Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 30, 2022 | Sep. 07, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000069891 | |
Entity Registrant Name | National Beverage Corp. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-29 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-14170 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 59-2605822 | |
Entity Address, Address Line One | 8100 SW Tenth Street, Suite 4000 | |
Entity Address, City or Town | Fort Lauderdale | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33324 | |
City Area Code | 954 | |
Local Phone Number | 581-0922 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | FIZZ | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 93,338,246 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 30, 2022 | Apr. 30, 2022 |
Assets | ||
Cash and equivalents | $ 56,061 | $ 48,050 |
Trade receivables - net | 100,273 | 93,592 |
Inventories | 90,353 | 103,318 |
Prepaid and other assets | 7,157 | 29,560 |
Total current assets | 253,844 | 274,520 |
Property, plant and equipment - net | 142,358 | 144,258 |
Right of use assets - net | 38,555 | 29,251 |
Goodwill | 13,145 | 13,145 |
Intangible assets | 1,615 | 1,615 |
Other assets | 6,028 | 5,015 |
Total assets | 455,545 | 467,804 |
Liabilities and Shareholders' Equity | ||
Accounts payable | 76,151 | 95,299 |
Accrued liabilities | 43,332 | 39,090 |
Short-term lease obligations | 11,929 | 10,543 |
Income taxes payable | 652 | 387 |
Total current liabilities | 132,064 | 145,319 |
Long-term debt | 0 | 30,000 |
Deferred income taxes net | 21,124 | 23,823 |
Operating lease liability - non current | 28,627 | 20,703 |
Other liabilities | 9,624 | 8,521 |
Total liabilities | 191,440 | 228,366 |
Shareholders' equity: | ||
Preferred stock, $1 par value - 1,000,000 shares authorized: Series C - 150,000 shares issued | 150 | 150 |
Common stock, $.01 par value - 200,000,000 shares authorized; 101,712,358 shares issued July 30, 2022 and April 30, 2022 | 1,017 | 1,017 |
Additional paid-in capital | 39,575 | 39,405 |
Retained earnings | 251,635 | 216,181 |
Accumulated other comprehensive (loss) income | (4,038) | 6,918 |
Total shareholders' equity | 264,106 | 239,438 |
Total liabilities and shareholders' equity | 455,545 | 467,804 |
Series C Preferred Stock [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | (5,100) | (5,100) |
Common Stock [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | $ (19,133) | $ (19,133) |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jul. 30, 2022 | Apr. 30, 2022 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 150,000 | 150,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 101,712,358 | 101,712,358 |
Series C Preferred Stock [Member] | ||
Treasury stock, shares (in shares) | 150,000 | 150,000 |
Common Stock [Member] | ||
Treasury stock, shares (in shares) | 8,374,112 | 8,374,112 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Net sales | $ 318,117 | $ 311,712 |
Cost of sales | 218,716 | 186,941 |
Gross profit | 99,401 | 124,771 |
Selling, general and administrative expenses | 52,923 | 54,443 |
Operating income | 46,478 | 70,328 |
Other expense - net | 84 | 15 |
Income before income taxes | 46,394 | 70,313 |
Provision for income taxes | 10,940 | 16,497 |
Net income | $ 35,454 | $ 53,816 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.38 | $ 0.58 |
Diluted (in dollars per share) | $ 0.38 | $ 0.58 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 93,338 | 93,306 |
Diluted (in shares) | 93,599 | 93,574 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Net income | $ 35,454 | $ 53,816 |
Cash flow hedges | 10,956 | 1,753 |
Comprehensive income | $ 24,498 | $ 52,063 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock [Member] Series C Preferred Stock [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Preferred [Member] Series C Preferred Stock [Member] | Treasury Stock, Common [Member] |
Balance (in shares) at May. 01, 2021 | 150 | 101,676 | ||||||
Balance at May. 01, 2021 | $ 150 | $ 1,016 | $ 38,375 | $ 337,672 | $ 3,017 | |||
Stock options exercised (in shares) | 12 | |||||||
Stock options exercised | $ 1 | 58 | ||||||
Stock-based compensation | 171 | |||||||
Net income | $ 53,816 | 53,816 | ||||||
Cash flow hedges, net of tax | (1,753) | (1,753) | ||||||
Balance (in shares) at Jul. 31, 2021 | 101,688 | 8,374 | ||||||
Balance at Jul. 31, 2021 | 408,290 | $ 1,017 | $ 38,604 | 391,488 | 1,264 | $ (5,100) | $ (19,133) | |
Balance (in shares) at Apr. 30, 2022 | 150 | 101,712 | ||||||
Balance at Apr. 30, 2022 | $ 239,438 | $ 150 | $ 1,017 | $ 39,405 | 216,181 | 6,918 | ||
Stock options exercised (in shares) | 0 | 0 | ||||||
Stock options exercised | $ 0 | 0 | ||||||
Stock-based compensation | 170 | |||||||
Net income | $ 35,454 | 35,454 | ||||||
Cash flow hedges, net of tax | (10,956) | (10,956) | ||||||
Balance (in shares) at Jul. 30, 2022 | 101,712 | 8,374 | ||||||
Balance at Jul. 30, 2022 | $ 264,106 | $ 1,017 | $ 39,575 | $ 251,635 | $ (4,038) | $ (5,100) | $ (19,133) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Operating Activities: | ||
Net income | $ 35,454 | $ 53,816 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 5,461 | 4,679 |
Deferred income taxes | 1,072 | (401) |
Loss on disposal of property, net | 6 | 6 |
Stock-based compensation | 170 | 171 |
Amortization of operating right of use assets | 3,164 | 3,562 |
Changes in assets and liabilities: | ||
Trade receivables | (6,681) | (12,174) |
Inventories | 12,965 | 1,546 |
Operating lease right of use assets | (12,468) | (924) |
Prepaid and other assets | 11,656 | (106) |
Accounts payable | (19,148) | (3,834) |
Accrued and other liabilities | (344) | 12,509 |
Operating lease liabilities | 9,310 | (2,192) |
Net cash provided by operating activities | 40,617 | 56,658 |
Investing Activities: | ||
Additions to property, plant and equipment | (2,609) | (4,770) |
Proceeds from sale of property, plant and equipment | 3 | 0 |
Proceeds from sale of property, plant and equipment | (3) | 0 |
Net cash used in investing activities | (2,606) | (4,770) |
Financing Activities: | ||
Proceeds from stock options exercised | 0 | 58 |
Repayments of long-term debt | (30,000) | 0 |
Net cash (used in) provided by financing activities | (30,000) | 58 |
Net Increase in Cash and Equivalents | 8,011 | 51,946 |
Cash and Equivalents - Beginning of Period | 48,050 | 193,589 |
Cash and Equivalents - End of Period | 56,061 | 245,535 |
Other Cash Flow Information: | ||
Interest paid | 192 | 61 |
Income taxes (refunded) paid | $ (79) | $ 222 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 3 Months Ended |
Jul. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation The condensed consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not 10 April 30, 2022. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the interim unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the interim periods presented are not Inventories Inventories are stated at the lower of first first July 30, 2022 April 30, 2022 Marketing Costs The Company utilizes a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote its products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs, which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $10.3 million for the three July 30, 2022 three July 31, 2021. Shipping and Handling Costs Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying condensed consolidated statements of income. Such costs totaled $23.6 million for the three July 30, 2022 three July 31, 2021. may not |
Note 2 - Property, Plant and Eq
Note 2 - Property, Plant and Equipment | 3 Months Ended |
Jul. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2. Property, plant and equipment consist of the following: (In thousands) July 30, 2022 April 30, 2022 Land $ 9,835 $ 9,835 Buildings and improvements 66,501 65,697 Machinery and equipment 278,655 277,163 Total 354,991 352,695 Less accumulated depreciation (212,633 ) (208,437 ) Property, plant and equipment – net $ 142,358 $ 144,258 Depreciation expense was $4.5 million for three July 30, 2022, three July 31, 2021. |
Note 3 - Debt
Note 3 - Debt | 3 Months Ended |
Jul. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. At July 30, 2022, April 30, 2023 October 28, 2024 July 30, 2022 April 30, 2022. July 30, 2022, On December 21, 2021, December 31, 2023 .95% April 30, 2022. July 30, 2022. The Credit Facilities and Loan Facility require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the Credit Facilities), and contain other restrictions, none July 30, 2022, |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 3 Months Ended |
Jul. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 4. During the three July 30, 2022, July 30, 2022, |
Note 5 - Derivative Financial I
Note 5 - Derivative Financial Instruments | 3 Months Ended |
Jul. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5. From time to time, the Company enters into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum cans. Such financial instruments are designated and accounted for as cash flow hedges. Accordingly, gains or losses attributable to the effective portion of the cash flow hedge are reported in accumulated other comprehensive income (loss) (“AOCI”) and reclassified into cost of sales in the period in which the hedged transaction affects earnings. The ineffective portion of the change in fair value of our cash flow hedge was immaterial. The following summarizes the gains (losses) recognized in the Condensed Consolidated Statements of Income and AOCI for the quarters ended July 30, 2022 July 31, 2021: (In thousands) 2022 2021 Recognized in AOCI: Gain (loss) before income taxes $ (15,010 ) $ 753 Less income tax (benefit) provision (3,590 ) 180 Net (11,420 ) 573 Reclassified from AOCI to cost of sales: Gain (loss) before income taxes (608 ) 3,057 Less income tax (benefit) provision (144 ) 731 Net (464 ) 2,326 Net change to AOCI $ (10,956 ) $ (1,753 ) As of July 30, 2022, no 12 As of July 30, 2022, April 30, 2022, not 2 |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Jul. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. The Company has entered into various non-cancelable operating lease agreements for certain of our offices, buildings, machinery and equipment expiring at various dates through January 2030. not not three July 30, 2022 July 31, 2021 July 30, 2022, April 30, 2022, three July 30, 2022 three July 31, 2021. The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of July 30, 2022: (In thousands) Fiscal 2023 – Remaining 3 quarters $ 9,327 Fiscal 2024 10,576 Fiscal 2025 7,797 Fiscal 2026 6,033 Fiscal 2027 5,156 Thereafter 3,441 Total minimum lease payments including interest 42,330 Less: Amounts representing interest (1,774 ) Present value of minimum lease payments 40,556 Less: Current portion of lease obligations (11,929 ) Non-current portion of lease obligations $ 28,627 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The condensed consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not 10 April 30, 2022. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the interim unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the interim periods presented are not |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of first first July 30, 2022 April 30, 2022 |
Advertising Cost [Policy Text Block] | Marketing Costs The Company utilizes a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote its products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs, which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $10.3 million for the three July 30, 2022 three July 31, 2021. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying condensed consolidated statements of income. Such costs totaled $23.6 million for the three July 30, 2022 three July 31, 2021. may not |
Note 2 - Property, Plant and _2
Note 2 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Jul. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) July 30, 2022 April 30, 2022 Land $ 9,835 $ 9,835 Buildings and improvements 66,501 65,697 Machinery and equipment 278,655 277,163 Total 354,991 352,695 Less accumulated depreciation (212,633 ) (208,437 ) Property, plant and equipment – net $ 142,358 $ 144,258 |
Note 5 - Derivative Financial_2
Note 5 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Jul. 30, 2022 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | (In thousands) 2022 2021 Recognized in AOCI: Gain (loss) before income taxes $ (15,010 ) $ 753 Less income tax (benefit) provision (3,590 ) 180 Net (11,420 ) 573 Reclassified from AOCI to cost of sales: Gain (loss) before income taxes (608 ) 3,057 Less income tax (benefit) provision (144 ) 731 Net (464 ) 2,326 Net change to AOCI $ (10,956 ) $ (1,753 ) |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Jul. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Fiscal 2023 – Remaining 3 quarters $ 9,327 Fiscal 2024 10,576 Fiscal 2025 7,797 Fiscal 2026 6,033 Fiscal 2027 5,156 Thereafter 3,441 Total minimum lease payments including interest 42,330 Less: Amounts representing interest (1,774 ) Present value of minimum lease payments 40,556 Less: Current portion of lease obligations (11,929 ) Non-current portion of lease obligations $ 28,627 |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Apr. 30, 2022 | |
Inventory, Finished Goods, Gross | $ 47.1 | $ 58.6 | |
Inventory, Raw Materials, Gross | 43.2 | $ 44.7 | |
Marketing Expense | 10.3 | $ 12.4 | |
Shipping and Handling Costs | $ 23.6 | $ 22.7 |
Note 2 - Property, Plant and _3
Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Depreciation, Total | $ 4.5 | $ 3.9 |
Note 2 - Property, Plant and _4
Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Apr. 30, 2022 |
Land | $ 9,835 | $ 9,835 |
Buildings and improvements | 66,501 | 65,697 |
Machinery and equipment | 278,655 | 277,163 |
Total | 354,991 | 352,695 |
Less accumulated depreciation | (212,633) | (208,437) |
Property, plant and equipment – net | $ 142,358 | $ 144,258 |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | ||
Dec. 21, 2021 | Jul. 30, 2022 | Apr. 30, 2022 | Jun. 30, 2022 | |
Term Loan Facility [Member] | ||||
Debt Instrument, Face Amount | $ 50,000 | |||
Proceeds from Issuance of Long-Term Debt, Total | $ 50,000 | |||
Long-Term Debt, Gross | 30,000 | |||
Long-Term Debt, Total | $ 0 | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Term Loan Facility [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.95% | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||
Long-term Line of Credit, Total | 0 | $ 0 | ||
Letters of Credit Outstanding, Amount | 2,500 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 97,500 | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.05% |
Note 4 - Stock-based Compensa_2
Note 4 - Stock-based Compensation (Details Textual) | 3 Months Ended |
Jul. 30, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 536,600 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares | $ 18.97 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 5,387,005 |
Note 5 - Derivative Financial_3
Note 5 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions | Jul. 30, 2022 | Apr. 30, 2022 |
Derivative, Notional Amount | $ 99.6 | |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 4.7 | |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Current | $ 5.7 | $ 8.8 |
Note 5 - Derivative Financial_4
Note 5 - Derivative Financial Instruments - Derivatives Instruments, Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Gain (loss) before income taxes | $ (15,010) | $ 753 |
Less income tax (benefit) provision | (3,590) | 180 |
Net | (11,420) | 573 |
Gain (loss) before income taxes | (608) | 3,057 |
Less income tax (benefit) provision | (144) | 731 |
Net | (464) | 2,326 |
Net change to AOCI | $ (10,956) | $ (1,753) |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Apr. 30, 2022 | |
Operating Lease, Cost | $ 3.4 | $ 3.6 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 10 months 24 days | 4 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.06% | 3.08% | |
Operating Lease, Payments | $ 3.4 | $ 3.6 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments and Related Liabilities for Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jun. 30, 2022 | Apr. 30, 2022 |
Fiscal 2023 – Remaining 3 quarters | $ 9,327 | ||
Fiscal 2024 | 10,576 | ||
Fiscal 2025 | 7,797 | ||
Fiscal 2026 | 6,033 | ||
Fiscal 2027 | 5,156 | ||
Thereafter | 3,441 | ||
Total minimum lease payments including interest | 42,330 | ||
Less: Amounts representing interest | (1,774) | ||
Present value of minimum lease payments | 40,556 | ||
Less: Current portion of lease obligations | $ (11,929) | (11,929) | $ (10,543) |
Non-current portion of lease obligations | $ 28,627 | $ 28,627 | $ 20,703 |