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August 9, 2004
Central European Distribution Corporation Reports Record Financial Results for The Fiscal Quarter Ended June 30, 2004 Sarasota, Florida: Central European Distribution Corporation, today announced that net income rose 30.6% to $4.52 million, or $0.28 per fully diluted share, for the three-month period ended June 30, 2004, from $3.46 million, or $0.22 per fully diluted share, for the same period in 2003. Net sales for the three-month period ended June 30, 2004 increased 26.5% to $133.0 million, from $105.1 million for the same period in 2003. Highlights for the first six months of 2004 compared to the first six months of last year, were as follows:
William Carey, CEO, said, "We had another solid quarter top line to bottom line and remain committed to deliver previously stated 2004 guidance of net sales of $543-$553 million and fully diluted earnings per share of $1.28-$1.33, which would be an increase of 36% over 2003 fully diluted earnings per share of $0.96." The weighted average number of shares used for calculating diluted earnings per share for the second quarter 2004 was 16,358,000 compared to 15,788,000 for the second 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 ten distribution centers and 70 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, Beck's, Foster's, Grolsch, Budweiser Budvar and Guinness Stout beers.
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except share and per share information)
June 30, 2004 December 31, 2003
(unaudited)
CURRENT ASSETS
Cash and cash equivalents $6,873 $6,229
Accounts receivable, (net of allowance
for doubtful accounts of $6,257 and
$6,380 respectively) 85,229 90,071
Inventories 32,725 35,012
Prepaid expenses and other current assets 6,964 5,249
Deferred income taxes 526 1,201
TOTAL CURRENT ASSETS $132,317 $137,762
Intangible assets, net 2,304 2,506
Goodwill, net 41,198 35,618
Equipment, net 13,658 10,115
Deferred income taxes 1,512 1,382
Other assets 184 87
TOTAL ASSETS $191,173 $187,470
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $62,246 $65,776
Short term bank loans and
overdraft facilities 27,225 30,441
Income taxes payable 362 977
Taxes other than income tax 1,632 1,230
Other accrued liabilities 2,808 3,011
Current portions of obligations
under capital leases 2,199 1,282
Current portion of long term debt 186 29
TOTAL CURRENT LIABILITIES 96,658 102,746
Long term debt, less current maturities 1,695 497
Long term obligations under capital leases 1,033 1,173
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, 16,492,110 and
10,876,329 shares issued at June 30, 2004
and December 31, 2003, respectively) 165 109
Additional paid-in-capital 53,690 52,805
Retained earnings 38,162 30,536
Accumulated other comprehensive loss (80) (246)
Less Treasury Stock at cost (164,025 shares
at June 30, 2004 and 109,350 shares
at December 31, 2003) (150) (150)
TOTAL STOCKHOLDERS' EQUITY 91,787 83,054
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $191,173 $187,470
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in thousands, except per share information)
Three months ended Six months ended
June 30, June 30, June 30, June 30,
2004 2003 2004 2003
(unaudited) (unaudited) (unaudited) (unaudited)
Net sales $133,004 $105,122 $243,481 $184,590
Cost of goods sold 116,368 91,506 213,079 160,491
Gross margin 16,636 13,616 30,402 24,099
Selling, general and
administrative expenses,
excluding amortization and
depreciation 9,818 7,654 18,703 14,457
Depreciation of tangible
fixed assets 618 461 1,204 827
Amortization of goodwill
and trademarks 123 113 242 221
Bad debt provision 186 240 252 306
Operating Income 5,891 5,148 10,001 8,288
Non operating income/(expense)
Interest income 44 55 87 82
Interest expense (535) (472) (996) (1,025)
Realized and un-realized
foreign currency
transaction gains 104 103 58 102
Other (expense)/income, net 34 (82) 54 (96)
Income before taxes 5,538 4,752 9,204 7,351
Income tax expense 1,022 1,293 1,578 1,975
Net income $4,516 $3,459 $7,626 $5,376
Net income per share of
common stock, basic $0.28 $0.22 $0.47 $0.37
Net income per share of
common stock, diluted $0.28 $0.22 $0.46 $0.36
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 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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