Coca-Cola Bottling Co. Consolidated Reports Fiscal Year And Fourth Quarter 2012 Results

Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned $27.2 million, or basic net income per share of $2.95, on net sales of $1.61 billion for fiscal 2012, compared to net income of $28.6 million, or basic net income per share of $3.11, on net sales of $1.56 billion for fiscal 2011. The results for 2012 included $0.3 million of after-tax gains ($0.5 million on a pre-tax basis) due to mark-to-market adjustments on commodity hedges and $2.7 million of incremental income tax charges related to an increase in our reserve for uncertain tax positions and other income tax changes. The results for 2011 included $4.1 million of after-tax losses ($6.8 million on a pre-tax basis) due to mark-to-market adjustments on commodity hedges and $0.6 million of incremental income tax charges related to an increase in our reserve for uncertain tax positions and other income tax changes.

On a comparable basis, the Company earned $29.6 million in fiscal 2012, or comparable basic net income per share of $3.21, versus $33.3 million in fiscal 2011, or comparable basic net income per share of $3.62.

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 fiscal 2012 and 2011:

									Fiscal Year
									Net Income					Basic Net Income Per Share
In Thousands, Except Per Share Amounts									2012			2011		2012			2011
Reported net income (GAAP)									$ 27,217			$ 28,608		$ 2.95			$ 3.11
Net (gain) loss on commodity hedges, net of tax									(304	)		4,146		(0.03	)		0.45
Incremental income tax charges related to an
increase in our reserve for uncertain tax positions
and other income tax changes									2,659			582		0.29			0.06
Total									2,355			4,728		0.26			0.51
Comparable net income (a)									$ 29,572			$ 33,336		$ 3.21			$ 3.62

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

The Company earned $1.8 million, or basic net income per share of $0.20, on net sales of $386.7 million in the fourth quarter of 2012, compared to net income of $1.8 million, or basic net income per share of $0.20, on net sales of $372.9 million in the fourth quarter of 2011. The fourth quarter of 2012 results included $0.3 million of after-tax losses ($0.5 million on a pre-tax basis) due to mark-to-market adjustments on commodity hedges and $0.9 million of incremental income tax charges related to an increase in our reserve for uncertain tax positions and other income tax changes. The fourth quarter of 2011 results included $1.6 million of after-tax losses ($2.6 million on a pre-tax basis) due to mark-to-market adjustments on commodity hedges and $1.3 million of after-tax losses related to other income tax changes.

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