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COKE CONSOLIDATED POSTS NET INCOME OF $2.9 MILLION FOR 1991

 COKE CONSOLIDATED POSTS NET INCOME OF $2.9 MILLION FOR 1991
 CHARLOTTE, N.C., Feb. 25 /PRNewswire/ -- Coca-Cola Bottling Co. Consolidated (NASDAQ-NMS: COKE) today reported net income of $2.9 million for the year ending Dec. 29, 1991. Net income available to common shareholders in 1991 was $2.2 million, or $.24 per share, compared to $1.8 million, or $.19 per share, for 1990. The 1991 results benefited from a favorable settlement with the IRS relating to the deductibility of franchise amortization which resulted in an approximately $2 million reduction in tax expense. In 1990, the utilization of a tax loss carryforward provided an extraordinary credit of approximately $2 million. The $300 million acquisition of Sunbelt Coca-Cola Bottling Company, which was completed on Dec. 20, 1991, had no material impact on 1991 operating results.
 For the year 1991, net sales grew by 6.6 percent. Approximately half of this increase was due to internal growth in franchise unit volume. Increases due to acquisitions, growth in contract sales and a small increase in net selling price accounted for the remainder of the increase. Operating cash flow was $56.6 million, down 4.5 percent. This decline was largely attributable to an increased reliance on lease financing for the Company's capital needs. Without the increase in lease expense, operating cash flow would have been up slightly for 1991. The increase in leasing was partially responsible for declines in depreciation and interest expense. Lower interest rates were also a factor. Interest expense declines offset the decline in operating cash flow; therefore, income before taxes was $2.96 million, up 34 percent from 1990.
 James L. Moore, President and Chief Executive Officer, expressed satisfaction with the Company's performance in 1991. Moore said, "In 1991, we were able to grow our sales faster than industry-wide averages and improve our earnings in a very weak economy. The previously-announced Sunbelt acquisition will allow us to operate even more efficiently in North and South Carolina and, when the assimilation of these new territories in complete, this acquisition is expected to further improve our financial performance. We are pleased with the confidence that the credit markets have shown in our ability to consolidate and operate an acquisition that will increase our sales by approximately 35 percent. Our debt ratings were affirmed after the acquisition and we completed the permanent financing for the acquisition during February. We are excited about the challenges and opportunities we will face in 1992."
 COCA-COLA BOTTLING CO. CONSOLIDATED
 CONSOLIDATED STATEMENTS OF OPERATIONS
 In Thousands, (Except Per Share Data)
 Full Year Results (A)
 1991 1990
 Net sales $464,733 $436,086
 Cost of products sold 262,887 245,890
 Gross margin 201,846 190,196
 Selling expenses 107,266 95,934
 General & administrative
 expenses 37,995 35,008
 Depreciation expense 18,785 18,814
 Amortization of goodwill
 and intangibles 10,884 10,700
 Income from operations 26,916 29,740
 Interest expense 21,556 24,087
 Other expense, net (2,404) (3,448)
 Income before income taxes
 and extraordinary item 2,956 2,205
 Federal and state income taxes 20 1,976
 Income before extraordinary item 2,936 229
 Extraordinary credit --- 1,975
 Net income 2,936 2,204
 Preferred stock dividends 728 448
 Net income available to common
 shareholders $ 2,208 $ 1,756
 Income per share:
 Income before extraordinary item $ .32 $ .02
 Extraordinary credit --- .22
 Net income per share available to
 common shareholders $ .24 $ .19
 Operating cash flow data:
 Income from operations $ 26,916 $ 29,740
 Depreciation expense 18,785 18,814
 Amortization of goodwill
 and intangibles 10,884 10,700
 Operating cash flow $ 56,585 $ 59,254
 (A) Certain amounts have been reclassified to conform to current presentation.
 -0- 2/25/92
 /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 SU: ERN


DF-JZ -- CH004 -- 2300 02/25/92 11:29 EST
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Date:Feb 25, 1992
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