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

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.

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