Tuesday, Central European Distribution Corp. (CEDC) reported a loss for its first quarter compared with a profit in the year ago period, primarily driven by currency devaluation. The company has backed its full year 2009 guidance.
The company's net loss for the quarter was $87.7 million or $1.83 per share, compared with a net profit of $18.3 million or $0.44 per share in the prior year period.
Excluding charges the company reported net income of $9.8 million or $0.21 per share, down from $12.1 million or $0.29 per share in the same period last year, representing a 28% decline driven primarily by the 32% average devaluation of primary functional currencies.
Operating income for the quarter was $20.3 million, down from $25.5 million in the year-ago quarter.
Net sales for the first quarter declined to $217.9 million from $313.6 million in the year-ago quarter. Gross margins increased from 21% in the first quarter of 2008 to 28% in the first quarter of 2009
Looking forward, for the fiscal year 2009, the company reconfirmed its net sales guidance in a range of $1.55-$1.68 billion and comparable earnings per share guidance in a range of $2.40 to $2.65.
CEDC closed its Tuesday's trading at $24.26, up $0.66 or 2.80%. In after hours the stocks are currently trading at $24.99, up $0.73 or 3.01% on the Nasdaq.
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