Coca-Cola Bottling Co. Consolidated Reports Third Quarter 2016 Results
November 08 2016 - 3:05PM
Coca-Cola Bottling Co. Consolidated (NASDAQ:COKE) today reported
operating results for the third quarter and the first three
quarters of 2016. Frank Harrison, Chairman and CEO, said, “We are
pleased with our 2016 financial and operating results as we
continue to grow both organically and through acquisition of
additional manufacturing and distribution territory. We are
in our third year of the planned refranchising of the U.S.
Coca-Cola system and are thankful for the unwavering dedication of
all our employees whose efforts are instrumental in successfully
integrating new territories and driving strong results in our
legacy territories.”
Hank Flint, President and Chief Operating Officer, added, “Our
results for the third quarter and first three quarters of 2016
reflect solid growth in revenue and income from operations.
Our revenue growth was driven by acquisitions and an increase in
our legacy territories of 4.1% in the third quarter. We
continue to invest in our beverage portfolio to drive growth across
all beverage categories which is reflected in modest growth in our
sparkling beverages and strong growth in our still beverage
portfolio. We are also continuing our work on integrating
newly acquired territories and creating efficiencies to drive
growth in our income from operations. We are in a very
exciting time for our Company and are most thankful for the
commitment and dedication of our over 13,000
employees.”
(a) The discussion of third quarter results includes
selected non-GAAP financial information, such as “comparable”
results. See discussion of “Non-GAAP Financial Measures” for
descriptions and reconciliations.
Third Quarter 2016 Operating Review
|
|
% Change |
|
|
Third Quarter 2016 |
|
First Three Quarters 2016 |
|
|
Consolidated |
|
Comparable |
|
Consolidated |
|
Comparable |
Net sales |
|
|
37.2 |
% |
|
4.1 |
% |
|
|
37.2 |
% |
|
7.2 |
% |
Income from
operations |
|
|
43.8 |
% |
|
30.8 |
% |
|
|
29.0 |
% |
|
22.0 |
% |
Net income per share -
basic |
|
|
-9.8 |
% |
|
19.5 |
% |
|
|
-47.5 |
% |
|
12.2 |
% |
Equivalent unit case
volume (b) |
|
|
36.9 |
% |
|
2.7 |
% |
|
|
37.6 |
% |
|
4.7 |
% |
Sparkling |
|
|
33.3 |
% |
|
0.7 |
% |
|
|
32.8 |
% |
|
1.6 |
% |
Still |
|
|
44.9 |
% |
|
7.2 |
% |
|
|
50.0 |
% |
|
12.9 |
% |
(b) Equivalent unit case volume is defined as 24 8-ounce
servings or 192 ounces.
- Consolidated net sales increased $230.2 million to $849.0
million compared to the third quarter of 2015, primarily driven by
acquisitions and a 4.1% increase in comparable net sales. The
increase in comparable net sales was driven primarily by a 2.7%
increase in comparable equivalent unit case volume. Products
in both our sparkling and still portfolios contributed to the
volume increase.
- Consolidated income from operations increased $12.1 million to
$39.8 million compared to the third quarter of 2015, driven by
acquisitions and a 30.8% increase in comparable income from
operations. Comparable income from operations increased $11.0
million to $46.8 million compared to the third quarter of 2015,
driven by sales growth and the leveraging of selling, delivery and
administrative expenses.
- Other income was $7.3 million in the third quarter of 2016
compared to other expense of $4.0 million in the third quarter of
2015. This difference is primarily due to mark-to-market fair
value adjustments to the Company’s acquisition related contingent
consideration liability for territories acquired since May
2014. These mark-to-market adjustments are primarily non-cash
and reflect changes in underlying assumptions used to calculate the
estimated liability in the newly acquired territories subject to
sub-bottling fees, including long-term interest rates and projected
future operating results.
- In August 2015, the Company sold all issued and outstanding
shares of capital stock of BYB Brands, Inc. to The Coca-Cola
Company. As a result of the sale, the Company recognized a
gain of $22.7 million during the third quarter of
2015.
- Consolidated basic net income per share was $2.48 and $3.09 for
the third quarter and the first three quarters of 2016,
respectively, compared to $2.75 and $5.89 for the third quarter and
the first three quarters of 2015, respectively. Comparable
basic net income per share was $2.45 and $5.06 for the third
quarter and the first three quarters of 2016, respectively,
compared to $2.05 and $4.51 for the third quarter and the first
three quarters of 2015, respectively.
- Cash flow provided by operations was $128.1 million for the
first three quarters of 2016 compared to $72.5 million for the
first three quarters of 2015. The increase was driven
primarily by growth in comparable income from operations and cash
generated from acquired territories. In the first three
quarters of 2016, cash payments for acquired territories totaled
$174.6 million. Capital expenditures increased to $124.6
million in the first three quarters of 2016, compared to $104.4
million for the same period in 2015, driven by capital expenditures
for the acquired territories. The Company expects to be a net
user of cash in 2016 as it continues to acquire distribution rights
in additional territories and manufacturing facilities included in
the Company’s previously announced Coca-Cola system transformation
transactions with The Coca‑Cola Company.
About Coca-Cola Bottling Co. Consolidated
Coca-Cola Bottling Co. Consolidated provides moments of
happiness for millions of people every day with a broad portfolio
of beverages that fit every activity and lifestyle. Coke
Consolidated is the largest independent Coca-Cola bottler in the
United States. We make, sell and distribute Coca-Cola products
along with other unique beverages, carrying more than 300 brands
and flavors across 16 states to approximately 41 million people.
Our Purpose is to honor God, serve others, pursue excellence and
grow profitably. Headquartered in Charlotte, N.C., Coke
Consolidated is traded on the NASDAQ under the symbol COKE. More
information about the Company is available at
www.cokeconsolidated.com. Follow Coke Consolidated on Facebook,
Twitter, Instagram and Linkedin.
Cautionary Information Regarding Forward-Looking
Statements
Certain statements contained in this news release are
“forward-looking statements” that involve risks and uncertainties.
The words “believe,” “expect,” “project,” “will,” “should,” “could”
and similar expressions are intended to identify those
forward-looking statements. Factors that might cause Coke
Consolidated’s actual results to differ materially from those
anticipated in forward-looking statements include, but are not
limited to: 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 Coca-Cola Company or other bottlers in the
Coca-Cola system); changes in legal contingencies; legislative
changes affecting our distribution and packaging; adoption of
significant product labeling or warning requirements; additional
taxes resulting from tax audits; natural disasters and unfavorable
weather; global climate change or legal or regulatory responses to
such change; issues surrounding labor relations; bottler system
disputes; our use of estimates and assumptions; changes in
accounting standards; impact of obesity and health concerns on
product demand; public policy challenges regarding the sale of soft
drinks in schools; the impact of volatility in the financial
markets on access to the credit markets; the impact of acquisitions
or dispositions of bottlers by their franchisors; changes in the
inputs used to calculate our acquisition related contingent
consideration liability; and the concentration of our capital stock
ownership. These and other factors are discussed in the Company’s
regulatory filings with the Securities and Exchange Commission,
including those in the Company’s fiscal 2015 Annual Report on Form
10-K, Item 1A. Risk Factors. The forward-looking statements
contained in this news release speak only as of this date, and the
Company does not assume any obligation to update them except as
required by law.
—Enjoy Coca-Cola—
Financial Statements
COCA-COLA BOTTLING CO.
CONSOLIDATED |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
First Three Quarters |
(in thousands, except per share data) |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Net sales |
|
$ |
849,028 |
|
|
$ |
618,806 |
|
|
$ |
2,314,868 |
|
|
$ |
1,686,742 |
|
Cost
of sales |
|
|
521,838 |
|
|
|
380,270 |
|
|
|
1,424,073 |
|
|
|
1,026,516 |
|
Gross profit |
|
|
327,190 |
|
|
|
238,536 |
|
|
|
890,795 |
|
|
|
660,226 |
|
Selling, delivery and administrative expenses |
|
|
287,389 |
|
|
|
210,851 |
|
|
|
783,857 |
|
|
|
577,323 |
|
Income from operations |
|
|
39,801 |
|
|
|
27,685 |
|
|
|
106,938 |
|
|
|
82,903 |
|
Interest expense, net |
|
|
8,452 |
|
|
|
6,686 |
|
|
|
27,621 |
|
|
|
20,751 |
|
Other
income (expense), net |
|
|
7,325 |
|
|
|
(3,992 |
) |
|
|
(26,100 |
) |
|
|
(3,003 |
) |
Gain
(loss) on exchange of franchise territory |
|
|
- |
|
|
|
- |
|
|
|
(692 |
) |
|
|
8,807 |
|
Gain
on sale of business |
|
|
- |
|
|
|
22,651 |
|
|
|
- |
|
|
|
22,651 |
|
Income before income taxes |
|
|
38,674 |
|
|
|
39,658 |
|
|
|
52,525 |
|
|
|
90,607 |
|
Income tax expense |
|
|
13,121 |
|
|
|
12,099 |
|
|
|
18,681 |
|
|
|
31,174 |
|
Net income |
|
|
25,553 |
|
|
|
27,559 |
|
|
|
33,844 |
|
|
|
59,433 |
|
Less: Net income attributable to noncontrolling
interest |
|
|
2,411 |
|
|
|
2,006 |
|
|
|
5,091 |
|
|
|
4,722 |
|
Net income attributable to Coca-Cola Bottling Co.
Consolidated |
|
$ |
23,142 |
|
|
$ |
25,553 |
|
|
$ |
28,753 |
|
|
$ |
54,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share based on net income attributable
to Coca-Cola Bottling Co. Consolidated: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
$ |
2.48 |
|
|
$ |
2.75 |
|
|
$ |
3.09 |
|
|
$ |
5.89 |
|
Weighted average number of Common Stock shares outstanding |
|
|
7,141 |
|
|
|
7,141 |
|
|
|
7,141 |
|
|
|
7,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
B Common Stock |
|
$ |
2.48 |
|
|
$ |
2.75 |
|
|
$ |
3.09 |
|
|
$ |
5.89 |
|
Weighted average number of Class B Common Stock shares
outstanding |
|
|
2,172 |
|
|
|
2,151 |
|
|
|
2,167 |
|
|
|
2,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share based on net income
attributable to Coca-Cola Bottling Co. Consolidated: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
$ |
2.47 |
|
|
$ |
2.74 |
|
|
$ |
3.08 |
|
|
$ |
5.87 |
|
Weighted average number of Common Stock shares outstanding –
assuming dilution |
|
|
9,353 |
|
|
|
9,332 |
|
|
|
9,348 |
|
|
|
9,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
B Common Stock |
|
$ |
2.47 |
|
|
$ |
2.73 |
|
|
$ |
3.07 |
|
|
$ |
5.85 |
|
Weighted average number of Class B Common Stock shares outstanding
– assuming dilution |
|
|
2,212 |
|
|
|
2,191 |
|
|
|
2,207 |
|
|
|
2,186 |
|
|
|
|
|
|
|
|
|
|
COCA-COLA BOTTLING CO.
CONSOLIDATED |
CONDENSED BALANCE SHEETS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 2, |
|
January 3, |
|
September 27, |
(in
thousands) |
|
|
2016 |
|
|
|
2016 |
|
|
|
2015 |
|
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash |
|
$ |
54,217 |
|
|
$ |
55,498 |
|
|
$ |
40,491 |
|
Trade
accounts receivable, net |
|
|
264,737 |
|
|
|
184,009 |
|
|
|
175,930 |
|
Accounts
receivable, other |
|
|
84,541 |
|
|
|
52,611 |
|
|
|
64,869 |
|
Inventories |
|
|
126,039 |
|
|
|
89,464 |
|
|
|
94,148 |
|
Prepaids
and other current assets |
|
|
51,132 |
|
|
|
53,337 |
|
|
|
38,935 |
|
Total current assets |
|
|
580,666 |
|
|
|
434,919 |
|
|
|
414,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
722,024 |
|
|
|
525,820 |
|
|
|
446,783 |
|
Leased property under
capital leases, net |
|
|
35,002 |
|
|
|
40,145 |
|
|
|
41,682 |
|
Other
assets |
|
|
82,615 |
|
|
|
63,739 |
|
|
|
63,158 |
|
Franchise rights, goodwill and other intangibles, net |
|
|
833,718 |
|
|
|
781,942 |
|
|
|
743,463 |
|
Total assets |
|
$ |
2,254,025 |
|
|
$ |
1,846,565 |
|
|
$ |
1,709,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Current
portion of debt and capital lease obligations |
|
$ |
7,378 |
|
|
$ |
7,063 |
|
|
$ |
171,702 |
|
Accounts
payable and accrued expenses |
|
|
427,464 |
|
|
|
319,490 |
|
|
|
304,599 |
|
Total current liabilities |
|
|
434,842 |
|
|
|
326,553 |
|
|
|
476,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
income taxes |
|
|
150,913 |
|
|
|
146,944 |
|
|
|
138,288 |
|
Pension,
postretirement and other liabilities |
|
|
451,139 |
|
|
|
382,287 |
|
|
|
348,706 |
|
Long-term debt and obligations under capital leases |
|
|
863,190 |
|
|
|
668,349 |
|
|
|
433,272 |
|
Total liabilities |
|
|
1,900,084 |
|
|
|
1,524,133 |
|
|
|
1,396,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
269,474 |
|
|
|
243,056 |
|
|
|
234,836 |
|
Noncontrolling interest |
|
|
84,467 |
|
|
|
79,376 |
|
|
|
78,056 |
|
Total equity |
|
|
353,941 |
|
|
|
322,432 |
|
|
|
312,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
2,254,025 |
|
|
$ |
1,846,565 |
|
|
$ |
1,709,459 |
|
|
|
|
|
|
|
|
COCA-COLA BOTTLING CO.
CONSOLIDATED |
|
CONDENSED STATEMENTS OF CASH
FLOWS |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Three Quarters |
|
(in
thousands) |
|
|
2016 |
|
|
|
2015 |
|
|
Operating
Activities: |
|
|
|
|
|
Consolidated net
income |
|
$ |
33,844 |
|
|
$ |
59,433 |
|
|
Depreciation and
amortization |
|
|
83,386 |
|
|
|
58,409 |
|
|
Deferred income
taxes |
|
|
5,509 |
|
|
|
(3,489 |
) |
|
Stock compensation
expense |
|
|
4,445 |
|
|
|
5,674 |
|
|
Gain on sale of
business |
|
|
- |
|
|
|
(22,651 |
) |
|
Acquisition related
contingent consideration fair value adjustment |
|
|
26,060 |
|
|
|
3,003 |
|
|
Change in assets and
liabilities (exclusive of acquisition) |
|
|
(29,620 |
) |
|
|
(21,272 |
) |
|
Other |
|
|
4,501 |
|
|
|
(6,624 |
) |
|
Net cash provided by operating activities |
|
|
128,125 |
|
|
|
72,483 |
|
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities: |
|
|
|
|
|
|
|
|
|
Acquisition of new
territories, net of cash acquired |
|
|
(174,571 |
) |
|
|
(52,739 |
) |
|
Purchases of property,
plant and equipment (exclusive of acquisition) |
|
|
(124,599 |
) |
|
|
(104,422 |
) |
|
Proceeds from the sale
of BYB Brands, Inc. |
|
|
- |
|
|
|
26,360 |
|
|
Other |
|
|
(6,883 |
) |
|
|
274 |
|
|
Net cash used in investing activities |
|
|
(306,053 |
) |
|
|
(130,527 |
) |
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities: |
|
|
|
|
|
|
|
|
|
Borrowings under
Revolving Credit Facility and Term Loan Facility |
|
|
610,000 |
|
|
|
269,000 |
|
|
Payment of Revolving
Credit Facility and Senior Notes |
|
|
(409,757 |
) |
|
|
(165,000 |
) |
|
Cash dividends
paid |
|
|
(6,980 |
) |
|
|
(6,964 |
) |
|
Payment of acquisition
related contingent consideration |
|
|
(10,470 |
) |
|
|
(2,405 |
) |
|
Principal payments on
capital lease obligations |
|
|
(5,279 |
) |
|
|
(4,889 |
) |
|
Other |
|
|
(867 |
) |
|
|
(302 |
) |
|
Net cash provided by financing activities |
|
|
176,647 |
|
|
|
89,440 |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) during the period |
|
|
(1,281 |
) |
|
|
31,396 |
|
|
Balance at the
beginning of the period |
|
|
55,498 |
|
|
|
9,095 |
|
|
Balance at the end of the period |
|
$ |
54,217 |
|
|
$ |
40,491 |
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
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. Further, given the transformation of the Company’s
business through expansion transactions with The Coca-Cola Company,
the Company believes these non-GAAP financial measures allow users
to better appreciate the impact of these transactions on the
Company’s 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.
The following tables reconcile reported GAAP results to
comparable results for the third quarter of 2016 and the third
quarter of 2015:
|
|
Third Quarter 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net |
|
|
|
|
|
|
|
|
Income
from |
|
|
|
Income
before |
|
|
|
|
|
|
|
income
per |
|
(in
thousands, except per share data) |
|
|
Net sales |
|
|
|
operations |
|
|
|
income taxes |
|
|
|
Net income |
|
|
|
share |
|
Reported
results (GAAP) |
|
$ |
849,028 |
|
|
$ |
39,801 |
|
|
$ |
38,674 |
|
|
$ |
23,142 |
|
|
$ |
2.48 |
|
Fair value adjustments
for commodity hedges |
|
|
- |
|
|
|
(388 |
) |
|
|
(388 |
) |
|
|
(239 |
) |
|
|
(0.03 |
) |
2016 & 2015
acquisitions impact |
|
|
(298,313 |
) |
|
|
(2,432 |
) |
|
|
(2,432 |
) |
|
|
(1,495 |
) |
|
|
(0.16 |
) |
Territory expansion
expenses |
|
|
- |
|
|
|
9,780 |
|
|
|
9,780 |
|
|
|
6,015 |
|
|
|
0.64 |
|
Fair value adjustment
of acquisition related contingent consideration |
|
|
- |
|
|
|
- |
|
|
|
(7,365 |
) |
|
|
(4,530 |
) |
|
|
(0.48 |
) |
Total
reconciling items |
|
|
(298,313 |
) |
|
|
6,960 |
|
|
|
(405 |
) |
|
|
(249 |
) |
|
|
(0.03 |
) |
Comparable
results (non-GAAP) |
|
$ |
550,715 |
|
|
$ |
46,761 |
|
|
$ |
38,269 |
|
|
$ |
22,893 |
|
|
$ |
2.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net |
|
|
|
|
|
|
|
|
Income
from |
|
|
|
Income
before |
|
|
|
|
|
|
|
income per |
|
(in
thousands, except per share data) |
|
|
Net sales |
|
|
|
operations |
|
|
|
income taxes |
|
|
|
Net income |
|
|
|
share |
|
Reported
results (GAAP) |
|
$ |
618,806 |
|
|
$ |
27,685 |
|
|
$ |
39,658 |
|
|
$ |
25,553 |
|
|
$ |
2.75 |
|
Fair value adjustments
for commodity hedges |
|
|
- |
|
|
|
2,130 |
|
|
|
2,130 |
|
|
|
1,308 |
|
|
|
0.14 |
|
2015 acquisitions
impact |
|
|
(84,734 |
) |
|
|
(1,297 |
) |
|
|
(1,297 |
) |
|
|
(796 |
) |
|
|
(0.09 |
) |
2015 divestitures
impact |
|
|
(5,028 |
) |
|
|
277 |
|
|
|
277 |
|
|
|
170 |
|
|
|
0.02 |
|
Territory expansion
expenses |
|
|
- |
|
|
|
6,947 |
|
|
|
6,947 |
|
|
|
4,265 |
|
|
|
0.46 |
|
Gain on sale of
business |
|
|
- |
|
|
|
- |
|
|
|
(22,651 |
) |
|
|
(13,908 |
) |
|
|
(1.49 |
) |
Fair value adjustment
of acquisition related contingent consideration |
|
|
- |
|
|
|
- |
|
|
|
3,992 |
|
|
|
2,451 |
|
|
|
0.26 |
|
Total
reconciling items |
|
|
(89,762 |
) |
|
|
8,057 |
|
|
|
(10,602 |
) |
|
|
(6,510 |
) |
|
|
(0.70 |
) |
Comparable
results (non-GAAP) |
|
$ |
529,044 |
|
|
$ |
35,742 |
|
|
$ |
29,056 |
|
|
$ |
19,043 |
|
|
$ |
2.05 |
|
|
|
|
|
|
|
|
|
|
|
|
The following tables reconcile reported GAAP results to
comparable results for the first three quarters of 2016 and the
first three quarters of 2015:
|
|
First Three Quarters 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net |
|
|
|
|
|
|
|
|
Income
from |
|
|
|
Income
before |
|
|
|
|
|
|
|
income per |
|
(in
thousands, except per share data) |
|
|
Net sales |
|
|
|
operations |
|
|
|
income taxes |
|
|
|
Net income |
|
|
|
share |
|
Reported
results (GAAP) |
|
$ |
2,314,868 |
|
|
$ |
106,938 |
|
|
$ |
52,525 |
|
|
$ |
28,753 |
|
|
$ |
3.09 |
|
Fair value adjustments
for commodity hedges |
|
|
- |
|
|
|
(4,198 |
) |
|
|
(4,198 |
) |
|
|
(2,582 |
) |
|
|
(0.28 |
) |
2016 & 2015
acquisitions impact |
|
|
(727,874 |
) |
|
|
(19,691 |
) |
|
|
(19,691 |
) |
|
|
(12,111 |
) |
|
|
(1.30 |
) |
Territory expansion
expenses |
|
|
- |
|
|
|
23,208 |
|
|
|
23,208 |
|
|
|
14,273 |
|
|
|
1.53 |
|
Special charitable
contribution |
|
|
- |
|
|
|
4,000 |
|
|
|
4,000 |
|
|
|
2,460 |
|
|
|
0.26 |
|
Exchange of franchise
territories |
|
|
- |
|
|
|
- |
|
|
|
692 |
|
|
|
425 |
|
|
|
0.05 |
|
Fair value adjustment
of acquisition related contingent consideration |
|
|
- |
|
|
|
- |
|
|
|
26,060 |
|
|
|
16,026 |
|
|
|
1.71 |
|
Total
reconciling items |
|
|
(727,874 |
) |
|
|
3,319 |
|
|
|
30,071 |
|
|
|
18,491 |
|
|
|
1.97 |
|
Comparable
results (non-GAAP) |
|
$ |
1,586,994 |
|
|
$ |
110,257 |
|
|
$ |
82,596 |
|
|
$ |
47,244 |
|
|
$ |
5.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Three Quarters 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net |
|
|
|
|
|
|
|
|
Income
from |
|
|
|
Income
before |
|
|
|
|
|
|
|
income per |
|
(in
thousands, except per share data) |
|
|
Net sales |
|
|
|
operations |
|
|
|
income taxes |
|
|
|
Net income |
|
|
|
share |
|
Reported
results (GAAP) |
|
$ |
1,686,742 |
|
|
$ |
82,903 |
|
|
$ |
90,607 |
|
|
$ |
54,711 |
|
|
$ |
5.89 |
|
Fair value adjustments
for commodity hedges |
|
|
- |
|
|
|
2,236 |
|
|
|
2,236 |
|
|
|
1,373 |
|
|
|
0.15 |
|
2015 acquisitions
impact |
|
|
(175,240 |
) |
|
|
(5,733 |
) |
|
|
(5,733 |
) |
|
|
(3,520 |
) |
|
|
(0.38 |
) |
2015 divestitures
impact |
|
|
(31,376 |
) |
|
|
(3,252 |
) |
|
|
(3,252 |
) |
|
|
(1,997 |
) |
|
|
(0.21 |
) |
Territory expansion
expenses |
|
|
- |
|
|
|
14,194 |
|
|
|
14,194 |
|
|
|
8,715 |
|
|
|
0.93 |
|
Exchange of franchise
territories |
|
|
- |
|
|
|
- |
|
|
|
(8,807 |
) |
|
|
(5,407 |
) |
|
|
(0.58 |
) |
Gain on sale of
business |
|
|
- |
|
|
|
- |
|
|
|
(22,651 |
) |
|
|
(13,908 |
) |
|
|
(1.49 |
) |
Fair value adjustment
of acquisition related contingent consideration |
|
|
- |
|
|
|
- |
|
|
|
3,003 |
|
|
|
1,844 |
|
|
|
0.20 |
|
Total
reconciling items |
|
|
(206,616 |
) |
|
|
7,445 |
|
|
|
(21,010 |
) |
|
|
(12,900 |
) |
|
|
(1.38 |
) |
Comparable
results (non-GAAP) |
|
$ |
1,480,126 |
|
|
$ |
90,348 |
|
|
$ |
69,597 |
|
|
$ |
41,811 |
|
|
$ |
4.51 |
|
Media Contact:
Kimberly Kuo
Senior Vice President, Public Affairs, Communications and Communities
704-557-4584
Investor Contact:
Clifford M. Deal, III
Senior Vice President & CFO
704-557-4633
Coca Cola Consolidated (NASDAQ:COKE)
Historical Stock Chart
From Apr 2024 to May 2024
Coca Cola Consolidated (NASDAQ:COKE)
Historical Stock Chart
From May 2023 to May 2024