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May 15, 2002
Central European Distribution Corporation Announces Record Net Income for First Quarter 2002 Sarasota, Florida: Central European Distribution Corporation, today filed its 10Q, which stated that for the first quarter 2002 net income rose approximately 106% to $782,000, or $0.16 per fully diluted share, from $379,000, or $0.09 per fully diluted share, for the same period in 2001. Net sales for the first three months increased approximately 27% to $42.7 million, from $33.6 million for the same period in 2001. William Carey, Chairman and CEO, commented, "The increase of operating income in the first quarter of approximately 122% was exceptional. We were able to increase market share while maintaining margins in a very competitive environment. As we continue to see substantive growth in net revenue organically and through acquisitions, we are seeing our leveraging effect make a positive impact on our bottom line. In addition, we are pleased to see that two analysts have started coverage of the Company. Both analysts have strong buy recommendations." 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. The Company operates approximately 30 regional distribution centers in major urban areas throughout Poland, one of Europe's fastest-growing economies. It distributes many of the world's leading brands, including Johnnie Walker Scotch, Stock Brandy, Sutter Home, Torres, Mondavi and Concha y Toro wines, Corona, Beck's Pilsner, Foster's, Budweiser Budvar and Guinness Stout beers. 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. Investor 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.
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
Amounts in columns expressed in thousands
(except per share data)
March 31 December 31,
2002 2001
CURRENT ASSETS
Cash and cash equivalents $9,707 $2,466
Accounts receivable,
(net of allowance for doubtful
accounts of $2,314,000,
and $1,930,000 respectively) 28,888 38,102
Inventories 12,083 9,001
Prepaid expenses and other
current assets 2,254 1,560
Deferred income taxes 523 480
TOTAL CURRENT ASSETS $53,455 $51,609
Intangible assets, net 2,872 3,002
Goodwill, net 9,687 9,969
Equipment, net 3,309 3,372
Deferred income taxes 461 411
Other assets 976 614
TOTAL ASSETS $70,760 $68,977
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - CONTINUED
Amounts in columns expressed in thousands
(except per share data)
March 31, December 31,
2002 2001
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $25,844 $29,685
Bank loans and overdraft facilities 7,426 9,861
Current portion of long term debt 2,160 1,912
Current portion of obligations under
capital leases 196 269
Income taxes payable 363 308
Taxes other than income taxes 611 999
Other accrued liabilities 1,422 1,692
TOTAL CURRENT LIABILITIES 38,022 44,726
Long term debt, less current maturities 3,183 3,344
Long term debt obligations under capital leases 268 151
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, 5,364,301 and
4,503,801 shares issued at March 31, 2002
and December 31, 2001, respectively) 55 46
Additional paid-in-capital 23,356 15,383
Retained earnings 7,943 7,161
Accumulated other comprehensive loss (1,917) (1,684)
Less Treasury Stock at cost (72,900 shares
at March 31, 2002 December 31, 2001) (150) (150)
TOTAL STOCKHOLDERS' EQUITY 29,287 20,756
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $70,760 $68,977
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
Amounts in columns expressed in thousands
(except per share data)
Three months Three months
ended ended
March 31, March 31,
2002 2001
Net sales $42,650 $33,602
Cost of goods sold, excluding
depreciation and amortization 36,771 29,051
Gross Margin 5,879 4,551
Sales, general and administrative expenses,
excluding depreciation and amortization 3,920 3,303
Depreciation of equipment 234 238
Amortization of goodwill and trademark 43 197
Bad debt expense 384 229
Operating income 1,298 584
Non operating income (expense)
Interest income 30 19
Interest expense (237) (297)
Realized and unrealized
foreign exchange (loss) gain, net (99) 216
Other (expenses) income, net 89 14
Income before taxes 1,081 536
Income tax expense 299 157
Net income $782 $379
Net income per share of common stock, basic $0.17 $0.09
Net income per share of common stock, diluted $0.16 $0.09
Contact: Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties that are detailed from time to time in the Company's Securities and Exchange Commission reports. |
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