Delaware | 0-9286 | 56-0950585 | ||
(State or other jurisdiction | (Commission File Number) | (IRS Employer Identification No.) | ||
of incorporation) |
On May 10, 2011, Coca-Cola Bottling Co. Consolidated (the Company) issued a news
release announcing its financial results for the quarter ended April 3, 2011. A copy of
the news release is furnished as Exhibit 99.1 hereto. |
(d) | Exhibits. |
99.1 | News release issued on May 10, 2011, reporting the Companys
financial results for the quarter ended April 3, 2011. |
COCA-COLA BOTTLING CO. CONSOLIDATED (REGISTRANT) |
||||
Date: May 12, 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: | |
May 10, 2011
|
0-9286 |
Exhibit No. | Exhibit Description | |
99.1
|
News release issued on May 10, 2011, reporting the Companys financial results for the quarter ended April 3, 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 | |
May 10, 2011
|
Quoted: The NASDAQ Stock Market (Global Select Market) |
First Quarter | ||||||||||||||||
Basic Net Income | ||||||||||||||||
Net Income | Per Share | |||||||||||||||
In Thousands, Except Per Share Amounts | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Reported net income (GAAP) |
$ | 5,913 | $ | 4,660 | $ | 0.64 | $ | 0.51 | ||||||||
Net (gain) loss on fuel & aluminum hedges, net of tax |
396 | (149 | ) | 0.04 | (0.02 | ) | ||||||||||
Impact of change in tax law regarding Medicare Part D subsidy |
| 464 | | 0.05 | ||||||||||||
Other income tax changes |
62 | (35 | ) | 0.01 | (0.00 | ) | ||||||||||
Total |
458 | 280 | 0.05 | 0.03 | ||||||||||||
Comparable net income (a) |
$ | 6,371 | $ | 4,940 | $ | 0.69 | $ | 0.54 | ||||||||
First Quarter | ||||||||
2011 | 2010 | |||||||
Net sales |
$ | 359,629 | $ | 347,498 | ||||
Cost of sales |
210,468 | 200,795 | ||||||
Gross margin |
149,161 | 146,703 | ||||||
Selling, delivery and administrative expenses |
129,982 | 129,044 | ||||||
Income from operations |
19,179 | 17,659 | ||||||
Interest expense |
8,769 | 8,810 | ||||||
Income before income taxes |
10,410 | 8,849 | ||||||
Income taxes |
3,941 | 3,714 | ||||||
Net income |
6,469 | 5,135 | ||||||
Less: Net income attributable to the
noncontrolling interest |
556 | 475 | ||||||
Net income attributable to Coca-Cola Bottling Co.
Consolidated |
$ | 5,913 | $ | 4,660 | ||||
Basic net income per share based on net
income attributable to Coca-Cola Bottling Co.
Consolidated: |
||||||||
Common Stock |
$ | 0.64 | $ | 0.51 | ||||
Weighted average number of Common
Stock shares outstanding |
7,141 | 7,141 | ||||||
Class B Common Stock |
$ | 0.64 | $ | 0.51 | ||||
Weighted average number of Class B
Common Stock shares outstanding |
2,051 | 2,029 | ||||||
Diluted net income per share based on net
income attributable to Coca-Cola Bottling Co.
Consolidated: |
||||||||
Common Stock |
$ | 0.64 | $ | 0.51 | ||||
Weighted average number of Common
Stock shares outstanding assuming dilution |
9,232 | 9,210 | ||||||
Class B Common Stock |
$ | 0.64 | $ | 0.50 | ||||
Weighted average number of Class B Common
Stock shares outstanding assuming dilution |
2,091 | 2,069 |
April 3, | January 2, | April 4, | ||||||||||
2011 | 2011 | 2010 | ||||||||||
ASSETS |
||||||||||||
Current assets: |
||||||||||||
Cash |
$ | 33,882 | $ | 49,372 | $ | 52,825 | ||||||
Trade accounts receivable, net |
110,809 | 96,787 | 111,397 | |||||||||
Accounts receivable, other |
23,706 | 27,910 | 28,034 | |||||||||
Inventories |
72,606 | 64,870 | 64,734 | |||||||||
Prepaids and other current assets |
27,306 | 25,760 | 32,590 | |||||||||
Total current assets |
268,309 | 264,699 | 289,580 | |||||||||
Property, plant and equipment, net |
319,682 | 322,143 | 321,488 | |||||||||
Leased property under capital leases, net |
64,188 | 46,856 | 50,375 | |||||||||
Other assets |
51,457 | 46,332 | 46,796 | |||||||||
Franchise rights, goodwill and other intangibles, net |
627,469 | 627,592 | 627,948 | |||||||||
Total |
$ | 1,331,105 | $ | 1,307,622 | $ | 1,336,187 | ||||||
LIABILITIES AND EQUITY |
||||||||||||
Current liabilities: |
||||||||||||
Current portion of debt and capital lease obligations |
$ | 3,946 | $ | 3,866 | $ | 23,851 | ||||||
Accounts payable and accrued expenses |
170,341 | 172,874 | 168,565 | |||||||||
Total current liabilities |
174,287 | 176,740 | 192,416 | |||||||||
Deferred income taxes |
144,972 | 143,962 | 159,591 | |||||||||
Pension, postretirement and other liabilities |
225,533 | 224,045 | 198,336 | |||||||||
Long-term debt and obligations under capital leases |
596,026 | 578,458 | 611,271 | |||||||||
Total liabilities |
1,140,818 | 1,123,205 | 1,161,614 | |||||||||
Stockholders equity |
133,209 | 127,895 | 121,294 | |||||||||
Noncontrolling interest |
57,078 | 56,522 | 53,279 | |||||||||
Total |
$ | 1,331,105 | $ | 1,307,622 | $ | 1,336,187 | ||||||
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