Delaware | 0-9286 | 56-0950585 | ||
(State or other jurisdiction | (Commission File Number) | (IRS Employer Identification No.) | ||
of incorporation) |
Item 2.02.
|
Results of Operations and Financial Condition. | |
On March 9, 2011, Coca-Cola Bottling Co. Consolidated (the Company) issued a news release announcing its financial results for the quarter and year ended January 2, 2011. A copy of the news release is furnished as Exhibit 99.1 hereto. | ||
Item 9.01.
|
Financial Statements and Exhibits. | |
(d) Exhibits. |
99.1 | News release issued on March 9, 2011, reporting the Companys
financial results for the quarter and year ended January 2, 2011. |
COCA-COLA BOTTLING CO. CONSOLIDATED (REGISTRANT) |
||||
Date: March 11, 2011 | BY: | /s/ James E. Harris | ||
James E. Harris Principal Financial Officer of the Registrant and Senior Vice President and Chief Financial Officer |
Date of Event Reported:
|
Commission File No: | |
March 9, 2011
|
0-9286 |
Exhibit No. | Exhibit Description | |
99.1
|
News release issued on March 9, 2011, reporting the Companys financial results for the quarter and year ended January 2, 2011. |
![]() |
Media Contact: Investor Contact: |
Lauren C. Steele VP Corporate Affairs 704-557-4551 James E. Harris Senior VP CFO 704-557-4582 |
FOR IMMEDIATE RELEASE
|
Symbol: COKE | |
March 9, 2011
|
Quoted: The NASDAQ Stock Market (Global Select Market) |
Fiscal Year | ||||||||||||||||
Net Income | Basic Net Income Per Share | |||||||||||||||
In Thousands, Except Per Share Amounts | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Reported net income (GAAP) |
$ | 36,057 | $ | 38,136 | $ | 3.93 | $ | 4.16 | ||||||||
Net (gain) loss on fuel & aluminum hedges, net of tax |
3,179 | (8,522 | ) | 0.35 | (0.93 | ) | ||||||||||
Impact of Nashville area flood, net of tax |
(541 | ) | | (0.06 | ) | | ||||||||||
Impact of change in tax law regarding Medicare Part D subsidy |
478 | | 0.05 | | ||||||||||||
Change in reserves for uncertain tax positions |
(1,665 | ) | (7,071 | ) | (0.18 | ) | (0.77 | ) | ||||||||
Results from the 53rd week, net of tax |
| (1,143 | ) | | (0.12 | ) | ||||||||||
Other income tax items |
198 | 77 | 0.02 | 0.01 | ||||||||||||
Total |
1,649 | (16,659 | ) | 0.18 | (1.81 | ) | ||||||||||
Comparable net income (a) |
$ | 37,706 | $ | 21,477 | $ | 4.11 | $ | 2.35 | ||||||||
Fourth Quarter | ||||||||||||||||
Net Income (Loss) | Basic Net Income (Loss) Per Share | |||||||||||||||
In Thousands, Except Per Share Amounts | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Reported net income (GAAP) |
$ | 3,821 | $ | 1,990 | $ | 0.42 | $ | 0.22 | ||||||||
Net (gain) loss on fuel & aluminum hedges, net of tax |
454 | (3,521 | ) | 0.05 | (0.38 | ) | ||||||||||
Results from the 53rd week, net of tax |
| (1,143 | ) | | (0.12 | ) | ||||||||||
Total |
454 | (4,664 | ) | 0.05 | (0.50 | ) | ||||||||||
Comparable net income (loss) (a) |
$ | 4,275 | $ | (2,674 | ) | $ | 0.47 | $ | (0.28 | ) | ||||||
Fourth Quarter | Fiscal Year | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net sales |
$ | 354,376 | $ | 354,420 | $ | 1,514,599 | $ | 1,442,986 | ||||||||
Cost of sales |
201,388 | 199,002 | 873,783 | 822,992 | ||||||||||||
Gross margin |
152,988 | 155,418 | 640,816 | 619,994 | ||||||||||||
Selling, delivery and administrative expenses |
137,809 | 139,030 | 544,498 | 525,491 | ||||||||||||
Income from operations |
15,179 | 16,388 | 96,318 | 94,503 | ||||||||||||
Interest expense |
8,674 | 9,320 | 35,127 | 37,379 | ||||||||||||
Income before income taxes |
6,505 | 7,068 | 61,191 | 57,124 | ||||||||||||
Income taxes |
2,713 | 4,653 | 21,649 | 16,581 | ||||||||||||
Net income |
3,792 | 2,415 | 39,542 | 40,543 | ||||||||||||
Less: Net income (loss) attributable to the
noncontrolling interest |
(29 | ) | 425 | 3,485 | 2,407 | |||||||||||
Net income attributable to Coca-Cola Bottling Co.
Consolidated |
$ | 3,821 | $ | 1,990 | $ | 36,057 | $ | 38,136 | ||||||||
Basic net income per share based on net
income attributable to Coca-Cola Bottling Co. Consolidated: |
||||||||||||||||
Common Stock |
$ | 0.42 | $ | 0.22 | $ | 3.93 | $ | 4.16 | ||||||||
Weighted average number of Common
Stock shares outstanding |
7,141 | 7,141 | 7,141 | 7,072 | ||||||||||||
Class B Common Stock |
$ | 0.42 | $ | 0.22 | $ | 3.93 | $ | 4.16 | ||||||||
Weighted average number of Class B
Common Stock shares outstanding |
2,044 | 2,022 | 2,040 | 2,092 | ||||||||||||
Diluted net income per share based on net
income attributable to Coca-Cola Bottling Co.
Consolidated: |
||||||||||||||||
Common Stock |
$ | 0.41 | $ | 0.22 | $ | 3.91 | $ | 4.15 | ||||||||
Weighted average number of Common
Stock shares outstanding assuming dilution |
9,225 | 9,203 | 9,221 | 9,197 | ||||||||||||
Class B Common Stock |
$ | 0.41 | $ | 0.21 | $ | 3.90 | $ | 4.13 | ||||||||
Weighted average number of Class B Common
Stock shares outstanding assuming dilution |
2,084 | 2,062 | 2,080 | 2,125 |
January 2, | January 3, | |||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash |
$ | 49,372 | $ | 22,270 | ||||
Trade accounts receivable, net |
96,787 | 92,727 | ||||||
Accounts receivable, other |
27,910 | 21,114 | ||||||
Inventories |
64,870 | 59,122 | ||||||
Prepaids and other current assets |
25,760 | 35,016 | ||||||
Total current assets |
264,699 | 230,249 | ||||||
Property, plant and equipment, net |
322,143 | 326,701 | ||||||
Leased property under capital leases, net |
46,856 | 51,548 | ||||||
Other assets |
46,332 | 46,508 | ||||||
Franchise rights, goodwill and other intangibles, net |
627,592 | 628,071 | ||||||
Total |
$ | 1,307,622 | $ | 1,283,077 | ||||
LIABILITIES AND EQUITY |
||||||||
Current liabilities: |
||||||||
Current portion of debt and capital lease obligations |
$ | 3,866 | $ | 3,846 | ||||
Accounts payable and accrued expenses |
172,874 | 158,136 | ||||||
Total current liabilities |
176,740 | 161,982 | ||||||
Deferred income taxes |
143,962 | 158,548 | ||||||
Pension, postretirement and other liabilities |
224,045 | 196,274 | ||||||
Long-term debt and obligations under capital leases |
578,458 | 597,178 | ||||||
Total liabilities |
1,123,205 | 1,113,982 | ||||||
Stockholders equity |
127,895 | 116,291 | ||||||
Noncontrolling interest |
56,522 | 52,804 | ||||||
Total |
$ | 1,307,622 | $ | 1,283,077 | ||||
3LJX0-TFAM#@!6ED*?_\"!^FA::$:BH_W$%2("G`X&HB>H3
ML\.HKV$#!E*H`R$AD^H3=6*I4V&&Q_!C'N$@D"H0G-JI*X$$0<*"JZ`,J\"0
MH+H14V``'F`+L:`"T-`1Q[`#I_H/OJJJ*V$$N"$02H`-N7`.":`",5`NLTH2
M/^`/Q;`+]N``KS`0)N`$IJ`_5V`#WNJMJS`$MR`!$J`,-B`"^``*$H!@\D"N
MK_`*Y+H2Y"H!*J$$)-`"]?`*_>`G`U$+#N`*9X(#5O`.`F$#[T`+VO&L'5$+
MTOH/$N`/H?`/R0`!MC`.MC`#$I`#7R`+V'`$*F`/#!`.'C`##J`"'J`"L7`$
MMJ!62I``'@L#Y6`%KJ`2/U`./_\@#]_P!1"0#@9@!>FP`_JS`T=@`+42#[10
M`-]P#23P#3.0!:2IL`K!L,7P#S\@#J#P#[*``?J3"T20#P]P#"9P!+02"P_P
M#ND@#N,@`K%``?XP#BLA#T?P!/W0#400#O2@$MW0#_X:#RL1#Y[@!/H#`6U;
M$+A@`^<0#EXB`4<0#U"[$0S[`->@"^-`B_Y``P.1#?Z0`%[A#/YPM2,B#*$@
M#D7P#J_P`4=0#`:B$G';#RH0#^+``&KE`4KP!5;@$TR`(@+A`?[0#@>A"_8P
M6`PP`\7:N%$KK;N``4=``_3@#Q10:N)@#P+A#&([$-)PMA'P+1_@#TK0%*HK
MMRK0#^?_X`#=4`P>(`_A$`XKP03%$`$$*Q`JX`]"P0X,!!;$+JM<`S]D+W[X";=R[HJ$0-'@`&R
MRP#B@]``,,``ZI,!!=X`\04!!7,`3BH`)Q@@WAL*CYBQ`PT+`^<`0>4`#!
M2R-+<`1%$+V=.Q`!,`_B`+@/?`0[4!T_T`^K^[W](`_><`2U2P7^X`DJ$0'E
MD`!^(Q"X(`[B8`2E!@[0T`7BD$$W806QD`-@\+0OK`P/X`]4$`$&$`X2P!,Z
MFP\XX`'>H!$%$`&52QP!``$.4`0%(`&Y`+'UD`LS$`]#6P3A_Q`/:B4/ME"[
M\H`!1&`+%/`#5O`#6T`0I,``5L`.+A`!#Q`+`;`+#^`!$M`)7?`%JY`,1T`"
M+WP0`4`"]4`")"`$6W`FN``-+1`/3*`_!2`/]2`!N%$%61`#XU``KP`#,0`-
M)!`#,$`#,9`%KA`#Y]"E2O`-]5H+N>`),4`#2L!2`X$/T/`-M1`/2*`_U:`$
M\<`.1;`4%^`*M//*-*&.R>#`(ZB+8#G%2=ZD8AZC^M