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Coca-Cola Bottling Co. Consolidated Reports Fiscal Year And Fourth Quarter 2011 Results

Stocks in this article: COKE

Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned $28.6 million, or basic net income per share of $3.11, on net sales of $1.56 billion for fiscal 2011, compared to net income of $36.1 million, or basic net income per share of $3.93, on net sales of $1.51 billion for fiscal 2010. The results for 2011 included $4.1 million of after-tax losses ($6.8 million on a pre-tax basis) due to mark-to-market adjustments on fuel and aluminum hedges and $0.6 million of net after-tax losses related to changes in reserves for uncertain tax positions and other income tax changes. The results for 2010 included $3.2 million of after-tax losses ($5.2 million on a pre-tax basis) due to mark-to-market adjustments on fuel and aluminum hedges, $0.5 million of after-tax gains ($0.9 million on a pre-tax basis) from insurance recoveries on assets lost or damaged due to the Nashville, Tennessee area flood in May 2010, a $0.5 million increase in tax expense due to the change in tax law eliminating the tax deduction previously available for Medicare Part D subsidies, and $1.5 million of net after-tax gains related to changes in reserves for uncertain tax positions and other income tax changes.

On a comparable basis, the Company earned $33.3 million in fiscal 2011, or comparable basic net income per share of $3.62, versus $37.7 million in fiscal 2010, or comparable basic net income per share of $4.11.

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 fiscal 2011 and 2010:

Fiscal Year
Net Income  

Basic Net Income Per

Share

In Thousands, Except Per Share Amounts   2011     2010     2011     2010  
 
Reported net income (GAAP) $ 28,608 $ 36,057 $ 3.11 $ 3.93
 
Net loss on fuel & aluminum hedges, net of tax 4,146 3,179 0.45 0.35
Impact of Nashville area flood, net of tax - (542 ) - (0.06 )
Impact of change in tax law regarding Medicare Part D subsidy - 478 - 0.05
Changes in reserves for uncertain tax positions and
other income tax changes   582   (1,467 )   0.06   (0.16 )
 
Total   4,728   1,648     0.51   0.18  
 
Comparable net income (a) $ 33,336 $ 37,705   $ 3.62 $ 4.11  

(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 fiscal 2011 and 2010. Management uses this information to review results after excluding items that are not necessarily indicative of ongoing results.

The Company earned $1.8 million, or basic net income per share of $0.20, on net sales of $372.9 million in the fourth quarter of 2011, compared to net income of $3.8 million, or basic net income per share of $0.42, on net sales of $354.4 million in the fourth quarter of 2010. The fourth quarter of 2011 results included $1.6 million of after-tax losses ($2.6 million on a pre-tax basis) due to mark-to-market adjustments on fuel and aluminum hedges and $1.3 million of after-tax losses related to other income tax changes. The fourth quarter of 2010 results included $0.5 million of after-tax losses ($0.7 million on a pre-tax basis) due to mark-to-market adjustments on fuel and aluminum hedges and $0.2 million of after-tax losses related to other income tax changes.

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