US: CEDC Q2 earnings on the up
Beer, wine and spirits distributor Central European Distribution Corp. has seen second-quarter earnings rise, helped by strong demand and cost controls. Net income at CEDC rose by 30.6% to US$4.52m, or US$0.28 per fully diluted share, for the three-month period to 30 June, from US$3.46m, or US$0.22 per fully diluted share, for the same period in 2003.
Net sales for the quarter increased by 26.5% to US$133.0m, from US$105.1m for the same period in 2003.
In a statement, William Carey, CEO, said: "We had another solid quarter top line to bottom line and remain committed to deliver previously stated 2004 guidance of net sales of US$543-US$553m and fully diluted earnings per share of US$1.28-US$1.33, which would be an increase of 36% over 2003 fully diluted earnings per share of US$0.96."
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