)
Non-current portion of lease obligations	$	44,571

Note 7 - Recently Issued Accounting Pronouncements

9 Months Ended

Jan. 27, 2024

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

7. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Jan. 27, 2024	Jan. 27, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		PART II - OTHER INFORMATION
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Jan. 27, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	*Basis of Presentation* The condensed consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles and rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements. The condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended April 29, 2023. The accounting policies used in these interim unaudited condensed consolidated financial statements are consistent with those used in the annual consolidated financial statements. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the interim unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the interim periods presented are not necessarily indicative of results which might be expected for the entire fiscal year.
Inventory, Policy [Policy Text Block]	*Inventories* Inventories are stated at the lower of first-in, first-out cost or net realizable market. Inventories at January 27, 2024 were comprised of finished goods of $53.1 million and raw materials of $35.6 million. Inventories at April 29, 2023 were comprised of finished goods of $54.3 million and raw materials of $39.2 million.
Advertising Cost [Policy Text Block]	*Marketing Costs* The Company utilizes a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote its beverages to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs, which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, were $11.0 million and $10.4 million for the three months ended January 27, 2024 and January 28, 2023, respectively. Marketing costs were $35.1 million and $31.0 million for the nine months ended January 27, 2024 and January 28, 2023, respectively.
Contract With Customer Liability, Shipping and Handling Cost [Policy Text Block]	*Shipping and Handling Costs* Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying condensed consolidated statements of income. Such costs were $17.7 million and $20.2 million for the three months ended January 27, 2024 and January 28, 2023, respectively. Shipping and handling costs were $58.3 million and $65.8 million for the nine months ended January 27, 2024 and January 28, 2023, respectively. Although our classification is consistent with many beverage companies, our gross margin may not be comparable to companies that include shipping and handling costs in cost of sales.

Note 2 - Property, Plant and Equipment (Tables)

9 Months Ended

Jan. 27, 2024

Notes Tables

Property, Plant and Equipment [Table Text Block]

	(In thousands)
	January 27, 2024			April 29, 2023
Land	$	9,835		$	9,835
Buildings and improvements		71,296			70,615
Machinery and equipment		307,066			289,567
Total		388,197			370,017
Less: accumulated depreciation		(234,392	)		(221,594	)
Property, plant and equipment – net	$	153,805		$	148,423

Note 5 - Derivative Financial Instruments (Tables)

9 Months Ended

Jan. 27, 2024

Notes Tables

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

	(In thousands)
	Three Months Ended						Nine Months Ended
	January 27, 2024			January 28, 2023			January 27, 2024			January 28, 2023
Recognized in AOCI:
Gain (loss) before income taxes	$	1,465		$	10,918		$	(4,916	)	$	(14,419	)
Less: income tax provision (benefit)		350			2,612			(1,176	)		(3,449	)
Net		1,115			8,306			(3,740	)		(10,970	)
Reclassified from AOCI to cost of sales:
Loss before income taxes		(2,126	)		(2,036	)		(9,353	)		(5,750	)
Less: income tax benefit		(509	)		(486	)		(2,237	)		(1,374	)
Net		(1,617	)		(1,550	)		(7,116	)		(4,376	)
Net change to AOCI	$	2,732		$	9,856		$	3,376		$	(6,594	)

Note 6 - Leases (Tables)

9 Months Ended

Jan. 27, 2024

Notes Tables

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

	(In thousands)
Fiscal 2024 – Remaining quarter	$	4,078
Fiscal 2025		15,047
Fiscal 2026		13,363
Fiscal 2027		11,828
Fiscal 2028		6,927
Thereafter		13,873
Total minimum lease payments including interest		65,116
Less: amounts representing interest		(6,960	)
Present value of minimum lease payments		58,156
Less: current portion of lease obligations		(13,585	)
Non-current portion of lease obligations	$	44,571

Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023	Apr. 29, 2023
Inventory, Finished Goods, Gross	$ 53.1		$ 53.1		$ 54.3
Inventory, Raw Materials, Gross	35.6		35.6		$ 39.2
Marketing Expense	11.0	$ 10.4	35.1	$ 31.0
Shipping and Handling Costs	$ 17.7	$ 20.2	$ 58.3	$ 65.8

Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Depreciation	$ 4.8	$ 4.5	$ 14.0	$ 13.5

Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jan. 27, 2024	Apr. 29, 2023
Land	$ 9,835	$ 9,835
Buildings and improvements	71,296	70,615
Machinery and equipment	307,066	289,567
Total	388,197	370,017
Less: accumulated depreciation	(234,392)	(221,594)
Property, plant and equipment – net	$ 153,805	$ 148,423

Note 3 - Debt (Details Textual) - USD ($) $ in Thousands		9 Months Ended
Note 3 - Debt (Details Textual) - USD ($) $ in Thousands	Dec. 21, 2021	Jan. 27, 2024	Apr. 29, 2023
Term Loan Facility [Member]
Debt Instrument, Face Amount	$ 50,000
Long-Term Debt, Gross		$ 0	$ 0
Secured Overnight Financing Rate (SOFR) [Member] \| Term Loan Facility [Member]
Debt Instrument, Basis Spread on Variable Rate	1.05%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		100,000
Long-Term Line of Credit		0	$ 0
Letters of Credit Outstanding, Amount		2,200
Line of Credit Facility, Remaining Borrowing Capacity		$ 97,800
Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.05%

Note 4 - Stock Options (Details Textual)	9 Months Ended
Note 4 - Stock Options (Details Textual)	Jan. 27, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)	180,800
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares)	6,400
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 4.65
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 31.49
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	334,100
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 24.1
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	5,393,405

Note 5 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	Jan. 27, 2024	Apr. 29, 2023
Derivative, Notional Amount	$ 70.4
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	0.6
Derivative Liability, Current	1.4	$ 4.6
Derivative Asset, Current	0.8
Derivative Asset, Noncurrent	$ 0.4

Note 5 - Derivative Financial Instruments - Derivatives Instruments, Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Gain (loss) before income taxes	$ 1,465	$ 10,918	$ (4,916)	$ (14,419)
Less: income tax provision (benefit)	350	2,612	(1,176)	(3,449)
Net	1,115	8,306	(3,740)	(10,970)
Loss before income taxes	(2,126)	(2,036)	(9,353)	(5,750)
Less: income tax benefit	(509)	(486)	(2,237)	(1,374)
Net	(1,617)	(1,550)	(7,116)	(4,376)
Net change to AOCI	$ 2,732	$ 9,856	$ 3,376	$ (6,594)

Note 6 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Note 6 - Leases (Details Textual) - USD ($) $ in Millions	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023	Apr. 29, 2023
Operating Lease, Cost	$ 4.1	$ 3.6	$ 11.8	$ 10.7
Operating Lease, Weighted Average Remaining Lease Term (Year)	4 years 11 months 12 days		4 years 11 months 12 days		4 years 4 months 2 days
Operating Lease, Weighted Average Discount Rate, Percent	4.28%		4.28%		3.30%
Operating Lease, Payments	$ 3.5	$ 3.7	$ 11.4	$ 10.8

Note 6 - Leases - Future Minimum Lease Payments and Related Liabilities for Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands	Jan. 27, 2024	Apr. 29, 2023
Fiscal 2024 – Remaining quarter	$ 4,078
Fiscal 2025	15,047
Fiscal 2026	13,363
Fiscal 2027	11,828
Fiscal 2028	6,927
Thereafter	13,873
Total minimum lease payments including interest	65,116
Less: amounts representing interest	(6,960)
Present value of minimum lease payments	58,156
Less: current portion of lease obligations	(13,585)	$ (11,745)
Non-current portion of lease obligations	$ 44,571	$ 29,782

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