Central European Distribution Corporation Announces Preliminary First Quarter Results; Forecasts Yearly Revenues and Earnings by Quarter

Apr 30, 2001, 01:00 ET from Central European Distribution Corporation

    SARASOTA, Fla., April 30 /PRNewswire/ --
 Central European Distribution Corporation (Nasdaq:   CEDC) today announced
 preliminary financial results for the first quarter of 2001.  Unaudited net
 income is expected to be $379,000, or $0.09 per fully diluted share, $0.04
 better than previous estimates, compared to $24,000, or $0.01 per fully
 diluted share, in the same period of 2000.  Unaudited revenue for the first
 quarter is expected to be $33.6 million compared to $18.8 million for the same
 period in 2000, an increase of 79%.  Total shares outstanding at
 March 31, 2001, were 4.338 million.
     William Carey, Chairman and CEO commented, "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."
     Neil Crook, Chief Financial Officer, commented on the quarter, "With the
 zloty maintaining its strength against both the U.S. Dollar and the Euro we
 have been able to avoid the FX costs we had previously forecast for the first
 quarter."
 
     Business Outlook
     The following statements are based on current expectations.  These
 statements are forward looking, and actual results may materially differ.
     The Company forecasts that for the second quarter 2001 it expects 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 to $44.6 million, from $31.3 million, in the
 same period of 2000.
 
     *  The Company expects revenues for the second quarter 2001 to increase by
         42% over the second quarter of 2000.
 
     *  Expenses (Sales, General and Administrative) in the second quarter
         are expected to be 38.5% higher than in the second quarter of 2000.
         This will equate to a S,G&A/Revenue margin of approximately 10.1% for
         the second quarter 2001 as opposed to 10.4% for the second quarter
         2000.
 
     *  Within OID (Other Income & Deductions) the Company expects to incur net
         interest expenses of approximately $291,000, compared to $146,000 in
         the same period of 2000.
 
     *  The Company expects a second quarter tax rate of approximately 30%,
         subject to any revisions in the deferred tax asset, compared to 50% in
         the second quarter of 2000.
 
     The Company forecasts that for the third quarter revenues will be
 approximately $44.4 million compared to $32.1 million in the third quarter of
 2000.  Earnings per share are expected to be $0.10 compared to $0.02 in the
 third quarter of 2000.
     The Company also forecasts that for the fourth quarter revenues will be
 approximately $55 million as opposed to $49 million for the fourth quarter
 2000.  Earnings per share are expected to be $0.23 compared to $0.18 for the
 fourth quarter 2000.
     For the full year 2001 the Company forecasts revenues of approximately
 $178 million compared to $131 million for year 2000.  The Company is also
 forecasting earnings per share of $0.53 compared to $0.23 for the year 2000.
     The statements made by William V. Carey and Neil Crook and the above
 statements contained in this outlook are forward-looking statements that
 involve a number of risks and uncertainties.  In addition to any factors
 discussed above, among other factors that could cause actual results to differ
 materially are the following:
 
     *  Changes in customer ordering patterns.
 
     *  Changes in U.S. Dollar versus Polish Zloty and EURO versus Polish zloty
         exchange rates.
 
     *  Shortage of production capacity at main suppliers.
 
     *  Changes in distribution patterns by main suppliers.
 
     CEDC is the leading importer of beers, wines and spirits, as well as the
 largest distributor of domestic vodka on a nationwide basis in Poland, a
 $3.5 billion market at the retail level in 2000.  The Company operates twenty
 regional distribution centers in major urban areas throughout Poland, one of
 Europe's fastest growing economies, from which it distributes many of the
 world's leading brands, including brands such as Johnnie Walker Scotch, Stock
 Brandy, Sutter Home, Torres, Mondavi and Concha y Toro wines, Miller Genuine
 Draft, Corona, Beck's, Foster's, Budweiser Budvar and Guinness Stout beers.
 
     Except for the historical information contained herein, the matters
 discussed in this news release are forward looking statements that involve
 risks and uncertainties that are detailed from time to time in the Company's
 Securities and Exchange Commission reports.
 
     For further information please contact Jeffrey Peterson, Executive
 Vice-President, at 941-330-1558 or visit the Web site at http://www.ced-c.com.
 
                     MAKE YOUR OPINION COUNT -  Click Here
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SOURCE Central European Distribution Corporation
    SARASOTA, Fla., April 30 /PRNewswire/ --
 Central European Distribution Corporation (Nasdaq:   CEDC) today announced
 preliminary financial results for the first quarter of 2001.  Unaudited net
 income is expected to be $379,000, or $0.09 per fully diluted share, $0.04
 better than previous estimates, compared to $24,000, or $0.01 per fully
 diluted share, in the same period of 2000.  Unaudited revenue for the first
 quarter is expected to be $33.6 million compared to $18.8 million for the same
 period in 2000, an increase of 79%.  Total shares outstanding at
 March 31, 2001, were 4.338 million.
     William Carey, Chairman and CEO commented, "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."
     Neil Crook, Chief Financial Officer, commented on the quarter, "With the
 zloty maintaining its strength against both the U.S. Dollar and the Euro we
 have been able to avoid the FX costs we had previously forecast for the first
 quarter."
 
     Business Outlook
     The following statements are based on current expectations.  These
 statements are forward looking, and actual results may materially differ.
     The Company forecasts that for the second quarter 2001 it expects 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 to $44.6 million, from $31.3 million, in the
 same period of 2000.
 
     *  The Company expects revenues for the second quarter 2001 to increase by
         42% over the second quarter of 2000.
 
     *  Expenses (Sales, General and Administrative) in the second quarter
         are expected to be 38.5% higher than in the second quarter of 2000.
         This will equate to a S,G&A/Revenue margin of approximately 10.1% for
         the second quarter 2001 as opposed to 10.4% for the second quarter
         2000.
 
     *  Within OID (Other Income & Deductions) the Company expects to incur net
         interest expenses of approximately $291,000, compared to $146,000 in
         the same period of 2000.
 
     *  The Company expects a second quarter tax rate of approximately 30%,
         subject to any revisions in the deferred tax asset, compared to 50% in
         the second quarter of 2000.
 
     The Company forecasts that for the third quarter revenues will be
 approximately $44.4 million compared to $32.1 million in the third quarter of
 2000.  Earnings per share are expected to be $0.10 compared to $0.02 in the
 third quarter of 2000.
     The Company also forecasts that for the fourth quarter revenues will be
 approximately $55 million as opposed to $49 million for the fourth quarter
 2000.  Earnings per share are expected to be $0.23 compared to $0.18 for the
 fourth quarter 2000.
     For the full year 2001 the Company forecasts revenues of approximately
 $178 million compared to $131 million for year 2000.  The Company is also
 forecasting earnings per share of $0.53 compared to $0.23 for the year 2000.
     The statements made by William V. Carey and Neil Crook and the above
 statements contained in this outlook are forward-looking statements that
 involve a number of risks and uncertainties.  In addition to any factors
 discussed above, among other factors that could cause actual results to differ
 materially are the following:
 
     *  Changes in customer ordering patterns.
 
     *  Changes in U.S. Dollar versus Polish Zloty and EURO versus Polish zloty
         exchange rates.
 
     *  Shortage of production capacity at main suppliers.
 
     *  Changes in distribution patterns by main suppliers.
 
     CEDC is the leading importer of beers, wines and spirits, as well as the
 largest distributor of domestic vodka on a nationwide basis in Poland, a
 $3.5 billion market at the retail level in 2000.  The Company operates twenty
 regional distribution centers in major urban areas throughout Poland, one of
 Europe's fastest growing economies, from which it distributes many of the
 world's leading brands, including brands such as Johnnie Walker Scotch, Stock
 Brandy, Sutter Home, Torres, Mondavi and Concha y Toro wines, Miller Genuine
 Draft, Corona, Beck's, Foster's, Budweiser Budvar and Guinness Stout beers.
 
     Except for the historical information contained herein, the matters
 discussed in this news release are forward looking statements that involve
 risks and uncertainties that are detailed from time to time in the Company's
 Securities and Exchange Commission reports.
 
     For further information please contact Jeffrey Peterson, Executive
 Vice-President, at 941-330-1558 or visit the Web site at http://www.ced-c.com.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X56822563
 
 SOURCE  Central European Distribution Corporation