12-07-2012, 01:49 PM
COMPARITY MARKET COCA COLA JUICE and PEPSI JUICE
COCA COLA JUICE .doc (Size: 1.24 MB / Downloads: 82)
THE COCA-COLA COMPANY ANNOUNCES FIRST QUARTER 2010 RESULTS
Chairman and CEO Doug Daft: "Throughout the quarter, we achieved share gains as our system successfully responded to and managed worldwide challenges and opportunities with flexibility, speed and professionalism".
Worldwide unit case volume grew 4 percent in the first quarter.
Reported earnings per share were $ 0.34 for the quarter, which included a net negative $ 0.03 per share impact from a charge related to streamlining initiatives and a gain from a litigation settlement.
The Company expects strong cash flows to continue in the future. Cash from operations for he quarter was $ 599 million, including the impact of a $ 145 million contribution to the Company's U.S. pension plan.
Financial Highlights
First quarter 2004 reported results were $ 0.34 per share, which included a net reduction of $ 0.03 per share related to the previously announced streamlining initiatives and a gain related to a litigation settlement. Prior year first quarter results reflected a net loss of $ 0.08 per share, which included the net reduction of & 0.42 per share reflecting the adoption of SFAS No. 142 - "Goodwill and other Intangible assets, " and other charges/ gins.
OPERATIONAL HIGHLIGHS
North America
Unit case growth was 3 percent for the first quarter, driven by solid performance in the Retail Division, offset by a decline in the Foodservice and Hospitality Division.
The overall industry growth was negatively impacted by the timing of the Easter holiday, poor weather conditions, and weaker traffic in restaurants, hotels and leisure channels. Despite these factors, the Coca-Cola system remained focused on local execution, resulting in growth that outpaced the total nonalcoholic ready-to-drink industry, including share position improvements in the major beverage categories.
Results during the quarter were fueled by over 2 percent growth in Trademark Coca-Cola in the Retail Division, driven by innovation and strong performance from Vanilla Coke, diet Vanilla Coke, diet Coke and the continued expansion of the Fridge Pack.
Gain on Litigation Settlement
During the course of the first quarter, the Company reached a settlement with certain defendants in a vitamin antitrust litigation. In that litigation, the Company alleged that certain vitamin manufacturer participated in a global conspiracy to fix the price of vitamins used in the manufacturing of some of the Company's products. During the first quarter, the Company received a settlement relating to this litigation of approximately $52 million on a pre-tax basis, or $0.01 per share on an after tax basis. The amount was recorded in the income statement as a reduction of cost of goods sold in the first.