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COKE CONSOLIDATED ANNOUNCES RECORD FINANCIAL RESULTS

 CHARLOTTE, N.C., July 27 /PRNewswire/ -- Coca-Cola Bottling Co. (NASDAQ-NMS: COKE) Consolidated today announced that its income available to common shareholders for the second quarter of 1993 grew to a record level of $6 million. For the first half of 1993, income available to common shareholders was $7.4 million, also a record, and $9.2 million ahead of the first half of 1992. On a per-share basis, income available to common shareholders for 1993 and 1992, respectively, was $.65 per share versus $.05 per share for the second quarter and $.80 per share versus a $.20 per share loss for the first half. All above comparisons exclude the one-time charges in the first quarter of 1992 associated with the adoption of SFAS 106 and 109.
 Compared to the prior year, second quarter net sales were up 12 percent and operating cash flow grew by 32 percent. The sales growth reflects a 3 percent increase in case sales, higher average selling prices, and an $8 million increase in contract sales. For the first half, net sales were up 8 percent and operating cash flow grew by 26 percent. For both the second quarter and the first half, operating cash flow grew faster than sales due to the increase in selling prices, a decline in the per-unit cost of goods sold, and improved operating efficiencies in the territories added with the December 1991 Sunbelt acquisition. In addition to the improved operating performance, financing costs were down significantly. Due to the refinancing of preferred stock in late 1992 and declining interest rates, after tax financing costs in the first half of 1993 were down by $3.3 million, representing a $.36 per share improvement versus the first half of 1992.
 James L. Moore, president and chief executive officer, said that he is very pleased with the financial results for the second quarter and first half. The company has been generally successful thus far in 1993 in achieving balanced growth in volume and selling prices. Moore said that the second quarter comparisons have been aided somewhat by weak sales in June of 1992 caused by unseasonably wet weather and by the July 4th holiday sales primarily impacting the second quarter this year versus the third quarter last year. Moore said that this is a very competitive industry and it will be a challenge to maintain the balance between selling price and volume growth, particularly in light of the lower packaging costs that the industry is experiencing in 1993.
 Moore also said that the joint venture with The Coca-Cola Company (NYSE: KO) which was completed on July 2nd should, over time, lead to improved operating efficiencies by allowing the spreading of fixed costs in manufacturing, selling and administrative areas across approximately 15 percent more volume. It is unlikely that the joint venture will significantly impact financial results in 1993 as transition costs will likely offset the improved efficiencies; however, financial results should be somewhat enhanced by the joint venture in 1994.
 COCA-COLA BOTTLING CO. CONSOLIDATED
 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 In Thousands (Except Per Share Data)
 Second Quarter Six Months Ended
 1993 1992 7/4/93 6/28/92
 Net sales $194,506 $173,896 $348,773 $322,009
 Cost of products sold 108,871 99,806 193,296 183,210
 Gross margin 85,635 74,090 155,477 138,799
 S,G&A expenses 55,328 51,163 103,789 97,640
 Depreciation expense 6,008 4,632 11,648 11,731
 Amortization of goodwill
 and intangibles 4,322 4,567 8,622 8,893
 Income from operations 19,977 13,728 31,418 20,535
 Interest expense 8,235 9,238 16,503 17,848
 Other expense, net 1,095 654 1,700 1,138
 Income before income taxes
 and effect of accounting
 changes 10,647 3,836 13,215 1,549
 Federal and state income
 taxes 4,612 2,189 5,831 884
 Income before effect of
 accounting changes and
 preferred stock dividends 6,035 1,647 7,384 665
 Preferred stock dividends 1,182 2,497
 Income (loss) before effect
 of accounting changes 6,035 465 7,384 (1,832)
 Effect of accounting changes (116,199)
 Net income (loss) applicable
 to common shareholders $6,035 $465 $7,384 $(118,031)
 Income (loss) per share:
 Income (loss) before effect
 of accounting changes $.65 $.05 $.80 $(.20)
 Effect of accounting changes (12.66)
 Net income (loss) applicable
 to common shareholders $.65 $.05 $.80 $(12.86)
 Net income (loss) per
 share after preferred
 dividends, plus
 amortization (A) $1.12 $.55 $1.73 $.77
 Operating cash flow data:
 Income from operations $19,977 $13,728 $31,418 $20,535
 Depreciation expense 6,008 4,632 11,648 11,731
 Amortization of goodwill
 and intangibles 4,322 4,567 8,622 8,893
 Operating cash flow $30,307 $22,927 $51,688 $41,159
 (A) Excludes effect of accounting changes related to adoption of
 SFAS 106 and SFAS 109.
 -0- 7/27/93
 /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: REA FOD SU: ERN

SB-MM -- CH002 -- 6036 07/27/93 08:06 EDT
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Date:Jul 27, 1993
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