• Reported earnings per share of $0.39 for the third quarter and $1.50 for the first nine months.
  
  
• Third quarter earnings per share includes a net reduction of $0.11 per share due to impairment charges, previously announced, and tax adjustments.
  
  
• Cash from operations for the first nine months increased 11 percent to $4.6 billion and the Company expects strong cash flows to continue in the future.
  
  
• Strong growth in key countries including China, Brazil and Japan offset by poor performance in North America, Germany and Northern Europe.
  

ATLANTA, October 21, 2004 -- The Coca-Cola Company today reported third quarter earnings per share of $0.39, compared with $0.50 for the prior year third quarter. Current quarter results include reductions of $0.10 per share due to the previously announced non-cash charges related primarily to the impairment of intangible assets in Germany and $0.01 per share due to the net impact of certain tax adjustments, primarily related to the impairments. Reported earnings per share for the first nine months were $1.50, compared with prior year period earnings of $1.39 per share.

Operating income declined 24 percent in the third quarter due to other operating charges and the impact of weak operating conditions in key business units, particularly North America, Germany and in Northern Europe. For the first nine months, operating income increased 5 percent, reflecting the impact of the other operating charges, stronger results in the first half of the year and a positive currency benefit.

Worldwide unit case volume increased 1 percent in the third quarter and 2 percent in the first nine months. Key contributors to unit case volume growth in the quarter included Japan, China, Brazil, Argentina, South Africa and Turkey. Partially offsetting these trends were unit case volume declines in North America, Germany, the Philippines, Nigeria and Northern Europe.

On September 15, 2004, the Company provided an update on key trends impacting the business. As follow up to that update, the Company is currently anticipating reported earnings per share for the full year 2004 to be in the range of $1.88 to $1.90. This estimate includes the impact of a net charge of $0.10 per share, previously recorded in the second and third quarters, related to the impairment of intangible assets, the provision against deferred tax assets, the write-downs of various manufacturing investments, favorable tax settlements and a gain on the issuance of stock by an equity investee.

Neville Isdell, chairman and chief executive officer, commented, "As we have said, our performance has fallen short of the goals we have set for ourselves. While we are seeing positive results in some regions, we are not yet fulfilling our potential. We are taking the necessary steps to return our Company to its proper growth course."