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Author: ObliqueApproach Big gold star, 5000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1264  
Subject: National Beverage (FIZ) Date: 2/21/2004 9:16 AM
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sorry I'm not as complete as kat but wanted to contribute regardless.
FIZ is a beverage company.  Here are some of my unedited notes:


National Beverage (FIZ)

FIZ	        1997	1998	1999	2000	2001	2002	2003
Opt/Shares	1.0%	0.3%	0.6%	0.0%	1.1%	0.5%	0.0%
Fof/Shares	0.0%	0.2%	0.0%	0.1%	0.2%	0.6%	0.1%
YOY ShCg	1.1%	-0.2%	-1.3%	-0.9%	0.8%	0.4%
5Yr Chg				         	-1.4%	-1.7%	-1.1%
5 Yr Avg					0.6%	0.5%	0.5%
Buybacks	1.205		1.3	2.2	0.3	0.3	0.3
Canc Rate					16%	43%	45%



2-18-04, 16.73, 319/280, 17.6/15.4, pcf=10.8/9.5, pb=2.3, ni=18.2, cf=29.5, cex=9.6  (17.4/10.7)
In the first half, sales were up 2% with operating income up 5% and EPS up 5%

Historical Review
Sales up 4%, 0%, 6%, 13%, and 0% in past 5 years
Net margins up from 2.8% to 3.5%; this is highest ever
GM up to highest level ever
SGA was lower 5 years ago, with the latest figure in lien with the past few
Interest expense dropped from 1.3% in 97 to 0.1% in 03
Past 5 Years Cash Flow:  130,765
Past 5 Years CapEx:  42704
ROE was 13% last year, ROA was 8%
BS shows 63m in cash, 41m in AR, 65m in TL

2003 Annual Report
Company walked away from private label business
Growth of Shasta and Faygo has offset this lost business
Company is focused very hard on convenience store channel
Acquired Ritz and Crystal Bay brands in Sep 00
Sees 04 CapEx comparable to 03
In 98 they authorized buyback of 800k shares
Bot 18,250 shares and 23,900 last 2 years
They incur a 'management agreement' to CMA, which is the CEO for 1% of sales
They self-insure certain liability, medical and worker's comp exposures
Portfolio is mostly in short-term treasuries
2003 was a 53 week year
no one customer accounted for 10% of sales in past 3 years
Inventory is FIFO
Marketing was 39.4m in 03, 40.3m in 02, 39.4m in 01
Dep was 8.74 in 03, 8.444, and 7.996

Biggest Quarter is Q1, lowest is Q3

HL
Fiscal 03	17.19-11.00
Fiscal 02	14.4-8.9

2003 Proxy
Nick Caporella owns 78.3% of the shares – he is 67
Insiders own 80.3%
Company founded in 1985
Directors get 17,500 per year, plus 750 per meeting and 500 for committee meeting
CEO takes no salary (but has management agreement)
Joe Caporella, Pres, gets 275k, 157k bonus, 15.5k bonus


Brands
Shasta
Faygo
EverFresh
Home Juice
Mr. Pure
LaCROIX
Mt Shasta
Cystal Bay
ClearFruit
VooDoo Rain
St Nick's
Ohana
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