CHARLOTTE, N.C.--(BUSINESS WIRE)--Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned $2.2 million, or basic net income per share of $0.24, on net sales of $453.3 million for the first quarter of 2015, compared to net income of $2.4 million, or basic net income per share of $0.26, on net sales of $388.6 million for the first quarter of fiscal 2014.
The first quarter of 2015 results included:
- $53.3 million in net sales and $1.8 million of after-tax operating income ($2.9 million on a pre-tax basis) related to distribution territories acquired during 2014 and 2015,
- $3.1 million of after-tax expense ($5.1 million on a pre-tax basis) due to fair value adjustments to acquisition-related contingent consideration for distribution territories acquired during 2014 and 2015,
- $1.8 million of after-tax expenses ($3.0 million on a pre-tax basis) related to acquiring and transitioning new distribution territories, and
- $0.3 million of after-tax income due to other adjustments, including fair value adjustments on commodity hedges and certain tax changes.
The first quarter of 2014 results included:
- $1.2 million of after-tax expenses ($2.0 million on a pre-tax basis) related to franchise territory expansion,
- $0.3 million of after-tax income due to other adjustments, including fair value adjustments on commodity hedges and certain tax changes.
On a comparable basis, the Company earned $5.1 million in the first quarter of fiscal 2015, or comparable basic net income per share of $0.55, versus $3.3 million in the first quarter of fiscal 2014, or comparable basic net income per share of $0.36. View the full report here.
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