112 added · 80 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
Compensation Clawback Policy (15) * 101 The following financial information from National Beverage Corp.’s Annual Report on Form 10-K for the fiscal year ended May 3, 2025 is formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets;
(13) Previously filed with the Securities and Exchange Commission as an exhibit to Annual Report on Form 10-K for the fiscal year ended May 2, 2020 and is incorporated herein by reference.
(19) Previously filed with the Securities and Exchange Commission as an exhibit to Annual Report on Form 10-K for the fiscal year ended May 2, 2020 and is incorporated herein by reference.
(15) Previously filed with Securities and Exchange Commission as an exhibit to Annual Report on Form 10-K for the fiscal period ended April 27, 2024 and is incorporated by reference.
(17) Previously filed with the Securities and Exchange Commission as an exhibit to Form 8-K Current Report dated November 6, 2024 and is incorporated herein by reference.
(3) Previously filed with the Securities and Exchange Commission as an exhibit to Form 8-K Current Report dated January 31, 2013 and is incorporated herein by reference.
(2) Previously filed with the Securities and Exchange Commission as an exhibit to Form 8-K Current Report dated July 23, 2018 and is incorporated herein by reference.
(6) Previously filed with the Securities and Exchange Commission as an exhibit to Annual Report on Form 10-K for the fiscal year ended April 27, 1996 and is incorporated herein by reference.
(8) Previously filed with the Securities and Exchange Commission as an exhibit to Annual Report on Form 10-K for the fiscal year ended May 3, 1997 and is incorporated herein by reference.
CONTRACTUAL OBLIGATIONS Contractual obligations at May 3, 2025 are payable as follows: (In thousands) Total 1 Year Or less 2 to 3 Years 4 to 5 Years More Than 5 Years Operating leases $ 82,856 $ 17,388 $ 28,010 $ 20,441 $ 17,017 Purchase commitments 14,618 14,618 - - - Total $ 97,474 $ 32,006 $ 28,010 $ 20,441 $ 17,017 We contribute to certain pension plans under collective bargaining agreements and to a discretionary profit-sharing plan.
Changes in the allowance for credit losses were as follows: (In thousands) Fiscal 2025 Fiscal 2024 Fiscal 2023 Balance at beginning of year $ 868 $ 523 $ 559 Net charge to expense 357 427 11 Net charge-off ( 1 ) ( 82 ) ( 47 ) Balance at end of year $ 1,224 $ 868 $ 523 The Company’s trade receivables, net balances as of April 29, 2023 and April 30, 2022 were $ 104.9 million and $ 93.6 million, respectively. 21 Table of Contents Inventories Inventories are stated at the lower of first -in, first -out cost or net realizable value.
The Company intends to adopt ASU 2023 - 09 on a prospective basis for its fiscal year ended May 2, 2026. 23 Table of Contents In November 2024, the FASB issued 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.
No longer disclosed
Notwithstanding the identified material weakness, the Company’s management, including our chief executive officer and principal financial officer, has concluded the Company’s consolidated financial statements included in this Form 10-K present fairly, in all material respects, the Company’s financial condition, results of operations and cash flows at and for the periods presented in accordance with U.S. generally accepted accounting principles.
Management believes these corrections did not in any way limit investment opportunities during these periods. 13 Table of Contents RESULTS OF OPERATIONS The following section generally discusses the fiscal years ended April 27, 2024 (“Fiscal 2024”) and April 29, 2023 (“Fiscal 2023”) results and year-to-year comparisons between Fiscal 2024 and Fiscal 2023.
For Fiscal 2024, cash flow provided by operating activities was principally provided by an increase in operating income, a reduction in working capital other than cash, an increase in net interest income, partially offset by an increase in tax and lease payments.
CONTRACTUAL OBLIGATIONS Contractual obligations at April 27, 2024 are payable as follows: (In thousands) Total 1 Year Or less 2 to 3 Years 4 to 5 Years More Than 5 Years Operating leases $ 61,169 $ 15,068 $ 25,229 $ 12,716 $ 8,156 Purchase commitments 39,106 39,007 99 - - Total $ 100,275 $ 54,075 $ 25,328 $ 12,716 $ 8,156 We contribute to certain pension plans under collective bargaining agreements and to a discretionary profit-sharing plan.
Actual future losses from uncollectible accounts could differ from the Company’s estimate. 23 Table of Contents Changes in the allowance for credit losses were as follows: (In thousands) Fiscal 2024 Fiscal 2023 Fiscal 2022 Balance at beginning of year $ 523 $ 559 $ 1,140 Net charge (credit) to expense 427 11 ( 581 ) Net charge-off ( 82 ) ( 47 ) - Balance at end of year $ 868 $ 523 $ 559 At April 27, 2024 and April 29, 2023, no customer comprised more than 10% of trade receivables.
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.
PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net at April 27, 2024 and April 29, 2023 consisted of the following: (In thousands) 2024 2023 Land $ 9,835 $ 9,835 Buildings and improvements 71,754 70,615 Machinery and equipment 314,079 289,567 Total 395,668 370,017 Less: accumulated depreciation ( 235,938 ) ( 221,594 ) Property, plant and equipment, net $ 159,730 $ 148,423 Depreciation expense was $ 18.9 million, $ 17.7 million and $ 15.8 million for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. 26 Table of Contents 3.
ACCRUED LIABILITIES Accrued liabilities at April 27, 2024 and April 29, 2023 consisted of the following: (In thousands) 2024 2023 Accrued promotions $ 18,826 $ 15,865 Accrued compensation 13,920 13,036 Recycling deposits 5,743 5,123 Accrued insurance 2,687 2,498 Accrued freight 2,262 2,819 Other 3,127 7,977 Total $ 46,565 $ 47,318 4.
The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases at April 27, 2024: (In thousands) Fiscal 2025 $ 15,068 Fiscal 2026 13,382 Fiscal 2027 11,847 Fiscal 2028 6,946 Fiscal 2029 5,770 Thereafter 8,156 Total minimum lease payments including interest 61,168 Less: Amounts representing interest ( 6,401 ) Present value of minimum lease payments 54,767 Less: Current portion of operating lease liabilities ( 13,079 ) Non-current portion of operating lease liabilities $ 41,688 27 Table of Contents 5.
The weighted average Black-Scholes fair value assumptions for stock options granted in Fiscal 2022 were as follows: weighted average expected life of 6.5 years; weighted average expected volatility of 20.74%; weighted average risk-free interest rate of .82%; and expected dividend yield of 2.48 %.
The following is a summary of stock option activity for Fiscal 2024: Number of Shares Price (a) Options outstanding, beginning of year 521,300 $ 18.13 Granted - - Exercised ( 215,000 ) $ 6.12 Forfeited or cancelled ( 6,400 ) $ 31.49 Options outstanding, end of year 299,900 $ 25.48 Options vested and exercisable, end of year 164,580 $ 23.40 (a) Weighted average exercise price.
RESTATEMENT The Company identified corrections required to be made to its consolidated statements of cash flows for Fiscal 2023 and Fiscal 2022 and all quarterly periods within each of the three year period ended April 27, 2024, as the controls did not operate at a level precise enough to detect errors in certain calculations within the Consolidated Statements of Cash Flows and the presentation of right-of-use assets obtained in exchange for lease liabilities as supplemental non-cash items.