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Coca-Cola Bottling Co. Consolidated Reports Second Quarter And First Half 2013 Results

Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned $11.2 million, or basic net income per share of $1.21, on net sales of $429.0 million for the second quarter of 2013, compared to net income of $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. The results for the second quarter of 2013 included a $0.1 million increase in income tax expense due to the recording of a valuation allowance for certain deferred tax assets and other income tax changes. The results for the second quarter of 2012 included a $0.4 million increase in income tax expense due to the recording of a valuation allowance for certain deferred tax assets and other income tax changes.

On a comparable basis, the Company earned $11.3 million in the second quarter of 2013, or comparable basic net income per share of $1.22, versus $11.1 million in the second quarter of 2012, or comparable basic net income per share of $1.20.

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 2013 and 2012:
Second Quarter
Net Income  

Basic Net Income Per

Share
In Thousands, Except Per Share Amounts 2013   2012 2013   2012
 
Reported net income (GAAP) $ 11,229 $ 10,747 $ 1.21 $ 1.16
 
Net loss on commodity hedges, net of tax 6 - 0.00 -
Changes in reserves for uncertain tax positions, valuation
allowance for certain deferred tax assets and other
income tax changes   77   360   0.01   0.04
 
Total   83   360   0.01   0.04
 
Comparable net income (a) $ 11,312 $ 11,107 $ 1.22 $ 1.20

(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 2013 and 2012. Management uses this information to review results excluding items that are not necessarily indicative of ongoing results.

The Company earned $16.1 million, or basic net income per share of $1.74, on net sales of $812.5 million for the first six months of 2013, compared to net income of $15.3 million, or basic net income per share of $1.66, on net sales of $807.9 million for the first six months of 2012. The results for the first six months of 2013 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 a $0.3 million net decrease in income tax expense due to certain favorable tax items associated with the American Taxpayer Relief Act (H.R.8) enacted on January 2, 2013 and other income tax changes. The results for the first six months of 2012 included a $1.3 million net increase in income tax expense due to the recording of a valuation allowance for certain deferred tax assets and other income tax changes.

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