Coca-Cola Bottling Co. Consolidated Reports First Quarter 2014 Results

Coca-Cola Bottling Co. Consolidated announced it earned $2.4 million, or basic net income per share of $.26, on net sales of $388.6 million for the first quarter of 2014, compared to net income of $4.9 million, or basic net income per share of $.53, on net sales of $383.6 million for the first quarter of 2013. The results for the first quarter of 2014 included $0.5 million of after-tax gains ($0.8 million on a pre-tax basis) due to mark-to-market adjustments on commodity hedges, $1.2 million of expenses ($2.0 million on a pre-tax basis) related to franchise territory expansion, and a $0.2 million increase to tax expense primarily due to an increase in the valuation allowance. The results for the first quarter of 2013 included $0.3 million of after-tax losses ($0.5 million on a pre-tax basis) due to mark-to-market adjustments on commodity hedges, $0.3 million of expenses ($0.6 million on a pre-tax basis) related to franchise territory expansion, and a $0.4 million decrease to tax expense due to certain favorable tax items associated with the American Taxpayer Relief Act (H.R.8) enacted on Jan. 2, 2013 and other income tax changes. Full report.

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