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Coca-Cola Bottling Co. Consolidated Reports Second Quarter And First Half 2012 Results

Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned $10.7 million, or basic net income per share of $1.16, on net sales of $430.7 million for the second quarter of 2012, compared to net income of $11.1 million, or basic net income per share of $1.21, on net sales of $422.9 million for the second quarter of 2011. The results for the second quarter of 2012 included a $0.4 million increase in income tax expense due to recording of a valuation allowance for certain deferred tax assets and other income tax changes. The results for the second quarter of 2011 included $1.2 million of after-tax losses ($1.7 million on a pre-tax basis) due to mark-to-market adjustments on fuel and aluminum hedges and other income tax changes.

On a comparable basis, the Company earned $11.1 million in the second quarter of 2012, or comparable basic net income per share of $1.20, versus $12.3 million in the second quarter of 2011, or comparable basic net income per share of $1.33.

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 second quarter of 2012 and 2011:

Second Quarter
Net Income  

Basic Net Income

Per Share

In Thousands, Except Per Share Amounts 2012   2011 2012   2011
 
Reported net income (GAAP) $10,747 $11,101 $ 1.16 $ 1.21
 
Net loss on fuel & aluminum hedges, net of tax - 1,051 - 0.11
Valuation allowance for certain deferred tax assets 72 - 0.01 -
Other income tax changes 288 114 0.03 0.01
 
Total 360 1,165 0.04 0.12
 
Comparable net income (a) $11,107 $12,266 $ 1.20 $ 1.33

(a) This non-GAAP financial information is provided to allow investors to more clearly evaluate operating performance and business trends for the second quarters of 2012 and 2011. Management uses this information to review results excluding items that are not necessarily indicative of ongoing results.

The Company earned $15.3 million, or basic net income per share of $1.66, on net sales of $807.9 million for the first half of 2012, compared to net income of $17.0 million, or basic net income per share of $1.85, on net sales of $782.5 million for the first half of 2011. The results for the first half of 2012 included a $1.3 million increase in income tax expense due to recording of a valuation allowance for certain deferred tax assets and other income tax changes. The results for the first half of 2011 included $1.6 million of after-tax losses ($2.4 million on a pre-tax basis) due to mark-to-market adjustments on fuel and aluminum hedges and other income tax changes.

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