NATIONAL BEVERAGE CORP - Quarter Report: 2007 July (Form 10-Q)
Table of Contents
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
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 28, 2007
Commission file number 1-14170
NATIONAL BEVERAGE CORP.
(Exact name of registrant as specified in its charter)
![(NATIONAL BEVERAGE CORP LOGO)](https://www.sec.gov/Archives/edgar/data/0000069891/000095014407008436/g09370g0937000.gif)
Delaware | 59-2605822 | |
(State of incorporation) | (I.R.S. Employer Identification No.) |
One North University Drive, Ft. Lauderdale, FL | 33324 | |
(Address of principal executive offices) | (Zip Code) |
(954) 581-0922
(Registrants telephone number, including area code)
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 þ No o
Indicate by
check mark whether the registrant is a large accelerated
filer, an accelerated filer, or a non-accelerated filer. See definition of
accelerated filer and large accelerated filer in Rule 12b-2 of the
Exchange Act.
Large Accelerated Filer o Accelerated Filer þ Non-accelerated Filer o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act). Yes o No þ
The number of shares of registrants common stock outstanding as of August 20, 2007 was
45,601,634.
45,601,634.
NATIONAL BEVERAGE CORP.
QUARTERLY REPORT ON FORM 10-Q
INDEX
QUARTERLY REPORT ON FORM 10-Q
INDEX
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EX-31.1 Section 302 Certification of CEO | ||||||||
EX-31.2 Section 302 Certification of PFO | ||||||||
EX-32.1 Section 906 Certification of CEO | ||||||||
EX-32.2 Section 906 Certification of PFO |
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PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
NATIONAL BEVERAGE CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JULY 28, 2007 AND APRIL 28, 2007
(In thousands, except share amounts)
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JULY 28, 2007 AND APRIL 28, 2007
(In thousands, except share amounts)
(Unaudited) | ||||||||
July 28, | April 28, | |||||||
2007 | 2007 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and equivalents |
$ | 70,925 | $ | 65,579 | ||||
Trade receivables net of allowances of $338 ($325 at April
28, 2007) |
52,392 | 51,976 | ||||||
Inventories |
42,032 | 44,062 | ||||||
Deferred income taxes net |
2,954 | 2,209 | ||||||
Prepaid and other assets |
8,127 | 9,681 | ||||||
Total current assets |
176,430 | 173,507 | ||||||
Property net |
57,347 | 57,369 | ||||||
Goodwill |
13,145 | 13,145 | ||||||
Intangible assets net |
1,899 | 1,899 | ||||||
Other assets |
11,276 | 11,712 | ||||||
$ | 260,097 | $ | 257,632 | |||||
Liabilities and Shareholders Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 46,247 | $ | 54,333 | ||||
Accrued liabilities |
18,688 | 19,271 | ||||||
Income taxes payable |
3,692 | 2,219 | ||||||
Dividends payable |
36,711 | | ||||||
Total current liabilities |
105,338 | 75,823 | ||||||
Deferred income taxes net |
14,858 | 15,217 | ||||||
Income tax liability |
2,823 | | ||||||
Other liabilities |
8,982 | 9,231 | ||||||
Shareholders equity: |
||||||||
Preferred stock, 7% cumulative, $1 par value - 1,000,000 shares
authorized; 150,000 shares issued; no shares outstanding |
150 | 150 | ||||||
Common stock, $.01 par value - 75,000,000 shares authorized;
49,633,518 shares issued (49,538,370 shares at April 28, 2007) |
496 | 496 | ||||||
Additional paid-in capital |
25,278 | 24,847 | ||||||
Retained earnings |
120,172 | 149,868 | ||||||
Treasury
stock - at cost: |
||||||||
Preferred stock - 150,000 shares |
(5,100 | ) | (5,100 | ) | ||||
Common stock - 4,032,784 shares |
(12,900 | ) | (12,900 | ) | ||||
Total shareholders equity |
128,096 | 157,361 | ||||||
$ | 260,097 | $ | 257,632 | |||||
See accompanying Notes to Condensed Consolidated Financial Statements.
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NATIONAL BEVERAGE CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED JULY 28, 2007 AND JULY 29, 2006
(In thousands, except per share amounts)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED JULY 28, 2007 AND JULY 29, 2006
(In thousands, except per share amounts)
(Unaudited) | ||||||||
2007 | 2006 | |||||||
Net sales |
$ | 151,764 | $ | 150,136 | ||||
Cost of sales |
105,373 | 100,181 | ||||||
Gross profit |
46,391 | 49,955 | ||||||
Selling, general and administrative expenses |
35,600 | 35,072 | ||||||
Interest expense |
26 | 24 | ||||||
Other income
- net |
374 | 365 | ||||||
Income before income taxes |
11,139 | 15,224 | ||||||
Provision for income taxes |
3,954 | 5,465 | ||||||
Net income |
$ | 7,185 | $ | 9,759 | ||||
Net income per share - |
||||||||
Basic |
$ | .16 | $ | .21 | ||||
Diluted |
$ | .16 | $ | .21 | ||||
Dividends per share |
$ | .80 | $ | | ||||
Average
common shares outstanding - basic |
45,812 | 45,733 | ||||||
Dilutive stock options |
311 | 321 | ||||||
Average
common shares outstanding - diluted |
46,123 | 46,054 | ||||||
See accompanying Notes to Condensed Consolidated Financial Statements.
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NATIONAL BEVERAGE CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JULY 28, 2007 AND JULY 29, 2006
(In thousands)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JULY 28, 2007 AND JULY 29, 2006
(In thousands)
(Unaudited) | ||||||||
2007 | 2006 | |||||||
Operating Activities: |
||||||||
Net income |
$ | 7,185 | $ | 9,759 | ||||
Adjustments to reconcile net income to net cash
provided by operating activities: |
||||||||
Depreciation and amortization |
2,854 | 3,057 | ||||||
Deferred income tax benefit |
(571 | ) | (120 | ) | ||||
Loss (gain) on disposal of property, net |
18 | (40 | ) | |||||
Stock-based compensation |
70 | 83 | ||||||
Changes in assets and liabilities: |
||||||||
Trade receivables |
(416 | ) | (8,394 | ) | ||||
Inventories |
2,030 | (3,389 | ) | |||||
Prepaid and other assets |
1,488 | (1,282 | ) | |||||
Accounts payable |
(8,086 | ) | 464 | |||||
Accrued and other liabilities, net |
2,761 | 6,958 | ||||||
Net cash provided by operating activities |
7,333 | 7,096 | ||||||
Investing Activities: |
||||||||
Marketable securities purchased |
(156,495 | ) | (118,900 | ) | ||||
Marketable securities sold |
156,495 | 118,900 | ||||||
Property additions |
(2,351 | ) | (1,666 | ) | ||||
Proceeds from sale of assets |
3 | 59 | ||||||
Net cash used in investing activities |
(2,348 | ) | (1,607 | ) | ||||
Financing Activities: |
||||||||
Proceeds from stock options exercised |
130 | 151 | ||||||
Stock-based tax benefits |
231 | 396 | ||||||
Net cash provided by financing activities |
361 | 547 | ||||||
Net Increase in Cash and Equivalents |
5,346 | 6,036 | ||||||
Cash and
Equivalents - Beginning of Year |
65,579 | 42,119 | ||||||
Cash and
Equivalents - End of Period |
$ | 70,925 | $ | 48,155 | ||||
Other Cash Flow Information: |
||||||||
Interest paid |
$ | 25 | $ | 25 | ||||
Income taxes paid |
701 | 215 |
See accompanying Notes to Condensed Consolidated Financial Statements.
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NATIONAL BEVERAGE CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JULY 28, 2007
(UNAUDITED)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JULY 28, 2007
(UNAUDITED)
1. BASIS OF PRESENTATION
National Beverage Corp. develops, manufactures, markets and distributes a complete portfolio of
multi-flavored soft drinks, juice drinks, water and specialty beverages throughout the United
States. 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.
The accompanying unaudited condensed consolidated financial statements have been prepared in
accordance with accounting principles generally accepted in the United States (GAAP) and rules
and regulations of the Securities and Exchange Commission for interim financial information. The
financial statements do not include all information and notes required by GAAP for complete
financial statements. 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.
These interim financial statements should be read in conjunction with the audited consolidated
financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the
fiscal year ended April 28, 2007.
2. INVENTORIES
Inventories are stated at the lower of first-in, first-out cost or market. Inventories at July 28,
2007 are comprised of finished goods of $22,549,000 and raw materials of $19,483,000. Inventories
at April 28, 2007 are comprised of finished goods of $24,356,000 and raw materials of $19,706,000.
3. PROPERTY
Property consists of the following:
(In thousands) | ||||||||
July 28, | April 28, | |||||||
2007 | 2007 | |||||||
Land |
$ | 8,915 | $ | 8,915 | ||||
Buildings and improvements |
38,917 | 38,898 | ||||||
Machinery and equipment |
125,677 | 123,556 | ||||||
Total |
173,509 | 171,369 | ||||||
Less accumulated depreciation |
(116,162 | ) | (114,000 | ) | ||||
Property
net |
$ | 57,347 | $ | 57,369 | ||||
Depreciation expense was $2,352,000 and $2,543,000 for the three-month periods ended July 28, 2007
and July 29, 2006, respectively.
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4. DEBT
A subsidiary maintains unsecured revolving credit facilities aggregating $45 million (the Credit
Facilities) with banks. The Credit Facilities expire through December 2008 and bear interest at
1/2% below the banks reference rate or .6% above LIBOR, at the subsidiarys election. At July 28,
2007, there was no debt outstanding under the Credit Facilities and approximately $41.8 million was
available for future borrowings.
The Credit Facilities require the subsidiary to maintain certain financial ratios and contain other
restrictions, none of which are expected to have a material impact on our operations or financial
position. Significant financial ratios and restrictions include: fixed charge coverage; net worth
ratio; and limitations on incurrence of debt. At July 28, 2007, we were in compliance with all
loan covenants and approximately $25 million of retained earnings were restricted from
distribution.
5. COMMON STOCK
On May 25, 2007, the Company declared a 20% stock dividend payable on June 22, 2007 to shareholders
of record on June 4, 2007. Net income per share, average common shares outstanding and share
amounts have been restated to give retroactive effect to the 20% stock dividend.
On June 15, 2007, the Company declared a cash dividend of $.80 per share payable on or before
August 17, 2007 to shareholders of record on July 20, 2007. The cash dividend aggregates $36.7
million and is reported as a liability in the accompanying consolidated balance sheet.
On August 23, 2007, the Company amended its Certificate of Incorporation to increase the number of
authorized shares of capital stock from 51,000,000 to 76,000,000 and to increase the authorized
number of shares of common stock from 50,000,000 to 75,000,000.
In January 1998, the Board of Directors authorized the purchase of up to 800,000 shares of National
Beverage common stock. There were no shares purchased during the three months ended July 28, 2007.
Aggregate shares purchased since January 1998 were 502,060 and are classified as treasury stock.
6. INCOME TAXES
In June 2006, the FASB issued FASB Interpretation No. 48, Accounting for Uncertainty in Income
Taxes (FIN 48), which provides specific guidance on the financial statement recognition,
measurement, reporting and disclosure of uncertain tax positions taken or expected to be taken in a
tax return. FIN 48 addresses the determination of whether tax benefits, either permanent or
temporary, should be recorded in the financial statements. We adopted FIN 48 at the beginning of
fiscal 2008 and have recognized a $2.7 million liability for uncertain tax positions,
which amount is reported in Income tax liability in our Condensed Consolidated Balance Sheet. In
addition, retained earnings were reduced by $170,000 from the cumulative effect of adoption.
As of the beginning of fiscal 2008, the total amount of gross unrecognized tax benefits was $2.4
million, of which $2.0 million related to unrecognized benefits that would impact our
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effective tax rate over time, if recognized. In addition, we accrue interest and any necessary penalties related
to unrecognized tax positions in our provision for income taxes. As of the beginning of fiscal
2008, we accrued approximately $255,000 of gross interest.
We file annual income tax returns in the United States (U.S.) federal jurisdiction and in various
U.S. state and local jurisdictions. A number of years may elapse before an uncertain tax position,
for which we have unrecognized tax benefits, is audited and finally resolved. While it is often
difficult to predict the final outcome or the timing of resolution of any particular uncertain tax
position, we believe that our unrecognized tax benefits reflect the most probable outcome. We
adjust these unrecognized tax benefits, as well as the related interest, in light of changing facts
and circumstances. Settlement of any particular uncertain tax position would usually require the
use of cash. The resolution of a matter could be recognized as an adjustment to our provision for
income taxes and our effective tax rate in the period of resolution. The Internal Revenue Service
has concluded its examination of the Companys federal income tax returns through fiscal 2004 and
income tax returns for subsequent fiscal years are subject to examination. Generally, the income
tax returns for the various state jurisdictions are subject to examination for fiscal years ending
after fiscal 2002.
7. STOCK-BASED COMPENSATION
During the three months ended July 28, 2007, options for 32,200 shares were granted at a weighted
average exercise price of $9.34 and options for 95,148 shares were exercised at a weighted average
exercise price of $1.37. At July 28, 2007, options to purchase 752,541 shares at a weighted
average exercise price of $4.53 were outstanding and stock-based awards to purchase 3,210,984
shares of common stock were available for grant.
8. CHANGES IN ACCOUNTING STANDARDS
Management has reviewed the current and proposed changes in accounting standards and does not
expect any of these changes to have a material impact on the Company.
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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
National Beverage Corp. develops, manufactures, markets and distributes a complete portfolio of
quality beverage products throughout the United States. Incorporated in Delaware in 1985, National
Beverage Corp. is a holding company for various operating subsidiaries. In this report, the terms
we, us, our, Company and National Beverage mean National Beverage Corp. and its
subsidiaries.
We consider ourselves to be a leader in the development and sale of flavored beverage products in
the United States, offering the widest selection of flavored soft drinks, juices, sparkling waters
and energy drinks. Our flavor development spans over 100 years originating with our flagship
brands, Shasta® and Faygo®, each of which has over 50 flavor varieties. We also maintain a diverse
line of flavored beverage products geared to the health-conscious consumer, including Everfresh®,
Home Juice®, and Mr. Pure® 100% juice and juice-based products; and LaCroix®, Mt. Shasta, Crystal
Bay® and ClearFruit® flavored and spring water products. In addition, we produce energy drinks and
powdered beverage products, including Rip It®, Rip It Chic, FREEK and PowerBlast. Other
products include Ohana® fruit-flavored drinks and St. Nicks® holiday soft drinks. Substantially
all of our brands are produced in thirteen manufacturing facilities that are strategically located
in major metropolitan markets throughout the continental United States. To a lesser extent, we
develop and produce soft drinks for certain retailers and beverage companies (allied brands).
Our strategy emphasizes the growth of our products by offering a branded beverage portfolio of
proprietary flavors; by supporting the franchise value of regional brands and expanding those
brands with distinctive packaging and broader demographic emphasis; by developing and acquiring
innovative products tailored toward healthy lifestyles; and by appealing to the quality-price
expectations of the family consumer. We believe that the regional share dynamics of our brands
perpetuate consumer loyalty within local regional markets, resulting in more retailer sponsored
promotional activities.
Over the last several years, we have focused on increasing penetration of our brands in the
convenience channel through Company-owned and independent distributors. The convenience channel
consists of convenience stores, gas stations, and other smaller up-and-down-the-street accounts.
Because of the higher retail prices and margins that typically prevail, we have undertaken several
measures to expand convenience channel distribution in recent years. These include development of
products specifically targeted to this market, such as ClearFruit, Crystal Bay, Rip It, Rip It
Chic, FREEK and PowerBlast. Additionally, we have created proprietary and specialized packaging
for these products with distinctive graphics. We intend to continue our focus on enhancing growth
in the convenience channel through both specialized packaging and innovative product development.
Beverage industry sales are seasonal with the highest volume typically realized during the summer
months. Additionally, our operating results are subject to numerous factors, including
fluctuations in the costs of raw materials, changes in consumer preference for beverage products
and competitive pricing in the marketplace.
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RESULTS OF OPERATIONS
Three Months Ended July 28, 2007 (first quarter of fiscal 2008) compared to
Three Months Ended July 29, 2006 (first quarter of fiscal 2007)
Three Months Ended July 29, 2006 (first quarter of fiscal 2007)
Net sales for the first quarter of fiscal 2008 increased 1.1% to $151.8 million compared to the
first quarter of fiscal 2007. Led by higher sales of Rip It, the case volume of the Companys
energy drinks, juices and waters increased 8.0%. The volume increase
in higher priced products
along with the effect of price increases instituted to recover raw material cost increases resulted
in an 18.2% improvement in unit pricing. This improvement was largely offset by a decline in
carbonated soft drink volume including the continued phase out of
allied branded products.
Gross profit approximated 30.6% of net sales for the first quarter of fiscal 2008 compared to 33.3%
of net sales for the first quarter of fiscal 2007. The decline in gross margin was due to higher
raw material costs and the effect of lower volume partially offset by the higher unit pricing
mentioned above. Cost of goods sold per unit increased approximately 23.0%
Selling, general and administrative expenses were $35.6 million or 23.5% of net sales for the first
quarter of fiscal 2008 compared to $35.1 million or 23.4% of net sales for last year. The increase
in expenses is due to higher administrative expenses primarily related to an increase in legal and
accounting fees.
Other income includes interest income of $362,000 (fiscal 2008) and $325,000 (fiscal 2007). The
increase in interest income is due to higher average investment balances and yields. Also, other
income in the first quarter of fiscal 2007 includes a gain of $40,000 on the disposal of property.
The Companys effective rate for income taxes, based upon estimated annual income tax rates,
approximated 35.5% of income before taxes for the first quarter of fiscal 2008 and 35.9% for the
comparable period in fiscal 2007. The difference between the effective rate and the federal
statutory rate of 35% was primarily due to the effects of state income taxes, nondeductible
expenses and nontaxable interest income.
Net income was $7.2 million for the first quarter of fiscal 2008 compared to $9.8 million for the
first quarter of fiscal 2007.
LIQUIDITY AND FINANCIAL CONDITION
Liquidity and Capital Resources
Our current sources of capital are cash flows from operations and borrowings under existing credit
facilities. We maintain unsecured revolving credit facilities aggregating $45 million of which $3.2
million was used for standby letters of credit at July 28, 2007. There was no debt outstanding
under the credit facilities. We believe that our capital resources are sufficient to fund our
capital expenditures, dividends and working capital requirements for the foreseeable future.
On May 25, 2007, the Company declared a 20% stock dividend payable on June 22, 2007 to shareholders
of record on June 4, 2007. On June 15, 2007, the Company declared a cash dividend of $.80 per
share payable on August 17, 2007 to shareholders of record on July 20, 2007.
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Cash Flows
During the first three months of fiscal 2008, $7.3 million was provided from operating activities
and $361,000 was provided from financing activities, which was partially offset by $2.3 million
used for investing activities. Cash used in investing activities increased $741,000 due to an
increase in net property additions.
Financial Position
During the first three months of fiscal 2008, our working capital decreased $26.6 million to $71.1
million primarily due to the cash dividend payable of $36.7 million. Inventory decreased $2.0
million due to timing of full goods shipments related to seasonality and a reduction in raw
materials. Accounts payable decreased $8.1 million related to a reduction in inventory
requirements and timing of payments. At July 28, 2007, the current ratio was 1.7 to 1 compared to
2.3 to 1 at April 28, 2007.
Recently Adopted Accounting Standards
At the beginning of fiscal 2008, the Company adopted FIN 48, which did not have a material impact
on the consolidated financial statements. See Note 6 of Notes to Condensed Consolidated financial
Statements for additional information.
FORWARD-LOOKING STATEMENTS
Certain statements in this Quarterly Report on Form 10-Q (this Form 10-Q) constitute
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of the 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 products; success in acquiring
other beverage businesses; success of new product and flavor introductions; fluctuations in the
costs of raw materials; our ability to increase prices; continued retailer support for our
products; changes in consumer preferences; success of implementing business strategies; changes in
business strategy or development plans; government regulations; regional weather conditions; and
other factors referenced in this Form 10-Q. 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.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There are no material changes to the disclosures made on this matter in the Companys Annual Report
on Form 10-K for the fiscal year ended April 28, 2007.
ITEM 4. CONTROLS AND PROCEDURES
The Company, under the supervision and with the participation of management, including the Chief
Executive Officer and the Principal Financial Officer, evaluated the effectiveness of our
disclosure controls and procedures (as defined in Rule 13a15(e) under the Securities Exchange
Act of 1934 (the Exchange Act)) as of the end of the period covered by this report. Based on that
evaluation, the Chief Executive Officer and the Principal Financial Officer
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concluded that our disclosure controls and procedures are effective in timely making known to them
material information required to be disclosed in our reports filed or submitted under the Exchange
Act. There has been no change in our internal control over financial reporting that occurred
during our most recent fiscal quarter that has materially affected, or is reasonably likely to
materially affect, our internal control over financial reporting.
PART II OTHER INFORMATION
ITEM 5. OTHER INFORMATION
On August 23, 2007, the Company amended its Certificate of Incorporation to increase the number of
authorized shares of capital stock from 51,000,000 to 76,000,000 and to increase the authorized
number of shares of common stock from 50,000,000 to 75,000,000. The amendment to the Certificate
of Incorporation was approved on July 20, 2007 by written consent by the holders of a majority of
our outstanding common stock.
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 |
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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:
September 6, 2007
National Beverage Corp. (Registrant) |
||||
By: | /s/ Dean A. McCoy | |||
Dean A. McCoy | ||||
Senior Vice President and Chief Accounting Officer |
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