Net Sales for the full year 2001 increased 36% to $178.2 million from $131.2 million from the same period in 2000. Net income for the full year 2001 increased 154% to $2.5 million, or $0.58 per share, from $985,000, or $0.23 per share, for the same period in 2000.

The Company projects net income for the first quarter of 2002 of $0.12 per share and reiterates its previously announced projected full year net income of $1.10-$1.15 per share, inclusive of the recently announced acquisitions. This projected $0.12 per share is a 33% increase over $0.09 per share for first quarter 2001. These acquisitions remain subject to several conditions and are expected to be completed in April.

William Carey, President and CEO, commented, "We were able to achieve a 16% internal growth rate in net sales for 2001, which is a direct result from our continued expansion into new coverage areas as well as leveraging our strong customer base."

Neil Crook, Chief Financial Officer, added, "Our financial management ratios continue to improve. For example, inventory turnover was 17 times in 2001 compared with 12 times in 2000. This is directly attributable to our improved internal management systems as well as our new central warehouse, which we moved to in 2000."

CEDC is the leading importer of beers, wines and spirits, as well as the largest distributor of domestic vodka on a nationwide basis in Poland, a $3.5 billion-dollar market at the retail level in 2000. The Company operates twenty regional distribution centers in major urban areas throughout Poland, one of Europe's fastest growing economies, from which 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, Miller Genuine Draft, Corona, Beck's, Foster's, Budweiser Budvar and Guinness Stout beers.

                  CENTRAL EUROPEAN DISTRIBUTION CORPORATION

                  CONSOLIDATED STATEMENTS OF BALANCE SHEETS
                  Amounts in columns expressed in thousands

                                                                December 31,
                                                             2001        2000
    ASSETS
    Current Assets
    Cash and cash equivalents                              $2,466      $2,428
    Accounts receivable, net of allowance for doubtful
     accounts of $1,930,000 and $1,230,000, respectively   38,102      30,983
    Inventories                                             9,001       9,557
    Prepaid expenses and other current assets               1,560         809
    Deferred income taxes                                     480         416
    Total Current Assets                                   51,609      44,193

    Intangible assets, net                                 12,971      11,471
    Equipment, net                                          3,372       3,031
    Deferred income taxes                                     411          80
    Other assets                                              614         536
    Total Assets                                          $68,977     $59,311

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current Liabilities
    Trade accounts payable                                $29,685     $26,399
    Bank loans and overdraft facilities                     9,861       1,383
    Income taxes payable                                      308          35
    Taxes other than income taxes                             999         928
    Other accrued liabilities                               1,692         686
    Current portions of obligations under capital leases      269          --
    Current portion of long-term debt                       1,912       5,400
    Total Current Liabilities                              44,726      34,831

    Long-term debt, less current maturities                 3,344       7,988
    Long-term obligations under capital leases                151          --

    Stockholders' Equity
    Preferred Stock ($0.01 par value, 1,000,000 shares
    authorized; no shares issued and outstanding)              --          --
    Common Stock ($0.01 par value, 20,000,000 shares
     authorized, 4,503,801 and 4,402,356 shares issued
      and outstanding at December 31, 2001
       and 2000, respectively)                                 46          45
    Additional paid-in-capital                             15,383      14,175
    Less Treasury Stock at cost (72,900 shares at
     December 31, 2001 and 64,100 shares at
      December 31, 2000)                                     (150)       (120)
    Retained earnings                                       7,161       4,635
    Accumulated other comprehensive loss                   (1,684)     (2,243)
    Total Stockholders' Equity                             20,756      16,492
    Total Liabilities and Stockholders' Equity            $68,977     $59,311


                  CENTRAL EUROPEAN DISTRIBUTION CORPORATION

                      CONSOLIDATED STATEMENTS OF INCOME
                  Amounts in columns expressed in thousands
                           (except per share data)

                                                      Year ended December 31,
                                                        2001           2000

    Net sales                                       $178,236       $131,233
    Cost of goods sold                               154,622        113,687

    Gross profit                                      23,614         17,546
    Selling, general and administrative expenses      16,445         13,120
    Bad debt provision                                   711            517
    Depreciation of tangible fixed assets                841            366
    Amortization of intangible assets                    762            695

    Operating income                                   4,855          2,848
    Non-operating income (expense)
     Interest expense                                 (1,345)          (955)
     Interest income                                      77            261
     Realized and unrealized foreign currency
      transaction losses, net                            (12)          (494)
     Other income (expense), net                          83           (172)

    Income before income taxes                         3,658          1,488
    Income tax expense                                 1,132            503

    Net income                                        $2,526           $985

    Net income per share of common stock, basic        $0.58          $0.23

    Net income per share of common stock, diluted      $0.57          $0.23

Contact:
Jim Archbold,
Investor Relations Officer
Central European Distribution Corporation
941-330-1558