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November 20, 2001
CEDC Announces 2002 Forecasts for Net Sales and Net Income Sarasota, Florida: Central European Distribution Corporation, today announced that it expects net sales for 2002 to be between $242-$248 million and net income of $0.71-$0.75 per share versus a forecast of $178 million in net sales and $0.53 of net income per share in 2001. This forecast is based on continued internal growth of 15-20% and the Company's historical strategy of at least one acquisition per year. William V. Carey, President and CEO, commented, "We expect strong continued growth as a result of our leading position in the Polish alcohol distribution market. In 2002, we expect to continue to build on our national distribution platform and to increase our share in the marketplace." Neil Crook, Chief Financial Officer, added, "Our objective for 2002 is to continue our trend for profitable revenue growth. This along with our ongoing focus on working capital management will enable us to convert our growth into operational cash generation." CEDC is the leading importer of beers, wines and spirits, as well as the largest distributor of domestic vodka on a nationwide basis in Poland, a $3.5 billion market at the retail level in 2000. The Company operates twenty regional distribution centers in major urban areas throughout Poland, one of Europe's fastest growing economies, from which 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, Miller Genuine Draft, Corona, Beck's, Foster's, Budweiser Budvar and Guinness Stout beers.
Contact: Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties that are detailed from time to time in the Company's Securities and Exchange Commission reports. |
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