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Article Excerpt
BALA CYNWYD, Pa., Oct. 12 /PRNewswire-FirstCall/ -- Central European Distribution Corporation today announced that it is revising full year 2009 net sales guidance from $1.55-$1.68 billion to $1.58 - $1.70 billion and full year comparable fully diluted earnings per share guidance from $2.40 - $2.65 to $2.35 - $2.50. The revised 2009 guidance takes into account the Company's acquisition of additional equity interests in Parliament and the Russian Alcohol Group, which are being consolidated beginning at the end of the third quarter 2009, as well as dilution from the Company's public offering of common stock in July, and recent exchange rate movements. Management's assumptions regarding the full year 2009 average exchange rates used in preparing this guidance have decreased from 3.20-3.30 PLN/USD to 3.10-3.20 PLN/USD and from 32.00-33.00 RUR/USD to 31.50-32.50 RUR/USD.
The Company also announced full year 2010 net sales guidance of $1.80-$2.00 billion and full year comparable fully diluted earnings per share guidance of $3.00-$3.15. This guidance takes into account expected issuances of common stock to Lion Capital LLP in the year 2010 in connection with the Company's acquisition of additional equity interests in the Russian Alcohol Group from Lion, current exchange rates, as well as management's expectations regarding underlying business performance, which includes management's expectations regarding synergies from the integration of the Company's Russian businesses in 2010.
William Carey, President and CEO, commented: "The Company has continued to focus on its key objectives of increasing margins, gaining market share as well as improving working capital to continue to reduce our financial leverage. We believe that with the addition of two new lower mainstream brands that we are launching this quarter to our already leading portfolio in Russia, we are well positioned for a strong year in 2010."
Mr. Carey continued: "We expect that the Company should continue to see...
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