Coca Cola Bottling Company Consolidated (COKE) saw its loss narrow to $5.05 million, or $0.54 a share for the quarter ended Apr. 02, 2017. In the previous year period, the company reported a loss of $10.04 million, or $1.08 a share. On an adjusted basis, net profit for the quarter was $4.23 million, when compared with $4.17 million in the last year period.
Revenue during the quarter surged 38.41 percent to $865.70 million from $625.46 million in the previous year period. Gross margin for the quarter contracted 64 basis points over the previous year period to 38.35 percent. Total expenses were 98.43 percent of quarterly revenues, up from 98.02 percent for the same period last year. That has resulted in a contraction of 41 basis points in operating margin to 1.57 percent.
Operating income for the quarter was $13.61 million, compared with $12.40 million in the previous year period.
However, the adjusted operating income for the quarter stood at $16.48 million compared to $18.36 million in the prior year period. At the same time, adjusted operating margin contracted 103 basis points in the quarter to 1.90 percent from 2.94 percent in the last year period.
Frank Harrison, Chairman and Chief Executive Officer, said, "In the first quarter of 2017, we continued to expand our distribution territory, welcome talented new teammates and integrate new manufacturing facilities. At the same time, we grew our organic business operations. The growth of our Company's purpose, culture, geographical reach and financial strength is a tribute to the tireless efforts of all of our teammates throughout this season of significant growth and change."
Operating cash flow turns positive
Coca Cola Bottling CompanyConsolidated has generated cash of $116.52 million from operating activities during the quarter as against cash outgo of $15.22 million in the last year period.
The company has spent $197.06 million cash to meet investing activities during the quarter as against cash outgo of $138.76 million in the last year period.
Cash flow from financing activities was $90.63 million for the quarter, down 30.86 percent or $40.45 million, when compared with the last year period.
Cash and cash equivalents stood at stood at $31.94 million as at Apr. 02, 2017.
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