8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):

February 27, 2008

COCA-COLA BOTTLING CO. CONSOLIDATED

(Exact name of registrant as specified in its charter)

Delaware	0-9286	56-0950585
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4100 Coca-Cola Plaza, Charlotte, North Carolina 28211

(Address of principal executive offices) (Zip Code)

(704) 557-4400
(Registrant’s telephone number, including area code)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On February 27, 2008, Coca-Cola Bottling Co. Consolidated (the “Company”) issued a news release announcing its financial results for the quarter and year ended December 30, 2007. 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 February 27, 2008, reporting the Company’s financial results for the quarter and year ended December 30, 2007.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	COCA-COLA BOTTLING CO. CONSOLIDATED (REGISTRANT)
Date: February 29, 2008	BY:	/s/ James E. Harris
		James E. Harris
		Principal Financial Officer of the Registrant and Senior Vice President and Chief Financial Officer

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC

EXHIBITS

CURRENT REPORT
ON
FORM 8-K

Date of Event Reported:	Commission File No:
February 27, 2008	0-9286

COCA-COLA BOTTLING CO. CONSOLIDATED

EXHIBIT INDEX

Exhibit No.	Exhibit Description
99.1	News release issued on February 27, 2008, reporting the Company’s financial results for the quarter and year ended December 30, 2007.

EX-99.1

Exhibit 99.1

Coca-Cola Bottling Co. Consolidated, 4100 Coca-Cola Plaza, Charlotte, NC 28211

News Release

	Media Contact:	Lauren C. Steele VP — Corporate Affairs 704-557-4551
	Investor Contact:	James E. Harris Senior VP — CFO 704-557-4582

FOR IMMEDIATE RELEASE	Symbol:	COKE
February 27, 2008	Quoted:	The NASDAQ Stock Market (Global Select Market)

Coca-Cola Bottling Co. Consolidated Reports 2007 Results

CHARLOTTE, NC — Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned $19.9 million, or basic net income per share of $2.18, in 2007 compared to $23.2 million, or basic net income per share of $2.55, in 2006. The Company lost $1.8 million, or basic net loss per share of $.19, in the fourth quarter of 2007 compared to net income of $8.6 million, or basic net income per share of $.94, in the fourth quarter of 2006.

The Company’s 2007 net income included $1.7 million after tax ($2.8 million on a pre-tax basis), or $.18 basic net income per share, of restructuring costs. These costs, which were announced in the first quarter of 2007, resulted from the streamlining of the Company’s management structure and reduction in workforce in order to improve operating efficiencies across the Company’s business. Net income in the fourth quarter of 2006 included the favorable impact of $4.9 million, or basic net income per share of $.54, related to reduced income tax expense resulting from the settlement of tax positions with certain states.

J. Frank Harrison, III, Chairman and CEO, said, “In 2007 we continued to face unprecedented challenges in raw material costs, energy costs and consumer refreshment choices. To meet these challenges we focused on improving our efficiency and effectiveness especially in our supply chain management operations. While 2007 was challenging, we continue to be very encouraged about the product innovation opportunities within the still beverage category. During 2007, we introduced smartwater, vitaminwater, FUZE, NOS^® energy products, V8 juice products, Gold Peak tea, Country Breeze tea, Respect and Tum-E Yummies. Innovation of new brands and packages will continue to be critical to the overall revenue of the Company.”

William B. Elmore, President and COO, added, “We continue to focus our energy on resource efficiency and improving the execution of our business operations. We were pleased to hold our operating expenses flat during a period of significant portfolio innovation despite the significant increase in raw materials, primarily aluminum packaging, sweetener and concentrate. In addition, we continued to accomplish our debt reduction goals as we were able to reduce debt, net of cash, by approximately $38 million. We look forward to an exciting 2008 and the anticipated benefits from new product innovations across a number of product categories.”

Cautionary Information Regarding Forward-Looking Statements

Included in this news release and other information that we make publicly available from time to time are forward-looking management comments and other statements that reflect management’s current outlook for future periods. These statements include, among others, statements regarding innovation of new brands and packages continuing to be critical to the overall revenue of the Company and the anticipated benefits from new product innovations across a number of product categories.

These statements and expectations are based on currently available competitive, financial and economic data along with our operating plans, and are subject to future events and uncertainties that could cause anticipated events not to occur or actual results to differ materially from historical or anticipated results. Among the events or uncertainties which could adversely affect future periods are: lower than expected selling pricing resulting from increased marketplace competition; changes in how significant customers market or promote our products; changes in public and consumer preferences related to nonalcoholic beverages; our inability to meet requirements under bottling contracts; material changes in the performance requirements for marketing funding support or our inability to meet such requirements; decreases from historic levels of marketing funding support; changes in The Coca-Cola Company’s and other beverage companies’ levels of advertising, marketing and spending on brand innovation; the inability of our aluminum can or plastic bottle suppliers to meet our purchase requirements; our inability to offset higher raw material costs with higher selling prices, increased bottle/can sales volume or reduced expenses; sustained increases in fuel costs or our inability to secure adequate supplies of fuel; sustained increases in workers’ compensation, employment practices and vehicle accident costs; sustained increases in the cost of employee benefits; changes in interest rates; adverse changes in our credit rating (whether as a result of our operations or prospects or as a result of those of The Coca-Cola Company or other bottlers in the Coca-Cola system); changes in legal contingencies; additional taxes resulting from tax audits; natural disasters and unfavorable weather; issues surrounding labor relations; recent bottler litigation; our use of estimates and assumptions; public policy challenges regarding the sale of soft drinks in schools; and the concentration of our capital stock ownership. The forward-looking statements in this news release should be read in conjunction with the more detailed descriptions of the above factors located in our Annual Report on Form 10-K for the year ended December 31, 2006 under Part I, Item 1A “Risk Factors.” The Company undertakes no obligation to update or revise any forward-looking statements contained in this release as a result of new information or future events or developments.

—Enjoy Coca-Cola—

Coca-Cola Bottling Co. Consolidated
CONSOLIDATED STATEMENTS OF OPERATIONS
In Thousands (Except Per Share Data)

	Fiscal Year
	2007		2006
Net sales	$	1,435,999	$	1,431,005
Cost of sales		814,865		808,426
Gross margin		621,134		622,579
Selling, delivery and administrative expenses		538,806		537,365
Amortization of intangibles		445		550
Income from operations		81,883		84,664
Interest expense		47,641		50,286
Minority interest		2,003		3,218
Income before income taxes		32,239		31,160
Income taxes		12,383		7,917
Net income	$	19,856	$	23,243
Basic net income per share:
Common Stock	$	2.18	$	2.55
Weighted average number of Common Stock shares outstanding		6,644		6,643
Class B Common Stock	$	2.18	$	2.55
Weighted average number of Class B Common Stock shares outstanding		2,480		2,460
Diluted net income per share:
Common Stock	$	2.17	$	2.55
Weighted average number of Common Stock shares outstanding — assuming dilution		9,141		9,120
Class B Common Stock	$	2.17	$	2.54
Weighted average number of Class B Common Stock shares outstanding — assuming dilution		2,497		2,477

Coca-Cola Bottling Co. Consolidated
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
In Thousands (Except Per Share Data)

	Fourth Quarter
	2007			2006
Net sales	$	340,640		$	340,576
Cost of sales		195,499			189,101
Gross margin		145,141			151,475
Selling, delivery and administrative expenses		136,430			131,906
Amortization of intangibles		111			124
Income from operations		8,600			19,445
Interest expense		10,994			12,478
Minority interest		43			672
Income before income taxes		(2,437	)		6,295
Income taxes (benefit)		(678	)		(2,305	)
Net income	$	(1,759	)	$	8,600
Basic net income per share:
Common Stock	$	(.19	)	$	.94
Weighted average number of Common Stock shares outstanding		6,644			6,643
Class B Common Stock	$	(.19	)	$	.94
Weighted average number of Class B Common Stock shares outstanding		2,480			2,460
Diluted net income per share:
Common Stock	$	(.19	)	$	.94
Weighted average number of Common Stock shares outstanding — assuming dilution		9,144			9,123
Class B Common Stock	$	(.19	)	$	.94
Weighted average number of Class B Common Stock shares outstanding — assuming dilution		2,500			2,480