William Carey, President and CEO, commented, "During the quarter we made two significant acquisitions, which increased our leading position in the alcohol distribution market. These acquisitions, already accretive, have enabled the Company to reduce its core operating overhead translating into record net income for the Company."

Neil Crook, Chief Financial Officer, commented, "In this quarter, we were able to benefit on all key financial objectives such as increasing our gross margin 62%, increasing our net income 303% while decreasing our SG&A and interest expense as a percentage of sales compared to the second quarter 2001."

CEDC is one of the leading importers of beers, wines and spirits, as well as one of the largest distributors of domestic vodka on a nationwide basis in Poland. The Company operates thirty 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.

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. Conference call details:

A conference call to discuss the quarterly results will be hosted by William Carey, President and CEO, Neil Crook, CFO and James Archbold, Director of Investor Relations on August 13, 2002 at 11:00 am (Eastern). The conference call will be broadcast live over the internet. William Carey, President and CEO, and other senior management invite you to listen to a discussion of second quarter results.

To listen to the call live, please go to the following web cast at least fifteen minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call on our web site at www.ced-c.com.

What: Central European Distribution Corporation. Second Quarter Earnings Release
When: Tuesday August 13, 2002 at 11:00 a.m. Eastern Time
Where: http://www.firstcallevents.com/service/ajwz364367396gf12.html
How: Live over the Internet -- Simply log on to the web at the address above
Contact: James Archbold, Director of Investor Relations, (941) 330-1558

                  CENTRAL EUROPEAN DISTRIBUTION CORPORATION

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


                                                     June 30,    December 31,
                                                       2002          2001

    CURRENT ASSETS
    Cash and cash equivalents                         $2,681         $2,466
    Accounts receivable, (net of allowance
     for doubtful accounts of $3,092
      and $1,930 respectively)                        41,316         38,102
    Inventories                                       15,949          9,001
    Prepaid expenses and other current assets          2,261          1,560
    Deferred income taxes                                681            480
    TOTAL CURRENT ASSETS                            $ 62,888       $ 51,609

    Intangible assets, net                             2,863          3,002
    Goodwill, net                                     22,515          9,969
    Equipment, net                                     6,113          3,372
    Deferred income taxes                                358            411
    Other assets                                       1,212            614
    TOTAL ASSETS                                    $ 95,949       $ 68,977



                  CENTRAL EUROPEAN DISTRIBUTION CORPORATION

        CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) -- CONTINUED
                  Amounts in columns expressed in thousands
                           (except per share data)


                                                    June 30,    December 31,
                                                      2002           2001

    LIABILITIES AND STOCKHOLDERS' EQUITY
    CURRENT LIABILITIES
    Trade accounts payable                          $ 28,634       $ 29,685
    Bank loans and overdraft facilities               17,054          9,861
    Current portion of long term debt                  3,422          1,912
    Current portion of obligations under
     capital leases                                      333            269
    Income taxes payable                                 261            308
    Taxes other than income taxes                      1,654            999
    Other accrued liabilities                          2,095          1,692
    TOTAL CURRENT LIABILITIES                         53,453         44,726

    Long term debt, less current maturities            5,953          3,344
    Long term debt obligations under capital leases      135            151
    Redeemable Common Stock                            1,836

    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,
      5,781,514 and 4,402,356 shares
       issued at June 30, 2002 and
        December 31, 2001, respectively)                  58             46
    Additional paid-in-capital                        26,479         15,383
    Retained earnings                                  9,884          7,161
    Accumulated other comprehensive loss             (1,699)        (1,684)
    Less Treasury Stock at cost (72,900
     shares at June 30, 2002 and at
      December 31, 2001)                               (150)          (150)
    TOTAL STOCKHOLDERS' EQUITY                        34,572         20,756
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY      $ 95,949       $ 68,977



                  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,
                              2002       2001         2002           2001

    Net sales              $71,458       $45,530     $114,108       $79,132
    Cost of goods sold
     including excise tax   61,930        39,662       98,704        68,713

    Gross margin             9,525         5,868       15,404        10,419

    Selling, general and
     administrative
      expenses, excluding
       amortization and
        depreciation         5,780         3,982        9,700         7,333
    Depreciation of equipment  331           226          565           433
    Amortization of goodwill
     and trademarks             60           214          103           411
    Bad debt expense           196           116          580           328

    Operating Income         3,158         1,330        4,456         1,914

    Non operating income
     (expense)
    Interest income             24            25           54            44
    Interest expense         (368)         (353)        (605)         (650)
    Realized and un-realized
     foreign currency
      transaction
       losses, net           (190)         (449)        (289)         (233)
    Other (expense)
     income, net              (84)            15            5            29

    Income before taxes      2,540           568        3,621         1,104
    Income tax expense         599            97          898           254

    Net income              $1,941          $471       $2,723          $850

    Net income per share
     of common stock, basic  $0.37         $0.11        $0.54         $0.20
    Net income per share
     of common stock,
      diluted                $0.36         $0.11        $0.52         $0.19

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