Net Sales for the full year 2002 increased 64.9% to $294.0 million from $178.2 million for 2001. Net income for the full year 2002 increased 229% to $8.3 million, or $1.49 per fully diluted share, from $2.5 million, or $0.57 per fully diluted share, for 2001.

William Carey, President and CEO, commented, “We are pleased with our record fourth quarter and full year results. One of the main factors behind our strong results was the excise tax reduction on spirits on October 1, 2002. This reduction had a positive impact on both the top line and bottom line for the fourth quarter. The Company expects to continue its double digit organic growth during 2003 and has a strong pipeline of potential acquisitions including the previously announced Dako Galant.”

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.

                  CENTRAL EUROPEAN DISTRIBUTION CORPORATION

                  CONSOLIDATED STATEMENTS OF BALANCE SHEETS
                  Amounts in columns expressed in thousands

                                                           December 31,
                                                       2002           2001

    ASSETS
    Current Assets
    Cash and cash equivalents                         $2,237         $2,466
    Accounts receivable, net of
     allowance for doubtful
      accounts of $3,945,000
       and $1,930,000 respectively                    64,803         38,102
    Inventories                                       24,321          9,001
    Prepaid expenses and other current assets          3,314          1,560
    Deferred income taxes                                713            480
    Total Current Assets                              95,388         51,609

    Intangible assets, net                             2,868          3,002
    Goodwill, net                                     25,323          9,969
    Equipment, net                                     5,910          3,372
    Deferred income taxes                                924            411
    Other assets                                         387            614
    Total Assets                                    $130,800        $68,977

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current Liabilities
    Trade accounts payable                           $53,435        $29,685
    Bank loans and overdraft facilities               20,353          9,861
    Income taxes payable                                 499            308
    Taxes other than income taxes                        513            999
    Other accrued liabilities                          2,079          1,692
    Current portions of obligations
     under capital leases                                316            269
    Current portion of long-term debt                  3,820          1,912
    Total Current Liabilities                         81,015         44,726

    Long-term debt, less current maturities            6,195          3,344
    Long-term obligations under capital leases           428            151
    Redeemable common stock                            1,781            ---

    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,
      6,005,263 and 4,503,801 shares issued
       and outstanding at December 31, 2002
        and 2001, respectively)                           60             46
    Additional paid-in-capital                        27,381         15,383
    Retained earnings                                 15,461          7,161
    Accumulated other comprehensive loss             (1,371)        (1,684)
    Less Treasury Stock at cost
     (72,900 shares at December 31,
      2002 and 2001)                                   (150)          (150)
    Total Stockholders' Equity                        41,381         20,756
    Total Liabilities and Stockholders' Equity      $130,800        $68,977




                  CENTRAL EUROPEAN DISTRIBUTION CORPORATION

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


                                                     Year ended December 31,
                                                      2002           2001

    Net sales                                       $293,965       $178,236
    Cost of goods sold                               255,078        154,622

    Gross profit                                      38,887         23,614
    Selling, general and administrative expenses      23,367         16,445
    Bad debt provision                                 1,431            711
    Depreciation of tangible fixed assets              1,273            841
    Amortization of goodwill and intangible assets       202            762

    Operating income                                  12,614          4,855
    Non-operating income (expense)
      Interest expense                               (1,586)        (1,345)
      Interest income                                     99             77
      Realized and unrealized foreign currency
       transaction losses, net                         (176)           (12)
      Other income (expense), net                        113             83

    Income before income taxes                        11,064          3,658
    Income tax expense                                 2,764          1,132

    Net income                                        $8,300         $2,526

    Net income per share of common stock, basic        $1.54          $0.58

    Net income per share of common stock, diluted      $1.49          $0.57

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