0001437749-24-036808 | 10-Q | XBRL Viewer

Lessee, Operating Leases [Text Block]

3. 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 May 2036. 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 $4.0 million for the three months ended October 26, 2024 and October 28, 2023, respectively. Operating lease costs were $8.3 million and $7.7 million for the six months ended October 26, 2024 and October 28, 2023, respectively. As of October 26, 2024, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.57 years and 4.43%, respectively. As of April 27, 2024, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.80 years and 4.30%, respectively. Cash payments were $4.3 million and $4.1 million for operating leases for the three months ended October 26, 2024 and October 28, 2023, respectively. Cash payments were $8.4 million and $7.8 million for operating leases for the six months ended October 26, 2024 and October 28, 2023, respectively.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of October 26, 2024:

	(In thousands)
Fiscal 2025 – Remaining 2 quarters	$	7,440
Fiscal 2026		13,884
Fiscal 2027		12,343
Fiscal 2028		7,452
Fiscal 2029		6,273
Thereafter		8,837
Total minimum lease payments including interest		56,229
Less: amounts representing interest		(5,746	)
Present value of minimum lease payments		50,483
Less: current portion of lease obligations		(12,869	)
Non-current portion of lease obligations	$	37,614

Note 5 - Derivative Financial Instruments

6 Months Ended

Oct. 26, 2024

Derivative Instruments and Hedging Activities Disclosure [Text Block]

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						Six Months Ended
	October 26, 2024			October 28, 2023			October 26, 2024			October 28, 2023
Recognized in AOCI:
Income (loss) before income taxes	$	10,420		$	(2,341	)	$	3,222		$	(6,381	)
Less: income tax provision (benefit)		2,460			(560	)		755			(1,526	)
Net		7,960			(1,781	)		2,467			(4,855	)
Reclassified from AOCI to cost of sales:
Loss before income taxes		(409	)		(3,464	)		(1,141	)		(7,227	)
Less: income tax benefit		(97	)		(828	)		(269	)		(1,728	)
Net		(312	)		(2,636	)		(872	)		(5,499	)
Net change to AOCI	$	7,648		$	855		$	1,595		$	644

As of October 28, 2024, the notional amount of our outstanding aluminum swap contracts was $86.0 million and, assuming no change in commodity prices, $5.4 million of unrealized gain before tax will be reclassified from AOCI and recognized in earnings over the next 12 months. The maximum length of time for which the Company hedges its exposure to the variability of future cash flows is less than three years.

As of October 28, 2024, the fair value of the derivative asset was $7.8 million, of which $5.4 million was included in prepaid and other assets and $2.4 million in other assets. As of April 27, 2024, the fair value of the derivative asset, which was included in prepaid and other current assets, was $5.7 million. 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.

Note 4 - Debt	6 Months Ended
Oct. 26, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	4. DEBT At October 26, 2024, a subsidiary of the Company maintained unsecured revolving credit facilities with banks aggregating $100 million (the “Credit Facilities”). The Credit Facilities expire from May 30, 2025 to September 10, 2027 and any borrowings would currently bear interest at 1.15% above the Secured Overnight Financing Rate (“SOFR”). There were no borrowings outstanding under the Credit Facilities at October 26, 2024 or April 27, 2024. At October 26, 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 October 26, 2024 or April 27, 2024. The Loan Facility expires December 31, 2025 and any borrowings would bear interest at 1.15% 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 October 26, 2024, the subsidiary was in compliance with all loan covenants.

Note 4 - Debt

6 Months Ended

Oct. 26, 2024

Debt Disclosure [Text Block]

4. DEBT

At October 26, 2024, a subsidiary of the Company maintained unsecured revolving credit facilities with banks aggregating $100 million (the “Credit Facilities”). The Credit Facilities expire from May 30, 2025 to September 10, 2027 and any borrowings would currently bear interest at 1.15% above the Secured Overnight Financing Rate (“SOFR”). There were no borrowings outstanding under the Credit Facilities at October 26, 2024 or April 27, 2024. At October 26, 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 October 26, 2024 or April 27, 2024. The Loan Facility expires December 31, 2025 and any borrowings would bear interest at 1.15% 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 October 26, 2024, the subsidiary was in compliance with all loan covenants.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Note 3 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Note 3 - Leases (Details Textual) - USD ($) $ in Millions	Oct. 26, 2024	Oct. 28, 2023	Oct. 26, 2024	Oct. 28, 2023	Apr. 27, 2024
Operating Lease, Cost	$ 4.1	$ 4.0	$ 8.3	$ 7.7
Operating Lease, Weighted Average Remaining Lease Term (Year)	4 years 6 months 25 days		4 years 6 months 25 days		4 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	4.43%		4.43%		4.30%
Operating Lease, Payments	$ 4.3	$ 4.1	$ 8.4	$ 7.8

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 26, 2024	Oct. 28, 2023	Oct. 26, 2024	Oct. 28, 2023
Net sales	$ 291,202	$ 300,074	$ 620,675	$ 624,314
Cost of sales	181,851	192,216	388,892	401,975
Gross profit	109,351	107,858	231,783	222,339
Selling, general and administrative expenses	51,484	53,559	104,401	104,935
Operating income	57,867	54,299	127,382	117,404
Other income, net	1,729	2,716	6,076	4,778
Income before income taxes	59,596	57,015	133,458	122,182
Provision for income taxes	13,959	13,227	31,041	28,763
Net income	$ 45,637	$ 43,788	$ 102,417	$ 93,419
Earnings per common share:
Basic (in dollars per share)	$ 0.49	$ 0.47	$ 1.09	$ 1
Diluted (in dollars per share)	$ 0.49	$ 0.47	$ 1.09	$ 1
Weighted average common shares outstanding:
Basic (in shares)	93,613	93,360	93,596	93,357
Diluted (in shares)	93,686	93,604	93,682	93,607

Note 2 - Property, Plant and Equipment, Net

6 Months Ended

Oct. 26, 2024

Property, Plant and Equipment Disclosure [Text Block]

2. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consist of the following:

	(In thousands)
	October 26, 2024			April 27, 2024
Land	$	9,835		$	9,835
Buildings and improvements		72,894			71,754
Machinery and equipment		323,204			314,079
Total		405,933			395,668
Less: accumulated depreciation		(245,616	)		(235,938	)
Property, plant and equipment, net	$	160,317		$	159,730

Property, plant and equipment included construction-in-progress in the amounts of $35.5 million and $32.5 million as of October 26, 2024, and April 27, 2024, respectively. Depreciation expense was $5.0 million and $4.7 million for the three months ended October 26, 2024 and October 28, 2023, respectively. Depreciation expense was $10.0 million and $9.3 million for the six months ended October 26, 2024 and October 28, 2023, respectively. Depreciation expense is recorded in cost of sales and selling, general and administrative expenses.

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Oct. 26, 2024	Dec. 02, 2024
Document Information [Line Items]
Entity Central Index Key	0000069891
Entity Registrant Name	National Beverage Corp.
Amendment Flag	false
Current Fiscal Year End Date	--05-03
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2025
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 26, 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		93,614,646

Note 2 - Property, Plant and Equipment, Net (Tables)

6 Months Ended

Oct. 26, 2024

Notes Tables

Property, Plant and Equipment [Table Text Block]

	(In thousands)
	October 26, 2024			April 27, 2024
Land	$	9,835		$	9,835
Buildings and improvements		72,894			71,754
Machinery and equipment		323,204			314,079
Total		405,933			395,668
Less: accumulated depreciation		(245,616	)		(235,938	)
Property, plant and equipment, net	$	160,317		$	159,730

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ 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)		101,727					150	150
Balance (in shares) at Apr. 30, 2023		101,727					150	150
Balance at Apr. 30, 2023		$ 1,017	$ 40,393	$ 358,345	$ (3,185)	$ (19,133)	$ 150	$ (5,100)
Stock options exercised (in shares)		39
Stock options exercised		$ 1	278
Stock-based compensation expense			341
Net income	$ 93,419			93,419
Common stock cash dividend				0
Cash flow hedges, net of tax	644				644
Balance at Oct. 28, 2023	467,170	$ 1,018	41,012	451,764	(2,541)
Balance (in shares)		101,727					150	150
Balance (in shares) at Jul. 29, 2023		101,727					150	150
Balance at Jul. 29, 2023		$ 1,017	40,561	407,976	(3,396)	$ (19,133)	$ 150	$ (5,100)
Stock options exercised (in shares)		39
Stock options exercised		$ 1	278
Stock-based compensation expense			173
Net income	43,788			43,788
Common stock cash dividend				0
Cash flow hedges, net of tax	855				855
Balance at Oct. 28, 2023	467,170	$ 1,018	41,012	451,764	(2,541)
Balance (in shares)		101,766				8,374
Balance (in shares)		101,942					150	150
Balance (in shares) at Apr. 27, 2024		101,942					150	150
Balance at Apr. 27, 2024	559,512	$ 1,019	42,588	535,077	4,911	$ (19,133)	$ 150	$ (5,100)
Stock options exercised (in shares)		47
Stock options exercised		$ 1	456
Stock-based compensation expense			311
Net income	102,417			102,417
Common stock cash dividend				(304,148)
Cash flow hedges, net of tax	1,595				1,595
Balance at Oct. 26, 2024	360,144	$ 1,020	43,355	333,346	6,506
Balance (in shares)		101,985					150	150
Balance (in shares) at Jul. 27, 2024		101,985					150	150
Balance at Jul. 27, 2024		$ 1,020	43,092	287,709	(1,142)	$ (19,133)	$ 150	$ (5,100)
Stock options exercised (in shares)		4
Stock options exercised		$ 0	112
Stock-based compensation expense			151
Net income	45,637			45,637
Common stock cash dividend	(304,100)			0
Cash flow hedges, net of tax	7,648				7,648
Balance at Oct. 26, 2024	$ 360,144	$ 1,020	$ 43,355	$ 333,346	$ 6,506
Balance (in shares)		101,989				8,374

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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

Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Oct. 26, 2024	Apr. 27, 2024
Land	$ 9,835	$ 9,835
Buildings and improvements	72,894	71,754
Machinery and equipment	323,204	314,079
Total	405,933	395,668
Less: accumulated depreciation	(245,616)	(235,938)
Property, plant and equipment, net	$ 160,317	$ 159,730

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 26, 2024	Oct. 28, 2023
Operating Activities:
Net income	$ 102,417	$ 93,419
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,533	9,941
Deferred income taxes	(146)	4,134
Loss on disposal of property, plant and equipment, net	7	3
Stock-based compensation expense	311	341
Non-cash operating lease expense	7,141	6,921
Changes in assets and liabilities:
Trade receivables	3,232	4,695
Inventories	(6,445)	804
Prepaid and other assets	(332)	(6,417)
Accounts payable	(8,637)	(5,103)
Accrued and other liabilities	(764)	1,612
Operating lease liabilities	(7,227)	(8,291)
Net cash provided by operating activities	100,090	102,059
Investing Activities:
Purchases of property, plant and equipment	(10,611)	(12,760)
Proceeds from sale of property, plant and equipment	2	28
Net cash used in investing activities	(10,609)	(12,732)
Financing Activities:
Dividends paid on common stock	(304,148)	0
Proceeds from stock options exercised	457	278
Net cash (used in) provided by financing activities	(303,691)	278
Net (Decrease) Increase in Cash and Cash Equivalents	(214,210)	89,605
Cash and Cash Equivalents - Beginning of Period	327,047	158,074
Cash and Cash Equivalents - End of Period	112,837	247,679
Supplemental Cash Flow Information:
Interest paid	14	146
Income taxes paid	31,084	30,514
Non-Cash Activities:
Right-of-use assets obtained in exchange for lease liabilities	$ 2,943	$ 11,877

Note 2 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 26, 2024	Oct. 28, 2023	Oct. 26, 2024	Oct. 28, 2023	Apr. 27, 2024
Construction in Progress, Gross	$ 35.5		$ 35.5		$ 32.5
Depreciation	$ 5.0	$ 4.7	$ 10.0	$ 9.3

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Oct. 26, 2024	Oct. 26, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		PART II - OTHER INFORMATION
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Oct. 26, 2024	Apr. 27, 2024
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)	101,988,758	101,942,658
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 Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Oct. 26, 2024	Apr. 27, 2024
Assets
Cash and cash equivalents	$ 112,837	$ 327,047
Trade receivables, net	99,605	102,837
Inventories	91,048	84,603
Prepaid Expense and Other Assets, Current	21,401	22,385
Total current assets	324,891	536,872
Property, plant and equipment, net	160,317	159,730
Operating lease right-of-use assets	49,301	53,498
Goodwill	13,145	13,145
Intangible assets	1,615	1,615
Other assets	8,171	5,293
Total assets	557,440	770,153
Liabilities and Shareholders' Equity
Accounts Payable, Current	69,646	78,283
Accrued liabilities	44,912	46,565
Operating lease liabilities	12,869	13,079
Income taxes payable	684	0
Total current liabilities	128,111	137,927
Deferred income taxes net	23,587	23,247
Operating lease liabilities	37,614	41,688
Other liabilities	7,984	7,779
Total liabilities	197,296	210,641
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; 101,988,758 and 101,942,658 shares issued, respectively	1,020	1,019
Additional paid-in capital	43,355	42,588
Retained earnings	333,346	535,077
Accumulated other comprehensive loss	6,506	4,911
Common stock, value	(19,133)	(19,133)
Total shareholders' equity	360,144	559,512
Total liabilities and shareholders' equity	557,440	770,153
Series C Preferred Stock [Member]
Shareholders' equity:
Treasury stock Series C preferred stock, value	$ (5,100)	$ (5,100)

Note 3 - Leases (Tables)

6 Months Ended

Oct. 26, 2024

Notes Tables

	(In thousands)
Fiscal 2025 – Remaining 2 quarters	$	7,440
Fiscal 2026		13,884
Fiscal 2027		12,343
Fiscal 2028		7,452
Fiscal 2029		6,273
Thereafter		8,837
Total minimum lease payments including interest		56,229
Less: amounts representing interest		(5,746	)
Present value of minimum lease payments		50,483
Less: current portion of lease obligations		(12,869	)
Non-current portion of lease obligations	$	37,614

Note 6 - Derivative Financial Instruments - Derivatives Instruments, Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 26, 2024	Oct. 28, 2023	Oct. 26, 2024	Oct. 28, 2023
Income (loss) before income taxes	$ 10,420	$ (2,341)	$ 3,222	$ (6,381)
Less: income tax provision (benefit)	2,460	(560)	755	(1,526)
Net	7,960	(1,781)	2,467	(4,855)
Loss before income taxes	(409)	(3,464)	(1,141)	(7,227)
Less: income tax benefit	(97)	(828)	(269)	(1,728)
Net	(312)	(2,636)	(872)	(5,499)
Net change to AOCI	$ 7,648	$ 855	$ 1,595	$ 644

Note 4 - Debt (Details Textual) - USD ($) $ in Thousands		3 Months Ended
Note 4 - Debt (Details Textual) - USD ($) $ in Thousands	Dec. 21, 2021	Oct. 26, 2024
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]	Secured Overnight Financing Rate (SOFR) [Member]
Term Loan Facility [Member]
Debt Instrument, Basis Spread on Variable Rate	1.15%
Debt Instrument, Face Amount	$ 50,000
Long-Term Debt, Gross		$ 0
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 100,000
Debt Instrument, Basis Spread on Variable Rate		1.15%
Long-Term Line of Credit		$ 0
Letters of Credit Outstanding, Amount		2,200
Line of Credit Facility, Remaining Borrowing Capacity		$ 97,800

Note 5 - Derivative Financial Instruments (Tables)

6 Months Ended

Oct. 26, 2024

Notes Tables

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

	(In thousands)
	Three Months Ended						Six Months Ended
	October 26, 2024			October 28, 2023			October 26, 2024			October 28, 2023
Recognized in AOCI:
Income (loss) before income taxes	$	10,420		$	(2,341	)	$	3,222		$	(6,381	)
Less: income tax provision (benefit)		2,460			(560	)		755			(1,526	)
Net		7,960			(1,781	)		2,467			(4,855	)
Reclassified from AOCI to cost of sales:
Loss before income taxes		(409	)		(3,464	)		(1,141	)		(7,227	)
Less: income tax benefit		(97	)		(828	)		(269	)		(1,728	)
Net		(312	)		(2,636	)		(872	)		(5,499	)
Net change to AOCI	$	7,648		$	855		$	1,595		$	644

Note 5 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands	Oct. 28, 2024	Oct. 26, 2024	Apr. 27, 2024
Assets, Current [Abstract]
Prepaid Expense and Other Assets, Current		$ 21,401	$ 22,385
Derivative, Notional Amount	$ 86,000
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	5,400
Derivative Asset	7,800
Derivative Asset, Current			$ 5,700
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]			Prepaid Expense and Other Assets, Current
Prepaid And Other Assets [Member]
Derivative Asset	5,400
Other Assets [Member]
Derivative Asset	$ 2,400

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 26, 2024	Oct. 28, 2023	Oct. 26, 2024	Oct. 28, 2023
Net income	$ 45,637	$ 43,788	$ 102,417	$ 93,419
Cash flow hedges	7,648	855	1,595	644
Comprehensive income	$ 53,285	$ 44,643	$ 104,012	$ 94,063

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Note 6 - Related Parties

6 Months Ended

Oct. 26, 2024

6. RELATED PARTIES

The Company is a party to a management agreement with Corporate Management Advisors, Inc. (CMA), a corporation owned by our Chairman and Chief Executive Officer. The management agreement provides that the Company will pay CMA an annual base fee equal to one percent of the consolidated net sales of the Company. Management fees to CMA were $2.9 million and $3.0 million for the three months ended October 26, 2024 and October 28, 2023, respectively. Management fees to CMA were $6.2 million and $6.3 million for the six months ended October 26, 2024 and October 28, 2023, respectively. At October 26, 2024 and April 27, 2024, current liabilities included amounts due to CMA of $1.8 million and $3.0 million, respectively.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Oct. 26, 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 27, 2024. The accounting policies used in these interim unaudited condensed consolidated financial statements are consistent with those used in the annual consolidated financial statements.
Segment Reporting, Policy [Policy Text Block]	Segment Reporting The Company operates as a single operating segment for purposes of presenting financial information and evaluating performance. As such, the accompanying consolidated financial statements present financial information in a format that is consistent with the internal financial information used by management.
Use of Estimates, Policy [Policy Text Block]	*Use of Estimates* 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.
Fair Value of Financial Instruments, Policy [Policy Text Block]	*Fair Value of Financial Instruments* The carrying values of the Company’s financial instruments, including cash and cash equivalents, trade receivables, accounts payable and accrued liabilities, approximate fair value due to the relatively short maturity of the respective instruments. Derivative financial instruments which are used to partially mitigate our exposure to changes in certain raw material costs are recorded at fair value. Derivative financial instruments are not used for trading or speculative purposes. Credit risk related to derivative financial instruments is managed by requiring high credit standards for counterparties and frequent cash settlements. The estimated fair values of derivative financial instruments are calculated based on market rates to settle the instruments. See Note 5-Derivative Financial Instruments.
Accounts Receivable [Policy Text Block]	Trade Receivables, Net The Company’s estimated allowances for credit losses as of October 26, 2024 and April 27, 2024 were $1.0 million and $0.9 million, respectively.
Inventory, Policy [Policy Text Block]	*Inventories* Inventories are stated at the lower of first-in, first-out cost or net realizable value. Adjustments, if required, to reduce the cost of the inventory to net realizable value are made for estimated excess, obsolete or impaired balances. Inventories at October 26, 2024 were comprised of finished goods of $49.0 million and raw materials of $42.1 million. Inventories at April 27, 2024 were comprised of finished goods of $50.3 million and raw materials of $34.3 million.
Shipping and Handling Cost, Policy [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 $18.4 million and $19.7 million for the three months ended October 26, 2024 and October 28, 2023, respectively. Shipping and handling costs were $38.0 million and $40.6 million for the six months ended October 26, 2024 and October 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.
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 $11.6 million and $13.3 million for the three months ended October 26, 2024 and October 28, 2023, respectively. Marketing costs were $23.1 million and $24.1 million for the six months ended October 26, 2024 and October 28, 2023, respectively.
Earnings Per Share, Policy [Policy Text Block]	*Earnings Per Common Share* Basic earnings per common share is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated in a similar manner, but includes the dilutive effect of stock options that was 73,000 and 244,000 shares in the three months ended October 26, 2024 and October 28, 2023, respectively. The dilutive effect of stock options was 86,000 and 250,000 shares in the six months ended October 26, 2024 and October 28, 2023, respectively.
New Accounting Pronouncements, Policy [Policy Text Block]	*Recently Issued Accounting Pronouncements* In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires entities to disaggregate operating expenses into specific categories such as employee compensation, depreciation, and intangible asset amortization, by relevant expense caption on the statement of operations. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted on either a prospective or retrospective basis. We are currently evaluating the impact of adopting ASU 2024-03 on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disclosure of specific categories in the rate reconciliation, including additional information for reconciling items that meet a quantitative threshold and specific disaggregation of income taxes paid and tax expense. The amendment is effective for annual periods 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. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires additional disclosure of significant segment expenses included in the reported measure of segment profit or loss and regularly provided to the Chief Operating Decision Maker. This standard does not change how an entity identifies its operating segments or applies quantitative thresholds to determine its reportable segments The standard is effective for fiscal years beginning after December 15, 2023, including interim periods within those 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.

Note 7 - Cash Dividend

6 Months Ended

Oct. 26, 2024

Cash Dividend [Text Block]

7. CASH DIVIDEND

On June 12, 2024, the Company's board of directors declared a special cash dividend of $3.25 per share payable to shareholders of record on June 24, 2024. The special cash dividend of $304.1 million was paid on July 24, 2024.

Note 3 - Leases - Future Minimum Lease Payments and Related Liabilities for Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands	Oct. 26, 2024	Apr. 27, 2024
Fiscal 2025 – Remaining 2 quarters	$ 7,440
Fiscal 2026	13,884
Fiscal 2027	12,343
Fiscal 2028	7,452
Fiscal 2029	6,273
Thereafter	8,837
Total minimum lease payments including interest	56,229
Less: amounts representing interest	(5,746)
Present value of minimum lease payments	50,483
Less: current portion of lease obligations	(12,869)	$ (13,079)
Non-current portion of lease obligations	$ 37,614	$ 41,688

Note 1 - Significant Accounting Policies

6 Months Ended

Oct. 26, 2024