Coca-Cola Bottling Co. Consolidated announced it earned $27.7 million, or basic net income per share of $2.99, on net sales of $1.6 billion for fiscal 2013, compared to net income of $27.2 million, or basic net income per share of $2.95, on net sales of $1.6 billion for fiscal 2012.
The results for 2013 included $7.3 million of after-tax losses due to a lump-sum pension buy-out, $0.3 million of after-tax losses due to mark-to market adjustments on commodity hedges, $0.9 million decrease to tax expense related to changes in reserves for uncertain tax positions due to the lapse of statute of limitations, a $0.4 million decrease to tax expense due to certain favorable tax items associated with the American Taxpayer Relief Act (H.R.8), and a $2.3 million decrease to income tax expense due to recent legislation requiring a change in the blended deferred state income tax rate.
The results for 2012 included $0.3 million of after-tax gains due to mark-to-market adjustments on commodity hedges, $0.2 million decrease to tax expense related to changes in reserves for uncertain tax positions due to the lapse of statute of limitations, and a $2.9 million increase in income tax expense due to changes in reserves for uncertain tax positions, valuation allowance for certain deferred tax assets and other income tax changes. Full report.
