SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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)
NOVEMBER 4, 1999
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COCA-COLA BOTTLING CO. CONSOLIDATED
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(Exact name of registrant as specified in its charter)
Delaware 0-9286 56-0950585
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
4100 Coca-Cola Plaza, Charlotte, North Carolina 28211
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(Address of principal executive offices Zip Code)
(704) 551-4400
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Registrant's telephone number, including area code
Item 5. Other Events
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On November 4, 1999, the Company issued the following press release:
[COCA-COLA LOGO APPEARS HERE] NEWS RELEASE
Media Contact: Lauren C. Steele
VP Corporate Affairs
704-551-4551
FOR IMMEDIATE RELEASE Investor Contact: David V. Singer
November 4, 1999 VP, Chief Financial Officer
704-551-4604
COCA-COLA CONSOLIDATED ANNOUNCES RESTRUCTURING;
TO TAKE FOURTH QUARTER CHARGE
CHARLOTTE--Coca-Cola Bottling Co. Consolidated today said it is making changes
in some of its operating units, which will result in a 4th quarter after-tax
charge of up to $3 million. The charge relates to severance and other
restructuring costs. As many as 300 people, or 4 percent of the company's
workforce, will be affected.
CCBCC Chairman and CEO Frank Harrison said the company's move reflects the
current environment in the competitive soft drink industry. "We remain committed
to growth, but we have to recognize the realities of the marketplace and take
steps to reduce staffing and expense levels to be consistent with current
business needs," he said. "These steps will enable us to remain a healthy
company and help position us for the future."
"Coca-Cola Consolidated is committed to growing the business, both through
acquisitions and internally generated volume growth," he said. "Over the last
two years we invested heavily in both infrastructure and people based on
aggressive growth targets which were unachievable in the present environment."
The company is streamlining several of its business units, consolidating eight
operating divisions into six.
Beginning in 1997, CCBCC significantly increased its targeted growth rate and
outpaced the industry in volume growth with 8 percent in 1997 and 11 percent in
1998. To support the accelerated growth, the company invested heavily in vending
equipment and route vehicles and added a significant number of people. In 1999,
the company planned for another year of solid growth. However, the entire U.S.
soft drink business has been soft, with Coca-Cola Consolidated still leading the
industry, but with only a 4 percent growth rate for the first nine months of
1999 and flat volume for the third quarter.
Reflecting the impact of the industry's soft volume and the company's need to
increase net pricing, Coca-Cola Consolidated reported net income of $7.5 million
for the first nine months of 1999, versus $13.9 million for the same period last
year.
Affected employees are being offered severance packages.
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COCA-COLA BOTTLING CO. CONSOLIDATED, 4100 COCA-COLA PLAZA, CHARLOTTE, NC 28211
(704) 551-4400
Signatures
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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 thereunto duly authorized:
COCA-COLA BOTTLING CO. CONSOLIDATED
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(REGISTRANT)
Date: November 8, 1999 BY: /s/ David V. Singer
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David V. Singer
Principal Financial Officer of the Registrant
and
Vice President, Chief Financial Officer