CHARLOTTE, N.C.--(BUSINESS WIRE )--Mar. 4, 2015--Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned $31.4 million, or basic net income per share of $3.38, on net sales of $1.7 billion for fiscal 2014, compared to net income of $27.7 million, or basic net income per share of $2.99, on net sales of $1.6 billion for fiscal 2013.
The results for 2014 included:
- $7.9 million of after-tax expenses ($12.9 million on a pre-tax basis) related to franchise territory expansion,
- $45.1 million in net sales and $2.1 million of after-tax operating income ($3.4 million on a pre-tax basis) related to territories acquired during 2014, and
- $0.5 million of after-tax losses due to other adjustments, including fair value adjustments of acquisition-related contingent consideration and gains related to certain tax changes.
The results for 2013 included:
- $7.3 million of after-tax losses ($12.0 million on a pre-tax basis) due to a lump-sum pension buy-out,
- $3.1 million of after-tax expenses ($5.0 million on a pre-tax basis) related to franchise territory expansion,
- $2.3 million of decrease to income tax expense due to legislation requiring a change in the blended deferred state income tax rate, and
- $0.9 million of after-tax income due to other adjustments, including mark-to-market adjustments on commodity hedges and certain other tax changes. Full report.
