National Beverage Corp. (FIZZ) 2004年年度报告「NASDAQ」.pdf

1、National Beverage Corp.2004 annual reportOccasion to.Dream.Celebrate.Reminiscepage twonational beverage corp.Any occasion isan occasion for us to.flavor it great!Inventingthe futureThere is a magical refugea phenomenalmental placethat exists somewherebetween counting your blessings anddisappointment

2、.If your character is suchthat you shift between these twoemotional stateswithout frequentlystopping at that unique,in-betweencomfort zoneyoure peggeda striver and an achiever.Maybe the ever-present conditionsthat hone awareness of all considera-tionsmake it tremendously impossibleto ease up,even if

3、 our accomplishmentresults in breaking a record or achievingthe highest earnings ever.Unfortunatelyno correlation may be available betweenachievement and recognition,as is oftenthe case in the present public-companyclimate.Althoughthis keeps us quiteconcerned,determination holds us firmlycommittedto

4、 striving and achievingour goals.FY04 was a very good year for us atNational Beverage Corp.!The revenuesand earnings were the highest ever,ourflavor segment continued to outperformthe declining cola market,we becamedebt-free and our market capitalizationalso set a new high.We agonized longand hard o

5、ver many external opportu-nities,but they could not justly meetour criteriaso we repaid our share-holders a large portion of their retainedearningsin a one-time cash payment.Our core brands Shasta and Faygooutpaced the industry growth by ahealthy multiple and media/marketspending was up significantl

6、y.Muchexcitement was also generated concern-ing new television commercials,withone showing during the World Seriesevent.We made great strides in newproduct development and are presentlyusing the more acceptable sweetenersubstitute,Splenda?,almost exclusively.We have a backlog of new flavors inthe pi