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COKE CONSOLIDATED ANNOUNCES 1992 RESULTS

 CHARLOTTE, N.C., March 1 /PRNewswire/ -- Coca-Cola Bottling Co. Consolidated (NASDAQ-NMS: COKE) today announced its full year and fourth quarter financial results. Due to previously-announced non-cash charges for the mandatory adoption of new accounting standards for retiree health benefits and income taxes the Company reported a net loss after preferred dividends for the full year 1992 of $118 million. Excluding the non-cash accounting charges, the Company lost $2 million after preferred dividends in 1992. For the fourth quarter, the Company reported an approximate break-even after preferred dividends.
 James L. Moore, President and Chief executive Officer, said that the Company's reported financial results including these one-time non-cash accounting charges, distort solid operating trends in Coca-Cola Bottling Co. Consolidated's business. For the full year, the Company's net sales grew 41 percent, operating cash flow grew 49 percent, and pre-tax earnings were up 64 percent. Most of the Company's growth in 1992 reflects the Dec. 20, 1991 acquisition of Sunbelt Coca-Cola, which resulted in significant increases in the Company's net sales and operating cash flow. However, the acquisition dampened overall financial results due to increases in amortization and interest expense and approximately $3.5 million in additional preferred stock dividends. In a press release dated Nov. 2, 1992, the Company announced the refinancing of this preferred stock which is expected to improve net income by $2.7 million, or $.30 per share.
 Moore said that, excluding the impact of the Sunbelt acquisition and without the accounting charges, the Company would have generated pre-tax income of approximately $6.5 million, more than double the pre-tax income of 1991. This improvement reflects a 4.4 percent increase in net sales and widened operating margins compounded by a decrease in interest expense, primarily due to lower interest rates. For the fourth quarter, excluding the Sunbelt acquisition, the Company would have generated pre- tax income of $2.5 million versus an $800,000 pre-tax loss in 1991. Moore said that the Sunbelt acquisition dampened financial results in 1992 due to manufacturing consolidation expenses, system conversions and training. Moore said, "These integration issues are behind us and the Sunbelt territory is projected to contribute positively to financial results in 1993."
 COCA-COLA BOTTLING CO. CONSOLIDATED
 CONSOLIDATED STATEMENTS OF OPERATIONS
 In Thousands (Except Per Share Data)
 Full Year Results
 1992 1991
 Net sales $655,778 $464,733
 Cost of products sold 372,865 262,887
 Gross margin 282,913 201,846
 Selling expenses 151,382 107,266
 General & administrative expenses 47,154 37,995
 Depreciation expense 22,217 18,785
 Amortization of goodwill and intangibles 18,326 10,884
 Income from operations 43,834 26,916
 Interest expense 36,862 21,556
 Other expense, net 2,121 2,404
 Income before income taxes and
 cumulative effect of accounting changes 4,851 2,956
 Federal and state income taxes 2,768 20
 Income before cumulative effect of
 accounting changes 2,083 2,936
 Cumulative effect of accounting changes
 (net of income tax benefit of $4,471) 116,199 -
 Net income (loss) (114,116) 2,936
 Preferred stock dividends 4,195 728
 Net income (loss) applicable to
 common shareholders $(118,311) $2,208
 Income (loss) per share:
 Income before cumulative effect
 of accounting changes $.23 $.32
 Cumulative effect of accounting changes (12.66) -
 Net income (loss) per share applicable
 to common shareholders $(12.89) $.24
 Operating cash flow data:
 Income from operations $43,834 $26,916
 Depreciation expense 22,217 18,785
 Amortization of goodwill
 and intangibles 18,326 10,884
 Operating cash flow $84,377 $56,585
 COCA-COLA BOTTLING CO. CONSOLIDATED
 CUMULATIVE EFFECT OF ACCOUNTING CHANGES
 In Thousands
 FAS 106 Cumulative charge $11,578
 Less: Tax benefit (4,471)
 $ 7,107
 FAS 109 Cumulative charge 109,092
 Total cumulative effect of
 accounting changes $116,199
 -0- 3/1/93
 /CONTACT: Lauren C. Steele, Vice President-Corporate Affairs, Coca-Cola Bottling Co. Consolidated, 704-551-4551/
 (COKE)


CO: Coca-Cola Bottling Co. Consolidated ST: North Carolina IN: FOD REA SU: ERN

MM-DF -- CH005 -- 1439 03/01/93 13:03 EST
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Publication:PR Newswire
Date:Mar 1, 1993
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