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COKE CONSOLIDATED ANNOUNCES FIRST QUARTER RESULTS

 COKE CONSOLIDATED ANNOUNCES FIRST QUARTER RESULTS
 CHARLOTTE, N.C., April 27 /PRNewswire/ -- James L. Moore, President


and Chief Executive Officer of Coca-Cola Bottling Co. Consolidated (NASDAQ-NMS: COKE) today announced that the Company's first quarter loss, after preferred dividends, of $3.6 million, or $.39 per share, was significantly better than internal projections. In the first quarter of 1991, the Company reported a loss of $1.8 million, or $.19 per share, after preferred dividends.
 Moore stated that the widened first quarter loss was attributable to the Sunbelt acquisition which was completed in December 1991. Without the acquisition, the Company would have shown an improved earnings trend versus last year. Moore went on to say that Sunbelt's impact on the first quarter earnings is not indicative of the Company's expectations for the remainder of the year. When compared to last year, the Company expects the second and third quarter results will be improved as a result of the acquisition. Moore said that he was particularly pleased by improvements in several key trends. Net sales dollars grew faster than unit volume, reflecting higher average selling prices and operating cash flow grew faster than net sales reflecting increased margins. For the total Company, unit volume was up 41 percent, net sales grew 45 percent and operating cash flow increased by 56 percent. These large increases reflect the Sunbelt acquisition. Excluding the impact of Sunbelt, the Company's performance was strong as unit volume grew 4.5 percent, sales were up 6.9 percent and operating cash flow increased by 8.5 percent.
 During the first quarter of 1992, the Company refinanced the Sunbelt $230 million acquisition bridge loan. The Company increased its revolving credit by $30 million and issued a bank term loan for $60 million and $133 million of Medium Term Notes. The Company expects its average interest rate to be below 7 percent in 1992.
 Moore said that in light of a weak economy and the organization's focus on the assimilation of the Sunbelt acquisition, he was very pleased with the company's first quarter performance.
 COCA-COLA BOTTLING CO.
 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 In Thousands (Except Per Share Data)
 First Quarter
 Results
 1992 1991
 Net sales $148,113 $101,855
 Cost of products sold 83,404 56,652
 Gross margin 64,709 45,203
 Selling expenses 35,746 24,759
 General & administrative
 expenses 10,731 8,750
 Depreciation expense 7,099 4,533
 Amortization of goodwill
 and intangibles 4,326 2,710
 Income from operations 6,807 4,451
 Interest expense 8,610 5,710
 Other expense, net 484 653
 Loss before income taxes (2,287) (1,912)
 Federal and state income
 taxes (benefit) -- (308)
 Net loss (2,287) (1,604)
 Preferred stock dividends 1,315 182
 Net loss applicable to
 common shareholders $(3,602) $(1,786)
 Net loss per share
 applicable to common
 shareholders $(.39) $(.19)
 Operating cash flow data:
 Income from operations $6,807 $4,451
 Depreciation expense 7,099 4,533
 Amortization of goodwill
 and intangibles 4,326 2,710
 Operating cash flow $18,232 $11,694
 -0- 4/27/92
 /CONTACT: Lauren C. Steele, Vice President-Corporation Affairs, Coca-Cola Bottling Co. Consolidated, 704-551-4551/
 (COKE) CO: Coca-Cola Bottling Co. Consolidated ST: North Carolina IN: REA FOD SU: ERN


CM -- CH010 -- 3394 04/27/92 17:05 EDT
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Date:Apr 27, 1992
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