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Coca-Cola Bottling Co. Consolidated results

Coca-Cola Bottling Co. Consolidated has announced it earned $15.2 million in the second quarter of 2008 compared to net income of $11.7 million in the second quarter of 2007. For the first six months of 2008, the Company earned $10.8 million compared to net income of $16.3 million.

J. Frank Harrison, III, Chairman and CEO, said, "We are pleased with these second quarter financial results, especially considering the difficult cost and economic environment. While commodity costs continue to be extremely challenging, we have been able to offset some of these increased costs with a combination of operating expense reductions and price increases. We are intensely focused on maintaining gross margin and streamlining operations in order to improve our operating results. I commend our employees for their steadfast commitment during these tough economic times."

William B. Elmore, President and COO, added, "We have implemented a plan of continuous improvement and are challenging our entire organisation and leaders to find new and better ways to execute our business plan. In the face of continued extraordinary raw material cost increases, we are working diligently to redesign our brand/package/channel pricing architecture as this is the key driver of both revenue and gross margin. The second half of 2008 will continue to be a very challenging operating environment with the sluggish economy and increased commodity costs although we do expect substantial savings from our recently announced restructuring plan as we enter the second half of 2008."

The Company anticipates the restructuring plan to be completed by the end of the third quarter and estimates incurring a related expense of approximately $4 million to $5 million.

Related links

Coca-Cola reports Q2 and half year 2008 results

External website(s):

www.cokeconsolidated.com