Press Releases
The results for fiscal 2015 and fiscal 2014 include certain items which
are either events that are not expected to recur or are recurring items
that have changed materially period-to-period. Certain of these items
relate to the Company’s expanded distribution territory and to
significant work by the Company on further expanding its distribution
territory and preparing to purchase manufacturing assets from
Fiscal Year | |||||||||||||||
Net Income |
Basic Net Income Per |
||||||||||||||
In Thousands, Except Per Share Amounts | 2015 | 2014 | 2015 | 2014 | |||||||||||
Reported net income (GAAP) | $ | 59,002 | $ | 31,354 | $ | 6.35 | $ | 3.38 | |||||||
Gain on sale of business, net of tax | (13,908) | - | (1.50) | - | |||||||||||
Expenses related to distribution territory expansion, net of tax | 12,269 | 7,865 | 1.32 | 0.85 | |||||||||||
Gain on exchange of franchise territories, net of tax | (5,407) | - | (0.58) | - | |||||||||||
Acquired distribution territory operating income, net of tax | (3,481) | (2,091) | (0.37) | (0.23) | |||||||||||
Results of 53rd week, net of tax | (2,415) | - | (0.26) | - | |||||||||||
Fair value adjustment of acquisition related contingent | |||||||||||||||
consideration, net of tax | 2,196 | 659 | 0.24 | 0.07 | |||||||||||
Net loss on commodity hedges, net of tax | 2,112 | - | 0.23 | - | |||||||||||
Exchanged distribution territories and sold operating entities | - | (1,997) | - | (0.21) | |||||||||||
operating income, net of tax | |||||||||||||||
Bargain purchase gain, net of tax | (2,011) | - | (0.22) | - | |||||||||||
Other income tax changes | (1,075) | (209) | (0.12) | (0.02) | |||||||||||
Total | (11,720) | 4,227 | (1.26) | 0.46 | |||||||||||
Comparable net income (a) | $ | 47,282 | $ | 35,581 | $ | 5.09 | $ | 3.84 | |||||||
On a comparable basis, the Company earned
The Company earned
The results for the fourth quarters of fiscal 2015 and fiscal 2014
include certain items which are either events that are not expected to
recur or are recurring items that have changed materially
period-to-period. Certain of these items relate to the Company’s
expanded distribution territory and to significant work by the Company
on further expanding its distribution territory and preparing to
purchase manufacturing assets from The
Fourth Quarter | |||||||||||||||
Net Income |
Basic Net Income Per |
||||||||||||||
In Thousands, Except Per Share Amounts | 2015 | 2014 | 2015 | 2014 | |||||||||||
Reported net income (GAAP) | $ | 4,291 | $ | 2,990 | $ | 0.46 | $ | 0.32 | |||||||
Expenses related to distribution territory expansion, net of tax | 3,554 | 3,185 | 0.38 | 0.34 | |||||||||||
Results of 53rd week, net of tax | (2,415) | - | (0.26) | - | |||||||||||
Bargain purchase gain, net of tax | (2,011) | - | (0.22) | - | |||||||||||
Acquired distribution territory operating loss (income), net of tax | 1,598 | (1,159) | 0.17 | (0.12) | |||||||||||
Net loss on commodity hedges, net of tax | 739 | 338 | 0.08 | 0.04 | |||||||||||
Other changes | 1,255 | 40 | 0.14 | 0.00 | |||||||||||
Total | 2,720 | 2,404 | 0.29 | 0.26 | |||||||||||
Comparable net income (a) | $ | 7,011 | $ | 5,394 | $ | 0.75 | $ | 0.58 | |||||||
On a comparable basis, the Company earned
“We are very thankful for our dedicated employees and their great
accomplishments in 2015, which was another transformative year for the
Company,” said
(a) The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures provide users with additional meaningful financial information that should be considered when assessing the Company’s ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The Company’s non-GAAP financial information does not represent a comprehensive basis of accounting.
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 our performance in future periods and management’s expectations for completing the proposed territory expansions and manufacturing acquisitions. The words “believe,” “expect,” “project,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These statements include, among others, statements regarding the time frame for completing the proposed territory expansions and manufacturing facility acquisitions and other potential opportunities for profitably growing our business as well as our plans for continuing to innovate and evolve packaging and marketing strategies to respond to ever-changing consumer tastes.
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 our top customer relationships; changes in public
and consumer preferences related to nonalcoholic beverages; unfavorable
changes in the general economy; miscalculation of our need for
infrastructure investment; our inability to meet requirements under
beverage agreements; 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; consolidation of raw
material suppliers; incremental risks resulting from increased purchases
of finished goods; sustained increases in fuel costs or our inability to
secure adequate supplies of fuel; sustained increases in workers’
compensation, employment practices and vehicle accident claims costs;
sustained increases in the cost of employee benefits; product liability
claims or product recalls; technology failures; changes in interest
rates; the impact of debt levels on operating flexibility and access to
capital and credit markets; adverse changes in our credit rating
(whether as a result of our operations or prospects or as a result of
those of The
—Enjoy Coca-Cola—
Coca-Cola Bottling Co. Consolidated | |||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||
In Thousands (Except Per Share Data) | |||||||||||||||
Fourth Quarter | Fiscal Year | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net sales | $ | 619,716 | $ | 440,638 | $ | 2,306,458 | $ | 1,746,369 | |||||||
Cost of sales | 378,910 | 262,194 | 1,405,426 | 1,041,130 | |||||||||||
Gross margin | 240,806 | 178,444 | 901,032 | 705,239 | |||||||||||
Selling, delivery and administrative expenses | 225,565 | 164,303 | 802,888 | 619,272 | |||||||||||
Income from operations | 15,241 | 14,141 | 98,144 | 85,967 | |||||||||||
Interest expense, net | 8,164 | 7,373 | 28,915 | 29,272 | |||||||||||
Other income (expense) | (573) | (1,077) | (3,576) | (1,077) | |||||||||||
Gain on exchange of franchise territory | - | - | 8,807 | - | |||||||||||
Gain on sale of business | - | - | 22,651 | - | |||||||||||
Bargain purchase gain | 2,011 | - | 2,011 | - | |||||||||||
Income before income taxes | 8,515 | 5,691 | 99,122 | 55,618 | |||||||||||
Income taxes | 2,904 | 1,747 | 34,078 | 19,536 | |||||||||||
Net income | 5,611 | 3,944 | 65,044 | 36,082 | |||||||||||
Less: Net income attributable to | |||||||||||||||
noncontrolling interest | 1,320 | 954 | 6,042 | 4,728 | |||||||||||
Net income attributable to Coca-Cola | |||||||||||||||
Bottling Co. Consolidated | $ | 4,291 | $ | 2,990 | $ | 59,002 | $ | 31,354 | |||||||
Basic net income per share based on net | |||||||||||||||
income attributable to Coca-Cola | |||||||||||||||
Bottling Co. Consolidated: | |||||||||||||||
Common Stock | $ | 0.46 | $ | 0.32 | $ | 6.35 | $ | 3.38 | |||||||
Weighted average number of Common | |||||||||||||||
Stock shares outstanding | 7,141 | 7,141 | 7,141 | 7,141 | |||||||||||
Class B Common Stock | $ | 0.46 | $ | 0.32 | $ | 6.35 | $ | 3.38 | |||||||
Weighted average number of Class B | |||||||||||||||
Common Stock shares outstanding | 2,151 | 2,130 | 2,147 | 2,126 | |||||||||||
Diluted net income per share based on net | |||||||||||||||
income attributable to Coca-Cola | |||||||||||||||
Bottling Co. Consolidated: | |||||||||||||||
Common Stock | $ | 0.46 | $ | 0.32 | $ | 6.33 | $ | 3.37 | |||||||
Weighted average number of Common | |||||||||||||||
Stock shares outstanding – assuming dilution | 9,332 | 9,311 | 9,328 | 9,307 | |||||||||||
Class B Common Stock | $ | 0.46 | $ | 0.32 | $ | 6.31 | $ | 3.35 | |||||||
Weighted average number of Class B Common | |||||||||||||||
Stock shares outstanding – assuming dilution | 2,191 | 2,170 | 2,187 | 2,166 |
View source version on businesswire.com: http://www.businesswire.com/news/home/20160309006078/en/
Source:
Coca-Cola Bottling Co. Consolidated
Media Contact
Kimberly Kuo
Senior
Vice President of Public Affairs, Communications and Communities
704-557-4584
or
Investor
Contact
James E. Harris
Senior Vice President, Shared Services
& CFO
704-557-4582