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MINNEAPOLIS -- As supermarket retailers across the board reel from dismal quarterly results, one of their key suppliers is hardly singing the Pepsi Blues.
PepsiAmericas reported a 53.5-percent increase in third-quarter net income to $50.2 million, or 33 cents a share, from $32.7 million, or 21 cents a share in the prior year third quarter. Results for the 2002 third quarter include the benefit of the change in accounting for goodwill. In the third quarter of 2001, goodwill reduced net income by $13.7 million, or 9 cents a share.
On a comparable basis, including the impact of the change in accounting for goodwill in both years, results for the current quarter were as follows:
* Total volume increased 4.2 percent, which included domestic volume growth of 3.5 percent.
* International volume grew 6.3 percent.
* Worldwide revenue increased 4.2 percent to $882.5 million; that included domestic revenue of $746.8 million, up 3.8 percent, and international revenue of $135.7 million, up 6.3 percent.
* Average selling prices (revenue per unit) increased 1.3 percent in the U.S.
* Operating income increased 4.1 percent to $103.1 million.
* Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 3.8 percent to $140.8 million.
* Net income increased 8.2 percent to $50.2 million, compared with net income of $46.4 million in the third quarter of 2001.
* Earnings per share (EPS) on a diluted basis increased 10 percent to 33 cents, compared to 30 cents in the prior-year third quarter.
"Due to strong volumes in the large-format channel, our net pricing gains were lower than we had expected, which is reflected in our domestic results, said Robert C. Pohlad, chairman and CEO of PepsiAmericas. We believe there is opportunity to improve our pricing and mix over the balance of 2002, and into 2003."