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Coca-Cola Bottling Co Consolidated reports Q1 2009 results
North Carolina-based Coca-Cola Bottling Co Consolidated has announced it earned $8.5m, or basic net income per share of $0.93, in the first quarter of 2009 compared to a net loss of $4.3m, or basic net loss per share of $0.47, in the first quarter of 2008.
The results for the first quarter included mark-to-market after-tax income of $1.6m ($2.1m on a pre-tax basis), or basic net income per share of $0.17, on the company’s 2009 and 2010 fuel hedging programme and 2010 aluminium hedging programme.
J Frank Harrison III, chairman and CEO, said: “While we’re pleased with our first-quarter results, we continue to face challenges in the current, uncertain economic environment. We’re 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 non-alcoholic 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’ve 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.”
Source: Coca-Cola Bottling Co Consolidated
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