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Coca-Cola Bottling Co. Consolidated Reports Third Quarter And First Nine Months 2012 Results

Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned $10.1 million, or basic net income per share of $1.09, on net sales of $419.9 million for the third quarter of 2012, compared to net income of $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. The results for the third quarter of 2012 included $0.6 million of after-tax gains ($1.0 million on a pre-tax basis) due to mark-to-market adjustments on aluminum hedges and a $0.4 million increase in income tax expense due to recording a valuation allowance for certain deferred tax assets. 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 a $0.9 million net decrease in tax expense related to changes in reserves for uncertain tax positions and other income tax changes.

On a comparable basis, the Company earned $9.8 million in the third quarter of 2012, or comparable basic net income per share of $1.06, versus $10.0 million in the third quarter of 2011, or comparable basic net income per share of $1.09.

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 2012 and 2011:

 
Third Quarter
Net Income  

Basic Net Income

Per Share

In Thousands, Except Per Share Amounts   2012       2011     2012       2011  
 
Reported net income (GAAP) $ 10,079 $ 9,768 $ 1.09 $ 1.06
 
Net (gain) loss on aluminum & fuel hedges, net of tax (629 ) 1,115 (0.07 ) 0.12
Valuation allowance for certain deferred tax assets 399 - 0.04 -
Change in reserves for uncertain tax positions (217 ) (928 ) (0.02 ) (0.10 )
Other income tax changes   212     50     0.02     0.01  
 
Total   (235 )   237     (0.03 )   0.03  
 
Comparable net income (a) $ 9,844   $ 10,005   $ 1.06   $ 1.09  
 

(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 2012 and 2011. Management uses this information to review results

excluding items that are not necessarily indicative of ongoing results.

 

The Company earned $25.4 million, or basic net income per share of $2.75, on net sales of $1,227.7 million for the first nine months of 2012, compared to net income of $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. The results for the first nine months of 2012 included $0.6 million of after-tax gains ($1.0 million on a pre-tax basis) due to mark-to-market adjustments on aluminum hedges and a $1.7 million net increase in income tax expense due to recording a valuation allowance for certain deferred tax assets, changes in reserves for uncertain tax positions and other income tax changes. 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 a $0.7 million net decrease in income tax expense related to changes in reserves for uncertain tax positions and other income tax changes.

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