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THE COCA-COLA COMPANY REPORTS 22 PERCENT INCREASE IN SECOND QUARTER EARNINGS PER SHARE

 THE COCA-COLA COMPANY REPORTS 22 PERCENT INCREASE
 IN SECOND QUARTER EARNINGS PER SHARE
 The 22 Percent Increase in Second Quarter Earnings Per Share Follows a 21 Percent Increase in the First Quarter and Comes On Top
 of an 18 Percent Increase in the Second Quarter of 1991
 ATLANTA, July 14 /PRNewswire/ -- The Coca-Cola Company (NYSE: KO) reported today that second quarter earnings per common share increased 22 percent to $0.44 and net income available to common share owners advanced 20 percent to $581 million. For the year-to-date, earnings per common share increased 22 percent to $0.73, and net income available to common share owners advanced 20 percent to $964 million.
 "In the second quarter, soft performance in some markets was more than offset by the solid results in our remaining markets," said Roberto C. Goizueta, chairman, Board of Directors and chief executive officer. "It is this geographic balance and our Company's ability to weather transitory national economic downturns that best illustrate the global strength of our soft drink business."
 Worldwide soft drink volume continued to advance in the second quarter, with international unit case sales to retail customers increasing 4 percent and gallon sales of concentrates and syrups advancing 3 percent despite volume softness in the high volume markets of Brazil and Mexico. Operating income increased 21 percent in the second quarter to $837 million. "The very satisfying second quarter earnings benefitted from our focus on enhancing margins and demonstrated once again the ability of our global enterprise to deliver impressive, profitable growth despite difficult economic climates in some of our key markets," Mr. Goizueta said.
 In the United States, unit case sales to retail customers and gallon sales of concentrates and syrups for the first six months were even with the prior year as a continued slow economic recovery and higher retail prices had a dampening effect on U.S. volume. For the quarter, reductions in system inventory levels resulted in a unit case sales decline of 1 percent and a gallon sales decline of 2 1/2 percent.
 In the European Community, aided by favorable weather and heavy marketing emphasis, second quarter unit case sales soared 14 percent, including gains of 25 percent in France, 17 percent in Great Britain, and 12 percent in Germany and Italy. During the second quarter, an independent study was released by the market research firm Nielsen which reported that Coca-Cola was the top-selling brand among all products available in food stores in Great Britain, further acknowledging and reinforcing the strength of the world's number one trademark. Gallon sales of concentrates and syrups in the European Community increased 8 percent in the second quarter. For the year-to-date, unit case sales and gallon sales increased 10 percent and 5 percent, respectively.
 In the Northeast Europe and Africa group, unit case sales increased a strong 11 percent and gallon sales grew 22 percent in the second quarter. Unit case growth was driven by rapid expansion into new markets in East Central Europe and continued infrastructure building in existing markets throughout the region. Unit case sales grew 23 percent in Turkey, 11 percent in Austria, and 187 percent in Poland, where the Company recently opened two bottling plants. Unit case sales increased 13 percent and gallon sales grew 20 percent for the first six months of the year.
 In the Pacific, unit case sales increased 1 percent in the second quarter, which came on top of a 9 percent increase in the prior year. Gallon sales of concentrates and syrups grew 4 percent. Unit case sales in Japan declined 6 percent versus the prior year due to inventory reductions by retailers and a very rainy and cool month of June. First quarter unit case sales in Japan grew 12 percent as retailers stocked inventory in anticipation of a price hike. Unit case sales increased 8 percent in Australia, 7 percent in Thailand, and 6 percent in the Philippines. For the year-to-date, unit case sales and gallon sales increased 3 percent and 2 percent, respectively.
 Unit case sales in Latin America declined 4 percent in the second quarter due primarily to a 20 percent decrease in Brazil, where economic conditions have continued to deteriorate, further eroding the consumer's purchasing power. Despite the volume decline, the Company continued to increase its share of carbonated soft drink sales in Brazil. In Mexico, unit case sales declined 5 percent due to higher prices coupled with weaker overall consumer demand for nondurable items. In Argentina, unit case sales advanced 37 percent, benefitting from promotional activity, the continued success of superliter packages and an improved economic climate. Year-to-date unit case sales are up 1 percent in Latin America. Gallon sales of concentrates and syrups decreased 8 percent in Latin America in the second quarter and are approximately even for the year-to-date.
 At Coca-Cola Foods, a 5 percent increase in unit volume produced strong operating income during the second quarter. This marks the fourth consecutive quarter of solid operating profit expansion at Coca-Cola Foods. Minute Maid frozen concentrated orange juice volume increased 4 percent, while chilled juice and juice drink volume increased 10 percent. "The continued excellent performance of Coca-Cola Foods is very rewarding," said Mr. Goizueta.
 The Company purchased approximately 6 million shares of its common stock in the second quarter, bringing the cumulative total to approximately 67 million shares acquired under a program to repurchase 80 million shares.
 THE COCA-COLA COMPANY AND SUBSIDIARIES
 (In thousands, except per share data)
 Second quarter 1992 1991 Pct. chg.
 Net operating revenues $3,550,373 $3,039,523 16.8
 Cost of goods sold 1,373,563 1,185,758 15.8
 Gross profit 2,176,810 1,853,765 17.4
 Selling, administrative and
 general expenses 1,340,276 1,160,498 15.5
 Operating income 836,534 693,267 20.7
 Interest income 33,075 37,754 (12.4)
 Interest expense 44,176 54,013 (18.2)
 Equity income 32,753 41,251 (20.6)
 Other deductions - net (11,261) (15,064) ---
 Income before income taxes 846,925 703,195 20.4
 Income taxes 265,934 220,803 20.4
 Net income 580,991 482,392 20.4
 Preferred stock dividends --- --- ---
 Net income available to
 common share owners $ 580,991 $ 482,392 20.4
 Net income per common share $0.44 $0.36(a) 22.2
 Average common shares
 outstanding 1,317,764 1,334,702(a) (1.3)
 (a) Net income per common share and average common shares outstanding have been adjusted to reflect a two-for-one stock split, effective May 1, 1992. Earnings per common share in 1991 include a reserve of $0.01 for potential one-time charges related to bottler litigation.
 THE COCA-COLA COMPANY AND SUBSIDIARIES
 (In thousands, except per share data)
 Six months
 1992 1991 Pct. chg.
 Net operating revenues $6,322,267 $5,520,497 14.5
 Cost of goods sold 2,405,083 2,149,807 11.9
 Gross profit 3,917,184 3,370,690 16.2
 Selling, administrative and
 general expenses 2,501,272 2,183,427 14.6
 Operating income 1,415,912 1,187,263 19.3
 Interest income 73,505 81,272 (9.6)
 Interest expense 86,416 108,739 (20.5)
 Equity income 31,258 40,594 (23.0)
 Other deductions - net (28,879) (29,390) ---
 Income before income taxes 1,405,380 1,171,000 20.0
 Income taxes 441,289 367,694 20.0
 Net income 964,091 803,306 20.0
 Preferred stock dividends --- 521 ---
 Net income available to
 common share owners $ 964,091 $ 802,785 20.1
 Net income per common share $0.73 $0.60(a) 21.7
 Average common shares
 outstanding 1,322,191 1,335,096(a) (1.0)
 (a) Net income per common share and average common shares outstanding have been adjusted to reflect a two-for-one stock split, effective May 1, 1992. Earnings per common share in 1991 include a reserve of $0.01 for potential one-time charges related to bottler litigation.
 -0- 7/14/92
 /CONTACT: Linda Peek of The Coca-Cola Company, 404-676-4848/
 (KO) CO: The Coca-Cola Company ST: Georgia IN: FOD SU: ERN


BR-EA -- AT001 -- 8939 07/14/92 08:40 EDT
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