CEDC said that it expects that the acquisition of Miro will be be accretive to CEDC's 2004 earnings, adding around $0.04 to each share. The acquisition of Miro is also expected to add approximately $11 million in net sales for the remainder of 2004. As a result, the Company is raising its 2004 full year net sales guidance from $518-$528 million to $529-$539 million.
William Carey, President and CEO of CEDC, said, "We are pleased to be adding Miro to the CEDC group. Miro has a strong client base and solid management team who has over 12 years of experience in alcohol distribution in their region of Poland."
The acquisition is the company's eleventh to date, marking its increasing footprint in a market that was once completely monopolized by government-owned breweries and distilleries.
Last year the company announced the acquisition of Panta-Hurt, a Warsaw-based distributor of alcohol which it bought for $2.28 million, as well as buying debt-riddent Multi-Ex, for $1.25m. These were the company's ninth and tenth acquisitions in the Polish market respectively.The company's acquisitive streak is paying dividends. In March it announced that its first quarter turnover had increased from $79 million in 2003 to $110 million in 2004, while net profit increased 63.7 per cent to $3.1 million.
CEDC is one of the leading importers of beers, wines and spirits, as well as the largest distributor of domestic vodka on a nationwide basis, in Poland. The Company operates nine distribution centers and 60 satellite branches throughout Poland. It distributes many of the world's leading brands, including brands such as Johnnie Walker, Jose Cuervo Tequila, Beck's, Grolsch, Budweiser Budvar and Guinness Stout beers.