The Coca-Cola Company Announces First Quarter Operating Results And Outlook for Future Growth

* Earnings per share of $0.35 and worldwide unit case volume

growth of 4 percent, driven by 6 percent international growth.



* Management comfortable with current earnings expectations

for 2001 and volume growth of 5 to 6 percent.



* Outlook beyond 2001 revised to volume growth of 5 to 6

percent and earnings per share growth of 11 to 12 percent.



Apr 18, 2001, 01:00 ET from The Coca Cola Company

    ATLANTA, April 18 /PRNewswire/ -- The Coca-Cola Company reported today
 that first quarter earnings per share were $0.35, compared with a loss of
 $0.02 a year ago, on a reported basis.  Worldwide unit case volumes grew
 4 percent in the quarter, driven by international growth of 6 percent.
     Taking into account first quarter volume performance in key markets and a
 slightly more conservative outlook due to economic indicators, the Company now
 expects unit case volume growth of 5 to 6 percent in the current year.  This
 incorporates the anticipated benefits of heightened marketing activities, led
 by a new campaign for brand Coca-Cola, which will begin in the second quarter.
     After considering the revised outlook for volume growth, the Company
 remains comfortable with full-year diluted earnings per share in the range of
 analysts' expectations.  This estimate excludes any impact from transactional
 gains, as the Company views such items as nonrecurring in nature.
     Regarding the longer-term outlook, Douglas N. Daft, chairman and chief
 executive officer, said, "We have recently concluded a thorough, disciplined
 process involving a comprehensive business analysis of all factors impacting
 our system, including the macroeconomic environment, demographic trends,
 consumption patterns, and the long-term financial returns of the Coca-Cola
 system.  As a result of this exhaustive analysis, which we have reviewed with
 the Board of Directors, we have recalibrated our long-term performance
 objectives.  We are confident that in the future we will be able to
 consistently achieve growth of company-owned, worldwide unit case volume in
 the range of 5 to 6 percent and earnings per share growth in the range of 11
 to 12 percent, on a currency neutral basis."
     For 2002, the Company anticipates that volume and earnings per share will
 grow in accordance with long-term objectives from a base earnings per share
 amount that excludes the previously announced 2001 incremental marketing
 activities.
     Mr. Daft said, "Over the past year, we have strengthened our platform to
 deliver long-term shareowner value.  More importantly, we will continue to do
 so over time.  Our success will be driven not by short-term financial goals
 alone, but by our system's ability to capitalize on our key competitive
 advantages.
     "The financial yardsticks we will use to measure ourselves, and by which
 we believe others will measure us, include our ability to deliver significant
 cash flows, strong operating income and attractive returns on capital well
 into the future.  Coca-Cola has the most recognized beverage brands in the
 world and is able to reach consumers in nearly 200 countries through an
 unparalleled distribution system.
     "Our core business has the potential for significant expansion and can
 realize that opportunity.  For example, people outside the United States drink
 less than one serving of carbonated soft drinks a week.  Within the U.S.,
 consumers drink more than one serving a day.  Therefore, we continue to
 aggressively drive the business and build on our competitive strengths, and we
 are confident this will produce sustainable growth in volume, earnings and
 cash flow, delivering outstanding financial returns for our system and our
 share owners," concluded Mr. Daft.
 
     Volume Measurement
     Consistent with industry practice, in the future, the Company's unit case
 volume information will only include unit case volume from operations which
 are majority-owned by The Coca-Cola Company.  Therefore, after regulatory
 approvals are obtained, the Company intends to exclude volumes from the joint
 venture with Nestle and from the company it is forming with Procter & Gamble.
     Had the Company excluded unit case volume contributed in the first quarter
 2001 by brands which will be managed through equity investments in the future,
 worldwide unit case volumes would have grown 4 percent, reflecting no change.
 
                     THE COCA-COLA COMPANY AND SUBSIDIARIES
                      (In Millions, except per share data)
 
                                                    First Quarter
 
                                        2001            2000        % Change
     NET OPERATING REVENUES           $4,479          $4,256            5
 
     Cost of Goods Sold                1,345           1,398           (4)
 
     GROSS PROFIT                      3,134           2,858           10
 
     Selling, Administrative and
      General Expenses                 1,854           1,938           (4)
 
     Other Operating Charges
      Organizational Realignment          --             275           --
      Primarily Asset Write-downs         --             405           --
 
     OPERATING INCOME                  1,280             240          433
 
     Interest Income                      81              67           21
 
     Interest Expense                     91              99           (8)
 
     Equity Loss - Net                   (38)            (85)          55
 
     Other Income (Loss) - Net            15             (26)          --
 
     Income Before Income Taxes and    1,247              97           --
     Cumulative Effect of Change in
     Accounting Principle
 
     Income Taxes                        374             155          141
     Income Prior to Cumulative Effect
     of Change in Accounting Principle   873             (58)          --
 
     Cumulative Effect of Change in
     Accounting Principle -- SFAS 133    (10)             --           --
 
     NET INCOME (LOSS)                  $863            $(58)          --
 
 
     DILUTED NET INCOME (LOSS)
      PER SHARE*                       $0.35          $(0.02)          --
 
     Average Shares Outstanding -
      Diluted*                         2,490           2,472           --
 
     * For the first quarter, "Basic Net Income (Loss) Per Share" was $0.35 for
 2001 and $(0.02) for 2000 based on "Average Shares Outstanding - Basic" of
 2,486 and 2,472 for 2001 and 2000, respectively.
 
     Operational Review
     First quarter worldwide unit case volume increased 4 percent.  Worldwide
 gallon sales in the quarter increased 11 percent.  Actual gallon sales were
 the equivalent of unit cases in the quarter; however, the percentage increase
 in gallon sales was higher than the increase in unit case volumes due to the
 reduction of concentrate inventory by certain bottlers during the first
 quarter of last year.
 
     Asia -- Unit case volume increased 10 percent for the quarter due to
 strong performance in most major markets, including China at 16 percent and
 India at 12 percent.  Volumes within Japan grew by 1 percent, accelerating in
 the quarter to reach very strong growth in March as a result of solid
 marketing programs behind brand Coca-Cola and Georgia coffee.  In the early
 part of the quarter, the Company's focus was on growing the highly profitable
 coffee business, which is weighted toward smaller package sizes.  Gallon sales
 in Asia increased 34 percent in the first quarter 2001, as a result of the
 planned inventory reduction by selected bottlers in the first quarter 2000.
 
     Latin America -- First quarter unit case volume increased 3 percent.  In
 Brazil, unit case volume increased 5 percent on top of 13 percent volume
 growth a year ago, driven by locally developed marketing activities.  Mexico
 was impacted by extremely poor weather conditions early in the year; however,
 improving volume trends allowed for growth in the quarter of 1 percent on top
 of 8 percent growth last year.
     In Argentina, the Company's strategy to offer greater diversity in its
 portfolio led to unit case volume growth of 14 percent.  In Chile, volumes
 declined 1 percent due to low levels of consumer spending and difficult
 comparisons from the prior year.  Gallon sales in Latin America increased
 4 percent in the quarter.
 
     North America -- Unit case volume increased 1 percent in the first
 quarter, as major 2001 marketing initiatives are heavily weighted to the
 second, third and fourth quarters.  New product launches have begun across
 North America, including Fanta, Manzana Mia, Planet Java, KMX, Minute Maid
 Lemonade and Fruit Punch and other products specifically tailored to consumer
 groups in each market.  Gallon sales in North America increased 4 percent
 compared to the prior year.
 
     Europe, Eurasia and Middle East -- Unit case volume increased 4 percent.
 With the exception of Turkey and Germany, performance was solid across the
 entire region led by Central Europe, CCE Europe Territories and Southeast
 Europe.  The Eurasia Division reported a decline in volumes of 14 percent due
 to the significant, continuing economic crisis in Turkey.  Unit case volume
 growth in Germany was negatively impacted by retail pricing actions.  The
 Company anticipates improving business results in Germany as the new
 management team, business strategies, and aggressive marketing activities
 combine with a bottling system which will be strengthened by the restructuring
 process now underway.  Gallon sales in Europe, Eurasia and Middle East
 increased 12 percent for the year compared to the prior year.
 
     Africa -- First quarter unit case volume increased 10 percent, led by
 South Africa and Nigeria.  In South Africa, local marketing initiatives and
 new product launches combined for successful unit case volume growth.  In
 addition to cycling last year's volume decline resulting from a significant
 price increase, Nigeria experienced volume increases driven by new product and
 packaging launches.  Gallon sales in Africa increased 33 percent compared to
 the prior year reflecting the impact of the planned concentrate inventory
 reduction by selected bottlers in 2000.
 
     Financial Review
     Fully diluted earnings per share were $0.35 for the first quarter.
 Revenues increased by 5 percent in the first quarter reflecting gallon
 shipments and price increases in selected countries, partially offset by
 structural change and the impact of foreign currencies.  Structural change
 related to the sale of the Company's Japanese vending operation to local
 bottlers and the transfer of the German canning operation to Coca-Cola
 bottlers in Germany.  Both events impacted revenues and cost of goods sold but
 had an immaterial impact on operating income.
     Operating income for the first quarter 2001 increased significantly due to
 solid business results and the cycling of several nonrecurring items in the
 prior year.  The impact of a stronger U.S. dollar reduced our operating income
 by approximately 3 percent during the first quarter, led by movements in the
 Euro, Brazilian real, Australian dollar and South African rand.  Excluding the
 nonrecurring items in the prior year first quarter, net income grew by
 11 percent.
     In the first quarter 2000, a reduction in concentrate inventory by certain
 bottlers impacted the Company's diluted earnings per share by approximately
 $0.10 after tax.  Reported operating income for the first quarter 2000 was
 also impacted by nonrecurring charges of $0.08 per share after tax due to the
 Company's organizational realignment and $0.16 per share after tax primarily
 related to the write-down in the carrying value of the Company's Indian
 bottling operations.
     The Company reinitiated its share repurchase program during the first
 quarter 2001, reflecting improving cash flow trends.  During the quarter, the
 Company repurchased over 1 million shares of common stock at an average cost
 of $50.54 per share.  Since the inception of our initial share repurchase
 program in January 1984, the Company has repurchased over 32% of common shares
 then outstanding, or a cumulative total of over 1 billion shares at an average
 cost of approximately $12.51 per share.
 
     Accounting Standards
     During the quarter, the Company implemented SFAS 133, "Accounting for
 Derivative Instruments and Hedging Activities," and the cumulative effect of
 the accounting change was a one-time, non-cash charge of $10 million.  The
 application of this new accounting standard in the first quarter 2001
 decreased earnings by $16 million on a pre-tax basis.
     In the first quarter, the Company adopted the provisions of the Emerging
 Issues Task Force (EITF) issue No. 00-14 "Accounting for Certain Sales
 Incentives," and issue No. 00-22 "Accounting for Points and Certain Other
 Time-Based Sales Incentive Offers, and Offers for Free Products or Services to
 Be Delivered in the Future."  The adoption of both EITF No. 00-14 and EITF
 No. 00-22 resulted in the reclassification of $135 million for first quarter
 2000, from selling, administrative and general expenses to a reduction in net
 revenues.  The amount reclassified relates primarily to volume incentives
 offered to customers by The Minute Maid Company.
 
     Conference Call
     The Company will host a conference call to discuss the first quarter 2001
 earnings release with financial analysts on April 18, 2001 at 1:00 p.m. (EDT).
 To listen, please visit the Investor Relations section of the Company's
 website at www.coca-cola.com .
 
     This press release contains statements, estimates or projections, not
 historical in nature, that may constitute "forward-looking statements" as
 defined under U.S. federal securities laws.  These statements, which speak
 only as of the date given, are subject to certain risks and uncertainties that
 could cause actual results to differ materially from our Company's historical
 experience and our present expectations or projections.  These risks include,
 but are not limited to, our ability to finance expansion plans, share
 repurchase programs and general operating activities; changes in the
 non-alcoholic beverages business environment, including actions of competitors
 and changes in consumer preferences; regulatory and legal changes;
 fluctuations in the cost and availability of raw materials; interest rate and
 currency fluctuations; changes in economic and political conditions; our
 ability to penetrate developing and emerging markets; the effectiveness of our
 advertising and marketing programs; litigation uncertainties; adverse weather
 conditions; and other risks discussed in our Company's filings with the
 Securities and Exchange Commission (the "SEC"), including our Annual Report on
 Form 10-K, which filings are available from the SEC.  The Company undertakes
 no obligation to publicly update or revise any forward-looking statements.
 
                                 The Coca-Cola Company
                                  First Quarter 2001
                                    Volume Results
 
                                                   First Quarter 2001
                                                            vs.
                                                   First Quarter 2000
                                                     Unit Case Volume
                                                         % Change
 
     Worldwide                                              4
 
     North America                                          1
      United States                                         1
     Latin America                                          3
      Argentina                                            14
      Brazil                                                5
      Central America & Caribbean                           9
      Chile                                                (1)
      Mexico                                                1
     Europe, Eurasia and Middle East                        4
      Germany                                              (4)
      Spain                                                 2
      Eurasia (includes Turkey)                           (14)
      Middle East                                          12
     Africa                                                10
      North and West                                       10
      Southern and East                                     9
     Asia                                                  10
      China                                                16
      India                                                12
      Japan                                                 1
 
 

SOURCE The Coca Cola Company
    ATLANTA, April 18 /PRNewswire/ -- The Coca-Cola Company reported today
 that first quarter earnings per share were $0.35, compared with a loss of
 $0.02 a year ago, on a reported basis.  Worldwide unit case volumes grew
 4 percent in the quarter, driven by international growth of 6 percent.
     Taking into account first quarter volume performance in key markets and a
 slightly more conservative outlook due to economic indicators, the Company now
 expects unit case volume growth of 5 to 6 percent in the current year.  This
 incorporates the anticipated benefits of heightened marketing activities, led
 by a new campaign for brand Coca-Cola, which will begin in the second quarter.
     After considering the revised outlook for volume growth, the Company
 remains comfortable with full-year diluted earnings per share in the range of
 analysts' expectations.  This estimate excludes any impact from transactional
 gains, as the Company views such items as nonrecurring in nature.
     Regarding the longer-term outlook, Douglas N. Daft, chairman and chief
 executive officer, said, "We have recently concluded a thorough, disciplined
 process involving a comprehensive business analysis of all factors impacting
 our system, including the macroeconomic environment, demographic trends,
 consumption patterns, and the long-term financial returns of the Coca-Cola
 system.  As a result of this exhaustive analysis, which we have reviewed with
 the Board of Directors, we have recalibrated our long-term performance
 objectives.  We are confident that in the future we will be able to
 consistently achieve growth of company-owned, worldwide unit case volume in
 the range of 5 to 6 percent and earnings per share growth in the range of 11
 to 12 percent, on a currency neutral basis."
     For 2002, the Company anticipates that volume and earnings per share will
 grow in accordance with long-term objectives from a base earnings per share
 amount that excludes the previously announced 2001 incremental marketing
 activities.
     Mr. Daft said, "Over the past year, we have strengthened our platform to
 deliver long-term shareowner value.  More importantly, we will continue to do
 so over time.  Our success will be driven not by short-term financial goals
 alone, but by our system's ability to capitalize on our key competitive
 advantages.
     "The financial yardsticks we will use to measure ourselves, and by which
 we believe others will measure us, include our ability to deliver significant
 cash flows, strong operating income and attractive returns on capital well
 into the future.  Coca-Cola has the most recognized beverage brands in the
 world and is able to reach consumers in nearly 200 countries through an
 unparalleled distribution system.
     "Our core business has the potential for significant expansion and can
 realize that opportunity.  For example, people outside the United States drink
 less than one serving of carbonated soft drinks a week.  Within the U.S.,
 consumers drink more than one serving a day.  Therefore, we continue to
 aggressively drive the business and build on our competitive strengths, and we
 are confident this will produce sustainable growth in volume, earnings and
 cash flow, delivering outstanding financial returns for our system and our
 share owners," concluded Mr. Daft.
 
     Volume Measurement
     Consistent with industry practice, in the future, the Company's unit case
 volume information will only include unit case volume from operations which
 are majority-owned by The Coca-Cola Company.  Therefore, after regulatory
 approvals are obtained, the Company intends to exclude volumes from the joint
 venture with Nestle and from the company it is forming with Procter & Gamble.
     Had the Company excluded unit case volume contributed in the first quarter
 2001 by brands which will be managed through equity investments in the future,
 worldwide unit case volumes would have grown 4 percent, reflecting no change.
 
                     THE COCA-COLA COMPANY AND SUBSIDIARIES
                      (In Millions, except per share data)
 
                                                    First Quarter
 
                                        2001            2000        % Change
     NET OPERATING REVENUES           $4,479          $4,256            5
 
     Cost of Goods Sold                1,345           1,398           (4)
 
     GROSS PROFIT                      3,134           2,858           10
 
     Selling, Administrative and
      General Expenses                 1,854           1,938           (4)
 
     Other Operating Charges
      Organizational Realignment          --             275           --
      Primarily Asset Write-downs         --             405           --
 
     OPERATING INCOME                  1,280             240          433
 
     Interest Income                      81              67           21
 
     Interest Expense                     91              99           (8)
 
     Equity Loss - Net                   (38)            (85)          55
 
     Other Income (Loss) - Net            15             (26)          --
 
     Income Before Income Taxes and    1,247              97           --
     Cumulative Effect of Change in
     Accounting Principle
 
     Income Taxes                        374             155          141
     Income Prior to Cumulative Effect
     of Change in Accounting Principle   873             (58)          --
 
     Cumulative Effect of Change in
     Accounting Principle -- SFAS 133    (10)             --           --
 
     NET INCOME (LOSS)                  $863            $(58)          --
 
 
     DILUTED NET INCOME (LOSS)
      PER SHARE*                       $0.35          $(0.02)          --
 
     Average Shares Outstanding -
      Diluted*                         2,490           2,472           --
 
     * For the first quarter, "Basic Net Income (Loss) Per Share" was $0.35 for
 2001 and $(0.02) for 2000 based on "Average Shares Outstanding - Basic" of
 2,486 and 2,472 for 2001 and 2000, respectively.
 
     Operational Review
     First quarter worldwide unit case volume increased 4 percent.  Worldwide
 gallon sales in the quarter increased 11 percent.  Actual gallon sales were
 the equivalent of unit cases in the quarter; however, the percentage increase
 in gallon sales was higher than the increase in unit case volumes due to the
 reduction of concentrate inventory by certain bottlers during the first
 quarter of last year.
 
     Asia -- Unit case volume increased 10 percent for the quarter due to
 strong performance in most major markets, including China at 16 percent and
 India at 12 percent.  Volumes within Japan grew by 1 percent, accelerating in
 the quarter to reach very strong growth in March as a result of solid
 marketing programs behind brand Coca-Cola and Georgia coffee.  In the early
 part of the quarter, the Company's focus was on growing the highly profitable
 coffee business, which is weighted toward smaller package sizes.  Gallon sales
 in Asia increased 34 percent in the first quarter 2001, as a result of the
 planned inventory reduction by selected bottlers in the first quarter 2000.
 
     Latin America -- First quarter unit case volume increased 3 percent.  In
 Brazil, unit case volume increased 5 percent on top of 13 percent volume
 growth a year ago, driven by locally developed marketing activities.  Mexico
 was impacted by extremely poor weather conditions early in the year; however,
 improving volume trends allowed for growth in the quarter of 1 percent on top
 of 8 percent growth last year.
     In Argentina, the Company's strategy to offer greater diversity in its
 portfolio led to unit case volume growth of 14 percent.  In Chile, volumes
 declined 1 percent due to low levels of consumer spending and difficult
 comparisons from the prior year.  Gallon sales in Latin America increased
 4 percent in the quarter.
 
     North America -- Unit case volume increased 1 percent in the first
 quarter, as major 2001 marketing initiatives are heavily weighted to the
 second, third and fourth quarters.  New product launches have begun across
 North America, including Fanta, Manzana Mia, Planet Java, KMX, Minute Maid
 Lemonade and Fruit Punch and other products specifically tailored to consumer
 groups in each market.  Gallon sales in North America increased 4 percent
 compared to the prior year.
 
     Europe, Eurasia and Middle East -- Unit case volume increased 4 percent.
 With the exception of Turkey and Germany, performance was solid across the
 entire region led by Central Europe, CCE Europe Territories and Southeast
 Europe.  The Eurasia Division reported a decline in volumes of 14 percent due
 to the significant, continuing economic crisis in Turkey.  Unit case volume
 growth in Germany was negatively impacted by retail pricing actions.  The
 Company anticipates improving business results in Germany as the new
 management team, business strategies, and aggressive marketing activities
 combine with a bottling system which will be strengthened by the restructuring
 process now underway.  Gallon sales in Europe, Eurasia and Middle East
 increased 12 percent for the year compared to the prior year.
 
     Africa -- First quarter unit case volume increased 10 percent, led by
 South Africa and Nigeria.  In South Africa, local marketing initiatives and
 new product launches combined for successful unit case volume growth.  In
 addition to cycling last year's volume decline resulting from a significant
 price increase, Nigeria experienced volume increases driven by new product and
 packaging launches.  Gallon sales in Africa increased 33 percent compared to
 the prior year reflecting the impact of the planned concentrate inventory
 reduction by selected bottlers in 2000.
 
     Financial Review
     Fully diluted earnings per share were $0.35 for the first quarter.
 Revenues increased by 5 percent in the first quarter reflecting gallon
 shipments and price increases in selected countries, partially offset by
 structural change and the impact of foreign currencies.  Structural change
 related to the sale of the Company's Japanese vending operation to local
 bottlers and the transfer of the German canning operation to Coca-Cola
 bottlers in Germany.  Both events impacted revenues and cost of goods sold but
 had an immaterial impact on operating income.
     Operating income for the first quarter 2001 increased significantly due to
 solid business results and the cycling of several nonrecurring items in the
 prior year.  The impact of a stronger U.S. dollar reduced our operating income
 by approximately 3 percent during the first quarter, led by movements in the
 Euro, Brazilian real, Australian dollar and South African rand.  Excluding the
 nonrecurring items in the prior year first quarter, net income grew by
 11 percent.
     In the first quarter 2000, a reduction in concentrate inventory by certain
 bottlers impacted the Company's diluted earnings per share by approximately
 $0.10 after tax.  Reported operating income for the first quarter 2000 was
 also impacted by nonrecurring charges of $0.08 per share after tax due to the
 Company's organizational realignment and $0.16 per share after tax primarily
 related to the write-down in the carrying value of the Company's Indian
 bottling operations.
     The Company reinitiated its share repurchase program during the first
 quarter 2001, reflecting improving cash flow trends.  During the quarter, the
 Company repurchased over 1 million shares of common stock at an average cost
 of $50.54 per share.  Since the inception of our initial share repurchase
 program in January 1984, the Company has repurchased over 32% of common shares
 then outstanding, or a cumulative total of over 1 billion shares at an average
 cost of approximately $12.51 per share.
 
     Accounting Standards
     During the quarter, the Company implemented SFAS 133, "Accounting for
 Derivative Instruments and Hedging Activities," and the cumulative effect of
 the accounting change was a one-time, non-cash charge of $10 million.  The
 application of this new accounting standard in the first quarter 2001
 decreased earnings by $16 million on a pre-tax basis.
     In the first quarter, the Company adopted the provisions of the Emerging
 Issues Task Force (EITF) issue No. 00-14 "Accounting for Certain Sales
 Incentives," and issue No. 00-22 "Accounting for Points and Certain Other
 Time-Based Sales Incentive Offers, and Offers for Free Products or Services to
 Be Delivered in the Future."  The adoption of both EITF No. 00-14 and EITF
 No. 00-22 resulted in the reclassification of $135 million for first quarter
 2000, from selling, administrative and general expenses to a reduction in net
 revenues.  The amount reclassified relates primarily to volume incentives
 offered to customers by The Minute Maid Company.
 
     Conference Call
     The Company will host a conference call to discuss the first quarter 2001
 earnings release with financial analysts on April 18, 2001 at 1:00 p.m. (EDT).
 To listen, please visit the Investor Relations section of the Company's
 website at www.coca-cola.com .
 
     This press release contains statements, estimates or projections, not
 historical in nature, that may constitute "forward-looking statements" as
 defined under U.S. federal securities laws.  These statements, which speak
 only as of the date given, are subject to certain risks and uncertainties that
 could cause actual results to differ materially from our Company's historical
 experience and our present expectations or projections.  These risks include,
 but are not limited to, our ability to finance expansion plans, share
 repurchase programs and general operating activities; changes in the
 non-alcoholic beverages business environment, including actions of competitors
 and changes in consumer preferences; regulatory and legal changes;
 fluctuations in the cost and availability of raw materials; interest rate and
 currency fluctuations; changes in economic and political conditions; our
 ability to penetrate developing and emerging markets; the effectiveness of our
 advertising and marketing programs; litigation uncertainties; adverse weather
 conditions; and other risks discussed in our Company's filings with the
 Securities and Exchange Commission (the "SEC"), including our Annual Report on
 Form 10-K, which filings are available from the SEC.  The Company undertakes
 no obligation to publicly update or revise any forward-looking statements.
 
                                 The Coca-Cola Company
                                  First Quarter 2001
                                    Volume Results
 
                                                   First Quarter 2001
                                                            vs.
                                                   First Quarter 2000
                                                     Unit Case Volume
                                                         % Change
 
     Worldwide                                              4
 
     North America                                          1
      United States                                         1
     Latin America                                          3
      Argentina                                            14
      Brazil                                                5
      Central America & Caribbean                           9
      Chile                                                (1)
      Mexico                                                1
     Europe, Eurasia and Middle East                        4
      Germany                                              (4)
      Spain                                                 2
      Eurasia (includes Turkey)                           (14)
      Middle East                                          12
     Africa                                                10
      North and West                                       10
      Southern and East                                     9
     Asia                                                  10
      China                                                16
      India                                                12
      Japan                                                 1
 
 SOURCE  The Coca Cola Company