The US-based European drinks distributor, Central European Distribution Corporation (CEDC), posted net sales for 2002 of US$294.0m, up 64.9% from US$178.2m in 2001. Net income for the year was up by 229% at US$8.3m.

"We are pleased with our record fourth quarter and full year results," said CEDC's president and CEO, William Carey. "One of the main factors behind our strong results was the excise tax reduction on spirits on October 1, 2002. This reduction had a positive impact on both the top line and bottom line for the fourth quarter. The company expects to continue its double digit organic growth during 2003 and has a strong pipeline of potential acquisitions including the previously announced Dako Galant."

CEDC is one of the largest importers of beers, wines and spirits in Poland, as well as a major distributor of domestic vodka on the Polish national market.