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COKE CONSOLIDATED ANNOUNCES FIRST QUARTER RESULTS

 CHARLOTTE, N.C., April 26 /PRNewswire/ -- Coca-Cola Bottling Co. Consolidated (NASDAQ-NMS: COKE) today announced that it posted net income of $1.35 million, or 15 cents per share, for the first quarter of 1993. The first quarter results represent a $3.6 million, or 40 cents per share, improvement over the first quarter of 1992 and the strongest first quarter results in seven years. For the purpose of comparison, the first quarter 1992 results exclude the non-cash charge associated with the mandatory adoption of SFAS 106 and SFAS 109.
 James L. Moore, president and chief executive officer, said that the first quarter results reflect a 4.2 percent increase in net sales, wider operating margins and lower financing costs. The sales growth reflects a slight increase in equivalent case volume and higher net selling prices. Raw material costs were down slightly and the growth in operating expenses was minimal leading to an increase in operating cash flow margin. Operating cash flow as a percent of sales grew from 12.3 percent in 1992 to 13.9 percent in 1993 which, when combined with the growth in sales, led to a $3.1 million, or 17 percent, increase in operating cash flow for the quarter. Moore said that the improvements in operating margins reflect the expected turnaround in the newly acquired Sunbelt territories as well as improved margin performance in the rest of the company's territories.
 Interest expense declined as lower interest rates more than offset an approximately $60 million increase in debt. The higher debt balance reflects the fourth quarter 1992 refinancing of all the company's outstanding preferred stock. The decline in interest expense and the elimination of preferred stock dividends on top of the strong operating cash flow trends led to a $3.6 million, or 40 cents per share, increase in income available to common shareholders for the first quarter.
 The soft drink business is seasonal in nature and the first quarter is historically the slowest quarter of the year for sales. Accordingly, Moore stated that the first quarter results are indicative of significantly improved results for the full year. Moore said that while it is comforting to consider the full-year performance indicated by the first quarter results, the second and third quarters, which historically represent the majority of the year's operating cash flow, will be the key determinates of annual results for 1993. Moore also said that the previously-announced joint venture with The Coca-Cola Company (NYSE: KO) which would expand the franchise territories in which the company operates is still under discussion and is expected to be concluded during the second quarter.
 COCA-COLA BOTTLING CO. CONSOLIDATED
 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 In Thousands (Except Per Share Data)
 First Quarter Twelve Months Ended
 1993 1992 4/4/93 1/3/93
 Net Sales $154,267 $148,113 $ 661,932 $655,778
 Cost of products
 sold 84,425 83,404 373,886 372,865
 Gross margin 69,842 64,709 288,046 282,913
 S,G&A expenses 48,461 46,477 200,520 198,536
 Depreciation expense 5,640 7,099 20,758 22,217
 Amortization of goodwill
 and intangibles 4,300 4,326 18,300 18,326
 Income from operations 11,441 6,807 48,468 43,834
 Interest expense 8,268 8,610 36,520 36,862
 Other expense, net 605 484 2,242 2,121
 Income (loss) before
 income taxes and effect
 of accounting changes 2,568 (2,287) 9,706 4,851
 Federal and state income
 taxes 1,219 (1,305) 5,292 2,768
 Income (loss) before
 effect of accounting
 changes and preferred
 stock dividends 1,349 (982) 4,414 2,083
 Preferred stock dividends -- 1,315 2,880 4,195
 Income (loss) before
 effect of accounting
 changes 1,349 (2,297) 1,534 (2,112)
 Effect of accounting
 changes -- (116,199) -- (116,199)
 Net income (loss)
 applicable to common
 shareholders $ 1,349 $(118,496) $ 1,534 $(118,311)
 Income (loss) per share:
 Income (loss) before
 effect of accounting
 changes $ .15 $ (.25) $ .17 $ (.23)
 Effect of accounting
 changes -- (12.66) -- (12.66)
 Net income (loss)
 applicable to common
 shareholders $ .15 $ (12.91) $ .17 $ (12.89)
 Net income (loss) per
 share after preferred
 dividends, plus
 amortization (A) $ .61 $ .22 $ 2.16 $ 1.77
 Operating cash flow data:
 Income from
 operations $ 11,441 $ 6,807 $ 48,468 $ 43,834
 Depreciation expense 5,640 7,099 20,758 22,217
 Amortization of
 goodwill and
 intangibles 4,300 4,326 18,300 18,326
 Operating cash flow $ 21,381 $ 18,232 $ 87,526 $ 84,377
 (A) Excludes effect of accounting changes related to adoption of SFAS 106 and SFAS 109.
 -0- 4/26/93
 /CONTACT: Lauren C. Steele, Vice President-Corporate Affairs, Coca-Cola Bottling Co. Consolidated, 704-551-4551/
 (COKE KO)


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

MM-CM -- CH003 -- 0507 04/26/93 09:36 EDT
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Date:Apr 26, 1993
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