POLAND: CEDC sales and income up in Q3
Central European Distribution Corporation has announced that net income rose 41.7% to US$5.1m, or $0.31 per fully diluted share, for the three-month period ended September 30, 2004 from US$3.6m, or $0.22 per fully diluted share, for the same period in 2003.
Net sales for the three-month period ended September 30, 2004 increased 39.1% to US$145.8m from US$104.8m for the same period in 2003.
CEDC is one of the leading importers of beers, wines and spirits, as well as the largest distributor of domestic vodka on a nationwide basis, in Poland.
Net income for the nine-month period ended September 30, 2004 increased 41.1% to US$12.7m, or $0.77 per fully diluted share, from US$9.0m, or $0.58 per fully diluted share, for the same period in 2003. Net sales for the nine-month period ended September 30, 2004 increased 34.5% to US$389.3m from US$289.4m for the same period in 2003.
William Carey, CEO and president, said: "The third quarter was a solid quarter during which we continued to see strong growth in our high margin import wine and spirit business. In addition, organic growth continued to be in line with Company guidance of 7%-11%. At the same time, free cash flow improved as our increased operating leverage and improved operating ratios helped us to deliver over $16 million in free cash flow for the nine months of 2004."
The company's results remain in line with its full year 2004 projections of US$549-$559m net sales and US$1.28-$1.33 fully diluted earnings per share. The company expects to announce full year 2005 projections at the end of November 2004.
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