Bala Cynwyd, Pa., Oct. 30 - Central European Distribution Corporation today announced its results for fiscal third quarter 2007. Net sales for the third quarter 2007 increased 28% to $299.6 million from $233.9 million reported for the same period in 2006. Comparable net income increased by 56% to $18.3 million from $11.7 million for the same period in 2006.
On a comparable basis, CEDC announced net income of $18.3 million, or $0.45 per fully diluted share for the third quarter 2007, as compared to $11.7 million or $0.33 per fully diluted share for the same period in 2006. On a U.S. GAAP basis (as hereinafter defined), CEDC announced net income of $17.0 million or $0.42 per fully diluted share for the third quarter of 2007, as compared to net income of $15.4 million, or $0.43 per fully diluted share, for the same period in 2006. The major differences between the U.S. GAAP net income and comparable non-GAAP net income reflects unrealized foreign exchange movements relating to our Senior Secured Notes and other charges which are non recurring or not reflective of the ongoing performance of our business operations. For a reconciliation of comparable non-GAAP net income to the net income reported under United States Generally Accepted Accounting Principles ("GAAP"), please see the section "Unaudited Reconciliation of Non- GAAP Measures" below. The weighted average number of shares used for calculating diluted earnings per share for third quarter 2007 was 40.8 million compared to 36.0 million for the third quarter 2006.
Some of the Company's key financial highlights for the third quarter 2007 compared to the same quarter last year include the following:
-- Net sales up 28%
-- Organic sales growth of 22%
-- Operating income up 18%
-- Comparable net income up 56%
-- Exclusive import portfolio growth of 49%
Mr. William Carey, CEO and President, said, "The strong growth of our branded portfolio coupled with the market share gains made in our distribution business has delivered another quarter of strong performance from top to bottom line. The 49% growth in our import portfolio continues to highlight the consumer premiumization that is going in the marketplace."
Mr. Carey continued, "With our recent signing of new distribution agreements in Poland, we are continuing to see accelerated growth in our distribution business. As a result of this accelerated growth, we are raising our full year 2007 net sales guidance from $1.13 - $1.18 billion to $1.17 - $1.20 billion, and our full year 2007 comparable fully diluted earnings per share guidance from $1.57- $1.73 to $1.65 - $1.79."