Annual Statements Open main menu

NATIONAL BEVERAGE CORP - Quarter Report: 2007 January (Form 10-Q)

National Beverage Corp.
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
For the quarterly period ended January 27, 2007
Commission file number 1-14170
(National Beverage Logo)
NATIONAL BEVERAGE CORP.
(Exact name of registrant as specified in its charter)
     
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
(Registrant’s 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 x     No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.
Large Accelerated Filer o      Accelerated Filer o      Non-accelerated Filer x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o      No x
The number of shares of registrant’s common stock outstanding as of March 8, 2007 was 37,917,059.
 
 

 


Table of Contents

NATIONAL BEVERAGE CORP.
QUARTERLY REPORT ON FORM 10-Q
INDEX
                 
            Page  
PART I — FINANCIAL INFORMATION
       
                 
Item 1.          
                 
            3  
                 
            4  
                 
            5  
                 
            6  
                 
Item 2.       9  
                 
Item 3.       12  
                 
Item 4.       12  
                 
PART II — OTHER INFORMATION
       
                 
Item 6.       13  
 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

2


Table of Contents

PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
NATIONAL BEVERAGE CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JANUARY 27, 2007 AND APRIL 29, 2006

(In thousands, except share amounts)
 
 
                 
    (Unaudited)        
    January 27,     April 29,  
    2007     2006  
Assets
               
Current assets:
               
Cash and equivalents
  $ 56,267     $ 42,119  
Trade receivables — net of allowances of $453 ($562 at April 29, 2006)
    40,037       48,236  
Inventories
    42,809       34,429  
Deferred income taxes — net
    1,768       1,940  
Prepaid and other assets
    9,739       9,287  
 
           
Total current assets
    150,620       136,011  
Property — net
    54,934       56,027  
Goodwill
    13,145       13,145  
Intangible assets — net
    1,898       1,653  
Other assets
    11,186       11,503  
 
           
 
  $ 231,783     $ 218,339  
 
           
 
               
Liabilities and Shareholders’ Equity
               
Current liabilities:
               
Accounts payable
  $ 35,016     $ 38,041  
Accrued liabilities
    19,492       20,576  
Income taxes payable
    2,334       2,369  
 
           
Total current liabilities
    56,842       60,986  
Deferred income taxes — net
    15,273       17,783  
Other liabilities
    8,669       8,710  
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 — 50,000,000 shares authorized; 41,772,411 shares issued (41,511,193 shares at April 29, 2006)
    418       415  
Additional paid-in capital
    24,627       23,033  
Retained earnings
    143,804       125,262  
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
    150,999       130,860  
 
           
 
  $ 231,783     $ 218,339  
 
           
See accompanying Notes to Condensed Consolidated Financial Statements.

3


Table of Contents

NATIONAL BEVERAGE CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS AND NINE MONTHS ENDED JANUARY 27, 2007
AND JANUARY 28, 2006

(In thousands, except per share amounts)
 
 
                                 
    (Unaudited)  
    Three Months Ended     Nine Months Ended  
    2007     2006     2007     2006  
Net sales
  $ 117,123     $ 109,587     $ 403,077     $ 383,452  
 
                               
Cost of sales
    79,282       74,667       271,368       257,984  
 
                       
 
                               
Gross profit
    37,841       34,920       131,709       125,468  
 
                               
Selling, general and administrative expenses
    33,537       31,645       103,970       99,824  
 
                               
Interest expense
    27       27       78       77  
 
                               
Other income — net
    456       424       1,265       879  
 
                       
 
                               
Income before income taxes
    4,733       3,672       28,926       26,446  
 
                               
Provision for income taxes
    1,699       1,375       10,384       9,892  
 
                       
 
                               
Net income
  $ 3,034     $ 2,297     $ 18,542     $ 16,554  
 
                       
 
                               
Net income per share —
                               
Basic
  $ .08     $ .06     $ .49     $ .44  
 
                       
Diluted
  $ .08     $ .06     $ .48     $ .43  
 
                       
 
                               
Average common shares outstanding — basic
    38,143       37,860       38,128       37,728  
Dilutive stock options
    245       465       256       555  
 
                       
Average common shares outstanding — diluted
    38,388       38,325       38,384       38,283  
 
                       
See accompanying Notes to Condensed Consolidated Financial Statements.

4


Table of Contents

NATIONAL BEVERAGE CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED JANUARY 27, 2007 AND JANUARY 28, 2006
(In thousands)
 
 
                 
    (Unaudited)  
    2007     2006  
Operating Activities:
               
Net income
  $ 18,542     $ 16,554  
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation and amortization
    9,168       10,049  
Deferred income tax provision (benefit)
    (2,338 )     454  
Loss (gain) on disposal of property, net
    (35 )     354  
Stock-based compensation
    238       278  
Changes in assets and liabilities:
               
Trade receivables
    8,199       7,919  
Inventories
    (8,380 )     (3,456 )
Prepaid and other assets
    (3,306 )     (4,370 )
Accounts payable
    (3,025 )     (7,917 )
Accrued and other liabilities, net
    205       3,836  
 
           
Net cash provided by operating activities
    19,268       23,701  
 
           
 
               
Investing Activities:
               
Marketable securities purchased
    (353,175 )     (269,875 )
Marketable securities sold
    353,175       269,875  
Property additions
    (6,548 )     (5,472 )
Proceeds from sale of assets
    69       741  
 
           
Net cash used in investing activities
    (6,479 )     (4,731 )
 
           
 
               
Financing Activities:
               
Common stock cash dividend
          (38,021 )
Proceeds from stock options exercised
    286       901  
Stock-based tax benefits
    1,073       756  
 
           
Net cash provided by (used in) financing activities
    1,359       (36,364 )
 
           
 
               
Net Increase (Decrease) in Cash and Equivalents
    14,148       (17,394 )
 
               
Cash and Equivalents — Beginning of Year
    42,119       54,557  
 
           
 
               
Cash and Equivalents — End of Period
  $ 56,267     $ 37,163  
 
           
 
               
Other Cash Flow Information:
               
Interest paid
  $ 80     $ 79  
Income taxes paid
    10,320       6,649  
See accompanying Notes to Condensed Consolidated Financial Statements.

5


Table of Contents

NATIONAL BEVERAGE CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 27, 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 Company’s Annual Report on Form 10-K for the fiscal year ended April 29, 2006.
Reclassifications have been made to prior year amounts to conform to the current year presentation.
2. STOCK-BASED COMPENSATION
In the fourth quarter of fiscal 2006, the Company adopted SFAS No. 123R “Stock-Based Compensation” pursuant to the modified prospective application and, accordingly, prior period amounts have not been restated. Stock-based compensation expense was recorded based on the fair value method for all awards granted on or after the date of adoption and for the portion of previously granted awards that remained unvested at the date of adoption.
Prior to the fourth quarter of fiscal 2006, the Company applied the provisions of APB No. 25, “Accounting for Stock Issued to Employees,” as permitted under SFAS No. 148, “Accounting for Stock-Based Compensation — Transition and Disclosure — an amendment of FASB Statement No. 123.” Under APB 25, stock-based compensation expense was generally not recognized unless the exercise price of options granted was less than the market price on the date of grant.
Had compensation cost for options granted to employees been recorded based on the fair value method under SFAS No. 123, “Accounting for Stock-Based Compensation” prior to the adoption date, net income and earnings per share for the three months and nine months ended January 28, 2006 would have been impacted on a pro forma basis by less than $200,000 and $.01 per share.

6


Table of Contents

During the nine months ended January 27, 2007, options for 1,280 shares were granted at a weighted average exercise price of $8.39 and options for 90,800 shares were exercised at a weighted average exercise price of $3.14. At January 27, 2007, options to purchase 707,856 shares at a weighted average exercise price of $5.17 were outstanding and stock-based awards to purchase 2,683,472 shares of common stock were available for grant.
3. INVENTORIES
Inventories are stated at the lower of first-in, first-out cost or market. Inventories at January 27, 2007 are comprised of finished goods of $23,246,000 and raw materials of $19,563,000. Inventories at April 29, 2006 are comprised of finished goods of $18,997,000 and raw materials of $15,432,000.
4. PROPERTY
Property consists of the following:
                 
    (In thousands)  
    January 27,     April 29,  
    2007     2006  
Land
  $ 8,915     $ 8,915  
Buildings and improvements
    38,320       38,101  
Machinery and equipment
    120,958       115,379  
 
           
Total
    168,193       162,395  
Less accumulated depreciation
    (113,259 )     (106,368 )
 
           
Property — net
  $ 54,934     $ 56,027  
 
           
Depreciation expense was $2,510,000 and $7,607,000 for the three-month and nine-month periods ended January 27, 2007, respectively, and $2,630,000 and $7,743,000 for the three-month and nine-month periods ended January 28, 2006, respectively.
5. DEBT
A subsidiary maintains unsecured revolving credit facilities aggregating $45 million (the “Credit Facilities”) with banks. The Credit Facilities expire through May 1, 2008 and bear interest at 1/2% below the banks’ reference rate or .6% above LIBOR, at the subsidiary’s election. At January 27, 2007, there was no debt outstanding under the Credit Facilities and approximately $42 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 January 27, 2007, we were in compliance with all loan covenants and approximately $25 million of retained earnings were restricted from distribution.

7


Table of Contents

6. COMMON STOCK
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 nine months ended January 27, 2007. Aggregate shares purchased since January 1998 were 502,060 and are classified as treasury stock.
7. FRUCTOSE SETTLEMENT
In June 2005, we received a partial payment of $7.7 million from the settlement of our claim in a class action lawsuit known as “In re: High Fructose Corn Syrup Antitrust Litigation Master File No. 95-1477 in the United States District Court for the Central District of Illinois”. The lawsuit related to purchases of high fructose corn syrup made by the Company and others. The settlement amount was allocated to each class action recipient based on the proportion of its purchases to total purchases by all class action recipients. The amount received, less offsets and expenses of $.5 million, was recorded as a reduction in cost of sales in the first quarter ended July 30, 2005. In November 2005, the Company received $1.2 million, representing the final payment due under the settlement. Such amount was recorded in the third quarter ended January 28, 2006 as a reduction in cost of sales.
8. CHANGES IN ACCOUNTING STANDARDS
In June 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109 (“FIN 48”). FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. This Interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in the tax return. This Interpretation is effective for fiscal years beginning after December 15, 2006. We are currently evaluating the impact FIN 48 may have on our consolidated financial statements.

8


Table of Contents

ITEM 2. MANAGEMENT’S 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.
Our lines of multi-flavored soft drinks, including those of our flagship brands, Shasta® and Faygo®, emphasize distinctive flavor variety. In addition, we offer an assortment of premium beverages 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. We also produce energy drinks and powdered beverage products, including Rip It®, an energy drink in liquid and powdered form geared toward young consumers and PowerBlast ™ Energy Fuel, a powdered nutritional beverage product for “on-the-go” consumers. Other products include Ohana® fruit-flavored drinks and St. Nick’s® 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 retail grocery chains, warehouse clubs, mass-merchandisers and wholesalers (“allied brands”) as well as soft drinks for other beverage companies.
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 modern 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 is composed 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 specific measures to expand distribution in this channel. These include development of products specifically targeted to this market, such as ClearFruit, Everfresh, Mr. Pure, Crystal Bay, Rip It 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.

9


Table of Contents

RESULTS OF OPERATIONS
Three Months Ended January 27, 2007 (third quarter of fiscal 2007) compared to
Three Months Ended January 28, 2006 (third quarter of fiscal 2006)
Led by higher sales of Rip It, the case volume of the Company’s energy drinks, juices and waters increased by 17.3%. This increase was partially offset by a 10.4% volume decline in traditional carbonated soft drinks, mainly due to a 42.0% decline in lower-margin allied brands. As a result of this shift in product mix and certain pricing increases, the net selling price per unit increased 13.7%.
Gross profit approximated 32.3% of net sales for the third quarter of fiscal 2007 compared to 30.8% of net sales for the third quarter of fiscal 2006, excluding the effect of a $1.2 million fructose settlement received last year. The improvement in gross margin was due to the effects of the pricing improvements mentioned above partially offset by higher manufacturing and raw material costs. Excluding the fructose settlement, cost of goods sold per unit increased 11.1% over the comparable period last year. See Note 7 of Notes to Condensed Consolidated Financial Statements.
Selling, general and administrative expenses were $33.5 million or 28.6% of net sales for the third quarter of fiscal 2007 compared to $31.6 million or 28.9% of net sales for last year. The increase in expenses relates to marketing endorsement activities and new product development and introductions associated with energy drinks and nutritional products, as well as an increase in cooperative advertising.
Other income includes interest income of $460,000 (fiscal 2007) and $484,000 (fiscal 2006). The decline in interest income is due to lower average invested balances related to the $38 million cash dividend paid in the third quarter of fiscal 2006. Also, other income in the third quarter of fiscal 2006 includes a loss of $67,000 on the disposal of property.
The Company’s effective rate for income taxes, based upon estimated annual income tax rates, approximated 35.9% of income before taxes for the third quarter of fiscal 2007 and 37.4% for the comparable period in fiscal 2006. 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 $3.0 million for the third quarter of fiscal 2007 compared to $2.3 million for the third quarter of fiscal 2006.
Nine Months Ended January 27, 2007 (first nine months of fiscal 2007) compared to
Nine Months Ended January 28, 2006 (first nine months of fiscal 2006)
In the first nine months of fiscal 2006, the Company received a net fructose settlement of $8.4 million, which was recorded as a reduction in cost of goods sold. Net income for the first nine months of fiscal 2006 included an after tax gain of $5.2 million related to the fructose settlement. See Note 7 of Notes to Condensed Consolidated Financial Statements.

10


Table of Contents

The case volume of the Company’s energy drinks, juices and waters increased by 13.2% primarily due to higher sales of Rip It. This increase was partially offset by a 6.3% volume decrease in traditional carbonated soft drinks, mainly due to an 18.6% decline in lower-margin allied brands. As a result of this shift in product mix and certain pricing increases, the net selling price per unit increased 8.9%.
Gross profit approximated 32.7% of net sales for the first nine months of fiscal 2007 compared to 30.5% of net sales for the first nine months of fiscal 2006, excluding the effect of the $8.4 million fructose settlement received last year. The improvement in gross margin was due to the effects of the pricing improvements mentioned above partially offset by higher manufacturing and raw material costs. Excluding the fructose settlement, cost of goods sold per unit increased 5.5% over the comparable period last year.
Selling, general and administrative expenses were $104.0 million or 25.8% of net sales for the first nine months of fiscal 2007 compared to $99.8 million or 26.0% of net sales for last year. The increase in expenses relates to marketing endorsement activities and new product development and introductions associated with energy drinks and nutritional products, as well as an increase in cooperative advertising.
Other income includes interest income of $1,229,000 (fiscal 2007) and $1,181,000 (fiscal 2006). The increase in interest income is due to higher investment yields. Also, other income in the first nine months of fiscal 2006 includes a loss of $354,000 on the disposal of property.
The Company’s effective rate for income taxes, based upon estimated annual income tax rates, approximated 35.9% of income before taxes for the first nine months of fiscal 2007 and 37.4% for the comparable period in fiscal 2006. 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 $18.5 million for the first nine months of fiscal 2007 compared to $16.6 million for the first nine months of fiscal 2006.
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 million was used for standby letters of credit at January 27, 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.
Cash Flows
During the first nine months of fiscal 2007, $19.3 million was provided from operating activities and $1.4 million was provided from financing activities, which was partially offset by $6.5 million used for investing activities. Cash provided by operating activities decreased $4.4 million primarily due to an increase in working capital requirements. Cash used in investing activities increased $1.7 million due to an increase in net property additions.

11


Table of Contents

Financial Position
During the first nine months of fiscal 2007, our working capital increased $18.8 million to $93.8 million primarily due to operating activities. Trade receivables decreased $8.2 million due to lower sales related to seasonality. Inventory increased $8.4 million due to the effect of new products and raw material cost increases. Accounts payable decreased $3.0 million due to seasonality. At January 27, 2007, the current ratio was 2.6 to 1 compared to 2.2 to 1 at April 29, 2006.
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 Company’s Annual Report on Form 10-K for the fiscal year ended April 29, 2006.
ITEM 4. CONTROLS AND PROCEDURES
National Beverage’s Chief Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures are effective, based on their evaluation of these controls and procedures as of January 27, 2007. 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.

12


Table of Contents

PART II — OTHER INFORMATION
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

13


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 13, 2007
         
  National Beverage Corp.
(Registrant)
 
 
  By:   /s/ Dean A. McCoy    
    Dean A. McCoy   
    Senior Vice President and
Chief Accounting Officer 
 

14