COCA COLA BOTTLING CO CONSOLIDATED /DE/ - 10-Q Quarterly Report

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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 30, 2003

Commission File Number 0-9286

COCA-COLA BOTTLING CO. CONSOLIDATED

(Exact name of registrant as specified in its charter)

Delaware

56-0950585

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

4100 Coca-Cola Plaza, Charlotte, North Carolina		28211
(Address of principal executive offices)		(Zip Code)

(704) 557-4400

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the Registrant is an accelerated filer (defined in Rule 12b-2 of the Act). Yes x No ¨

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class		Outstanding at May 1, 2003
Common Stock, $1.00 Par Value		6,642,577
Class B Common Stock, $1.00 Par Value		2,400,752

PART I – FINANCIAL INFORMATION

Item l. Financial Statements

Coca-Cola Bottling Co. Consolidated

CONSOLIDATED BALANCE SHEETS

In Thousands (Except Share Data)

	Unaudited March 30, 2003		Dec. 29, 2002		Unaudited March 31, 2002
ASSETS
Current Assets:
Cash	$	7,162	$	18,193	$	9,172
Accounts receivable, trade, less allowance for doubtful accounts of $1,757, $1,676 and $2,064		79,341		79,548		81,303
Accounts receivable from The Coca-Cola Company		13,134		12,992		15,475
Accounts receivable, other		5,649		17,001		6,385
Inventories		38,469		38,648		40,852
Prepaid expenses and other current assets		9,334		4,588		5,304

Total current assets		153,089		170,970		158,491

Property, plant and equipment, net		462,725		466,840		478,973
Leased property under capital leases, net		44,080		44,623		50,779
Other assets		58,521		58,167		70,729
Franchise rights, net		522,189		505,374		506,277
Goodwill, net		100,754		100,754		100,754
Other identifiable intangible assets, net		10,398		6,797		8,026

Total	$	1,351,756	$	1,353,525	$	1,374,029

See Accompanying Notes to Consolidated Financial Statements

Coca-Cola Bottling Co. Consolidated

CONSOLIDATED BALANCE SHEETS

In Thousands (Except Share Data)

	Unaudited March 30, 2003			Dec. 29, 2002			Unaudited March 31, 2002
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Portion of long-term debt payable within one year	$	39		$	31		$	147,431
Current portion of obligations under capital leases		3,969			3,960			5,715
Accounts payable, trade		38,617			38,303			35,476
Accounts payable to The Coca-Cola Company		5,227			9,823			4,817
Accrued compensation		11,354			20,462			7,817
Other accrued liabilities		65,543			72,647			68,257
Accrued interest payable		16,577			10,649			15,122

Total current liabilities		141,326			155,875			284,635
Deferred income taxes		156,330			155,964			160,578
Pension and postretirement benefit obligations		39,286			37,227			32,941
Other liabilities		60,248			58,261			60,510
Obligations under capital leases		41,771			42,066			41,811
Long-term debt		845,978			807,725			717,625

Total liabilities		1,284,939			1,257,118			1,298,100

Commitments and Contingencies (Note 14)
Minority interest		31,819			63,540			56,452
Stockholders’ Equity:
Common Stock, $1.00 par value:
Authorized – 30,000,000 shares;
Issued – 9,704,951, 9,704,851 and 9,454,851 shares		9,704			9,704			9,454
Class B Common Stock, $1.00 par value:
Authorized – 10,000,000 shares;
Issued – 3,028,866, 3,008,966 and 3,008,966 shares		3,029			3,009			3,009
Capital in excess of par value		97,220			95,986			89,559
Retained earnings (accumulated deficit)		5,189			6,043			(8,929	)
Accumulated other comprehensive loss		(18,890	)		(20,621	)		(12,362	)

		96,252			94,121			80,731
Less-Treasury stock, at cost:
Common – 3,062,374 shares		60,845			60,845			60,845
Class B Common – 628,114 shares		409			409			409

Total stockholders’ equity		34,998			32,867			19,477

Total	$	1,351,756		$	1,353,525		$	1,374,029

See Accompanying Notes to Consolidated Financial Statements

Coca-Cola Bottling Co. Consolidated

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

In Thousands (Except Per Share Data)

	First Quarter
	2003			2002
Net sales	$	275,200		$	271,618
Cost of sales, excluding depreciation shown below		140,306			137,144

Gross margin		134,894			134,474
Selling, general and administrative expenses, excluding depreciation shown below		102,125			96,412
Depreciation expense		19,015			17,985
Amortization of intangibles		698			687

Income from operations		13,056			19,390

Interest expense		10,371			12,140
Other income (expense), net		(199	)		(899	)
Minority interest		116			759

Income before income taxes		2,370			5,592
Income taxes		963			2,214

Net income	$	1,407		$	3,378


Basic net income per share	$	.16		$	.39

Diluted net income per share	$	.16		$	.38

Weighted average number of common shares outstanding		9,043			8,773

Weighted average number of common shares outstanding-assuming dilution		9,043			8,857

Cash dividends per share
Common Stock	$	.25		$	.25
Class B Common Stock	$	.25