Bala Cynwyd, Pa., May 2 - Central European Distribution Corporation (Nasdaq: CEDC) today announced its results for fiscal first quarter 2007. Net sales for the first quarter 2007 increased 20% to $228 million from the $190 million reported for the same period in 2006. Operating income increased by 30% to $18.9 million from $14.6 million for the same period in 2006.
On a comparable basis, CEDC announced net income of $7.8 million, or $0.20 per fully diluted share for the first quarter 2007, as compared to $4.9 million or $0.14 per fully diluted share for the same period in 2006. On a U.S. GAAP basis (as hereinafter defined), CEDC announced a net loss of $5.2 million or $0.13 per fully diluted share for the first quarter of 2007, as compared to net income of $7.8 million, or $0.22 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 costs associated with the early retirement of debt. For a reconciliation of comparable non-GAAP net income to the net loss reported under United States Generally Accepted Accounting Principles ("GAAP"), please see the section Unaudited Reconciliation of Non-GAAP Measures". The weighted average number of shares used for Calculating diluted earnings per share for first quarter 2007 was 39.4 million compared to 36.1 million for the first quarter 2006.