|
|
|||||||||||||||||||||||||||||||
|
 |
|
May 10, 2005
Central European Distribution Corporation to Host Its First Quarter 2005 Earnings Conference Call Bala Cynwyd, Pennsylvania: Central European Distribution Corporation, today reported financial results for the first quarter ended March 31, 2005. Highlights for the first quarter compared to the same quarter last year were as follows:
William Carey, President and CEO, commented, "We are pleased with our results for the first quarter especially within our import portfolio, which increased 41% over first quarter 2004 sales." Mr. Carey continued, "We submitted our second offer for Polmos Bialystok on May 5. The Polish Treasury has stated that they would like to proceed with selecting the strategic investor by the end of May." CEDC is one of the leading importers of beers, wines and spirits, as well as the largest distributor of domestic vodka on a nationwide basis, in Poland. The Company operates 13 distribution centers and 78 satellite branches throughout Poland. It distributes many of the world's leading brands in Poland, including brands such as Johnnie Walker Scotch, Stock Brandy, Jose Cuervo Tequila, Sutter Home, Torres, Mondavi and Concha y Toro wines, Corona, Foster's, Grolsch, Budweiser Budvar and Guinness Stout beers.
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
FINANCIAL INFORMATION
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share information)
March 31, December 31,
2005 2004
(unaudited)
CURRENT ASSETS
Cash and cash equivalents $12,355 $10,491
Accounts receivable (net of allowance for
doubtful accounts of $9,454 and
$10,038 respectively) 103,197 131,799
Inventories 54,942 64,372
Prepaid expenses and other current assets 9,705 10,801
Deferred income taxes 1,077 822
TOTAL CURRENT ASSETS $181,276 $218,285
Intangible assets, net 2,214 2,543
Goodwill, net 51,484 51,370
Equipment, net 15,835 17,387
Deferred income taxes 1,574 1,684
Other assets 537 435
TOTAL ASSETS $252,920 $291,704
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $77,073 $115,678
Short term bank loans and overdraft facilities 38,248 37,396
Current portion of long term debt 222 234
Current portion of obligations under
capital leases 2,769 2,970
Income taxes payable 1,977 651
Taxes other than income taxes 449 3,108
Other accrued liabilities 6,221 7,338
TOTAL CURRENT LIABILITIES 126,959 167,375
Long-term debt, less current maturities 1,777 1,873
Long-term obligations under capital leases 1,649 2,140
STOCKHOLDERS' EQUITY
Preferred Stock ($0.01 par value, 1,000,000
shares authorized; no shares issued and
outstanding) - -
Common Stock ($0.01 par value, 40,000,000 shares
authorized, 16,818,794 and 16,677,045 shares
issued at March 31, 2005 and December 31, 2004,
respectively) 167 166
Additional paid-in-capital 56,476 55,663
Retained earnings 56,986 52,366
Accumulated other comprehensive income 9,056 12,271
Less Treasury Stock at cost (164,025 shares
at March 31, 2005 and December 31, 2004) (150) (150)
TOTAL STOCKHOLDERS' EQUITY 122,535 120,316
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $252,920 $291,704
The accompanying notes are an integral part of the consolidated condensed financial statements.
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except share and per share information)
Three Three
months months
ended ended
March March
31, 2005 31, 2004
Net sales $150,002 $110,477
Cost of goods sold 130,321 96,711
Gross profit 19,681 13,766
Selling, general and administrative expenses,
excluding depreciation and amortization 11,669 8,884
Depreciation and amortization 1,012 706
Bad debt provision 254 66
Operating income 6,746 4,110
Interest income 66 43
Interest expense (921) (461)
Realized and unrealized foreign currency
transaction (losses), net (93) (46)
Other income/(expense), net (52) 20
Income before income taxes 5,746 3,666
Income tax expense 1,126 556
Net income $4,620 $3,110
Net income per share of common stock, basic $0.28 $0.19
Net income per share of common stock, diluted $0.27 $0.19
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 CEDC 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. CEDC 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 included in CEDC's Form 10-K for the fiscal year ended December 31, 2004, and in other periodic reports filed by CEDC with the Securities and Exchange Commission. |
||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
