Coca-Cola Bottling earns US$15.5M on net sales of US$395.4M in Q3 -- versus earnings of US$15.4M on net sales of US$374.6M a year ago -- on after-tax gains, price/package/channel strategies
Graziela Medina Shepnick
CHARLOTTE, North Carolina
,
November 11, 2010
(press release)
–
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:
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:
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.”
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