PepsiAmericas Reports First Quarter 2008 Results

Business Wire, April 22, 2008

CEE's operating income increased to $14.9 million, a $13.9 million improvement over the prior year driven by acquisitions, currency benefits and improved operational performance.

The Caribbean business reported a volume increase of 4.8 percent driven mainly by Puerto Rico. Net sales were $54.9 million, up 5 percent with a 1.3 percent improvement in pricing. Cost of goods sold per unit increased 3.2 percent resulting in a decrease in gross profit to $12.7 million in the quarter. Selling, delivery and administrative costs were flat, resulting in an operating loss of $2 million for the quarter, consistent with the prior year.

Conference Call

PepsiAmericas will hold its first quarter 2008 earnings conference call at 10:00 AM CDT today, Tuesday, April 22, 2008, through a live webcast over the internet. The live webcast will be available at www.pepsiamericas.com. A replay of the webcast will be archived and available online through the Investor Relations section of our website.

PepsiAmericas is the world's second-largest manufacturer, seller and distributor of PepsiCo beverages with operations in 19 U.S. states; Central and Eastern Europe, including Poland, Hungary, the Czech Republic, Slovakia, Romania and Ukraine; and the Caribbean. For more information on PepsiAmericas, please visit our website.

Cautionary Statement

This release contains certain forward-looking statements of expected future developments, as defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this release refer to our expectations regarding continuing operating improvement and other matters. These forward-looking statements reflect our expectations and are based on currently available data; however, actual results are subject to future risks and uncertainties, which could materially affect actual performance. Risks and uncertainties that could affect such performance include, but are not limited to, the following: competition, including product and pricing pressures; changing trends in consumer tastes; changes in our relationship and/or support programs with PepsiCo and other brand owners; market acceptance of new product and package offerings; weather conditions; cost and availability of raw materials; changing legislation, including tax laws; cost and outcome of environmental claims; availability and cost of capital including changes in our debt ratings; labor and employee benefit costs; unfavorable foreign currency rate fluctuations; cost and outcome of legal proceedings; integration of acquisitions; failure of information technology systems; and general economic, business and political conditions in the countries and territories where we operate. For further information, please see "Risk Factors" in our 2007 Annual Report on Form 10-K.

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Notes to condensed consolidated financial statements (unaudited):

1. Reconciliation of Non-GAAP disclosures: In response to the U.S. Securities and Exchange Commission's Final Rule, "Conditions for Use of Non-GAAP Financial Measures," included below is a reconciliation of certain non-GAAP financial measures compared to U.S. GAAP measures.