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May 10, 2004
Central European Distribution Corporation Reports Financial Results for the Fiscal Quarter Ended March 31, 2004 Sarasota, Florida: Central European Distribution Corporation, today reported financial results for the first quarter ended March 31, 2004. Highlights for the first quarter compared to the same quarter last year, were as follows:
The weighted average number of shares used for calculating diluted earnings per share for the first quarter 2004 was 10,896,000 compared to 9,398,000 for the first quarter 2003. 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 nine distribution centers and 58 satellite branches throughout Poland. It distributes many of the world's leading brands, including brands such as Johnnie Walker Scotch, Stock Brandy, Jose Cuervo Tequila, Sutter Home, Torres, Mondavi and Concha y Toro wines, Corona, Beck's, Foster's, Grolsch, Budweiser Budvar and Guinness Stout beers.
CENTRAL EUROPEAN DISTRIBUTION CORPORATION (NASDAQ-NMS: CEDC)
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share information)
March 31, December 31,
2004 2003
(unaudited)
CURRENT ASSETS
Cash and cash equivalents $6,534 $6,229
Accounts receivable (net of allowance
for doubtful accounts of $6,234 and
$6,380 respectively) 74,897 90,071
Inventories 27,081 35,012
Prepaid expenses and other current
assets 4,130 5,249
Deferred income taxes 1,074 1,201
TOTAL CURRENT ASSETS $113,716 $137,762
Intangible assets, net 2,319 2,506
Goodwill, net 36,247 35,618
Tangible fixed assets, net 11,786 10,115
Deferred income taxes 1,169 1,382
Other assets 171 87
TOTAL ASSETS $165,408 $187,470
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $49,155 $65,776
Short term bank loans and overdraft
facilities 22,599 30,441
Current portion of long-term debt 180 29
Current portion of obligations under
capital leases 1,782 1,282
Income taxes payable 1,220 977
Taxes other than income taxes 1,176 1,230
Other accrued liabilities 2,062 3,011
TOTAL CURRENT LIABILITIES 78,174 102,746
Long-term debt, less current maturities 1,624 497
Long-term obligations under capital leases 1,206 1,173
Commitments and Contingencies
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, 10,909,779 and 10,876,329
shares issued at March 31, 2004 and December 31,
2003, respectively) 109 109
Additional paid-in-capital 53,226 52,805
Retained earnings 33,646 30,536
Accumulated other comprehensive loss (2,427) (246)
Less Treasury Stock at cost (109,350 shares
at March 31, 2004 and December 31, 2003) (150) (150)
TOTAL STOCKHOLDERS' EQUITY 84,404 83,054
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $165,408 $187,470
CENTRAL EUROPEAN DISTRIBUTION CORPORATION (NASDAQ-NMS:CEDC)
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except share and per share information)
Three months Three months
ended March 31, ended March 31,
2004 2003
Net sales $110,477 $79,468
Cost of goods sold 96,711 68,985
Gross profit 13,766 10,483
Selling, general and administrative expenses,
excluding depreciation and amortization 8,884 6,802
Depreciation and amortization 706 474
Bad debt provision 66 67
Operating income 4,110 3,140
Non operating income/(expense)
Interest income 43 27
Interest expense (461) (553)
Realized and unrealized foreign currency
transaction (losses), net (46) (2)
Other income/(expense), net 20 (14)
Income before income taxes 3,666 2,598
Income tax expense 556 681
Net income $3,110 $1,917
Net income per share of common stock, basic $0.29 $0.21
Net income per share of common stock, diluted $0.29 $0.20
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, 2003, and other periodic reports filed with the Securities and Exchange Commission. |
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