coca-cola bottling -cl b (COKEB) Key Developments
Coca-Cola Bottling Co. Consolidated Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015
May 5 15
Coca-Cola Bottling Co. Consolidated announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company announced net sales of $453,253,000 compared to $388,582,000 for the same period a year ago. Income from operations was $16,902,000 compared to $12,116,000 for the same period a year ago. Income before income taxes was $4,466,000 compared to $4,893,000 for the same period a year ago. Net income was $2,953,000 compared to $3,101,000 for the same period a year ago. Net income attributable to the company was $2,224,000 or $0.24 per basic and diluted common stock compared to $2,449,000 or $0.26 per basic and diluted common stock for the same period a year ago. Diluted net income per Class B Common Stock was $0.23 compared to $0.26 for the same period a year ago. This revenue growth was driven by favorable product mix and overall pricing, and, coupled with a favorable cost of goods environment, the company’s comparable gross margin grew approximately 5%.
Coca-Cola Bottling Co. Consolidated Announces Closing of Transactions to Expand and Exchange Franchise Territories
May 1 15
Coca-Cola Bottling Co. Consolidated announced that it has closed its previously disclosed agreements with an affiliate of The Coca-Cola Company, Coca-Cola Refreshments USA Inc. (CCR), to expand the bottler’s franchise territory to include Paducah and Pikeville, KY and to exchange the bottler’s franchise territory in Jackson, TN for territory previously served by CCR in Lexington, KY.
Coca-Cola Bottling Co. Consolidated Increases Revolving Credit Agreement with JPMorgan Chase Bank
Apr 29 15
On April 27, 2015, Coca-Cola Bottling Co. Consolidated exercised the accordion loan feature of the five-year unsecured amended and restated revolving credit agreement the Company previously entered into on October 16, 2014 with the lenders named therein, JPMorgan Chase Bank, N.A., as issuing lender and administrative agent, Citibank, N.A. and Wells Fargo Bank, National Association, as co-syndication agents, and Branch Banking and Trust Company, as documentation agent. In connection with the exercise of such accordion loan feature, the Company entered into a Joinder and Commitment Increase Agreement with certain lenders, and JPMorgan Chase Bank, N.A., as administrative agent, thereby increasing the aggregate revolving credit commitments under the Credit Agreement by $100 million, from $350 million to $450 million. After giving effect to such increase, the amount by which the revolving credit commitments may be further increased pursuant to the Credit Agreement has been reduced to zero. As of the date hereof, there are approximately $280 million of loans outstanding under the Credit Agreement. The Company will borrow an additional $20 million under the Credit Agreement at or about the time of the closings of (i) the previously disclosed Asset Purchase Agreement entered into by the Company with Coca-Cola Refreshments USA Inc. (CCR) for the Paducah and Pikeville, Kentucky territories currently served by CCR and (ii) the previously disclosed Asset Exchange Agreement involving the exchange of the Company's territory in Jackson, Tennessee for territory currently served by CCR in Lexington, Kentucky, both of which closings are scheduled to occur on or about May 1, 2015.
Coca-Cola Bottling Co. Consolidated to Report Q1, 2015 Results on May 05, 2015
Apr 21 15
Coca-Cola Bottling Co. Consolidated announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on May 05, 2015
Coca-Cola Bottling Co. Consolidated Declares Second Quarter Dividend, Payable on May 15, 2015
Apr 17 15
Coca-Cola Bottling Co. Consolidated announced that the Board of Directors has declared a dividend for the Second Quarter of 2015 of $0.25 per share on shares of the
Company's Common Stock and Class B Common Stock payable on May 15, 2015 to shareholders of record as of the close of business on May 1, 2015.