USA: Coca-Cola Enterprises Reports Third-Quarter 2000 Results
Third-quarter 2000 net income per common share was 27 cents, excluding the insurance proceeds.Constant territory volume declined 1 1/2 percent in both North America and Europe for the third quarter of 2000. Coca-Cola Enterprises today announced third-quarter 2000 cash operating profit(a) was $711 million, and net income applicable to common shareowners was $130 million, or 30 cents per diluted common share. Third-quarter 2000 results include $20 million of insurance recovery related to the 1999 recall of the Company's products in certain European territories. Adjusting for the insurance proceeds, comparable cash operating profit totaled $691 million for the quarter and net income per diluted common share totaled 27 cents. Comparable cash operating profit for the first nine months increased to approximately $1.9 billion, up 5 percent from adjusted 1999 levels. Earnings per diluted common share increased to 49 cents on a year-to-date basis, excluding nonrecurring items. "The people of Coca-Cola Enterprises have built the strongest distribution system in the industry by focusing on superior marketplace execution, local management authority, and local brand building initiatives," said Summerfield K. Johnston, Jr., chairman and chief executive officer. "These strengths - combined with the renewed local focus of The Coca-Cola Company - will enable us to reinvigorate volume growth and drive increasing levels of profitability."
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