Coca-Cola Bottling Co. Consolidated recently announced it earned $27.2 million, or basic net income per share of $2.95, on net sales of $1.61 billion for fiscal 2012, compared to net income of $28.6 million, or basic net income per share of $3.11, on net sales of $1.56 billion for fiscal 2011. The results for 2012 included $0.3 million of after-tax gains ($0.5 million on a pre-tax basis) due to mark-to-market adjustments on commodity hedges and $2.7 million of incremental income tax charges related to an increase in its reserve for uncertain tax positions and other income tax changes. The results for 2011 included $4.1 million of after-tax losses ($6.8 million on a pre-tax basis) due to mark-to-market adjustments on commodity hedges and $0.6 million of incremental income tax charges related to an increase in its reserve for uncertain tax positions and other income tax changes.
On a comparable basis, the company earned $29.6 million in fiscal 2012, or comparable basic net income per share of $3.21, versus $33.3 million in fiscal 2011, or comparable basic net income per share of $3.62.
J. Frank Harrison, III, chairman and CEO, said in a prepared statement, “We are pleased to report another solid year with over three percent growth in revenue offset by an increase in operating costs due to investments we made in people and marketing to support our long-term growth strategy. We are committed to, and focused on, profitably growing our business.”
Henry W. Flint, president and COO, added, “We are pleased with our results for 2012. Our strong revenue growth was a reflection of our efforts to deliver the right products to our customers and consumers at attractive price points. Our overall results for the year were down from 2011 due to increased SD&A costs. We made significant investments during 2012 in people, marketing and technology to help us grow both volume and market share in the very competitive marketplace in which we operate. We continue to innovate and evolve packaging and marketing strategies to respond to ever-changing consumer tastes.”
