Coca-Cola Bottling Co. Consolidated Reports Third Quarter And First Nine Months 2014 Results

CHARLOTTE, N.C.--(BUSINESS WIRE)--Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned $12.1 million, or basic net income per share of $1.31, on net sales of $457.7 million for the third quarter of 2014, compared to net income of $16.2 million, or basic net income per share of $1.75, on net sales of $434.5 million for the third quarter of 2013. Excluding net sales in the additional franchise territory the Company acquired in late May 2014, net sales for the third quarter of 2014 were $445.9 million. The results for the third quarter of 2014 included $1.6 million of expenses ($2.6 million on a pre-tax basis) related to franchise territory expansion, $0.2 million of after-tax losses ($0.3 million on a pre-tax basis) due to mark-to-market adjustments on commodity hedges, $0.6 million of after-tax gains related to changes in reserves for uncertain tax positions due to lapse of statute of limitations, and $0.4 million of after-tax losses due to other income tax changes. The results for the third quarter of 2013 included $1.0 million of expenses ($1.6 million on a pre-tax basis) related to franchise territory expansion, $0.9 million of after-tax gains related to changes in reserves for uncertain tax positions due to lapse of statute of limitations, a $2.3 million decrease in income tax expense due to a change in deferred tax liabilities due to state corporate income tax rate reduction, and $0.3 million of after-tax gains due to other income tax changes. Full report.