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

On a comparable basis, the Company earned $26.4 million in the first nine months of 2012, or comparable basic net income per share of $2.87, versus $28.6 million in the first nine months of 2011, or comparable basic net income per share of $3.11. 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 the first nine months of 2012 and 2011:

     
First Nine Months
Net Income  

Basic Net Income Per

Share

In Thousands, Except Per Share Amounts   2012       2011     2012       2011  
 
Reported net income (GAAP) $ 25,391 $ 26,782 $ 2.75 $ 2.91
 
Net (gain) loss on aluminum & fuel hedges, net of tax (629 ) 2,563 (0.07 ) 0.28
Valuation allowance for certain deferred tax assets 1,172 - 0.13 -
Change in reserves for uncertain tax positions (217 ) (928 ) (0.02 ) (0.10 )
Other income tax changes   711     226     0.08     0.02  
 
Total   1,037     1,861     0.12     0.20  
 
Comparable net income (a) $ 26,428   $ 28,643   $ 2.87   $ 3.11  
 

(a) This non-GAAP financial information is provided to allow investors to more clearly evaluate operating performance

and business trends for the first nine months 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 to report solid growth in our revenue and gross margin for both the third quarter and year-to-date 2012. Growing revenue and gross margin are essential for our long-term success. The revenue growth was driven by a slight volume increase, primarily in our still beverage portfolio, and modest price increases. Our gross margin growth was attributable to both higher pricing and lower than expected increases in our raw material costs. We continue to focus our efforts on innovation, process improvements and efficiency in our operations to continue to be able to grow revenue and gross margin.”

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