Coca-Cola Bottling Co. Consolidated Reports Second Quarter 2009 Results
For the first six months of 2009, the Company earned $20.7 million, or basic net income per share of $2.26, compared to net income of $10.8 million, or basic net income per share of $1.18, for the first six months of 2008.
07 Aug 2009 Coca-Cola Bottling Co. Consolidated announced it earned $12.2 million, or basic net income per share of $1.33, in the second quarter of 2009 compared to $15.2 million, or basic net income per share of $1.66, in the second quarter of 2008. The results for the second quarter of 2009 included mark-to-market after tax income of $2.7 million ($4.4 million on a pre-tax basis), or basic net income per share of $.29, from the Company’s fuel and aluminum hedging programs. The results for the second quarter of 2008 included mark-to-market after tax income of $.9 million ($1.5 million on a pre-tax basis), or basic net income per share of $.10, from the Company’s fuel hedging program. For the first six months of 2009, the Company earned $20.7 million, or basic net income per share of $2.26, compared to net income of $10.8 million, or basic net income per share of $1.18, for the first six months of 2008. The results for the first six months of 2009 included mark-to-market after tax income of $4.3 million ($6.5 million on a pre-tax basis), or basic net income per share of $.46, from the Company’s hedging programs. The results for the first six months of 2008 included mark-to-market after tax income of $1.0 million ($1.8 million on a pre-tax basis), or basic net income per share of $.11, from the Company’s fuel hedging program.
J. Frank Harrison, III, Chairman and CEO, said, “In light of the extremely difficult recessionary environment throughout our franchise selling territories, we executed well and are satisfied with our second quarter results. Our team has implemented several new price / package and brand building initiatives and continues to focus intently on operational efficiencies and cost management strategies. Coca-Cola Consolidated is working closely with The Coca-Cola Company on many initiatives in the marketplace targeted at growing our great brands and operating an efficient and effective distribution network. We believe many of these initiatives will create great opportunities for successful long-term growth.”
William B. Elmore, President and COO, added, “While the nonalcoholic beverage industry is suffering with the rest of our economy, we believe our market initiatives and intense cost management focus during these difficult times will position us for success when the recessionary environment reverses and our markets begin to rebound.”
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 Coca-Cola Company in these efforts and look forward to realizing the long-term benefits of our work during this time.”
