Coca-Cola Bottling Co. Consolidated (COKE) has reported a 398.56 percent jump in profit for the quarter ended Jan. 01, 2017. The company has earned $21.39 million in the quarter, compared with $4.29 million for the same period last year. On an adjusted basis, net profit for the quarter was $6.62 million, when compared with $5.98 million in the last year period. Revenue during the quarter surged 35.80 percent to $841.56 million from $619.72 million in the previous year period. Gross margin for the quarter contracted 25 basis points over the previous year period to 38.61 percent. Total expenses were 97.51 percent of quarterly revenues, down from 97.54 percent for the same period last year. This has led to an improvement of 3 basis points in operating margin to 2.49 percent.
Operating income for the quarter was $20.92 million, compared with $15.24 million in the previous year period.
However, the adjusted operating income for the quarter stood at $24.87 million compared to $20.61 million in the prior year period. At the same time, adjusted operating margin contracted 37 basis points in the quarter to 2.96 percent from 3.33 percent in the last year period.
Frank Harrison, chairman and chief executive officer, said, "We are pleased to close another successful year with solid organic growth in our business along with continued expansion through acquisitions. Since the first announcement of our territory expansion in 2013, the Company has nearly doubled its net sales to over $3 billion in 2016. We have also grown our employee base, adding over 7,000 new members to the CocaCola Consolidated family. We are most thankful for the ongoing and outstanding efforts of all of our employees who are responsible for our strong operating results and the successful integration of our new territories."
Operating cash flow improves significantly
Coca-Cola Bottling Co. Consolidated has generated cash of $162 million from operating activities during the year, up 49.59 percent or $53.70 million, when compared with the last year. The company has spent $452.03 million cash to meet investing activities during the year as against cash outgo of $217.34 million in the last year.
Cash flow from financing activities was $256.38 million for the year, up 64.92 percent or $100.93 million, when compared with the last year.
Cash and cash equivalents stood at $21.85 million as on Jan. 01, 2017, down 60.63 percent or $33.65 million from $55.50 million on Jan. 03, 2016.
Debt increases substantially
Coca-Cola Bottling Co. Consolidated has witnessed an increase in total debt over the last one year. It stood at $955.98 million as on Jan. 01, 2017, up 41.54 percent or $280.56 million from $675.41 million on Jan. 03, 2016. Total debt was 39.03 percent of total assets as on Jan. 01, 2017, compared with 36.49 percent on Jan. 03, 2016. Debt to equity ratio was at 2.63 as on Jan. 01, 2017, up from 2.09 as on Jan. 03, 2016. Interest coverage ratio improved to 2.40 for the quarter from 1.87 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
