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COKE CONSOLIDATED ANNOUNCES ADOPTION OF NEW ACCOUNTING STANDARDS

 CHARLOTTE, N.C., Jan. 20 /PRNewswire/ -- In compliance with newly enacted changes required by the FASB, Coca-Cola Bottling Co., Consolidated (NASDAQ-NMS: COKE) announced it will retroactively adopt SFAS 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions" as of Jan. 1, 1992. The Company also announced that it would retroactively adopt SFAS 109, "Accounting for Income Taxes" as of Jan. 1, 1992. The financial statements for all periods in 1992 will be restated to reflect these changes. The Company currently expects to record non-cash after-tax charges of approximately $10 million, or $1.09 per share for SFAS 106 and approximately $90 million, or $9.80 per share for SFAS 109. The SFAS 109 charge is principally related to the December 1991 Sunbelt acquisition.
 James L. Moore, President and Chief Executive Officer, emphasized that the one-time charges associated with the mandatory adoption of these new accounting standards have no impact on the Company's cash flow.
 The adoption of SFAS 106 will have no material impact on ongoing operating results. The adoption of SFAS 109 will improve ongoing operating results by reducing the Company's reported effective tax rate. Due to the Company's significant net operating loss carryforward, it does not anticipate any material payment of income taxes over the next several years. This expectation is not impacted by the change in method of accounting for income taxes.
 -0- 1/20/93
 /CONTACT: David V. Singer, Vice President-CFO, Coca-Cola Bottling Co. Consolidated, 704-551-4604/
 (COKE)


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

CM -- CH014 -- 7107 01/20/93 16:59 EST
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Publication:PR Newswire
Date:Jan 20, 1993
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