On this page of StockholderLetter.com we present the 9/6/2024 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.
Dear Loyal Holder, It is hard to believe that National Beverage Corp. was founded 39 years ago on November 5th, 1985. At that time, after we had just acquired Shasta Beverages, we were repeatedly told that our new venture would likely fail. Yet our imagination, determination and compelling passion for profoundness and precision did not allow for anything but success . . . and only success. Core to this success is our philosophy of excellence in all we do and our determined commitment to innovation, profound performance and the creation of shareholder value. Strawberry Peach blends the sweet, vibrant taste of strawberries with the luscious, juicy flavor of peaches. Our recently launched Mojito is a unique, refreshing flavor with a focus on the taste of mint with a touch of lime. These two new flavors capture the evolving tastes and health-conscious preferences of our loyal consumers who savor LaCroix s distinctive offerings. Our innovation and extremely passionate imagination are essential to our enduring success, inspiring the Extravagance of Taste. Brands Innovation and creativity are what set us apart from all others we are not typical thinkers. We live to be different, to be profound in our thinking and actions, and in our strategy to connect with our consumers. We must earn their trust and respect to deserve their loyalty to our brands . . . for life. Our goal is to offer brands that appeal to a variety of consumers and demographics depending on personal lifestyles and choices. We work hard for our consumer whether they enjoy Shasta and Faygo s variety of flavors, Everfresh single-serve juices in bottles for consumers on-the-go, Rip It energy drink for those who want a little boost, or LaCroix sparkling water for consumers seeking healthy refreshment with no calories, sugar or sodium . . . Innocent! LaCroix s newest innovation, Strawberry Peach, accompanies this letter. Marketing Our marketing strategy is to create and drive brand awareness in very profound ways. We have implemented innovative marketing campaigns that leverage the power of social media to meaningfully connect with our audience. We have also partnered with various men s and women s sports teams in our local communities with a focus on family and kids involvement. For example, the LaCroix logo was prominently displayed on the jerseys of the Stanley Cup winning Florida Panthers and is now permanently on display at the Hockey Hall of Fame. By engaging with consumers through interactive and visually compelling content, we have successfully built stronger brand loyalty and increased our market presence. Our in-store MerchMx activation teams enable us to maintain and build our shelfsets and, more importantly, build unique, theme-oriented LaCroix
displays that appeal to both our retail partners and consumers. Our BrandED team further supports our products and new product introductions with in-store sampling, giving our consumers an opportunity to taste a variety of such exceptional flavors, as LimonCello, Beach Plum and Hi-Biscus! Financial Over the past three decades since National Beverage Corp. has been a public company, fiscal 2024 was our most successful year with record sales, net income and earnings per share: x Net sales increased to $1.2 billion; x Operating profit grew to $218 million; and x Net income increased to $1.89 per share, a 3,300% increase in EPS since becoming a public company. From our highly leveraged initial years to our recent years with no longterm debt, strong operating cash flows have been a hallmark of our company. These cash flows prompted our Board to declare a special cash dividend of $3.25 which was paid to shareholders in July 2024. This represented our twelfth special dividend totaling over $1.5 billion or $16.53 per share. Outlook We delivered superior financial performance despite unprecedented input cost inflation that necessitated higher prices to protect our business. Although costs have stabilized as of this writing, they have not returned to historical levels, and we believe current pricing levels will continue for the foreseeable future. Should the economic environment change, our owner-entrepreneur governance model, vertically integrated self-manufacturing structure and hybrid distribution system will allow for rapid adjustments. Contrary to industry trends, we are encouraged by the green shoots of volume growth that we have observed in some channels and products, and we look forward to enhancing LaCroix s role as the category leader. For all those who did not believe in our dreams back in 1985, dreams that drove us to create this wonderful company, well . . . we did it! Team National s commitment has provided a wonderful life for our employees, the Extravagance of Taste to our consumers and superior returns for our loyal shareholders. The wonderful Extravagance of . . . Strawberry Peach!
NATIONAL BEVERAGE CORP. 2024 ANNUAL REPORT ON FORM 10K
 • shareholder letter icon 9/6/2024 Letter Continued (Full PDF)
 • stockholder letter icon 9/7/2023 FIZZ Stockholder Letter
 • stockholder letter icon 9/9/2025 FIZZ Stockholder Letter
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FIZZ 9/6/2024 Shareholder/Stockholder Letter Transcript:

Dear Loyal
Holder,
It is hard to believe that National Beverage Corp. was founded 39 years
ago on November 5th, 1985. At that time, after we had just acquired
Shasta Beverages, we were repeatedly told that our new venture
would likely fail. Yet our imagination, determination and compelling
passion for profoundness and precision did not allow for anything but
success . . . and only success. Core to this success is our philosophy of
excellence in all we do and our determined commitment to innovation,
profound performance and the creation of shareholder value.
Strawberry Peach blends the sweet, vibrant taste of strawberries with
the luscious, juicy flavor of peaches. Our recently launched Mojito is
a unique, refreshing flavor with a focus on the taste of mint with a
touch of lime. These two new flavors capture the evolving tastes
and health-conscious preferences of our loyal consumers who savor
LaCroix   s distinctive offerings. Our innovation and extremely passionate
imagination are essential to our enduring success, inspiring the
Extravagance of Taste.
Brands
Innovation and creativity are what set us apart from all others     we are
not typical thinkers. We live to be different, to be profound in our thinking
and actions, and in our strategy to connect with our consumers. We
must earn their trust and respect to deserve their loyalty to our brands . . .
for life. Our goal is to offer brands that appeal to a variety of consumers
and demographics depending
on personal lifestyles and
choices. We work hard for
our consumer     whether they
enjoy Shasta and Faygo   s
variety of flavors, Everfresh
single-serve juices in bottles
for consumers on-the-go, Rip It
energy drink for those who
want a little boost, or LaCroix
sparkling water for consumers
seeking healthy refreshment
with no calories, sugar or
sodium . . . Innocent! LaCroix   s
newest innovation, Strawberry
Peach, accompanies this letter.
Marketing
Our marketing strategy is to create and drive brand awareness in
very profound ways. We have implemented innovative marketing
campaigns that leverage the power of social media to meaningfully
connect with our audience. We have also partnered with various
men   s and women   s sports teams in our local communities with a
focus on family and kids    involvement. For example, the LaCroix logo
was prominently displayed on the jerseys of the Stanley Cup winning
Florida Panthers and is now permanently on display at the Hockey
Hall of Fame. By engaging with consumers through interactive and
visually compelling content, we have successfully built stronger
brand loyalty and increased our market presence. Our in-store
MerchMx activation teams enable us to maintain and build our shelfsets and, more importantly, build unique, theme-oriented LaCroix

displays that appeal to both our retail partners and consumers.
Our BrandED team further supports our products and new product
introductions with in-store sampling, giving our consumers an opportunity
to taste a variety of such exceptional flavors, as LimonCello, Beach Plum
and Hi-Biscus!
Financial
Over the past three decades since National Beverage Corp. has been a
public company, fiscal 2024 was our most successful year with record
sales, net income and earnings per share:
x  Net sales increased to $1.2 billion;
x  Operating profit grew to $218 million; and
x  Net income increased to $1.89 per share, a 3,300% increase in EPS
since becoming a public company.
From our highly leveraged initial years to our recent years with no longterm debt, strong operating cash flows have been a hallmark of our
company. These cash flows prompted our Board to declare a special
cash dividend of $3.25 which was paid to shareholders in July 2024.
This represented our twelfth special dividend totaling over $1.5 billion
or $16.53 per share.
Outlook
We delivered superior financial performance despite unprecedented
input cost inflation that necessitated higher prices to protect
our business. Although costs have stabilized as of this writing,
they have not returned to historical levels, and we believe current
pricing levels will continue for the foreseeable future. Should
the economic environment change, our owner-entrepreneur
governance model, vertically integrated self-manufacturing structure
and hybrid distribution system will allow for rapid adjustments.
Contrary to industry trends, we are encouraged by the green shoots of
volume growth that we have observed in some channels and products,
and we look forward to enhancing LaCroix   s role as the category leader.
For all those who did not believe in our dreams back in 1985, dreams
that drove us to create this wonderful company, well . . . we did it! Team
National   s commitment has provided a wonderful life for our employees,
the Extravagance of Taste to our consumers and superior returns for
our loyal shareholders.
The wonderful Extravagance of . . . Strawberry Peach!

NATIONAL BEVERAGE CORP.
2024 ANNUAL REPORT ON FORM 10K


shareholder letter icon 9/6/2024 Letter Continued (Full PDF)
 

FIZZ Stockholder/Shareholder Letter (NATIONAL BEVERAGE CORP) 9/6/2024 | www.StockholderLetter.com
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