Net income for the nine-month period ended September 30, 2003 increased 140.0% to $9.0 million, or $0.85 per fully diluted share, from $3.7 million, or $0.46 per fully diluted share, for the same period in 2002. Net sales for the nine-month period ended September 30, 2003 increased 60.2% to $289.4 million from $180.6 million for the same period in 2002.

William Carey, CEO and President, commented, "The third quarter was a solid quarter for us during which we continued to see our leveraging effect impact positively throughout the income statement. Moreover, the nine month comparison over 2002 was impressive showing not only strong organic growth of 18%, but it also showed that we have strengthened the balance sheet and have dramatically improved our free cash flow in recent quarters."

Mr. Carey continued, "The Company is also currently working on various acquisitions totaling approximately $150 million in net sales. The Company is expecting to close these acquisitions over the next 12-14 months. The Company is expecting these acquisitions to be accretive to 2004 earnings."

Neil Crook, CFO, added, "Our solid operating performance along with the successful equity placement earlier in the year have allowed us to significantly strengthen our balance sheet while supporting the growth in earnings. Our debt to equity ratio has reduced from 75% at December 31, 2002, to 26% as at September 30, 2003."

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.

                   CENTRAL EUROPEAN DISTRIBUTION CORPORATION
	
                    CONSOLIDATED CONDENSED BALANCE SHEETS
                   (in thousands, except per share information)


                                     September 30, 2003      December 31, 2002
                                            (unaudited)

    CURRENT ASSETS
    Cash and cash equivalents                    $8,316             $2,237
    Accounts receivable, (net of allowance
     for doubtful accounts of $3,938 and
     $3,945 respectively)                        55,012             64,803
    Inventories                                  21,425             24,321
    Prepaid expenses and other
     current assets                               3,905              3,314
    Deferred income taxes                           548                713
    TOTAL CURRENT ASSETS                        $89,206            $95,388

    Intangible assets, net                        2,616              2,868
    Goodwill, net                                29,542             25,323
    Equipment, net                                8,082              5,910
    Deferred income taxes                         1,171                924
    Other assets                                    306                387
    TOTAL ASSETS                               $130,923           $130,800

    LIABILITIES AND STOCKHOLDERS' EQUITY
    CURRENT LIABILITIES
    Trade accounts payable                         $35,004         $53,435
    Bank overdraft facilities                       10,620          12,289
    Short term bank loans                            6,051           8,064
    Income taxes payable                               396             499
    Taxes other than income tax                      1,166             513
    Current portions of obligations under
     capital leases                                    729             316
    Current portion of long term debt                    -           3,820
    Other accrued liabilities                        1,469           2,079
    TOTAL CURRENT LIABILITIES                       55,435          81,015

    Long term debt, less current maturities            971           6,195
    Long term obligations under capital leases         821             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, 10,763,734 and 6,005,263
     shares issued at September 30, 2003 and December
     31, 2002, respectively)                           107              60
    Additional paid-in-capital                      51,330          27,381
    Retained earnings                               24,428          15,461
    Accumulated other comprehensive loss           (2,019)         (1,371)
    Less Treasury Stock at cost (109,350 shares
     at September 30, 2003 and at December 31, 2002) (150)           (150)
    TOTAL STOCKHOLDERS' EQUITY                      73,696          41,381
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $130,923        $130,800


                  CENTRAL EUROPEAN DISTRIBUTION CORPORATION
	
                 CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                 (in thousands, except per share information)

                          Three months ended          Nine months ended
                         Sept. 30,    Sept. 30,     Sept. 30,    Sept. 30,
                            2003        2002           2003        2002
                        (unaudited) (unaudited)    (unaudited)   (unaudited)

    Net sales             $104,844      $66,508     $289,435     $180,616
    Cost of goods sold,
     excluding amortization
     and depreciation,
    including excise tax    91,358       58,080      251,850      156,785

    Gross margin,
     excluding
     amortization and
     depreciation           13,486        8,428       37,585       23,831

    Selling, general and
     administrative expenses,
     excluding amortization
     and depreciation        7,961        6,004       22,432       15,702
    Depreciation of equipment  422          352        1,249          918
    Amortization of
     trademarks                116           43          338          146
    Bad debt expense            58          263          364          843

    Operating Income         4,929        1,766       13,202        6,222

    Non operating income/
     (expense)
    Interest income             55           28          137           82
    Interest expense         (303)        (375)      (1,329)        (981)
    Realized and un-realized
     foreign currency
     transaction gains /
     (losses), net               4        (140)          105        (429)
    Other (expense) /
     income, net              (51)           25        (143)           30

    Income before taxes      4,634        1,304       11,972        4,924
    Income tax expense       1,030          287        3,005        1,185

    Net income              $3,604       $1,017       $8,967       $3,739

    Net income per share
     of common stock, basic  $0.34        $0.12        $0.89        $0.48
    Net income per share of
     common stock, diluted   $0.34        $0.12        $0.85        $0.46

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