Coca Cola 2008 Annual Report Download - page 146

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Quarterly Data (Unaudited)
First Second Third Fourth
Year Ended December 31, Quarter Quarter Quarter Quarter Full Year
(In millions except per share data)
2008
Net operating revenues $ 7,379 $ 9,046 $ 8,393 $ 7,126 $ 31,944
Gross profit 4,755 5,884 5,373 4,558 20,570
Net income 1,500 1,422 1,890 995 5,807
Basic net income per share $ 0.65 $ 0.61 $ 0.82 $ 0.43 $ 2.51
Diluted net income per share $ 0.64 $ 0.61 $ 0.81 $ 0.43 $ 2.49
2007
Net operating revenues $ 6,103 $ 7,733 $ 7,690 $ 7,331 $ 28,857
Gross profit 3,958 4,997 4,806 4,690 18,451
Net income 1,262 1,851 1,654 1,214 5,981
Basic net income per share $ 0.55 $ 0.80 $ 0.72 $ 0.52 $ 2.59
Diluted net income per share $ 0.54 $ 0.80 $ 0.71 $ 0.52 $ 2.57
Our reporting period ends on the Friday closest to the last day of the quarterly calendar period. Our fiscal
year ends on December 31 regardless of the day of the week on which December 31 falls.
The Company’s first quarter of 2008 results were impacted by one less shipping day as compared to the first
quarter of 2007. Additionally, the Company recorded the following transactions which impacted results:
• Charges of approximately $2 million for North America and $76 million for Corporate, primarily due to
restructuring costs and asset write-downs. Refer to Note 18 and Note 19.
• Equity income (loss)—net was increased by approximately $5 million for Bottling Investments due to our
proportionate share of one-time adjustments recorded by our equity method investees. Refer to Note 19.
• A net tax charge of approximately $2 million related to amounts required to be recorded for changes to
our uncertain tax positions under Interpretation No. 48, including interest and penalties. Refer to
Note 17.
In the second quarter of 2008, the Company recorded the following transactions which impacted results:
• Charges of approximately $4 million for North America, $5 million for Bottling Investments and
$88 million for Corporate, primarily due to restructuring costs, contract termination fees and asset
impairments. Refer to Note 18 and Note 19.
• Equity income (loss)—net was reduced by approximately $1.1 billion for Bottling Investments, primarily
as a result of our proportionate share of an impairment charge recorded by CCE. Refer to Note 3 and
Note 19.
• Other income (loss)—net was increased by approximately $102 million for Bottling Investments and
Corporate, primarily due to the gain on the sale of Remil to Coca-Cola FEMSA. Refer to Note 19.
• A net tax charge of approximately $29 million related to amounts required to be recorded for changes to
our uncertain tax positions under Interpretation No. 48, including interest and penalties. Refer to
Note 17.
144