Coca-Cola Bottling Co. Consolidated ReportsThird Quarter 2009 Results

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CHARLOTTE, N.C.--(Business Wire)--
Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced it earned
$15.4 million, or basic net income per share of $1.68, in the third quarter of
2009 compared to a loss of $3.1 million, or basic net loss per share of $.34, in
the third quarter of 2008. The third quarter of 2009 results included $.5
million of mark-to-market after-tax gains ($.8 million on a pre-tax basis) due
to the Company`s fuel and aluminum hedging programs and also included $5.4
million in tax benefits which reduced the Company`s effective tax rate to 6.3%.
The third quarter of 2008 results included after-tax charges of $9.7 million
($18.8 million on a pre-tax basis) due to pension exit and strike settlement
costs, restructuring expenses and fuel hedging losses.

The following table reconciles reported and comparable net income (loss) and
basic net income (loss) per share for the third quarter of 2009 and 2008:

Third Quarter
Net Income (Loss) Basic Net Income (Loss) Per Share
In Thousands, Except Per Share Amounts 2009 2008 2009 2008

Reported net income (loss) (GAAP) $ 15,428 $ (3,145 ) $ 1.68 $ (0.34 )

Net (gain) loss on fuel & aluminum hedges, net of tax (488 ) 302 (0.05 ) 0.03
Multi-employer pension exit charge and strike settlement, net of tax - 7,321 - 0.80
Restructuring expenses, net of tax - 2,097 - 0.23
Other income tax items (5,384 ) - (0.59 ) -

Total (5,872 ) 9,720 (0.64 ) 1.06

Comparable net income (a) $ 9,556 $ 6,575 $ 1.04 $ 0.72

(a) This non-GAAP financial information is provided to allow investors to more
clearly evaluate operating performance and business trends. Management uses this
information to review results excluding items that are not necessarily
indicative of ongoing results.

For the first nine months of 2009, the Company earned $36.1 million, or basic
net income per share of $3.94, compared to net income of $7.7 million, or basic
net income per share of $.84, for the first nine months of 2008. The results for
the first nine months of 2009 included $4.4 million of mark-to-market after-tax
gains ($7.3 million on a pre-tax basis) due to the hedging programs and also
included $7.1 million in tax benefits which reduced the Company`s effective tax
rate to 24.8%. The results for the first nine months of 2008 included $8.8
million of after-tax items impacting comparability ($17.0 million on a pre-tax
basis) which were due to pension exit and strike settlement costs, restructuring
expenses and fuel hedging gains.

The following table reconciles reported and comparable net income and basic net
income per share for the first nine months of 2009 and 2008:

First Nine Months
Net Income Basic Net Income Per Share
In Thousands, Except Per Share Amounts 2009 2008 2009 2008

Reported net income (GAAP) $ 36,146 $ 7,675 $ 3.94 $ 0.84

Net (gain) loss on fuel & aluminum hedges, net of tax (4,427 ) (625 ) (0.48 ) (0.07 )
Multi-employer pension exit charge and strike settlement, net of tax - 7,321 - 0.80
Restructuring expenses, net of tax - 2,097 - 0.23
Other income tax items (7,070 ) - (0.77 ) -

Total (11,497 ) 8,793 (1.25 ) 0.96

Comparable net income (a) $ 24,649 $ 16,468 $ 2.69 $ 1.80

(a) This non-GAAP financial information is provided to allow investors to more
clearly evaluate operating performance and business trends. Management uses this
information to review results excluding items that are not necessarily
indicative of ongoing results.

J. Frank Harrison, III, Chairman and CEO, said, "2009 has been a challenging
year for our industry and our Company, as it has been for the entire US economy.
Although we are very pleased with the significant improvement in our income from
operations, the comparable year over year results included several unusual
operating expense items last year that did not occur in 2009. On a comparable
basis, our bottom line performance was strong relative to last year on lower
volume, increased pricing and flat gross margin. Our team has worked hard this
year to achieve positive results through the first nine months, and we are
pleased given the difficult economic conditions in our territories. As we look
to the remainder of 2009 and into 2010, we continue to be extremely focused and
disciplined in our pursuit of profitable revenue growth and cost management."

William B. Elmore, President and COO, added, "We have faced many challenges
since the fourth quarter of 2007. These two years presented us a difficult
operating environment which has caused us to intensify our focus on quality
customer service, productivity gains and diligent cost management. Our 2008
restructuring positioned us well in a very weak economy and, through nine months
of 2009, has helped us achieve a strong comparable operating performance (as
shown in the tables above). We appreciate the efforts of our employees, and we
will continue to find new and improved ways to deliver quality Coke products and
services."

Cautionary Information Regarding Forward-Looking Statements

Included in this news release and other information that we make publicly
available from time to time are forward-looking management comments and other
statements that reflect management`s current outlook for future periods.These
statements include, among others, statements regarding our belief we need to
continue to be focused and disciplined in our pursuit of profitable revenue
growth and cost management and continue to find new and improved ways to deliver
quality Coke products and services.

These statements and expectations are based on currently available competitive,
financial and economic data along with our operating plans, and are subject to
future events and uncertainties that could cause anticipated events not to occur
or actual results to differ materially from historical or anticipated
results.Among the events or uncertainties which could adversely affect future
periods are: lower than expected selling pricing resulting from increased
marketplace competition; changes in how significant customers market or promote
our products; changes in public and consumer preferences related to nonalcoholic
beverages; unfavorable changes in the general economy; miscalculation of our
need for infrastructure investment; our inability to meet requirements under
bottling contracts; material changes in the performance requirements for
marketing funding support or our inability to meet such requirements; decreases
from historic levels of marketing funding support; changes in The Coca-Cola
Company`s and other beverage companies` levels of advertising, marketing and
spending on brand innovation; the inability of our aluminum can or plastic
bottle suppliers to meet our purchase requirements; our inability to offset
higher raw material costs with higher selling prices, increased bottle/can sales
volume or reduced expenses; sustained increases in fuel costs or our inability
to secure adequate supplies of fuel; sustained increases in workers`
compensation, employment practices and vehicle accident costs; sustained
increases in the cost of employee benefits; product liability claims or product
recalls; technology failures; changes in interest rates; adverse changes in our
credit rating (whether as a result of our operations or prospects or as a result
of those of The Coca-Cola Company or other bottlers in the Coca-Cola system);
changes in legal contingencies; legislative changes effecting our distribution
and packaging; additional taxes resulting from tax audits; natural disasters and
unfavorable weather; issues surrounding labor relations; recent bottler
litigation; our use of estimates and assumptions; public policy challenges
regarding the sale of soft drinks in schools; the impact of recent volatility in
the financial markets to access the credit markets; legislative changes that
could affect distribution and packaging; impact of the Company`sprimary
competitor`s definitive merger agreements with their franchisors; and the
concentration of our capital stock ownership.The forward-looking statements in
this news release should be read in conjunction with the more detailed
descriptions of the above factors located in our Annual Report on Form 10-K for
the year ended December 28, 2008 under Part I, Item 1A "Risk Factors" as well as
those additional factors we may describe from time to time in other filings with
the Securities and Exchange Commission.Except as required by law, the Company
undertakes no obligation to update or revise any forward-looking statements
contained in this release as a result of new information or future events or
developments.

-Enjoy Coca-Cola-

Coca-Cola Bottling Co. Consolidated
CONSOLIDATED STATEMENTS OF OPERATIONS
In Thousands (Except Per Share Data)

Third Quarter First Nine Months
2009 2008 2009 2008

Net sales $ 374,556 $ 381,563 $ 1,088,566 $ 1,115,240

Cost of sales 217,236 225,736 623,990 647,615
Gross margin 157,320 155,827 464,576 467,625
Selling, delivery and administrative expenses 131,024 149,384 386,461 421,300
Income from operations 26,296 6,443 78,115 46,325

Interest expense 8,866 9,406 28,059 29,789
Income (loss) before income taxes 17,430 (2,963 ) 50,056 16,536
Income taxes (benefit) 1,043 (523 ) 11,928 7,135
Net income (loss) 16,387 (2,440 ) 38,128 9,401
Less: Net income attributable to the noncontrolling interest 959 705 1,982 1,726
Net income (loss) attributable to Coca-Cola Bottling Co. Consolidated $ 15,428 $ (3,145 ) $ 36,146 $ 7,675

Basic net income (loss) per share:
Common Stock $ 1.68 $ (0.34 ) $ 3.94 $ 0.84
Weighted average number of Common Stock shares outstanding 7,141 6,644 7,047 6,644

Class B Common Stock $ 1.68 $ (0.34 ) $ 3.94 $ 0.84
Weighted average number of Class B Common Stock shares outstanding 2,022 2,500 2,117 2,500

Diluted net income (loss) per share:
Common Stock $ 1.68 $ (0.34 ) $ 3.93 $ 0.84
Weighted average number of Common Stock shares outstanding - assuming dilution 9,203 9,144 9,194 9,159

Class B Common Stock $ 1.67 $ (0.34 ) $ 3.92 $ 0.83
Weighted average number of Class B Common Stock shares outstanding - assuming dilution 2,062 2,500 2,147 2,515

Coca-Cola Bottling Co. Consolidated
Media Contact:
Lauren C. Steele, 704-557-4551
VP - Corporate Affairs
or
Investor Contact:
James E. Harris, 704-557-4582
Senior VP - CFO

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