Coca-Cola Bottling Co. Consolidated Reports First Quarter 2010 Results

Charlotte, N.C., May 18, 2010 -- Coca-Cola Bottling Co. Consolidated announced it earned $4.7 million, or basic net income per share of $.51, on net sales of $347.5 million for the first quarter of 2010, compared to net income of $8.5 million, or basic net income per share of $.93, on net sales of $336.3 million for the first quarter of 2009.

The results for the first quarter of 2010 included $0.1 million of mark-to-market gains (both on a pre-tax and after-tax basis) due to the Company’s fuel and aluminum hedging programs and a $0.5 million increase in income tax expense due to the change in tax law eliminating the tax deduction once available for Medicare Part D subsidies.

The results for the first quarter of 2009 included $1.3 million of after-tax gains ($2.1 million on a pre-tax basis) due to the fuel and aluminum hedging programs and a $1.7 million decrease in income tax expense due to the settlement of prior tax positions with a state tax authority.

On a comparable basis, the Company earned $5.0 million in the first quarter of 2010, or comparable basic net income per share of $.55, versus $5.7 million in the first quarter of 2009, or comparable basic net income per share of $.63.