25. Quarterly Financial Data (Unaudited)

Set forth below are unaudited quarterly financial data for the fiscal years ended December 28, 2014 and December 29, 2013. Net sales in the third and fourth quarters of fiscal year ended December 28, 2014 include the sales in the May and October Expansion Territories.


In Thousands (except per share data) Year Ended December 28, 2014	Quarter
	1⁽¹⁾		2⁽²⁾⁽³⁾		3⁽³⁾⁽⁴⁾		4^(3)(5)(6)
Net sales	$	388,582	$	459,473	$	457,676	$	440,638
Gross margin		156,333		185,520		184,942		178,444
Net income attributable to Coca-Cola Bottling Co. Consolidated		2,449		13,783		12,132		2,990
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated:
Common Stock	$	.26	$	1.49	$	1.31	$	.32
Class B Common Stock	$	.26	$	1.49	$	1.31	$	.32
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated:
Common Stock	$	.26	$	1.48	$	1.30	$	.32
Class B Common Stock	$	.26	$	1.48	$	1.30	$	.32


In Thousands (except per share data) Year Ended December 29, 2013	Quarter
	1		2⁽⁷⁾		3^(8)(9)(10)		4^(11)(12)
Net sales	$	383,551	$	428,979	$	434,464	$	394,337
Gross margin		153,699		170,315		176,112		158,514
Net income attributable to Coca-Cola Bottling Co. Consolidated		4,862		11,229		16,169		(4,585	)
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated:
Common Stock	$	.53	$	1.21	$	1.75	$	(.50	)
Class B Common Stock	$	.53	$	1.21	$	1.75	$	(.50	)
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated:
Common Stock	$	.52	$	1.21	$	1.74	$	(.50	)
Class B Common Stock	$	.52	$	1.21	$	1.74	$	(.50	)

The unvested performance units granted to Mr. Harrison in 2013 were excluded from the computation of diluted net earnings per share from the fourth quarter 2013 calculation, because their effect would have been anti-dilutive.

Sales are seasonal with the highest sales volume occurring in the second and third quarters.

(1)	Net income in the first quarter of 2014 included $2.0 million ($1.2 million, net of tax, or $.13 per basic common share) expenses related to the Company’s franchise territory expansion.

(2)	Net income in the second quarter of 2014 included $3.1 million ($1.9 million, net of tax, or $.20 per basic common share) expenses related to the Company’s franchise territory expansion.

(3)	Net sales for the second, third, and fourth quarters of 2014 included $4.3 million, $11.8 million and $29.0 million, respectively, of sales related to the Expansion Territories.

(4)	Net income in the third quarter of 2014 included $2.6 million ($1.6 million, net of tax, or $.17 per basic common share) expenses related to the Company’s franchise territory expansion.

(5)	Net income in the fourth quarter of 2014 included $5.2 million ($3.2 million, net of tax, or $.34 per basic common share) expenses related to the Company’s franchise territory expansion.

(6)	Net income in the fourth quarter of 2014 included $1.1 million ($0.7 million, net of tax, or $0.07 per basic common share) expense related to the fair value adjustment for the acquisition related contingent consideration.

(7)	Net income in the second quarter of 2013 included $1.1 million ($0.6 million, net of tax, or $.07 per basic common share) expenses related to the Company’s franchise territory expansion.

(8)	Net income in the third quarter of 2013 included $1.6 million ($1.0 million, net of tax, or $.11 per basic common share) expenses related to the Company’s franchise territory expansion.

(9)	Net income in the third quarter of 2013 included a $3.1 million ($1.9 million, net of tax, or $0.20 per basic common share) credit related to a refund of 2012 cooperative trade marketing funds paid by the Company to The Coca-Cola Company that were not spent in 2012.

(10)	Net income in the third quarter of 2013 included a $2.3 million reduction to income tax expense ($0.24 per basic common share) related to state tax legislation enacted during 2013.

(11)	Net income in the fourth quarter of 2013 included $1.7 million, ($1.1 million net of tax, or $.12 per basic common share) expenses related to the Company’s franchise territory expansion.

(12)	Net income in the fourth quarter of 2013 included a $12.0 million ($7.3 million, net of tax, or $0.79 per basic common share) noncash settlement charge related to a voluntary lump-sum pension distribution.