(Source: Business Wire)
Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it
earned $15.4 million, or basic net income per share of $1.68, in the
third quarter of 2009 compared to a loss of $3.1 million, or basic net
loss per share of $.34, in the third quarter of 2008. The third quarter
of 2009 results included $.5 million of mark-to-market after-tax gains
($.8 million on a pre-tax basis) due to the Company's fuel and aluminum
hedging programs and also included $5.4 million in tax benefits which
reduced the Company's effective tax rate to 6.3%. The third quarter of
2008 results included after-tax charges of $9.7 million ($18.8 million
on a pre-tax basis) due to pension exit and strike settlement costs,
restructuring expenses and fuel hedging losses.
The following table reconciles reported and comparable net income (loss)
and basic net income (loss) per share for the third quarter of 2009 and
2008:
Third Quarter
Net Income (Loss) Basic Net Income (Loss) Per Share
In Thousands, Except Per Share Amounts 2009 2008 2009 2008
Reported net income (loss) (GAAP) $ 15,428 $ (3,145 ) $ 1.68 $ (0.34 )
Net (gain) loss on fuel & aluminum hedges, net of tax (488 ) 302 (0.05 ) 0.03
Multi-employer pension exit charge and strike settlement, net of tax - 7,321 - 0.80
Restructuring expenses, net of tax - 2,097 - 0.23
Other income tax items (5,384 ) - (0.59 ) -
Total (5,872 ) 9,720 (0.64 ) 1.06
Comparable net income ((a)) $ 9,556 $ 6,575 $ 1.04 $ 0.72
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(a) This non-GAAP financial information is provided to allow
investors to more clearly evaluate operating performance and business
trends. Management uses this information to review results excluding
items that are not necessarily indicative of ongoing results.
For the first nine months of 2009, the Company earned $36.1 million, or
basic net income per share of $3.94, compared to net income of $7.7
million, or basic net income per share of $.84, for the first nine
months of 2008. The results for the first nine months of 2009 included
$4.4 million of mark-to-market after-tax gains ($7.3 million on a
pre-tax basis) due to the hedging programs and also included $7.1
million in tax benefits which reduced the Company's effective tax rate
to 24.8%.
