UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):

November 10, 2010

COCA-COLA BOTTLING CO. CONSOLIDATED

(Exact name of registrant as specified in its charter)

Delaware		0-9286		56-0950585
(State or other jurisdiction		(Commission File Number)		(IRS Employer Identification No.)
of incorporation)

4100 Coca-Cola Plaza, Charlotte, North Carolina 28211

(Address of principal executive offices)         (Zip Code)

(704) 557-4400
(Registrant’s telephone number, including area code)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02.		Results of Operations and Financial Condition.
		On November 10, 2010, Coca-Cola Bottling Co. Consolidated (the “Company”) issued a news release announcing its financial results for the quarter ended October 3, 2010. A copy of the news release is furnished as Exhibit 99.1 hereto.
Item 9.01.		Financial Statements and Exhibits.
		(d)     Exhibits.

99.1

News release issued on November 10, 2010, reporting the Company’s financial results for the quarter ended October 3, 2010.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				COCA-COLA BOTTLING CO. CONSOLIDATED (REGISTRANT)
Date: November 12, 2010		BY:		/s/ James E. Harris
				James E. Harris Principal Financial Officer of the Registrant and Senior Vice President and Chief Financial Officer

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC

EXHIBITS

CURRENT REPORT
ON
FORM 8-K

Date of Event Reported:		Commission File No:
November 10, 2010		0-9286

COCA-COLA BOTTLING CO. CONSOLIDATED

EXHIBIT INDEX

Exhibit No.		Exhibit Description
99.1		News release issued on November 10, 2010, reporting the Company’s financial results for the quarter ended October 3, 2010.

Exhibit 99.1

Coca-Cola Bottling Co. Consolidated, 4100 Coca-Cola Plaza, Charlotte, NC 28211

News Release

		Media Contact:       Investor Contact:		Lauren C. Steele VP — Corporate Affairs 704-557-4551   James E. Harris Senior VP — CFO 704-557-4582

FOR IMMEDIATE RELEASE		Symbol: COKE
November 10, 2010		Quoted: The NASDAQ Stock Market (Global Select Market)

Coca-Cola Bottling Co. Consolidated Reports
Third Quarter and First Nine Months 2010 Results

CHARLOTTE, NC — Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned $15.5 million, or basic net income per share of $1.69, on net sales of $395.4 million for the third quarter of 2010, compared to net income of $15.4 million, or basic net income per share of $1.68, on net sales of $374.6 million for the third quarter of 2009. The results for the third quarter of 2010 included $1.9 million of after-tax gains ($3.1 million on a pre-tax basis) due to mark-to-market adjustments on fuel and aluminum hedges, $.2 million of after-tax gains ($.3 million on a pre-tax basis) from additional insurance recoveries on assets lost or damaged due to the Nashville, Tennessee area flood, and $1.7 million of after-tax gains related to changes in reserves for uncertain tax positions. The results for the third quarter of 2009 included $.6 million of after-tax gains ($.9 million on a pre-tax basis) due to mark-to-market adjustments on fuel and aluminum hedges, and $5.4 million of after-tax gains related to changes in reserves for uncertain tax positions.

On a comparable basis, the Company earned $12.0 million in the third quarter of 2010, or comparable basic net income per share of $1.31, versus $9.4 million in the third quarter of 2009, or comparable basic net income per share of $1.03. The following table reconciles reported GAAP net income and comparable net income and basic net income per share for the third quarter of 2010 and 2009:

		Third Quarter
		Net Income								Basic Net Income Per Share
In Thousands, Except Per Share Amounts		2010				2009				2010				2009
Reported net income (GAAP)		$	15,533			$	15,428			$	1.69			$	1.68
Net (gain) loss on fuel & aluminum hedges, net of tax			(1,875	)			(572	)			(0.20	)			(0.06	)
Impact of Nashville area flood, net of tax			(163	)			—				(0.02	)			—
Changes in reserves for uncertain tax positions			(1,665	)			(5,385	)			(0.18	)			(0.58	)
Other income tax changes			196				(55	)			0.02				(0.01	)
Total			(3,507	)			(6,012	)			(0.38	)			(0.65	)
Comparable net income (a)		$	12,026			$	9,416			$	1.31			$	1.03

^(a) This non-GAAP financial information is provided to allow investors to more clearly evaluate operating performance and business trends for the third quarters of 2010 and 2009. Management uses this information to review results excluding items that are not necessarily indicative of ongoing results.

The Company earned $32.2 million, or basic net income per share of $3.51, on net sales of $1.16 billion for the first nine months of 2010, compared to net income of $36.1 million, or basic net income per share of $3.94, on net sales of $1.09 billion for the first nine months of 2009. The results for the first nine months of 2010 included $2.7 million of after-tax losses ($4.5 million on a pre-tax basis) due to mark-to-market adjustments on fuel and aluminum hedges, $.5 million of after-tax gains ($.9 million on a pre-tax basis) from the impact of the Nashville flood, a $.5 million increase in tax expense due to the change in tax law eliminating the tax deduction once available for Medicare Part D subsidies, and $1.7 million of after-tax gains related to changes in reserves for uncertain tax positions. The results for the first nine months of 2009 included $5.0 million of after-tax gains ($8.2 million on a pre-tax basis) due to mark-to-market adjustments on fuel and aluminum hedges and $7.1 million of after-tax gains related to changes in reserves for uncertain tax positions.

On a comparable basis, the Company earned $33.3 million in the first nine months of 2010, or comparable basic net income per share of $3.63, versus $24.2 million in the first nine months of 2009, or comparable basic net income per share of $2.64. The following table reconciles reported GAAP net income and comparable net income and basic net income per share for the first nine months of 2010 and 2009:

		First Nine Months
		Net Income								Basic Net Income Per Share
In Thousands, Except Per Share Amounts		2010				2009				2010				2009
Reported net income (GAAP)		$	32,236			$	36,146			$	3.51			$	3.94
Net (gain) loss on fuel & aluminum hedges, net of tax			2,725				(5,002	)			0.30				(0.54	)
Impact of Nashville area flood, net of tax			(535	)			—				(0.06	)			—
Impact of change in tax law regarding Medicare Part D subsidy			464				—				0.05				—
Changes in reserves for uncertain tax positions			(1,665	)			(7,071	)			(0.18	)			(0.77	)
Other income tax changes			62				77				0.01				0.01
Total			1,051				(11,996	)			0.12				(1.30	)
Comparable net income (a)		$	33,287			$	24,150			$	3.63			$	2.64

^(a) This non-GAAP financial information is provided to allow investors to more clearly evaluate operating performance and business trends for the first nine months of 2010 and 2009. Management uses this information to review results excluding items that are not necessarily indicative of ongoing results.

J. Frank Harrison, III, Chairman and CEO, said, “We are very pleased with our performance thus far in 2010. Despite continued high unemployment in most of our franchise markets, we have seen strong growth on both a top-line and comparable bottom-line basis. Our employees have done an excellent job of providing the world’s best brands to our customers and consumers, and execution throughout the business is strong and continues to improve.”

William B. Elmore, President and COO, added, “We are especially pleased with the increased activity we are seeing in our On-Premise business, which is perhaps the best barometer of the strength of our brands. Our price/package/channel strategies and our continuous improvement efforts have collectively driven very strong marketplace and financial results.”

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 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 Company or other bottlers in the Coca-Cola system); changes in legal contingencies; legislative changes effecting our distribution and packaging; additional taxes resulting from tax audits; natural disasters and unfavorable weather; issues surrounding labor relations; recent bottler litigation; our use of estimates and assumptions; public policy challenges regarding the sale of soft drinks in schools; the impact of recent volatility in the financial markets to access the credit markets; legislative changes that could affect distribution and packaging; the impact of recently announced and completed acquisitions of bottlers by their franchisors; obesity and other health concerns may reduce demand for the Company’s products; global climate change or legal, regulatory or market response to such change; ability to change distribution methods and business practices could be negatively affected by bottler disputes; and the concentration of our capital stock ownership. The forward-looking statements in this news release should be read in conjunction with the more detailed descriptions of the above factors located in our Annual Report on Form 10-K for the year ended January 3, 2010 under Part I, Item 1A “Risk Factors” as well as those additional factors we may describe from time to time in other filings with the Securities and Exchange Commission. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements contained in this release as a result of new information or future events or developments.

—Enjoy Coca-Cola—

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

		Third Quarter								First Nine Months
		2010				2009				2010				2009
Net sales		$	395,364			$	374,556			$	1,160,223			$	1,088,566
Cost of sales			222,247				217,236				672,395				623,990
Gross margin			173,117				157,320				487,828				464,576
Selling, delivery and administrative expenses			139,455				131,024				406,689				386,461
Income from operations			33,662				26,296				81,139				78,115
Interest expense			8,841				8,866				26,453				28,059
Income before income taxes			24,821				17,430				54,686				50,056
Income taxes			7,610				1,043				18,936				11,928
Net income			17,211				16,387				35,750				38,128
Less: Net income attributable to the noncontrolling interest			1,678				959				3,514				1,982
Net income attributable to Coca-Cola Bottling Co. Consolidated		$	15,533			$	15,428			$	32,236			$	36,146
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated:
Common Stock		$	1.69			$	1.68			$	3.51			$	3.94
Weighted average number of Common Stock shares outstanding			7,141				7,141				7,141				7,047
Class B Common Stock		$	1.69			$	1.68			$	3.51			$	3.94
Weighted average number of Class B Common Stock shares outstanding			2,044				2,022				2,039				2,117
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated:
Common Stock		$	1.68			$	1.68			$	3.50			$	3.93
Weighted average number of Common Stock shares outstanding — assuming dilution			9,225				9,203				9,220				9,194
Class B Common Stock		$	1.68			$	1.67			$	3.48			$	3.92
Weighted average number of Class B Common Stock shares outstanding — assuming dilution			2,084				2,062				2,079				2,147

Coca-Cola Bottling Co. Consolidated
CONDENSED BALANCE SHEETS (UNAUDITED)
In Thousands

		October 3,				January 3,				September 27,
		2010				2010				2009
ASSETS
Current assets:
Cash		$	33,924			$	22,270			$	29,574
Trade accounts receivable, net			115,554				92,727				96,263
Accounts receivable, other			43,547				21,114				34,475
Inventories			62,686				59,122				67,762
Prepaids and other current assets			31,817				35,016				25,398
Total current assets			287,528				230,249				253,472
Property, plant and equipment, net			312,759				326,701				319,456
Leased property under capital leases, net			48,029				51,548				52,727
Other assets			40,645				46,508				46,001
Franchise rights, goodwill and other intangibles, net			627,704				628,071				628,210
Total		$	1,316,665			$	1,283,077			$	1,299,866
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt and capital lease obligations		$	3,861			$	3,846			$	3,759
Accounts payable and accrued expenses			183,331				158,136				176,088
Total current liabilities			187,192				161,982				179,847
Deferred income taxes			158,359				158,548				142,239
Pension, postretirement and other liabilities			189,438				196,274				202,854
Long-term debt and obligations under capital leases			579,411				597,178				613,129
Total liabilities			1,114,400				1,113,982				1,138,069
Stockholders’ equity			145,947				116,291				109,418
Noncontrolling interest			56,318				52,804				52,379
Total		$	1,316,665			$	1,283,077			$	1,299,866