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January 15, 2003
Central European Distribution Corporation Issues Upward Guidance for 2002 and 2003 Earnings per Share Sarasota, Florida: Central European Distribution Corporation, today announced that it expects to report fiscal 2002 fully diluted earnings per share of $1.48-$1.50 up from the previous guidance of $1.28-$1.30 on sales of $294 million, which is at the top end of previous projections of $290-$295 million. The Company is also raising its fiscal 2003 fully diluted earnings per share guidance from a previously projected $1.80-$1.85 to $2.00-$2.05 on sales of $385-$390 million. CEDC expects to report its 2002 audited report in mid March. William Carey, Chairman and CEO, said, "We continue to see our buying and selling leverage in the market increase, which is enhancing our operating profit significantly. Our increasing buying leverage is enabling us to negotiate better purchasing terms with our suppliers, which is positively impacting on our gross margin. Our selling leverage is enabling us to capture an increasing amount of new accounts from our competition. We expect the positive impact from our increasing operating leverage to continue through 2004." "We are committed to continuing our strategy of acquiring well-positioned, alcohol-related distribution companies in Poland that would be accretive to earnings; however, the above-mentioned guidance for 2003 does not reflect any acquisitions the Company may conclude in 2003 but does include double-digit organic growth." Mr. Carey added. CEDC is one of the leading importers of beers, wines and spirits, as well as one of the largest distributors of domestic vodka on a nationwide basis in Poland. The Company operates thirty regional distribution centers in major urban areas throughout Poland. It distributes many of the world's leading brands, including brands such as Johnnie Walker Scotch, Stock Brandy, Sutter Home, Torres, Mondavi and Concha y Toro wines, Corona, Beck's, Foster's, Budweiser Budvar and Guinness Stout beers.
Contact: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise unless required to do so by the securities laws. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements included in the Company's Form 10-K for the fiscal year ended December 31, 2001, and other periodic reports filed with the Securities and Exchange Commission. |
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