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TheStreet Open House

Coca-Cola Bottling Co. Consolidated Reports Third Quarter And First Nine Months 2011 Results

Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned $9.8 million, or basic net income per share of $1.06, on net sales of $405.9 million for the third quarter of 2011, compared to net income of $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. The results for the third quarter of 2011 included $1.1 million of after-tax losses ($1.8 million on a pre-tax basis) due to mark-to-market adjustments on fuel and aluminum hedges and $0.9 million of after-tax gains related to changes in reserves for uncertain tax positions. 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, $0.2 million after-tax gain ($0.3 million on a pre-tax basis) from insurance recoveries on assets lost or damaged due to the Nashville, Tennessee area flood in May 2010 and $1.7 million of after-tax gains related to changes in reserves for uncertain tax positions.

On a comparable basis, the Company earned $10.0 million in the third quarter of 2011, or comparable basic net income per share of $1.09, versus $12.0 million in the third quarter of 2010, or comparable basic net income per share of $1.31.

The following table reconciles reported GAAP net income and basic net income per share to comparable net income and basic net income per share for the third quarter of 2011 and 2010:

Third Quarter

Net Income  

Basic Net Income Per

Share

In Thousands, Except Per Share Amounts  

2011

      2010     2011       2010  
 
Reported net income (GAAP) $ 9,768

$

15,533

$ 1.06 $ 1.69
 
Net (gain) loss on fuel & aluminum hedges, net of tax 1,115 (1,875 ) 0.12 (0.20 )
Impact of Nashville area flood, net of tax - (163 ) - (0.02 )
Change in reserves for uncertain tax position (928 ) (1,665 ) (0.10 ) (0.18 )
Other income tax changes   50     196     0.01     0.02  
 
Total   237     (3,507 )   0.03     (0.38 )
 
Comparable net income (a)

$

10,005

 

$

12,026

  $ 1.09   $ 1.31  

(a) This non-GAAP financial information is provided to allow investors to more clearly evaluate operating performance and business trends on a comparable basis for the third quarters of 2011 and 2010. Management uses this information to review results after excluding items that are not necessarily indicative of ongoing results.

The Company earned $26.8 million, or basic net income per share of $2.91, on net sales of $1,188.4 million for the first nine months of 2011, compared to net income of $32.2 million, or basic net income per share of $3.51, on net sales of $1,160.2 million for the first nine months of 2010. The results for the first nine months of 2011 included $2.6 million of after-tax losses ($4.2 million on a pre-tax basis) due to mark-to-market adjustments on fuel and aluminum hedges and $0.9 million of after-tax gains related to changes in reserves for uncertain tax positions. 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, $0.5 million after-tax gain ($0.9 million on a pre-tax basis) from the impact of the Nashville flood, $0.5 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.

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