William Carey, President and CEO, commented, "We are continuing to see operating synergies contribute to our strong growth in operating income during the first quarter. Operating income increased 142% for the first quarter 2003 over the first quarter 2002 of which 45% of the increase was organic as our ability to leverage from our leading market position and strong balance sheet is enabling the company to capture market share from our competitors."

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 41 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 CONDENSED BALANCE SHEETS (UNAUDITED)
                  Amounts in columns expressed in thousands
                           (except per share data)

                                 March 31,                December
                                   2003                  31, 2002
                                (unaudited)
    CURRENT ASSETS
    Cash and cash equivalents      $1,807                  $2,237
    Accounts receivable (net
     of allowance for doubtful
     accounts of $3,438 and
     $3,945 respectively)          47,235                  64,803
    Inventories                    18,658                  24,321
    Prepaid expenses and
     other current assets           3,991                   3,314
    Deferred income taxes             786                     713

    TOTAL CURRENT ASSETS         $ 72,477                $ 95,388

    Intangible assets, net          2,655                   2,868
    Goodwill, net                  25,281                  25,323
    Equipment, net                  5,381                   5,910
    Deferred income taxes             880                     924
    Other assets                      281                     387
    TOTAL ASSETS                $ 106,955               $ 130,800

    LIABILITIES AND
     STOCKHOLDERS' EQUITY
    CURRENT LIABILITIES
    Trade accounts payable       $ 28,088                $ 53,435
    Bank loans and
     overdraft facilities          12,388                  12,289
    Short term debt                 8,261                   8,064
    Current portion of
     long term debt                 5,589                   3,820
    Current portion
     of obligations
     under capital leases             294                     316
    Income taxes payable              363                     499
    Taxes payable other
     than income taxes                779                     513
    Other accrued liabilities       2,311                   2,079
    TOTAL CURRENT LIABILITIES      58,073                  81,015

    Long-term debt, less
     current maturities             4,426                   6,195
    Long-term obligations
     under capital leases             326                     428
    Redeemable common stock         1,781                   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,
     6,780,763 and 6,005,263
     shares issued at March 31,
     2003 and December 31,
     2002, respectively)               68                      60
    Share subscription
     receivables                 (15,578)                      --
    Additional paid-in-capital     42,810                  27,381
    Retained earnings              17,378                  15,461
    Accumulated other
     comprehensive loss           (2,179)                 (1,371)
    Less Treasury Stock
     at cost (72,900 shares
     at March 31, 2003 and
     December 31, 2002)             (150)                   (150)
    TOTAL STOCKHOLDERS' EQUITY     42,349                  41,381
    TOTAL LIABILITIES AND
     STOCKHOLDERS' EQUITY       $ 106,955               $ 130,800



                  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 March            ended March
                                  31, 2003               31, 2002



    Net sales                    $ 79,468                $ 42,650
    Cost of goods sold,
     excluding depreciation
     and amortization              68,985                  36,771

    Gross margin, excluding
     amortization and
     depreciation                  10,483                   5,879

    Selling, general
     and administrative
     expenses, excluding
     depreciation and amortization  6,802                   3,920
    Depreciation and amortization     474                     277
    Bad debt expense                   67                     384

    Operating income                3,140                   1,298

    Non operating income/
    (expense)
        Interest income                27                      30
        Interest expense            (553)                   (237)
        Realized and unrealized
         foreign currency
         exchange gains/
         (losses), net                (2)                    (99)
        Other income/
         (expense), net              (14)                      89

    Income before income taxes      2,598                   1,081
    Income tax expense                681                     299

    Net income                    $ 1,917                   $ 782

    Net income per share
     of common stock, basic        $ 0.32                  $ 0.17
    Net income per share of
     common stock, diluted         $ 0.31                  $ 0.16

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