Press Releases
Mr. Harrison concluded by saying, “We have many challenges as we look
ahead to the second half of 2009 and into 2010, but we have taken the
opportunity during the tough times of the past year to position
ourselves for future long-term success. We appreciate the commitment and
partnership of our employees, our customers and The
Cautionary Information Regarding Forward-Looking Statements
Included in this news release and other information that we make
publicly available from time to time are forward-looking management
comments and other statements that reflect management’s current outlook
for future periods. These statements include, among others,
statements regarding our belief that our focus on operational
efficiencies, cost management strategies and market initiatives with
These statements and expectations are based on currently available
competitive, financial and economic data along with our operating plans,
and are subject to future events and uncertainties that could cause
anticipated events not to occur or actual results to differ materially
from historical or anticipated results. Among the events or
uncertainties which could adversely affect future periods are: lower
than expected selling pricing resulting from increased marketplace
competition; changes in how significant customers market or promote our
products; changes in public and consumer preferences related to
nonalcoholic beverages; unfavorable changes in the general economy;
miscalculation of our need for infrastructure investment; our inability
to meet requirements under bottling contracts; material changes in the
performance requirements for marketing funding support or our inability
to meet such requirements; decreases from historic levels of marketing
funding support; changes in The Coca-Cola Company’s and other beverage
companies’ levels of advertising, marketing and spending on brand
innovation; the inability of our aluminum can or plastic bottle
suppliers to meet our purchase requirements; our inability to offset
higher raw material costs with higher selling prices, increased
bottle/can sales volume or reduced expenses; sustained increases in fuel
costs or our inability to secure adequate supplies of fuel; sustained
increases in workers’ compensation, employment practices and vehicle
accident costs; sustained increases in the cost of employee benefits;
product liability claims or product recalls; technology failures;
changes in interest rates; adverse changes in our credit rating (whether
as a result of our operations or prospects or as a result of those of
The
Coca-Cola Bottling Co. Consolidated |
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
In Thousands (Except Per Share Data) | ||||||||||||
Second Quarter | First Half | |||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||
Net sales | $ | 377,749 | $ | 396,003 | $ | 714,010 | $ | 733,677 | ||||
Cost of sales | 217,622 | 224,123 | 406,754 | 421,879 | ||||||||
Gross margin | 160,127 | 171,880 | 307,256 | 311,798 | ||||||||
Selling, delivery and administrative expenses | 129,449 | 135,673 | 255,437 | 271,916 | ||||||||
Income from operations | 30,678 | 36,207 | 51,819 | 39,882 | ||||||||
Interest expense | 9,935 | 9,949 | 19,193 | 20,383 | ||||||||
Income before income taxes | 20,743 | 26,258 | 32,626 | 19,499 | ||||||||
Income taxes | 7,825 | 9,743 | 10,885 | 7,658 | ||||||||
Net income | 12,918 | 16,515 | 21,741 | 11,841 | ||||||||
Less: Net income attributable to the | ||||||||||||
noncontrolling interest | 731 | 1,360 | 1,023 | 1,021 | ||||||||
Net income attributable to Coca-Cola Bottling Co. | ||||||||||||
Consolidated | $ | 12,187 | $ | 15,155 | $ | 20,718 | $ | 10,820 | ||||
Basic net income per share: | ||||||||||||
Common Stock | $ | 1.33 | $ | 1.66 | $ | 2.26 | $ | 1.18 | ||||
Weighted average number of Common | ||||||||||||
Stock shares outstanding | 7,141 | 6,644 | 6,999 | 6,644 | ||||||||
Class B Common Stock | $ | 1.33 | $ | 1.66 | $ | 2.26 | $ | 1.18 | ||||
Weighted average number of Class B | ||||||||||||
Common Stock shares outstanding | 2,022 | 2,500 | 2,164 | 2,500 | ||||||||
Diluted net income per share: | ||||||||||||
Common Stock | $ | 1.32 | $ | 1.65 | $ | 2.25 | $ | 1.18 | ||||
Weighted average number of Common | ||||||||||||
Stock shares outstanding – assuming dilution | 9,203 | 9,164 | 9,189 | 9,157 | ||||||||
Class B Common Stock | $ | 1.32 | $ | 1.65 | $ | 2.25 | $ | 1.18 | ||||
Weighted average number of Class B Common | ||||||||||||
Stock shares outstanding – assuming dilution | 2,062 | 2,520 | 2,190 | 2,513 |
Source:
Coca-Cola Bottling Co. Consolidated
Media Contact: Lauren C. Steele
VP
- Corporate Affairs, 704-557-4551
or
Investor Contact: James
E. Harris
Senior VP - CFO, 704-557-4582