Coca-Cola Bottling Co. Consolidated Reports 2008 Second Quarter and First Half Results

Charlotte, N.C., Aug. 8, 2008 - Coca-Cola Bottling Co. Consolidated today announced it earned $15.2 million, or basic net income per share of $1.66, in the second quarter of 2008 compared to net income of $11.7 million, or basic net income per share of $1.28, in the second quarter of 2007. For the first six months of 2008, the Company earned $10.8 million, or basic net income per share of $1.18, compared to net income of $16.3 million, or basic net income per share of $1.79, for the first six months of 2007. The first half 2007 results include after-tax costs of $1.5 million, or basic net income per share of $.16, related to a simplification of the Company's operating management structure and reduction in workforce.

J. Frank Harrison, III, Chairman and CEO, said, "We are pleased with these second quarter financial results, especially considering the difficult cost and economic environment. While commodity costs continue to be extremely challenging, we have been able to offset some of these increased costs with a combination of operating expense reductions and price increases. We are intensely focused on maintaining gross margin and streamlining operations in order to improve our operating results. I commend our employees for their steadfast commitment during these tough economic times."

William B. Elmore, President and COO, added, "We have implemented a plan of continuous improvement and are challenging our entire organization and leaders to find new and better ways to execute our business plan. In the face of continued extraordinary raw material cost increases, we are working diligently to redesign our brand/package/channel pricing architecture as this is the key driver of both revenue and gross margin. The second half of 2008 will continue to be a very challenging operating environment with the sluggish economy and increased commodity costs although we do expect substantial savings from our recently announced restructuring plan as we enter the second half of 2008."

The Company anticipates the restructuring plan to be completed by the end of the third quarter and estimates incurring a related expense of approximately $4 million to $5 million. In addition, the Company has reached a tentative agreement with striking employees in Mobile, Alabama, represented by the Teamsters, and these employees have returned to work. The agreement allows the Company to fix its liability to the Central States, Southeast and Southwest Areas Pension Fund, a multi-employer pension fund, while preserving pension benefits previously earned by the employees. As a result, the Company anticipates recording a charge of approximately $13 million to $15 million in the third quarter of 2008. In addition, the Company will make future contributions on behalf of these employees to the Southern States Savings and Retirement Plan, a multi-employer defined contribution plan.

J. Frank Harrison, III summarized, "We continue to be faithful to the mission and values of our Company, which have provided a strong foundation for many years. Difficult times, such as the current operating environment, make us work smarter and more efficiently and I believe we continue to position ourselves for long-term success."