Coca-Cola Consolidated, Inc. (NASDAQ:COKE) today reported operating
results for the fourth quarter and fiscal year ended
December 29, 2019.
“2019 was an outstanding year for Coca-Cola Consolidated,” said
Frank Harrison, Chairman and CEO of Coca-Cola Consolidated. “We
delivered record operating profit, generated strong cash flow and
made significant investments in our business that strengthen our
long-term growth outlook. We opened a new automated warehouse
facility in Erlanger, Kentucky and began work on our announced
plant consolidation in the Memphis region. These investments will
increase the efficiency of our operations and drive long-term value
for our stockholders. We begin 2020 confident in the health of our
business and we look forward to building on our strong 2019
operating performance.”
Revenue grew 3.7% in the fourth quarter of 2019, driven
primarily by strong price growth and a continued shift in our
product mix to higher priced Still products. Our physical case
volume increased 1.2% in the quarter, driven primarily by strong
growth in our Still portfolio. Revenue from our bottle/can
Sparkling beverages increased 2.8% in the fourth quarter of 2019,
primarily driven by price increases on our products, as our
Sparkling brands continue to demonstrate strength in the
marketplace. Revenue from our Still beverages grew 6.9% in the
fourth quarter of 2019, driven primarily by growth in our Sports
Drinks and Energy categories.
For 2019, revenue increased $201.2 million, or 4.3%, driven
by physical case volume growth of 1.6%, price increases on our
products and the positive influence of higher priced Still products
on revenue growth. Our 2019 results were also positively impacted
by the contribution of BodyArmor products in their first full year
of distribution across our territory. In addition, we successfully
executed several product innovations, including Coke Orange Vanilla
and Reign, which contributed to our revenue growth for the
year.
“Our results in 2019 reflect the strength of our brands and the
focused execution of our 17,000 teammates across our territory,”
said Dave Katz, President and Chief Operating Officer. “We
successfully implemented a new field management structure which
bolstered our already strong local market performance. We also made
significant progress in improving our operating efficiency and laid
the foundation for continued progress in 2020. In addition,
innovation from our brand partners is resonating with our customers
and consumers and we are excited about the early results of Coke
Energy and the upcoming launch of AHA. This robust pipeline, along
with initiatives focused on the efficiency of our operations,
position us well for a strong start to 2020.”
Gross profit increased $32.5 million, or 8.5%, in the
fourth quarter of 2019, and gross margin increased 150 basis
points to 35.0%. On an adjusted(b) basis, gross profit grew
$17.8 million, or 4.6%, while gross margin increased
30 basis points versus the fourth quarter of 2018. This growth
is primarily related to strong brand performance during the
quarter, ongoing pricing initiatives and a reduction of input costs
on Sparkling beverages. Gross margin, on an actual and adjusted(b)
basis, for 2019 increased 100 and 70 basis points,
respectively. This improvement for the year is primarily the result
of the execution of pricing actions, primarily across our Sparkling
beverages, and a favorable commodities environment.
Selling, delivery and administrative (“SD&A”) expenses in
the fourth quarter of 2019 increased $5.8 million, or 1.6%.
SD&A expenses as a percentage of net sales decreased
70 basis points in the fourth quarter of 2019 versus the
fourth quarter of 2018. The improvement in operating leverage
relates primarily to $13.5 million of non-recurring expenses
recorded in the fourth quarter of 2018. Adjusted(b) SD&A
expenses in the fourth quarter of 2019 increased
$18.1 million, or 5.2%, versus the fourth quarter of 2018,
reflecting increased labor costs related to volume growth and other
inflationary employee benefit expenses.
Income from operations in the fourth quarter of 2019 and full
year 2019 was $39.5 million and $180.8 million,
respectively, compared to $12.8 million and $57.9 million
for the fourth quarter of 2018 and full year 2018. Adjusted(b)
income from operations was $38.4 million in the fourth quarter
of 2019, or 0.9% lower than the fourth quarter of 2018. Adjusted(b)
income from operations was $195.4 million in 2019, an increase
of 56.9%, or $70.9 million, from 2018.
Net income for the fourth quarter of 2019 and full year 2019 was
adversely impacted by fair value adjustments to our acquisition
related contingent consideration liability, driven by changes in
the discount rate and future cash flow projections. Fair value
adjustments to this liability are non-cash in nature and a routine
part of our quarterly financial closing process. Net loss in the
fourth quarter of 2019 was $10.2 million, compared to
$27.0 million in the fourth quarter of 2018, an improvement of
$16.8 million. For 2019, net income was $11.4 million, an
increase of $31.3 million compared to 2018.
Cash flows provided by operations for 2019 were
$290.4 million, compared to $168.9 million for 2018.
Improved cash generation continues to be a key management focus
area as we continue to work to improve our profitability and
further strengthen our balance sheet. We anticipate capital
spending in fiscal year 2020 will be in the range of
$180 million to $210 million as we continue to invest in
projects that we believe will provide operating efficiencies and
support long-term growth.
(a) All comparisons are to the corresponding period
in the prior year unless specified otherwise.(b) The
discussion of the results for the fourth quarter and fiscal year
ended December 29, 2019 includes selected non-GAAP financial
information, such as “adjusted” results. The schedules in this news
release reconcile such non-GAAP financial measures to the most
directly comparable GAAP financial measures.
About Coca-Cola Consolidated, Inc.
Coca-Cola Consolidated is the largest Coca-Cola bottler in the
United States. Our Purpose is to honor God, serve others, pursue
excellence and grow profitably. For 118 years, we have been
deeply committed to the consumers, customers and communities we
serve and passionate about the broad portfolio of beverages and
services we offer. We make, sell and deliver beverages of
The Coca-Cola Company and other partner companies in more
than 300 brands and flavors to approximately 66 million
consumers in territories spanning 14 states and the District
of Columbia. Headquartered in Charlotte, N.C., Coca-Cola
Consolidated is traded on the NASDAQ Global Select Market under the
symbol “COKE.” More information about the Company is available at
www.cokeconsolidated.com. Follow Coca-Cola 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 Coca-Cola
Consolidated’s actual results to differ materially from those
anticipated in forward-looking statements include, but are not
limited to: our inability to integrate the operations and employees
acquired in system transformation transactions; 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,
including concerns related to obesity and health concerns;
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 the
cost of labor and employment matters, product liability claims or
product recalls; technology failures or cyberattacks; 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 with
unionized employees; bottler system disputes; our use of estimates
and assumptions; changes in accounting standards; 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 “Item 1A.
Risk Factors” in the Company’s Annual Report on Form 10-K for the
fiscal year ended December 30, 2018. 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.
|
FINANCIAL
STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED) |
|
|
|
|
|
|
|
Fourth Quarter |
|
Fiscal Year |
(in thousands, except per
share data) |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net sales |
|
$ |
1,178,949 |
|
|
$ |
1,136,571 |
|
|
$ |
4,826,549 |
|
|
$ |
4,625,364 |
|
Cost of sales |
|
765,758 |
|
|
755,924 |
|
|
3,156,047 |
|
|
3,069,652 |
|
Gross profit |
|
413,191 |
|
|
380,647 |
|
|
1,670,502 |
|
|
1,555,712 |
|
Selling, delivery and
administrative expenses |
|
373,651 |
|
|
367,831 |
|
|
1,489,748 |
|
|
1,497,810 |
|
Income from operations |
|
39,540 |
|
|
12,816 |
|
|
180,754 |
|
|
57,902 |
|
Interest expense, net |
|
10,144 |
|
|
12,889 |
|
|
45,990 |
|
|
50,506 |
|
Other expense, net |
|
32,796 |
|
|
27,241 |
|
|
100,539 |
|
|
30,853 |
|
Gain on exchange
transactions |
|
— |
|
|
— |
|
|
— |
|
|
10,170 |
|
Income (loss) before income
taxes |
|
(3,400 |
) |
|
(27,314 |
) |
|
34,225 |
|
|
(13,287 |
) |
Income tax expense (benefit) |
|
4,864 |
|
|
(1,518 |
) |
|
15,665 |
|
|
1,869 |
|
Net income (loss) |
|
(8,264 |
) |
|
(25,796 |
) |
|
18,560 |
|
|
(15,156 |
) |
Less: Net income attributable to noncontrolling interest |
|
1,906 |
|
|
1,180 |
|
|
7,185 |
|
|
4,774 |
|
Net income (loss)
attributable to Coca-Cola Consolidated, Inc. |
|
$ |
(10,170 |
) |
|
$ |
(26,976 |
) |
|
$ |
11,375 |
|
|
$ |
(19,930 |
) |
|
|
|
|
|
|
|
|
|
Basic net income (loss)
per share based on net income (loss) attributable to Coca-Cola
Consolidated, Inc.: |
|
|
|
|
|
|
|
|
Common Stock |
|
$ |
(1.09 |
) |
|
$ |
(2.88 |
) |
|
$ |
1.21 |
|
|
$ |
(2.13 |
) |
Weighted average number of Common
Stock shares outstanding |
|
7,141 |
|
|
7,141 |
|
|
7,141 |
|
|
7,141 |
|
|
|
|
|
|
|
|
|
|
Class B Common Stock |
|
$ |
(1.09 |
) |
|
$ |
(2.88 |
) |
|
$ |
1.21 |
|
|
$ |
(2.13 |
) |
Weighted average number of Class
B Common Stock shares outstanding |
|
2,232 |
|
|
2,213 |
|
|
2,229 |
|
|
2,209 |
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss)
per share based on net income (loss) attributable to Coca-Cola
Consolidated, Inc.: |
|
|
|
|
|
|
|
|
Common Stock |
|
$ |
(1.08 |
) |
|
$ |
(2.88 |
) |
|
$ |
1.21 |
|
|
$ |
(2.13 |
) |
Weighted average number of Common
Stock shares outstanding – assuming dilution |
|
9,373 |
|
|
9,354 |
|
|
9,417 |
|
|
9,350 |
|
|
|
|
|
|
|
|
|
|
Class B Common Stock |
|
$ |
(1.09 |
) |
|
$ |
(2.87 |
) |
|
$ |
1.19 |
|
|
$ |
(2.13 |
) |
Weighted average number of Class
B Common Stock shares outstanding – assuming dilution |
|
2,232 |
|
|
2,213 |
|
|
2,276 |
|
|
2,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
STATEMENTS CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED) |
|
|
|
|
|
(in thousands) |
|
December 29, 2019 |
|
December 30, 2018 |
ASSETS |
|
|
|
|
Current
Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
9,614 |
|
|
$ |
13,548 |
|
Trade accounts receivable,
net |
|
419,770 |
|
|
427,749 |
|
Accounts receivable,
other |
|
105,505 |
|
|
75,408 |
|
Inventories |
|
225,926 |
|
|
210,033 |
|
Prepaid expenses and other
current assets |
|
69,461 |
|
|
70,680 |
|
Total current assets |
|
830,276 |
|
|
797,418 |
|
Property, plant and equipment,
net |
|
997,403 |
|
|
990,532 |
|
Right of use assets -
operating leases |
|
111,376 |
|
|
— |
|
Leased property under
financing or capital leases, net |
|
17,960 |
|
|
23,720 |
|
Other assets |
|
113,269 |
|
|
115,490 |
|
Goodwill |
|
165,903 |
|
|
165,903 |
|
Other identifiable intangible
assets, net |
|
890,739 |
|
|
916,865 |
|
Total assets |
|
$ |
3,126,926 |
|
|
$ |
3,009,928 |
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
Current
Liabilities: |
|
|
|
|
Current portion of obligations
under operating leases |
|
$ |
15,024 |
|
|
$ |
— |
|
Current portion of obligations
under financing or capital leases |
|
9,403 |
|
|
8,617 |
|
Accounts payable and accrued
expenses |
|
597,768 |
|
|
593,120 |
|
Total current liabilities |
|
622,195 |
|
|
601,737 |
|
Deferred income taxes |
|
125,130 |
|
|
127,174 |
|
Pension and postretirement
benefit obligations and other liabilities |
|
783,397 |
|
|
694,817 |
|
Noncurrent portion of
obligations under operating leases |
|
97,765 |
|
|
— |
|
Noncurrent portion of
obligations under financing or capital leases |
|
17,403 |
|
|
26,631 |
|
Long-term debt |
|
1,029,920 |
|
|
1,104,403 |
|
Total liabilities |
|
2,675,810 |
|
|
2,554,762 |
|
|
|
|
|
|
Equity: |
|
|
|
|
Stockholders’ equity |
|
346,952 |
|
|
358,187 |
|
Noncontrolling interest |
|
104,164 |
|
|
96,979 |
|
Total liabilities and equity |
|
$ |
3,126,926 |
|
|
$ |
3,009,928 |
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED) |
|
|
|
|
|
Fiscal Year |
(in thousands) |
|
2019 |
|
2018 |
Cash Flows from Operating Activities: |
|
|
|
|
Net income (loss) |
|
$ |
18,560 |
|
|
$ |
(15,156 |
) |
Depreciation expense,
amortization of intangible assets and deferred proceeds, net |
|
179,916 |
|
|
187,256 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
92,788 |
|
|
28,767 |
|
Deferred income taxes |
|
3,987 |
|
|
9,366 |
|
Stock compensation
expense |
|
2,045 |
|
|
5,606 |
|
Change in assets and
liabilities |
|
(23,683 |
) |
|
(47,162 |
) |
Gain on exchange
transactions |
|
— |
|
|
(10,170 |
) |
Other |
|
16,757 |
|
|
10,372 |
|
Net cash provided by
operating activities |
|
$ |
290,370 |
|
|
$ |
168,879 |
|
|
|
|
|
|
Cash Flows from
Investing Activities: |
|
|
|
|
Additions to property, plant
and equipment (exclusive of acquisitions) |
|
$ |
(171,374 |
) |
|
$ |
(138,235 |
) |
Net cash paid for exchange
transactions |
|
— |
|
|
(13,116 |
) |
Acquisition of distribution
territories and regional manufacturing plants related investing
activities |
|
— |
|
|
4,245 |
|
Other |
|
(2,303 |
) |
|
3,161 |
|
Net cash used in
investing activities |
|
$ |
(173,677 |
) |
|
$ |
(143,945 |
) |
|
|
|
|
|
Cash Flows from
Financing Activities: |
|
|
|
|
Payments on revolving credit
facility, term loan facility and senior notes |
|
$ |
(690,339 |
) |
|
$ |
(490,500 |
) |
Borrowings under revolving
credit facility and proceeds from issuance of senior notes |
|
615,339 |
|
|
506,000 |
|
Payments of acquisition
related contingent consideration |
|
(27,182 |
) |
|
(24,683 |
) |
Cash dividends paid |
|
(9,369 |
) |
|
(9,353 |
) |
Principal payments on
financing or capital lease obligations |
|
(8,656 |
) |
|
(8,221 |
) |
Debt issuance fees |
|
(420 |
) |
|
(1,531 |
) |
Net cash used in
financing activities |
|
$ |
(120,627 |
) |
|
$ |
(28,288 |
) |
|
|
|
|
|
Net decrease in cash during
period |
|
$ |
(3,934 |
) |
|
$ |
(3,354 |
) |
Cash at beginning of
period |
|
13,548 |
|
|
16,902 |
|
Cash at end of
period |
|
$ |
9,614 |
|
|
$ |
13,548 |
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP
FINANCIAL MEASURES(c) The following tables reconcile reported
results (GAAP) to adjusted results (non-GAAP): |
|
|
|
|
|
Fourth Quarter 2019 |
(in thousands, except per
share data) |
|
Grossprofit |
|
SD&Aexpenses |
|
Incomefromoperations |
|
Income(loss) beforeincome taxes |
|
Netincome(loss) |
|
Basic netincome (loss)per share |
Reported results (GAAP) |
|
$ |
413,191 |
|
|
$ |
373,651 |
|
|
$ |
39,540 |
|
|
$ |
(3,400 |
) |
|
$ |
(10,170 |
) |
|
$ |
(1.09 |
) |
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
— |
|
|
30,771 |
|
|
22,954 |
|
|
2.45 |
|
Fair value adjustments for
commodity hedges |
|
(7,084 |
) |
|
961 |
|
|
(8,045 |
) |
|
(8,045 |
) |
|
(6,030 |
) |
|
(0.64 |
) |
Capitalization threshold change
for certain assets |
|
— |
|
|
(1,194 |
) |
|
1,194 |
|
|
1,194 |
|
|
884 |
|
|
0.09 |
|
Supply chain and asset
optimization |
|
750 |
|
|
(4,952 |
) |
|
5,702 |
|
|
5,702 |
|
|
4,267 |
|
|
0.46 |
|
Other tax adjustments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,178 |
|
|
0.24 |
|
Total reconciling
items |
|
(6,334 |
) |
|
(5,185 |
) |
|
(1,149 |
) |
|
29,622 |
|
|
24,253 |
|
|
2.60 |
|
Adjusted results
(non-GAAP) |
|
$ |
406,857 |
|
|
$ |
368,466 |
|
|
$ |
38,391 |
|
|
$ |
26,222 |
|
|
$ |
14,083 |
|
|
$ |
1.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2018 |
(in thousands, except per
share data) |
|
Grossprofit |
|
SD&Aexpenses |
|
Incomefromoperations |
|
Income(loss) beforeincome taxes |
|
Netincome(loss) |
|
Basic netincome (loss)per share |
Reported results (GAAP) |
|
$ |
380,647 |
|
|
$ |
367,831 |
|
|
$ |
12,816 |
|
|
$ |
(27,314 |
) |
|
$ |
(26,976 |
) |
|
$ |
(2.88 |
) |
System transformation
expenses |
|
835 |
|
|
(9,763 |
) |
|
10,598 |
|
|
10,598 |
|
|
8,403 |
|
|
0.90 |
|
Workforce optimization
expenses |
|
— |
|
|
(3,745 |
) |
|
3,745 |
|
|
3,745 |
|
|
2,902 |
|
|
0.31 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
— |
|
|
27,183 |
|
|
20,729 |
|
|
2.21 |
|
Fair value adjustments for
commodity hedges |
|
7,600 |
|
|
(3,986 |
) |
|
11,586 |
|
|
11,586 |
|
|
8,859 |
|
|
0.95 |
|
Other tax adjustments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,880 |
|
|
0.20 |
|
Total reconciling
items |
|
8,435 |
|
|
(17,494 |
) |
|
25,929 |
|
|
53,112 |
|
|
42,773 |
|
|
4.57 |
|
Adjusted results
(non-GAAP) |
|
$ |
389,082 |
|
|
$ |
350,337 |
|
|
$ |
38,745 |
|
|
$ |
25,798 |
|
|
$ |
15,797 |
|
|
$ |
1.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year 2019 |
(in thousands, except per
share data) |
|
Grossprofit |
|
SD&Aexpenses |
|
Incomefromoperations |
|
Incomebeforeincome taxes |
|
Netincome |
|
Basic netincomeper share |
Reported results (GAAP) |
|
$ |
1,670,502 |
|
|
$ |
1,489,748 |
|
|
$ |
180,754 |
|
|
$ |
34,225 |
|
|
$ |
11,375 |
|
|
$ |
1.21 |
|
System transformation
expenses |
|
— |
|
|
(6,915 |
) |
|
6,915 |
|
|
6,915 |
|
|
5,200 |
|
|
0.56 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
— |
|
|
92,788 |
|
|
69,591 |
|
|
7.43 |
|
Fair value adjustments for
commodity hedges |
|
(6,602 |
) |
|
3,536 |
|
|
(10,138 |
) |
|
(10,138 |
) |
|
(7,604 |
) |
|
(0.81 |
) |
Capitalization threshold
change for certain assets |
|
— |
|
|
(7,305 |
) |
|
7,305 |
|
|
7,305 |
|
|
5,479 |
|
|
0.58 |
|
Supply chain and asset
optimization |
|
5,625 |
|
|
(4,952 |
) |
|
10,577 |
|
|
10,577 |
|
|
7,933 |
|
|
0.85 |
|
Total reconciling
items |
|
(977 |
) |
|
(15,636 |
) |
|
14,659 |
|
|
107,447 |
|
|
80,599 |
|
|
8.61 |
|
Adjusted results
(non-GAAP) |
|
$ |
1,669,525 |
|
|
$ |
1,474,112 |
|
|
$ |
195,413 |
|
|
$ |
141,672 |
|
|
$ |
91,974 |
|
|
$ |
9.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year 2018 |
(in thousands, except per
share data) |
|
Grossprofit |
|
SD&Aexpenses |
|
Incomefromoperations |
|
Income(loss) beforeincome taxes |
|
Netincome(loss) |
|
Basic netincome (loss)per share |
Reported results (GAAP) |
|
$ |
1,555,712 |
|
|
$ |
1,497,810 |
|
|
$ |
57,902 |
|
|
$ |
(13,287 |
) |
|
$ |
(19,930 |
) |
|
$ |
(2.13 |
) |
System transformation
expenses |
|
1,174 |
|
|
(42,162 |
) |
|
43,336 |
|
|
43,336 |
|
|
33,022 |
|
|
3.53 |
|
Gain on exchange
transactions |
|
— |
|
|
— |
|
|
— |
|
|
(10,170 |
) |
|
(7,648 |
) |
|
(0.82 |
) |
Workforce optimization
expenses |
|
— |
|
|
(8,555 |
) |
|
8,555 |
|
|
8,555 |
|
|
6,519 |
|
|
0.70 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
— |
|
|
28,767 |
|
|
21,920 |
|
|
2.34 |
|
Fair value adjustments for
commodity hedges |
|
10,376 |
|
|
(4,349 |
) |
|
14,725 |
|
|
14,725 |
|
|
11,220 |
|
|
1.20 |
|
Total reconciling
items |
|
11,550 |
|
|
(55,066 |
) |
|
66,616 |
|
|
85,213 |
|
|
65,033 |
|
|
6.95 |
|
Adjusted results
(non-GAAP) |
|
$ |
1,567,262 |
|
|
$ |
1,442,744 |
|
|
$ |
124,518 |
|
|
$ |
71,926 |
|
|
$ |
45,103 |
|
|
$ |
4.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) The Company reports its financial results in
accordance with accounting principles generally accepted in the
United States (“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. 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.
|
MEDIA
CONTACT: |
INVESTOR
CONTACT: |
Kimberly Kuo |
Scott Anthony |
Senior Vice President Public
Affairs, Communications & Communities |
Executive Vice President &
Chief Financial Officer |
Kimberly.Kuo@cokeconsolidated.com |
Scott.Anthony@cokeconsolidated.com |
(704) 557-4584 |
(704) 557-4633 |
|
A PDF accompanying this release is available
at: http://ml.globenewswire.com/Resource/Download/4780ca4c-e19e-4ca9-9c32-bf3e3e3bbb51
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