(Source: Business Wire)
Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned $8.5 million, or basic net income per share of $.93, in the first quarter of 2009 compared to a net loss of $4.3 million, or basic net loss per share of $.47, in the first quarter of 2008. The results for the first quarter included mark-to-market after tax income of $1.6 million ($2.1 million on a pre-tax basis), or basic net income per share of $.17, on the Company's 2009 and 2010 fuel hedging program and 2010 aluminum hedging program.
J. Frank Harrison, III, Chairman and CEO, said, "While we are pleased with our first quarter results, we continue to face challenges in the current uncertain economic environment. We are glad to see commodity prices subside from last year's all time record high prices and to see continued focus on our operating expense management, resulting in improved operating income. Our company will continue to face significant challenges in the nonalcoholic beverage industry, but we believe we have the initiative, innovation and persistence to overcome these challenges."
William B. Elmore, President and COO, added, "We remain focused on our sales and packaging plans for the year amidst a difficult economy. We saw physical case sales decline from last year, but we benefited from a more reasonable cost environment. We have greatly benefited, during these challenging times, from the excellent efforts of our employees who continue to find new and better ways of conducting our business."
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 our belief that we have the initiative, innovation and persistence to face the significant challenges in the nonalcoholic beverage industry.
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.
