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THE COCA-COLA COMPANY REPORTS 21 PERCENT JUMP IN EARNINGS PER SHARE AND SHARE OWNER APPROVAL OF TWO-FOR-ONE STOCK SPLIT

THE COCA-COLA COMPANY REPORTS 21 PERCENT JUMP IN EARNINGS PER SHARE
 AND SHARE OWNER APPROVAL OF TWO-FOR-ONE STOCK SPLIT
 ATLANTA, April 15 /PRNewswire/ -- The Coca-Cola Company (NYSE: KO) reported today that first quarter earnings per common share advanced 21 percent to $0.58, on top of a 17 percent increase in the same period last year, and net income available to common share owners increased 20 percent to $383 million.
 "Despite persistent difficult economic conditions in key world markets, our Company continued to deliver excellent results in unit volume growth, earnings acceleration, and market share gains," said Roberto C. Goizueta, chairman of the Board and chief executive officer.
 "Our sharp focus on the nuts and bolts of the business in existing markets, while expanding into new markets, is paying off handsomely at the bottom line," Mr. Goizueta continued.
 Operating income jumped 17 percent in the first quarter to $579 million, despite the negative effects of the U.S. dollar being approximately 2 percent stronger vs. key hard currencies in the prior year. "Although one quarter doesn't make a year, the strong volume and profit performance in the first quarter bodes well for the rest of 1992," said Mr. Goizueta.
 Global soft drink volume continued to advance strongly in the first quarter, with international unit case sales to retail customers increasing 7 percent and gallon sales of concentrates and syrups advancing 5 percent. In the United States, unit case sales advanced 2 percent on a comparable basis and gallon sales increased 4 percent. Worldwide, first quarter unit case sales to retail customers and gallon sales of concentrates and syrups increased 5 percent.
 Unit case sales in the European Community advanced 6 percent, including a 12 percent gain in France, 10 percent in the Benelux region, and 5 percent in Germany, where weather conditions deteriorated severely near the end of the quarter. Unit case sales in Great Britain increased nearly 3 percent despite a continuing recessionary economy. Gallon sales of concentrates and syrups in the European Community increased 1 percent, impacted by bottler inventory reductions.
 In the Northeast Europe and Africa region, unit case sales increased 14 percent and gallon sales grew 18 percent in the first quarter. Unit case growth was driven by expansion into new markets in East Central Europe and continued infrastructure building in existing markets throughout the region.
 Unit case sales advanced a strong 7 percent in Latin America in the first quarter, despite a 4 percent decrease in Brazil as a result of a decline in consumer purchasing power. Volume was approximately even with the prior year in Mexico due to higher prices and poor weather conditions. In Argentina, unit case sales soared 57 percent, benefiting from promotional activity, the success of superliter packages and an improved economic climate. Gallon sales of concentrates and syrups grew 7 percent in Latin America in the first quarter.
 In the Pacific, unit case sales increased 5 percent in the first quarter, and gallon sales were even with the strong volume levels of the prior year. Unit case sales in Japan, the largest market in the Pacific region, advanced 12 percent. Unit case sales in the Philippines grew 8 percent, while unit case sales in Thailand declined 3 percent due to unseasonably cold weather conditions.
 At Coca-Cola Foods, the combination of higher margins with lower expenses led to a very strong increase in operating profit in the first quarter, despite a 7 percent decline in unit volume. Minute Maid retail chilled and frozen orange juice volumes declined 16 percent and 34 percent, respectively, in the quarter, as higher prices, resulting from orange juice cost increases, reduced demand for the entire industry.
 The Company purchased approximately 5.5 million shares of its common stock in the first quarter, bringing the cumulative total to approximately 30 million shares acquired under a program to repurchase 40 million shares. Also, the Company ended the quarter with a very strong balance sheet and a net-debt-to-net-capital ratio of 29.6 percent.
 At the annual meeting of share owners, held today in Atlanta in celebration of the Company's 100th meeting of share owners, Mr. Goizueta noted, "During the first quarter of this year, our system sold more than 54 billion servings of Coca-Cola products around the globe. 54 billion servings! It is this level of consumer commitment to our products that has propelled our Company from a value of $20 million at our initial public offering in 1919 to the sixth largest public company in the United States today, worth, coincidentally, $54 billion."
 During the meeting, share owners approved a two-for-one stock split and an increase in authorized shares. The additional shares will be distributed May 11, 1992. Existing stock certificates will remain valid and outstanding. The split applies to stock held by share owners of record May 1, 1992. This split follows a two-for-one stock split in May, 1990 and a three-for-one stock split in June, 1986.
 THE COCA-COLA COMPANY AND SUBSIDIARIES
 (In thousands, except per share data)
 First quarter 1992 1991 Pct. chg.
 Net operating revenues $2,771,893 $2,480,974 11.7
 Cost of goods sold 1,031,519 964,049 7.0
 Gross profit 1,740,374 1,516,925 14.7
 Selling, administrative and
 general expenses 1,160,996 1,022,929 13.5
 Operating income 579,378 493,996 17.3
 Interest income 40,430 43,518 (7.1)
 Interest expense 42,240 54,726 (22.8)
 Equity loss (1,496) (657) ---
 Other loss - net (17,617) (14,326) ---
 Income before income taxes 558,455 467,805 19.4
 Income taxes 175,355 146,891 19.4
 Net income 383,100 320,914 19.4
 Preferred stock dividends --- 521 ---
 Net income available to
 common share owners $ 383,100 $ 320,393 19.6
 Net income per common share $0.58 $0.48 20.8
 Average common shares
 outstanding 663,411 667,752 (0.7)
 -0- 4/15/92
 /CONTACT: Linda Peek of The Coca-Cola Company, 404-676-4848/
 (KO) CO: The Coca-Cola Company ST: Georgia IN: FOD SU: ERN


BN-EA -- AT006 -- 8527 04/15/92 09:23 EDT
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Date:Apr 15, 1992
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