Coca-Cola Bottling reports decline in 2011 net income

8 March 2012 (Last Updated March 8th, 2012 18:30)

Coca-Cola Bottling has reported a decline in net income of $28.6m on net sales of $1.56bn for fiscal 2011, compared to net income of $36.1m on net sales of $1.51bn in 2010.

Coca-Cola Bottling has reported a decline in net income of $28.6m on net sales of $1.56bn for fiscal 2011, compared to net income of $36.1m on net sales of $1.51bn in 2010.

In 2011, the company's earning dropped to $33.3m compared to $37.7m a year ago.

Coca-Cola said it earned $1.8m on net sales of $372.9m in the fourth quarter of 2011, against net income of $3.8m on net sales of $354.4m in same period of 2010.

On a comparable basis, the company earned $4.7m in the quarter compared to $4.4m in the fourth quarter of 2010.

According to the company, the results for 2011 included $4.1m of after-tax losses due to mark-to-market adjustments on fuel and aluminum hedges and $0.6m of net after-tax losses related to changes in reserves for uncertain tax positions and other income tax changes.

The 2010 results included $3.2m of after-tax losses. The overall decline was primarily due to mark-to-market adjustments on fuel and aluminum hedges, $0.5m of after-tax gains from insurance recoveries on assets lost or damaged due to the Nashville, Tennessee area flood that occurred in May 2010.

Coca-Cola Bottling chairman and CEO Frank Harrison, III said the company was able to increase revenue by over 3% and grow volume and market share.

The company introduced new packaging during 2011 including the 12.5oz package for the immediate consumption market and the 1.25l package for the take-home market.