Central European Distribution Corporation (CEDC), the leading US importer of beers, wines and spirits is expecting revenues for the second quarter 2001 to increase by 42% over the second quarter of 2000.

Announcing its preliminary financial results for the first quarter of 2001 today, CEDC also said it expects its un-audited net income to be $379,000 or $0.09 per fully diluted share. This is $0.04 better than previous estimates and compares to $24,000 or $0.01 per fully diluted share in the same period of 2000.

Un-audited revenue for the first quarter is expected to be $33.6m compared to $18.8m for the same period in 2000, an increase of 79%.

Commenting on the results chairman of CEDC, William Carey said: "During the first quarter we were able to increase the operating profit as a percentage of sales to 1.7% from 1.3% year on year because of lowered costs associated with the logistic synergies achieved through our previous acquisitions."

Forecasting for the second quarter 2001 CEDC said it expects a net income of approximately $467,000 or $0.11 per fully diluted share, compared to $87,000 or $0.02 per fully diluted share, for the same period in 2000.

Revenues are expected to increase for the second quarter to $44.6m from $31.3m.

CEDC is also the largest distributor of domestic vodka on a nationwide basis in Poland and operates 20 regional distribution centres in major urban areas throughout the country, where it distributes brands such as Johnnie Walker, Sutter Home, Torres, Mondavi and Concha y Toro wines, Guinness and Beck's.