National Beverage Corp. reported its financial results for the three months ended July 27, 2024, showing a modest increase in net sales and profitability compared to the same period in the previous fiscal year. Net sales reached $329.5 million, a 1.6% increase from $324.2 million in the prior year. The gross profit also improved, totaling $122.4 million, up from $114.5 million, resulting in a gross margin increase to 37.2% from 35.3%. Operating income rose to $69.5 million from $63.1 million, while net income increased to $56.8 million, compared to $49.6 million in the prior year, leading to earnings per share of $0.61, up from $0.53.
Despite these positive trends in sales and profitability, the company experienced significant declines in its cash position and total assets. Cash and cash equivalents fell sharply to $77.0 million from $327.0 million as of April 27, 2024. Total current assets decreased to $293.2 million from $536.9 million, and total assets dropped to $522.6 million from $770.2 million. Retained earnings also saw a decline, falling to $287.7 million from $535.1 million, and total shareholders' equity decreased to $306.6 million from $559.5 million.
The decrease in cash was primarily attributed to a special cash dividend of $304.1 million paid on July 24, 2024, which was declared on June 12, 2024, at $3.25 per share. This dividend significantly impacted the company's liquidity, as evidenced by a net cash decrease of $250.0 million during the quarter, contrasting with an increase of $64.7 million in the same quarter of the previous year.
Operating cash flow also declined, with net cash provided by operating activities at $57.5 million, down from $70.1 million, attributed to increases in working capital. The company reported a decrease in working capital to $145.7 million from $398.9 million, and the current ratio fell to 2.0 from 3.9.
In terms of operational costs, shipping and handling expenses decreased to $19.5 million from $20.9 million, while marketing costs rose to $11.5 million from $10.8 million. The company continues to focus on its product portfolio, which includes sparkling waters, juices, energy drinks, and carbonated soft drinks, primarily targeting the U.S. and Canadian markets.
About NATIONAL BEVERAGE CORP
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