US: CEDC reaffirms full-year forecasts

Fast-expanding spirits group Central European Distribution Corporation has reaffirmed its 2008 full-year sales and earnings guidance, as well as forecasts for 2009.

The company (CEDC) confirmed that it was expecting 2008 net sales to be in the region of US$1.65bn to $1.80bn, with full-year comparable fully diluted earnings per share coming in at between $2.75 and $2.95. For 2009, CEDC is forecasting full-year net sales of $1.93bn to $2.03bn and fully diluted earnings per share of $3.75 to $4.00.

"We continue to see strong business fundamentals for us in Poland and Russia and also have seen a strengthening of Polish currency over the last two weeks," said CFO Chris Biedermann.

"Our current debt obligations are predominately long-term and with our strong cash flow generation and acquisition financing completed early this year, we believe our balance sheet is well capitalised to deal with short-term obligations that will arise next year."

CEDC also announced that it is to be added to the NASDAQ Q-50 stock index on 22 September, 2008. The Index tracks the performance of the 50 securities that are next in line to replace those currently included in the NASDAQ-100 Index.

William Carey, CEDC's president and CEO, said: "We are extremely pleased to be included in the NASDAQ Q-50. The NASDAQ market has been a great platform for us to expand our investor base and increase liquidity in our stock."