POLAND: CEDC raises full year estimates

By | 10 July 2007

Central European Distribution Corporation has raised its full year 2007 fully diluted earnings per share guidance. The spirits company said it had raised its expectations from US$1.50-$1.66 to US$1.56 - $1.72 and full year 2007 net sales revenue from $1.05-$1.10 billion to $1.10 - $1.15 billion.

William V. Carey, president and CEO, said: "We continue to see strong underlying growth in our core brands both produced and imported. Additionally, we have seen continued downward pressure on raw spirit pricing in the first half of 2007 which has had a positive impact on our operating profit. Forecasted GDP growth in Poland from 6-6.5% for the rest of the year should continue to drive consumer demand for premium brands, which we are well-positioned to benefit from. These positive trends put us in a strong position heading into 2008."

The company also released its full year 2008 fully diluted earnings per share guidance of $2.00 to $2.10 and full year net sales guidance of $1.20 billion to $1.30 billion.

The company said that the 2007 and 2008 guidance did not factor in the impact of any potential new acquisitions in Poland and the region, or exchange rate movements related to the company's Senior Secured Notes. The number of shares used to calculate the 2008 fully diluted earnings per share guidance is 40.8 million

CEDC is the largest vodka producer in Poland and produces the Absolwent, Zubrowka, Bols and Soplica brands, among others. CEDC currently exports Zubrowka to many markets around the world. CEDC also produces and distributes Royal Vodka, the number one selling vodka in Hungary.

Sectors: Spirits, Wine

Companies: CEDC, Bols

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