Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) announced it earned $38.1 million, or basic net income per share of $4.16, on net sales of $1.44 billion for fiscal 2009, compared to net income of $9.1 million, or basic net income per share of $.99, on net sales of $1.46 billion for fiscal 2008. The results for fiscal 2009 included $8.0 million of mark-to-market after-tax gains ($13.2 million on a pre-tax basis) due to the Company’s fuel and aluminum hedging programs and $1.1 million on an after-tax basis ($1.9 million on a pre-tax basis) of additional income from the 53rd week of fiscal 2009 (2009 was a 53-week year). Fiscal 2009 results also included $7.1 million in tax benefits which reduced the Company’s effective tax rate to 30.3%. The results for fiscal 2008 included $10.1 million of after-tax charges impacting comparability ($19.4 million on a pre-tax basis) which were due to pension exit and strike settlement costs, restructuring expenses and fuel hedging losses.
For the fourth quarter of 2009, the Company earned $2.0 million, or basic net income per share of $.22, on net sales of $354 million compared to net income of $1.4 million, or basic net income per share of $.15, on net sales of $348 million in the fourth quarter of 2008. The fourth quarter of 2009 results included $3.6 million of mark-to-market after-tax gains ($5.9 million on a pre-tax basis) due to the Company’s fuel and aluminum hedging programs and $1.1 million on an after-tax basis ($1.9 million on a pre-tax basis) of additional income from the 53rd week of fiscal 2009. The fourth quarter of 2008 results included after-tax charges of $1.3 million ($2.5 million on a pre-tax basis) due to restructuring and other expenses and fuel hedging losses.
Tags: Coca-Cola Bottling, Sales
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