Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned $4.6 million, or basic net income per share of $.50, on net sales of $377.2 million for the first quarter of 2012, compared to net income of $5.9 million, or basic net income per share of $.64, on net sales of $359.6 million for the first quarter of 2011. The results for the first quarter of 2012 included a $0.7 million increase in income tax expense due to recording of valuation allowance for certain deferred tax assets. The results for the first quarter of 2011 included $0.4 million of after-tax losses ($0.7 million on a pre-tax basis) due to mark-to-market adjustments on fuel and aluminum hedges.
On a comparable basis, the Company earned $5.5 million in the first quarter of 2012, or comparable basic net income per share of $.60, versus $6.4 million in the first quarter of 2011, or comparable basic net income per share of $.69.
The following table reconciles reported GAAP net income and basic net income per share to comparable net income and basic net income per share for the first quarter of 2012 and 2011:
Basic Net Income PerShare
|In Thousands, Except Per Share Amounts||2012||2011||2012||2011|
|Reported net income (GAAP)||$||4,565||$||5,913||$||0.50||$||0.64|
|Net loss on fuel & aluminum hedges, net of tax||-||396||-||0.04|
|Valuation allowance for certain deferred tax assets||701||-||0.08||-|
|Other income tax changes||211||62||0.02||0.01|
|Comparable net income (a)||$||5,477||$||6,371||$||0.60||$||0.69|
(a) This non-GAAP financial information is provided to allow investors to more clearly evaluate operating performance and business trends for the first quarters of 2012 and 2011. Management uses this information to review results excluding items that are not necessarily indicative of ongoing results.J. Frank Harrison, III, Chairman and CEO, said, “We are pleased with our solid revenue growth in the first quarter which was driven by higher volume and increased pricing. We have an outstanding team that continues to find new and innovative ways to bring value to our customers and grow our business. We are also very pleased to see the trend from the prior year of positive share swing continue in the first quarter of 2012.”