US: Central European Distribution Corporation swings to black in Q1
- Q1 net profits of US$1.1m versus $23.4m losses in Q1 2010
- Operating profits slide by 62.9% to $9.4m
- Sales rise by 4.6% to $156.7m
- Reconfirms full-year sales guidance of between $880m and $1.08bn
CEDC released its Q1 results earlier today
Central Eastern Distribution Corporation has seen its first quarter return to the black after last year's losses.
The spirits company said yesterday that net profits for the three months to the end of March hit US$1.1m. A year earlier, net losses totalled $23.4m. The return to profit came on the back of a 4.6% lift in quarterly sales to $156.m.
However, on a comparable basis, excluding one-off items, CEDC announced net losses of $17.4m for the first quarter of 2011, compared to net profits of $0.4m a year ago.
Company president and CEO William Carey described the performance as "in line with our expectations". He added: "We expect to see significant quarter-on-quarter improvement moving through the rest of the year in 2011."
CEDC reconfirmed its full-year sales guidance of between $880m and $1.08bn.
For the official release, click here.
Central European Distribution Corp is facing a lawsuit in the US over the extent of its disclosures on performance in Eastern Europe, but the group is set to strongly deny allegations of wrongdoing....
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