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

Henry W. Flint, President and COO, added, “We are pleased with our positive results for 2012 which have been achieved in an extremely competitive environment. Driving increases in both volume and price in this competitive environment is a testament to the strength of our brands and outstanding execution by our people. On a comparable basis, our net income and earnings per share were down from the prior year due to higher S,D&A costs. Our increased S,D&A costs related primarily to higher wages and related benefits costs, increased marketing spending to support our brands, and investments in technology to help drive continued operational improvement and efficiency.”

Cautionary Information Regarding Forward-Looking Statements

Included in this news release and other information that we make publicly available from time to time are forward-looking management comments and other statements that reflect management’s current outlook for future periods. These statements include, among others, statements regarding the focus of our efforts on innovation, process improvements and efficiency in our operations to continue to be able to grow revenue and gross margin and investments in technology to help drive continued operational improvement and efficiency.

These statements and expectations are based on currently available competitive, financial and economic data along with our operating plans and are subject to future events and uncertainties that could cause anticipated events not to occur or actual results to differ materially from historical or anticipated results. Among the events or uncertainties which could adversely affect future periods are: lower than expected selling pricing resulting from increased marketplace competition; changes in how significant customers market or promote our products; changes in our top customer relationships; changes in public and consumer preferences related to nonalcoholic beverages; unfavorable changes in the general economy; miscalculation of our need for infrastructure investment; our inability to meet requirements under beverage agreements; material changes in the performance requirements for marketing funding support or our inability to meet such requirements; decreases from historic levels of marketing funding support; changes in The Coca-Cola Company’s and other beverage companies’ levels of advertising, marketing and spending on brand innovation; the inability of our aluminum can or plastic bottle suppliers to meet our purchase requirements; our inability to offset higher raw material costs with higher selling prices, increased bottle/can sales volume or reduced expenses; consolidation of raw material suppliers could impact our profitability; increased purchases of finished goods subject us to incremental risks that could impact our profitability; sustained increases in fuel costs or our inability to secure adequate supplies of fuel; sustained increases in workers’ compensation, employment practices and vehicle accident claims costs; sustained increases in the cost of employee benefits; product liability claims or product recalls; technology failures; changes in interest rates; the impact of debt levels on operating flexibility and access to capital and credit markets; adverse changes in our credit rating (whether as a result of our operations or prospects or as a result of those of The Coca-Cola Company or other bottlers in the Coca-Cola system); changes in legal contingencies; legislative changes affecting our distribution and packaging; adoption of significant product labeling or warning requirements; additional taxes resulting from tax audits; natural disasters and unfavorable weather; global climate change or legal or regulatory responses to such change; issues surrounding labor relations; bottler system disputes; our use of estimates and assumptions; changes in accounting standards; impact of obesity and health concerns on product demand; public policy challenges regarding the sale of soft drinks in schools; the impact of volatility in the financial markets on access to the credit markets; the impact of acquisitions of bottlers by their franchisors; and the concentration of our capital stock ownership. The forward-looking statements in this news release should be read in conjunction with the more detailed descriptions of the above factors located in our Annual Report on Form 10-K for the year ended January 1, 2012 under Part I, Item 1A “Risk Factors” as well as those additional factors we may describe from time to time in other filings with the Securities and Exchange Commission. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements contained in this release as a result of new information or future events or developments.

—Enjoy Coca-Cola—

               
Coca-Cola Bottling Co. Consolidated
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
In Thousands (Except Per Share Data)
 
 
Third Quarter First Nine Months
  2012   2011   2012   2011
 
Net sales $ 419,855 $ 405,858 $ 1,227,733 $ 1,188,380
Cost of sales   248,927   243,142   727,798   710,930
Gross margin 170,928 162,716 499,935 477,450
Selling, delivery and administrative expenses   143,490   137,752   425,315   404,887
Income from operations 27,438 24,964 74,620 72,563
Interest expense, net   9,033   9,087   27,183   26,898
Income before income taxes 18,405 15,877 47,437 45,665
Income taxes   7,191   4,892   19,228   16,227
Net income 11,214 10,985 28,209 29,438
Less: Net income attributable to
noncontrolling interest   1,135   1,217   2,818   2,656
Net income attributable to Coca-Cola Bottling Co.
Consolidated $ 10,079 $ 9,768 $ 25,391 $ 26,782
 
 
Basic net income per share based on net
income attributable to Coca-Cola Bottling Co.
Consolidated:
Common Stock $ 1.09 $ 1.06 $ 2.75 $ 2.91
Weighted average number of Common
Stock shares outstanding 7,141 7,141 7,141 7,141
 
Class B Common Stock $ 1.09 $ 1.06 $ 2.75 $ 2.91
Weighted average number of Class B
Common Stock shares outstanding 2,089 2,067 2,084 2,061
 
Diluted net income per share based on net
income attributable to Coca-Cola Bottling Co.
Consolidated:
Common Stock $ 1.09 $ 1.06 $ 2.74 $ 2.90
Weighted average number of Common
Stock shares outstanding – assuming dilution 9,270 9,248 9,265 9,242
 
Class B Common Stock $ 1.08 $ 1.05 $ 2.73 $ 2.89
Weighted average number of Class B Common
Stock shares outstanding – assuming dilution 2,129 2,107 2,124 2,101
 




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