National Beverage Corp. Announces Preferred Stock Redemption
FORT LAUDERDALE, Fla. -- May 1, 2014
National Beverage Corp. (NASDAQ:FIZZ) announced today that the Special
Committee of its Board of Directors approved a partial redemption of the
Special Series D Preferred Stock that was privately placed in January 2013.
The redemption payment of $8 million plus accrued dividends will be made on
May 2, 2014 and represents 40% of the amount outstanding. In conjunction with
the partial redemption, the Company negotiated a dividend rate of 2.5% for the
next twelve months, a reduction of approximately 1.4% from the rate that would
have become effective on May 1, 2014.
“The stronger demand for our Power+ brands has heightened our spirits
previously dampened by the hostile winter,” stated Nick A. Caporella, Chairman
and Chief Executive Officer.
“Our Board pledged to optimize the Company’s financial structure subsequent to
the payment of the $2.55 cash dividend in December 2012; this partial
redemption is the ‘next step’ in this process . . . made possible through
solid cash flow generation. We remain diligent in our efforts to maximize
shareholder value while, at the same time, stay committed to our traditionally
strong balance sheet,” Caporella concluded.
National Beverage’s iconic brands are the genuine essence . . . of America.
“Patriotism” – If Only We Could Bottle It!
Fun, Flavor and Vitality . . . the National Beverage Way
This press release includes 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 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
fluctuations in costs, changes in consumer preferences and other items and
risk factors described in the Company's Securities and Exchange Commission
filings and the Company disclaims 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. The
Series D securities referenced in this release have not been registered under
the Securities Act of 1933.
National Beverage Corp.
Grace Keene, 877-NBC-FIZZ
Office of the Chairman
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