On this page of StockholderLetter.com we present the 9/7/2023 shareholder letter from NATIONAL BEVERAGE CORP — ticker symbol FIZZ. Reading current and past FIZZ letters to shareholders can bring important insights into the investment thesis.
Our Robust Journey . . . Fueled by Boundless Innovation! Innovation is Immeasurable . . . Innovation is a Way of Life! The traditional mind thinks of Limoncello as a lemon- avored liqueur that originated in Southern Italy. We differ! Should an energy drink taste like melon? Absolutely! Can you convert a beverage founded in 1889 to a modern, zero-calorie refresher? Why not? How can you put reworks in a bottle? Just ask us! Is it possible to put Sunshine in a can? We say yes! Team National is not constrained by the boundaries of conventional thinking. We are committed to thinking outside the can with incomparable avors, distinctive packaging, hybrid distribution and unique marketing. Slightly over three decades ago, we began our journey together as a public company. We have tried profoundly to keep you, our shareholders, at the forefront of everything we do. While the world continues to drastically change, we have never lost sight of our focus and commitments. Our creativity energizes our INNOVATION! Financial Performance Our 2023 scal year was a year of two distinct halves: a challenging start marked by pricing actions to offset record cost increases, followed by sequential increases in revenues, margins and pro ts. Gross pro t margins increased 450 bps from Q1 to Q4 and we nished the year with Net Sales of $1.2 billion, our best ever and fth consecutive year of over a billion dollars. Net Income for the year was $142 million and EPS of $1.52, while generating $162 million of operating cash ow. Products One thing that remained constant was the continued creative leadership of Team National. LaCroix s Cherry Blossom, which many of our loyal shareholders sampled last year, was declared 2022 winner of the avored sparkling water category by People magazine. Cherry Blossom also joined previous winners LimonCello, Black RazzBerry and Guava S o Paulo as a recipient of the prestigious Davey award for creative package design. These, our most recent avor releases, have stayed true to the LaCroix promise of providing healthy, avorful and innocent hydration.
Based on a survey of U.S. shoppers, Newsweek recently named LaCroix as one of The Most Trusted Brands in America. LimonCello, our #1 consumer favorite, is included in your package for your enjoyment. Also included is the reveal of our latest novel avors: Mojito and Sunshine! Creativity at our nest! Shareholder Returns FIZZ s long-term total return to shareholders is among the highest in the consumer packaged goods segment. Including reinvestment of dividends, returns as of the end of our 2023 scal year were: S&P500 S&P One Year 13% (5%) Ten Year 725% 216% 3,384% 580% Twenty Year If you purchased FIZZ on its rst day of trading as a public company in September 1991, your return would have exceeded 5,000%, or over 150% per year! Outlook While some of our customers are currently experiencing a modest decline in store traf c, we believe our health and wellness strategy will continue to offer excellent growth potential. Our Shasta and Faygo brands, which are rolling out Zero Sugar options, have posted recent volume increases, and industry research groups are projecting the avored sparkling water category to grow by over 50% in the next ve years*. As the sparkling water market leader with unrivaled consumer loyalty, LaCroix is well positioned to capitalize on this growth. With exciting new product introductions planned, we begin the new scal year with resolute enthusiasm and are optimistic that our entrepreneurial philosophy, brand equity and proven innovation will continue to deliver superior returns to our loyal FIZZ shareholders. While refreshing the body with our healthy hydrations, mindfulness must also be nurtured. Be kind and cherish each and every precious moment . . . for they are all we have. Stay happy, healthy and hydrated. *Mintel Group Ltd. Still and Sparkling Waters, US - 2023
INTRODUCING TASTE OF PARADISE! COMING 2023

INTRODUCING COMING SOON
 • shareholder letter icon 9/7/2023 Letter Continued (Full PDF)
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 • stockholder letter icon 9/8/2026 FIZZ Stockholder Letter
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 • Benford's Law Stocks icon FIZZ Benford's Law Stock Score = 66


FIZZ 9/7/2023 Shareholder/Stockholder Letter Transcript:

Our Robust Journey . . .
Fueled by Boundless Innovation!
Innovation is Immeasurable . . . Innovation is a Way of Life!
The traditional mind thinks of Limoncello as a lemon-   avored
liqueur that originated in Southern Italy. We differ!
Should an energy drink taste like melon? Absolutely!
Can you convert a beverage founded in 1889 to a modern,
zero-calorie refresher? Why not?
How can you put    reworks in a bottle? Just ask us!
Is it possible to put Sunshine in a can? We say yes!
Team National is not constrained by the boundaries of conventional thinking. We
are committed to thinking    outside the can    with incomparable    avors, distinctive
packaging, hybrid distribution and unique marketing.
Slightly over three decades ago, we began our journey together as a public company.
We have tried profoundly to keep you, our shareholders, at the forefront of everything
we do. While the world continues to drastically change, we have never lost sight of our
focus and commitments. Our creativity energizes our INNOVATION!
Financial Performance
Our 2023    scal year was a year of two distinct halves: a challenging start marked
by pricing actions to offset record cost increases, followed by sequential increases
in revenues, margins and pro   ts. Gross pro   t margins increased 450 bps from Q1
to Q4 and we    nished the year with Net Sales of $1.2 billion, our best ever and    fth
consecutive year of over a billion dollars. Net Income for the year was $142 million and
EPS of $1.52, while generating $162 million of operating cash    ow.
Products
One thing that remained constant was the continued creative leadership of Team
National. LaCroix   s Cherry Blossom, which many of our loyal shareholders sampled
last year, was declared 2022 winner of the    avored sparkling water category by
People magazine. Cherry Blossom also joined previous winners LimonCello, Black
RazzBerry and Guava S  o Paulo as a recipient of the prestigious Davey award
for creative package design. These, our most recent    avor releases, have stayed
true to the LaCroix promise of providing healthy,    avorful and innocent hydration.

Based on a survey of U.S. shoppers, Newsweek recently named LaCroix as one of
   The Most Trusted Brands in America.   
LimonCello, our #1 consumer favorite, is included in your package for your enjoyment.
Also included is the reveal of our latest novel    avors: Mojito and Sunshine! Creativity
at our    nest!
Shareholder Returns
FIZZ   s long-term total return to shareholders is among the highest in the consumer
packaged goods segment. Including reinvestment of dividends, returns as of the end
of our 2023    scal year were:
S&P500
S&P
    One Year
13%
(5%)
    Ten Year
725%
216%
3,384%
580%
    Twenty Year
If you purchased FIZZ on its    rst day of trading as a public company in September
1991, your return would have exceeded 5,000%, or over 150% per year!
Outlook
While some of our customers are currently experiencing a modest decline in store
traf   c, we believe our health and wellness strategy will continue to offer excellent
growth potential. Our Shasta and Faygo brands, which are rolling out Zero Sugar
options, have posted recent volume increases, and industry research groups are
projecting the    avored sparkling water category to grow by over 50% in the next    ve
years*. As the sparkling water market leader with unrivaled consumer loyalty, LaCroix
is well positioned to capitalize on this growth. With exciting new product introductions
planned, we begin the new    scal year with resolute enthusiasm and are optimistic that
our entrepreneurial philosophy, brand equity and proven innovation will continue to
deliver superior returns to our loyal FIZZ shareholders.
While refreshing the body with our healthy hydrations, mindfulness must also be nurtured.
Be kind and cherish each and every precious moment . . . for they are all we have.
Stay happy, healthy and hydrated.
*Mintel Group Ltd. Still and Sparkling Waters, US - 2023

INTRODUCING
TASTE OF PARADISE!
COMING 2023


INTRODUCING
COMING SOON


shareholder letter icon 9/7/2023 Letter Continued (Full PDF)
 

FIZZ Stockholder/Shareholder Letter (NATIONAL BEVERAGE CORP) 9/7/2023 | www.StockholderLetter.com
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