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August 11, 2003
Central European Distribution Corporation Reports Second Quarter Results; Net Sales Of $105.1 Million Up 47% Over Second Quarter 2002 And Net Income Per Share Of $0.33 Up 82% Over Second Quarter In 2002 Sarasota, Florida: Central European Distribution Corporation, today announced that net income rose 82.1% to $3.46 million, or $0.33 per fully diluted share, for the three-month period ended June 30, 2003, from $1.9 million, or $0.24 per fully diluted share, for the same period in 2002. Net sales for the three-month period ended June 30, 2003 increased 47% to $105.1 million, from $71.5 million for the same period in 2002. Net income for the six-month period ended June 30, 2003 increased 100% to $5.4 million, or $0.55 per fully diluted share, from $2.7 million, or $0.35 per fully diluted share, for the same period in 2002. Net sales for the six- month period ended June 30, 2003 increased 61.8% to $184.6 million, from $114.1 million for the same period in 2002. The weighted average number of shares used for calculating diluted earnings per share for the second quarter 2003 was 10,525,000 compared to 8,183,000 for the second quarter 2002. 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 52 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)
June 30, December 31,
2003 2002
CURRENT ASSETS
Cash and cash equivalents $9,676 $2,237
Accounts receivable,
(net of allowance for doubtful
accounts of $4,007 and $3,945
respectively) 57,096 64,803
Inventories 22,331 24,321
Prepaid expenses and other
current assets 4,010 3,314
Deferred income taxes 717 713
TOTAL CURRENT ASSETS $93,830 $95,388
Intangible assets, net 2,721 2,868
Goodwill, net 28,053 25,323
Equipment, net 6,321 5,910
Deferred income taxes 1,049 924
Other assets 303 387
TOTAL ASSETS $132,277 $130,800
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
Trade accounts payable $40,807 $53,435
Bank overdraft facilities 9,372 12,289
Short term bank loans 2,932 8,064
Income taxes payable 433 499
Taxes other than income taxes 1,298 513
Current portion of obligations
under capital leases 465 316
Current portion of long term debt 3,978 3,820
Other accrued liabilities 1,891 2,079
TOTAL CURRENT LIABILITIES 61,176 81,015
Long term debt, less current
maturities 2,146 6,195
Long term debt obligations
under capital leases 566 428
Redeemable Common Stock -- 1,781
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,
10,607,984 and 6,005,263 shares
issued at June 30, 2003 and
December 31, 2002, respectively) 106 60
Additional paid-in-capital 48,911 27,381
Retained earnings 20,807 15,461
Accumulated other comprehensive loss (1,285) (1,371)
Less Treasury Stock at cost
(109,350 shares at June 30, 2003
and at December 31, 2002) (150) (150)
TOTAL STOCKHOLDERS' EQUITY 68,389 41,381
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $132,277 $130,800
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
Amounts in columns expressed in thousands
(except per share data)
Three months ended Six months ended
June 30, June 30, June 30, June 30,
2003 2002 2003 2002
Net sales $105,122 $71,458 $184,590 $114,108
Cost of goods sold
including excise
tax 91,506 61,933 160,491 98,704
Gross margin 13,616 9,525 24,099 15,404
Selling, general
and administrative
expenses, excluding
amortization and
depreciation 7,654 5,780 14,457 9,700
Depreciation of
equipment 461 331 827 565
Amortization of
goodwill and
trademarks 113 60 221 103
Bad debt expense 240 196 306 580
Operating Income 5,148 3,158 8,288 4,456
Non operating
income/(expense)
Interest income 55 24 82 54
Interest expense (472) (368) (1,025) (605)
Realized and un-
realized foreign
currency transaction
losses, net 103 (190) 102 (289)
Other (expense)/
income, net (82) (84) (96) 5
Income before taxes 4,752 2,540 7,351 3,621
Income tax expense 1,293 599 1,975 898
Net income $3,459 $1,941 $5,376 $2,723
Net income per share
of common stock,
basic $0.34 $0.24 $0.56 $0.36
Net income per share
of common stock,
diluted $0.33 $0.24 $0.55 $0.35
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, 2001, and other periodic reports filed with the Securities and Exchange Commission. |
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