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Sales increase for Coca-Cola Bottling Co Consolidated
Coca-Cola Bottling Co Consolidated earned $4.7m, or basic net income per share of $.51, on net sales of $347.5m for the first quarter of 2010.
This is compared to net income of $8.5m, or basic net income per share of $.93, on net sales of $336.3m for the first quarter of 2009.
The results for the first quarter of 2010 included $0.1m of mark-to-market gains (both on a pre-tax and after-tax basis) due to the company’s fuel and aluminium hedging programmes and a $0.5m increase in income tax expense due to the change in tax law eliminating the tax deduction once available for Medicare Part D subsidies.
The results for the first quarter of 2009 included $1.3m of after-tax gains ($2.1m on a pre-tax basis) due to the fuel and aluminium hedging programmes and a $1.7m decrease in income tax expense due to the settlement of prior tax positions with a state tax authority.
Source: Coca-Cola Bottling Co Consolidated
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