CHARLOTTE, N.C., October 26 /PRNewswire-FirstCall/ -- Coca-Cola Bottling Co. Consolidated (Nasdaq: COKE) today announced it earned $8.8 million or $0.97 per share for the third quarter of 2005. In the third quarter of 2004, the Company earned $6.1 million or $0.67 per share. For the first nine months of 2005, the Company earned $21.0 million or $2.32 per share compared to $19.5 million or $2.15 per share during the same period in 2004. The Company's net income for the first nine months of 2005 reflected the favorable after-tax impact of $0.41 per share related to proceeds received in June from the settlement of a class action lawsuit related to high fructose corn syrup, offset partially by financing costs of $0.08 per share on an after-tax basis associated with a debt exchange offer which was completed in June. In the first nine months of 2004, the Company's results reflected a one-time unfavorable non-cash impact of $0.11 per share on an after-tax basis due to a change in the manner in which The Coca-Cola Company delivers marketing funding support.

J. Frank Harrison, III, Chairman and CEO, said that he was pleased with the Company's results for the third quarter. Mr. Harrison said, "The Company's net income growth in the third quarter of 2005 was driven by solid gross margin production which more than offset increases in fuel costs and interest expense. The gross margin improvement reflects profitable volume growth of approximately 4% as well as an increase in average revenue per case of approximately 3% compared to the third quarter of 2004. The volume growth resulted from the successful launch of Coca-Cola Zero, Dasani flavors and Vault, The Coca-Cola Company's new carbonated citrus product, as well as strong growth in Dasani and Powerade. The Company introduced Vault in approximately half its territories in June and will roll out this product in the balance of its territories in November."

William B. Elmore, President and COO, said that he believes the Company's successful launch of new products in 2005 reflects the Company's focus on product innovation and the dedicated efforts of the entire organization on execution. Mr. Elmore said, "The Company's performance in the third quarter includes strong volume growth in supermarkets and pricing improvement within all major channels of the business. In addition to the positive impact of product innovation, the Company's Powerade volume grew by 37% and brand Dasani volume grew by 26% in the third quarter of 2005 compared to the third quarter 2004. Also, the Company's energy products portfolio contributed approximately 15% of the gross margin growth in the third quarter of 2005. In the fourth quarter, the Company has initiated additional net selling price increases to partially offset increases in fuel costs."

Cautionary Information Regarding Forward-Looking Statements

Included in this press 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 about the effects of new product introductions on sales volume and additional net selling price increases in the fourth quarter of 2005.

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 net pricing resulting from increased marketplace competition; an inability to meet performance requirements for expected levels of marketing funding support payments from The Coca-Cola Company or other beverage companies; changes in how significant customers market or promote our products; reduced advertising and marketing spending by The Coca-Cola Company or other beverage companies; an inability to meet requirements under bottling contracts with The Coca-Cola Company or other beverage companies; the inability of our aluminum can or PET bottle suppliers to meet our demand; significant changes from expectations in the cost of raw materials; higher than expected insurance premiums and fuel costs; lower than anticipated return on pension plan assets; higher than anticipated health care costs; unfavorable interest rate fluctuations; higher than anticipated cash payments for income taxes; unfavorable weather conditions; significant changes in consumer preferences related to nonalcoholic beverages; an inability to increase selling prices, increase bottle/can volume or reduce expenses to offset higher raw material costs; reduced brand and packaging innovation; significant changes in credit ratings impacting the Company's ability to borrow; terrorist attacks, war or other civil disturbances or national emergencies; and changes in financial markets. The forward-looking statements in this news release should be read in conjunction with the detailed cautionary statements found on pages 34, 35 and 36 of the Company's Annual Report on Form 10-K for the fiscal year ended January 2, 2005. The Company undertakes no obligation to publicly update or revise any forward-looking statements.

                              -Enjoy Coca-Cola-



     Coca-Cola Bottling Co. Consolidated
     CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
     In Thousands (Except Per Share Data)

                                Third Quarter           First Nine Months
                              2005         2004          2005       2004

     Net sales             $358,414     $321,336     $1,022,451   $937,774

     Cost of sales*         197,229      169,938        554,772    485,174
     Gross margin           161,185      151,398        467,679    452,600
     Selling, delivery and
      administrative
      expenses*             115,927      109,646        340,280    328,140
     Depreciation expense    17,010       17,795         51,176     53,108
     Amortization of
      intangibles               157          766            723      2,356
     Income from operations  28,091       23,191         75,500     68,996

     Interest expense        12,005       10,838         36,396     31,822
     Minority interest        1,201        1,346          3,162      3,444
     Income before income
      taxes                  14,885       11,007         35,942     33,730
     Income taxes             6,093        4,899         14,912     14,204
     Net income              $8,792       $6,108        $21,030    $19,526

     Basic net income
      per share                $.97         $.67          $2.32      $2.15

     Diluted net income
      per share                $.97         $.67          $2.32      $2.15

     Weighted average number
      of common shares
      outstanding             9,083        9,063          9,083      9,063

     Weighted average number
      of common shares
      outstanding - assuming
      dilution                9,083        9,063          9,083      9,063

     *Excludes depreciation expense

SOURCE  Coca-Cola Bottling Co. Consolidated
    -0-                             10/26/2005
    /CONTACT:  Media, Lauren C. Steele, VP Corporate Affairs, +1-704-557-4551,
or Investors, Steven D. Westphal, Senior VP-CFO, +1-704-557-4456, both of
Coca-Cola Bottling Co. Consolidated/
    /Web site:  http://www.cokeconsolidated.com/
    (COKE)

CO:  Coca-Cola Bottling Co. Consolidated; The Coca-Cola Company
ST:  North Carolina
IN:  FOD
SU:  ERN

WB-JK
-- CLW062 --
5938 10/26/2005 12:13 EDT http://www.prnewswire.com