EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2004

EXHIBIT 99.1


THE COCA-COLA COMPANY
NEWS RELEASE MEDIA RELATIONS DEPARTMENT
P.O. BOX 1734, ATLANTA, GEORGIA 30301
Telephone (404) 676-2121
FOR IMMEDIATE RELEASE
- ---------------------


CONTACT: Media: Ben Deutsch
(404) 676-2683

Investors: Larry M. Mark
(404) 676-8054



THE COCA-COLA COMPANY REPORTS
35 PERCENT INCREASE IN
FIRST QUARTER 2004 EARNINGS PER SHARE


* Earnings per share of $0.46 for the quarter, an increase of 35 percent
on a reported basis.

* Gross profit and operating income increased 15 percent and 35 percent,
respectively.

* Cash from operations for the quarter nearly doubled to $1.2 billion;
Company expects strong cash flows to continue in the future.

* The Company repurchased $486 million of its stock during the first
quarter.

* During the quarter, the Company increased its dividend per share 14
percent.

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ATLANTA, April 21, 2004 -- The Coca-Cola Company reported first quarter
earnings per share of $0.46, a 35 percent increase from the prior year first
quarter earnings of $0.34. The prior year first quarter earnings included a net
reduction of $0.03 per share related to streamlining initiatives partially
offset by a gain related to a litigation settlement.

Doug Daft, chairman and chief executive officer, said, "Our results reflect
our success in driving profitable volume growth of core brands in key markets.
We continue to innovate by expanding our beverage portfolio and increasing
productivity in cooperation with our bottling partners. Our goal now is to
consistently improve the execution of our well established strategies."

Revenues for the quarter increased 13 percent, reflecting an increase in
gallon shipments of 6 percent and improving pricing of concentrate. Gross profit
increased 15 percent and operating income increased 35 percent during the first
quarter driven principally by strong performance in key markets throughout the
world, as well as positive currency trends.

On a reported basis, unit case volume increased 9 percent in the first
quarter. The reported shipments of unit cases and gallons in the first quarter
reflect an increase in the number of shipping days when compared to the previous
year. Unit case volume, on an average daily sales basis, increased 2 percent in
the first quarter led by strong growth in markets such as China, Argentina,
Spain, South Africa and North America.

Throughout the quarter, the Company made strategic decisions in selected
markets that focused on margin enhancement through pricing initiatives and an
emphasis on more profitable brands and packages. Through the successful
implementation of this strategy, the Company is driving double-digit operating
profit growth on an overall basis, and in countries like the Philippines and
Brazil where unit cases declined. During the first quarter, the Company's core
brands reported solid growth, while each of the operating groups delivered
volume and profit results in-line with the Company's internal business plan.


FINANCIAL HIGHLIGHTS

* Reported first quarter earnings per share were $0.46, a 35 percent increase
from the prior year first quarter earnings of $0.34. The prior year earnings
included a net

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Page 3 of 16


reduction of $0.03 per share related to streamlining initiatives ($159
million) and a gain related to a litigation settlement ($52 million).

* Net operating revenues increased 13 percent during the quarter to $5.1
billion.

* Operating income for the quarter increased 35 percent to $1.5 billion led by
strong results in key markets and positive currency trends. Currencies
positively impacted operating income by approximately 12 percent in the
quarter.

* Cash from operations for the quarter was $1.2 billion, as compared to
approximately $600 million in the prior year first quarter.

* The Company repurchased approximately $486 million of its common stock during
the first quarter and intends to repurchase at least $2 billion of its stock
during 2004.

* In February, the Company approved its 42nd consecutive annual dividend
increase, a 14 percent increase of the quarterly dividend from $0.22 to $0.25
per common share. This is equivalent to an annual dividend of $1.00 per
share, up from $0.88 per share in 2003.


OPERATIONAL HIGHLIGHTS

(All references to unit case volume percentage changes in this section are
computed based on average daily sales.)


North America
- -------------

* The Coca-Cola system in North America remains focused on the superior
execution of its strategies with a focus on carbonated soft drinks,
profitable growth in noncarbonated beverages, creating customer value, and
implementing an integrated operating model to continue to drive improved
system performance.

* Results in the quarter were led by profitable growth in all areas of the
North America operation, as unit case volume increased 2 percent, cycling 3
percent growth in the first quarter of the prior year. The group demonstrated
solid improvements in gross profit and operating income trends as compared to
the previous year. Unit case volume increased 3 percent in the Foodservice
and Hospitality Division reflecting tailored customer programs, as well as
improving restaurant industry traffic. The Retail Division had an increase of
unit case volume of 1 percent, cycling 6 percent growth in the prior year,
reflecting a strong focus on maximizing value with a

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balanced price/volume approach and the solid growth of our juice and juice
drink business.

* Throughout the quarter, the Company continued to leverage its brand strength
with unique product, package and promotional innovations to reach and connect
with more consumers. Diet carbonated soft drinks grew double-digits and
Trademark Coke had low single digit growth, assisted by increased marketing
emphasis and the successful launch of diet Coke with Lime. Other new
products, such as Sprite Remix, complemented the continued introduction of
new packaging such as smaller single serve PET bottles and the 12 ounce PET
FridgePack.

* The group continues to expand its noncarbonated beverages with first quarter
unit case volume growth of 35 percent for Powerade, 17 percent for Dasani and
7 percent for warehouse delivered juices. The operation continued to benefit
from the expansion of Simply Orange, Minute Maid Premium Heart Wise, an
orange juice product with plant sterols to help reduce cholesterol, and new
flavors of the bottler-delivered Minute Maid Light products.


Europe, Eurasia and Middle East
- -------------------------------

* Continued strong profit growth in Europe was driven by sound business
fundamentals, innovation, strong marketing strategies, rigorous cost
management, and positive currency trends. The group continues to profitably
expand in all the key beverage categories resulting in solid double digit
profit growth and unit case volume growth of 4 percent.

* The key contributors to the group's performance during the quarter included
consistent profit growth in carbonated beverages throughout Western Europe
and solid volume and profit growth in Central and Eastern European
operations. The group continues to drive immediate consumption packages,
supported by integrated marketing campaigns, in key markets such as Spain,
France and Great Britain.

* Noncarbonated beverages contributed to profit growth with the acceleration of
growth in the group's existing business and expansion into new categories.
Noncarbonated beverages grew 31 percent in the quarter led by Powerade and
Nestea.

* In Germany, the Company had double digit profit growth resulting from the
effective management of the overall package mix, selected pricing initiatives
and diligent

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management of expenses. During the quarter, unit case volume increased 1
percent versus the prior year which reflected strong growth in multi-serve
refillable packaging which more than offset the decline in can packaging
caused by the imposition of Mandatory Deposit legislation. Volume was also
adversely affected by the impact of pricing initiatives.


Asia
- ----

* The Company generated strong profit growth in Asia during the quarter driven
by healthy core brand performance in key markets such as Japan, Australia,
Thailand, China and India, as well as currency benefits.

* In Japan, the Company continued to make significant progress on driving
profitability through a focus on higher margin packages, products and
channels, and a continued emphasis on reducing costs throughout the supply
chain. This strategy led to strong revenue and share gains in the two leading
profit categories in Japan, coffee and carbonated soft drinks. Key profit
drivers included 190 ml cans of Georgia coffee which grew by 8 percent; the
full service vending channel which grew by 4 percent, as well as strong sales
of high margin single serve packages of Marocha and Sokenbicha tea. Overall
unit case volume in Japan grew by more than 1 percent in the quarter. Looking
forward, the Company will continue to focus on key margin driving packages
and channels, as well as aggressively launch new products that are tailored
to emerging and seasonal consumer trends.

* Strong double-digit volume growth continued in China with unit case volume
increasing 14 percent, cycling 21 percent in the prior year. Growth was
balanced across categories, packages and channels throughout the country,
with carbonated soft drinks increasing 8 percent in the quarter and Qoo
growing 29 percent.

* In India, the recovery that commenced in the fourth quarter of last year
continued in the first quarter with double digit volume growth and
significant share gains resulting from our continued focus on single serve
package sizes at affordable price points.

* For the overall group, unit case volume increased 2 percent for the quarter,
cycling 8 percent growth in the first quarter of last year. Strong growth in
most key markets was partially offset by pricing and packaging initiatives
that led to volume declines in the Philippines and Indonesia. In Indonesia,
the Company modified its strategy in the water category and deemphasized
various large format package offerings. In

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Page 6 of 16


the Philippines, for the first time in three years, prices were recently
raised on key packages. As expected, this resulted in volume declines in the
first quarter; however, the Company's net income in the Philippines increased
at a double-digit rate during the period.


Latin America

* The Company continues to benefit from its consistent long-term investment
strategy in the region with an emphasis on brand building, new package
alternatives, and close coordination with bottling partners to drive superior
local marketplace execution. Throughout the region, tailored brand, price,
package and channel strategies continue to lead to solid profit growth in key
markets. Unit case volume increased 2 percent in the quarter reflecting
strong growth in Argentina and Venezuela, partially offset by slight declines
in Mexico and Brazil.

* In Mexico, unit case volume declined slightly in the quarter, reflecting
challenging economic conditions, cycling 14 percent growth in the first
quarter of the previous year, and a change in water strategy. In addition,
the Company faced aggressive price competition and responded by protecting
the value of its brands and system through strong local execution and
emphasizing the most profitable packages and channels. As a part of this
strategy, physical cases of carbonated soft drinks grew faster than
equivalent unit cases because the operation focused on increasing the number
of consumer transactions. Unit case volume in the water category declined due
to a strategic decision to reduce the importance of large format water
packages.

* In Brazil, the Company continues to encourage increasing the financial health
of the Coca-Cola system by offering new packages, providing greater choice to
consumers and allowing the system to tailor customer options based on channel
strategies to drive revenue and profit growth. Results in Brazil were
extremely positive in the quarter, with the Company reporting strong
double-digit earnings growth while unit case volume declined by 1 percent.

* In Argentina, financial results for the entire Coca-Cola system benefited
from the Company's long-term strategy of investing in the country during
times of economic crisis. With strong consumer marketing activities and an
emphasis on refillable packaging, unit case volume grew 16 percent during the
quarter.

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Africa
=-----

* Throughout Africa, the Company continues to focus on business fundamentals to
drive profitable volume for the system. Strong profit growth for the group is
being driven by new cold outlet creation, improvements in market execution,
balancing price and package strategies with a focus on affordable packaging,
and positive currency trends. Africa's unit case volume declined 1 percent
for the quarter as a result of volume declines in Zimbabwe and Nigeria,
partially offset by strong growth in South Africa.

* In South Africa, unit case volume grew 5 percent through a focus on expanding
the on-premise channel and implementing tailored channel and package
strategies. Unit case volume in the Southern and East Africa Division was
slightly negative for the quarter as the growth in South Africa was offset by
the prevailing political and economic conditions in Zimbabwe.

* Unit case volume in the North and West Africa Division was even in the
quarter as the Company focused on price realization in Nigeria to improve
overall profitability for the Company and its bottling partners. The Company
also made significant strides in improving the profitability of the system in
Egypt by implementing a new price and package strategy, introducing
noncarbonated products, and rationalizing the supply chain.


FINANCIAL REVIEW

Operating Results
- -----------------

Revenues for the quarter increased 13 percent, reflecting an increase in
gallon shipments of 6 percent, improved pricing of concentrate, and positive
currency trends, partially offset by the impact of creating a supply chain
management company in Japan.

First quarter 2004 revenues and expenses were impacted by additional
shipping days, as compared to the first quarter of the prior year. The growth in
gallon shipments of 6 percent in the quarter trailed the growth in reported unit
case shipments of 9 percent primarily due to timing of gallon shipments. On a
full year basis, unit case volume and gallons are expected to grow at similar
rates.

The following reflects first quarter net operating revenues from the
Company's operations:

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===============================================================================
(in millions)
2004 2003
---- ----
Company Operations, Excluding Bottling $ 4,393 $ 3,922

Company-Owned Bottling Operations 685 580
------- -------
Consolidated Net Operating Revenues $ 5,078 $ 4,502

================================================================================

Cost of goods sold for the quarter increased at a rate slower than
revenues, primarily reflecting the impact of creating a supply chain management
company in Japan.

Selling, general and administrative expenses increased 14 percent during
the quarter reflecting strong investments in marketing activities and the impact
of more shipping days and exchange, partially offset by a disciplined focus on
the management of operating expenses.

Reported operating income for the quarter increased 35 percent,
representing solid results from the Company's geographic operating segments, the
positive impact of currency, and cycling certain charges in the prior year.
Currencies positively impacted operating income in the quarter by approximately
12 percent, as a result of the strength in most key currencies versus the U.S.
dollar, especially the euro and the yen.

Strong growth in equity income demonstrates that current business
strategies are leading to overall improving health of the Coca-Cola bottling
system around the world.

The effective tax rate for the first quarter was 25.5 percent which is
consistent with the rate the Company expects to maintain for the foreseeable
future, based on current tax laws.


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Prior Year Results
- ------------------

In 2003, the Company took steps to streamline and simplify its operations
primarily in North America and Europe. These initiatives resulted in a first
quarter 2003 pre-tax charge of $159 million, or $0.04 per share after tax.

During the first quarter of 2003, the Company reached a settlement with
certain defendants in a vitamin antitrust litigation and received approximately
$52 million on a pre-tax basis, or $0.01 per share on an after tax basis. The
amount was recorded in the income statement as a reduction of cost of goods
sold.


Creation of a Supply Chain Management Company in Japan
- ------------------------------------------------------

Effective October 1, 2003, the Company and all of its bottling partners in
Japan created a nationally integrated supply chain management company to
centralize procurement, production, and logistics operations for the entire
Coca-Cola system in Japan. The resources generated from this effort will be
invested in marketing activities and customer service programs to enhance the
long-term growth of the Coca-Cola system in Japan.

As a result of the creation of the supply chain management company in
Japan, a portion of The Coca-Cola Company's business has essentially been
converted from a finished product business model to a concentrate business
model. This will continue to affect the comparison of certain line items of the
Company's income statement over the next two quarters, but will not impact the
Company's underlying operating income.

In the first quarter of 2004, the shift of certain products to a
concentrate business model resulted in reductions of net operating revenues and
cost of goods sold, each in the amount of approximately $220 million, thus
having no impact on the Company's gross profit or operating profit. In addition,
over the next two quarters, net operating revenues and cost of goods sold are
both expected to be reduced by a total of approximately $500 million when
compared to the second and third quarters of the previous year.


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Conference Call
- ---------------

The Company will host a conference call with financial analysts to discuss
the first quarter 2004 results on April 21, 2004, at 8:00 a.m. (EDT). The
Company invites investors to listen to the live audiocast of the conference call
at the Company's website, www.coca-cola.com in the "investors" section. Further,
the "investors" section of the Company's website includes a disclosure and
reconciliation of non-GAAP financial measures that may be used periodically by
management when discussing the Company's financial results with investors and
analysts.

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THE COCA-COLA COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(UNAUDITED)
(In millions, except per share data)

Three Months Ended
March 31,

2004 2003 % Change
---- ---- --------
NET OPERATING REVENUES $ 5,078 $ 4,502 13

Cost of goods sold 1,753 1,617 8
------- -------
GROSS PROFIT 3,325 2,885 15

Selling, general and administrative expenses 1,874 1,650 14

Other operating charges -- 159 --
------- -------
OPERATING INCOME 1,451 1,076 35

Interest income 35 56 (38)

Interest expense 44 45 (2)

Equity income 95 49 94

Other income (loss) - net (25) (13) --
------- -------

INCOME BEFORE INCOME TAXES 1,512 1,123 35

Income taxes 385 288 34
------- -------
NET INCOME $ 1,127 $ 835 35
======= =======

DILUTED NET INCOME PER SHARE* $ 0.46 $ 0.34 35
------- -------
AVERAGE SHARES OUTSTANDING - DILUTED* 2,444 2,472 (1)
======= =======

* For the first quarter, "Basic Net Income Per Share" was $0.46 for 2004 and
$0.34 for 2003 based on "Average Shares Outstanding - Basic" of 2,440 and
2,469 for 2004 and 2003, respectively.

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THE COCA-COLA COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(UNAUDITED)
(In millions)

ASSETS

March 31, 2004 December 31, 2003
-------------- -----------------
CURRENT ASSETS
Cash and cash equivalents $ 4,294 $ 3,362
Marketable securities 138 120
--------- ---------
4,432 3,482

Trade accounts receivable,
less allowances of $63 in 2004
and $61 in 2003 2,019 2,091
Inventories 1,391 1,252
Prepaid expenses and other assets 1,785 1,571
--------- ----------
TOTAL CURRENT ASSETS 9,627 8,396
========= =========

INVESTMENTS AND OTHER ASSETS
Equity method investments
Coca-Cola Enterprises Inc. 1,347 1,260
Coca-Cola Hellenic Bottling
Company S.A. 999 941
Coca-Cola FEMSA, S.A. de C.V. 691 674
Coca-Cola Amatil Limited 693 652
Other, principally bottling
companies 1,619 1,697
Cost method investments,
principally bottling companies 326 314
Other assets 3,281 3,322
--------- ---------
8,956 8,860
========= =========

PROPERTY, PLANT AND EQUIPMENT
Land 471 419
Building and improvements 2,809 2,615
Machinery and equipment 6,601 6,159
Containers 490 429
--------- ---------
10,371 9,622
Less allowances for depreciation 3,927 3,525
--------- ---------
6,444 6,097
--------- ---------

TRADEMARKS WITH INDEFINITE LIVES 1,968 1,979
GOODWILL 1,074 1,029
OTHER INTANGIBLE ASSETS 1,098 981
--------- ---------
$ 29,167 $ 27,342
========= =========


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THE COCA-COLA COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(UNAUDITED)
(In millions, except share data)

LIABILITIES AND SHARE-OWNERS' EQUITY

March 31, 2004 December 31, 2003
-------------- -----------------
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 4,030 $ 4,058
Loans and notes payable 3,829 2,583
Current maturities of long-term debt 24 323
Accrued income taxes 1,085 922
--------- ---------
TOTAL CURRENT LIABILITIES 8,968 7,886


LONG-TERM DEBT 2,614 2,517
--------- ---------

OTHER LIABILITIES 2,573 2,512
---------- ---------

DEFERRED INCOME TAXES 350 337
---------- ---------


SHARE-OWNERS' EQUITY

Common Stock, $0.25 par value
Authorized: 5,600,000,000 shares
Issued: 3,496,955,666 shares in 2004;
3,494,799,258 shares in 2003 874 874
Capital surplus 4,582 4,395
Reinvested earnings 27,203 26,687
Accumulated other comprehensive income
(loss) (1,619) (1,995)
---------- ---------
31,040 29,961
Less treasury stock, at cost
(1,063,681,860 shares in 2004;
1,053,267,474 shares in 2003) 16,378 15,871
---------- ---------
14,662 14,090
---------- ---------
$ 29,167 $ 27,342
========== =========

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THE COCA-COLA COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(UNAUDITED)
(In millions)


Three Months Ended
March 31,
---------------------------
2004 2003
---- ----
OPERATING ACTIVITIES
Net income $ 1,127 $ 835
Depreciation and amortization 213 198
Stock-based compensation expense 101 116
Deferred income taxes (47) (103)
Equity income or loss, net of dividends (53) (35)
Foreign currency adjustments 2 (58)
Gains on sales of assets (5) (18)
Other operating charges - 152
Other items 83 3
Net change in operating assets and liabilities (261) (491)
------- -------
Net cash provided by operating activities 1,160 599
------- -------

INVESTING ACTIVITIES
Purchases of property, plant and equipment (170) (195)
Proceeds from disposals of property, plant and
equipment 22 7
Acquisitions and investments,
principally trademarks and bottling companies (126) (130)
Purchases of investments and other assets (20) (20)
Proceeds from disposals of investments and
other assets 30 94
Other investing activities 45 59
------- -------
Net cash used in investing activities (219) (185)
------- -------

FINANCING ACTIVITIES
Issuances of debt 1,466 1,026
Payments of debt (485) (311)
Issuances of stock 61 12
Purchases of stock for treasury (503) (342)
Dividends (602) --
------- --------
Net cash (used in) provided by financing
activities (63) 385

------- -------
EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS 54 64
------- -------

CASH AND CASH EQUIVALENTS
Net increase during the period 932 863
Balance at beginning of period 3,362 2,260
------- -------
Balance at end of period $ 4,294 $ 3,123
======= =======

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The Coca-Cola Company
First Quarter 2004
Unit Case Volume Results



===============================================================================

Unit Case Volume Reported Unit Case
Growth Based On Volume Growth
Average Daily Sales

2004 vs. 2003 2004 vs. 2003
% Change % Change

================================================================================
WORLDWIDE 2 9

INTERNATIONAL OPERATIONS 2 9

Africa (1) 6
Asia 2 8
Europe, Eurasia and Middle East 4 12
Latin America 2 9

NORTH AMERICA OPERATIONS 2 8

================================================================================

Unit case volume growth based on average daily sales is computed by comparing
the average daily sales in each of the corresponding periods. Average daily
sales for each quarter are the actual unit cases shipped during the quarter
divided by the number of days in the quarter.

Reported unit case volume growth is computed by comparing the actual unit cases
shipped in the first quarter of 2004 to the actual unit cases shipped in the
first quarter of 2003. In the current period, these amounts are greater than the
amounts computed on an average daily sales basis because of extra days in the
first quarter of 2004 as compared to the first quarter of the prior year. The
difference in days will be largely offset in the fourth quarter of 2004.



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The Coca-Cola Company
- ---------------------
The Coca-Cola Company is the world's largest beverage company. Along with
Coca-Cola, recognized as the world's best-known brand, The Coca-Cola Company
markets four of the world's top five soft drink brands, including diet Coke,
Fanta and Sprite, and a wide range of other beverages, including diet and light
soft drinks, waters, juices and juice drinks, teas, coffees and sports drinks.
Through the world's largest distribution system, consumers in more than 200
countries enjoy the Company's beverages at a rate exceeding 1 billion servings
each day. For more information about The Coca-Cola Company, please visit our
website at www.coca-cola.com.




Forward-Looking Statements
- --------------------------
This press release may contain statements, estimates or projections that
constitute "forward-looking statements" as defined under U.S. federal securities
laws. Generally, the words "believe," "expect," "intend," "estimate,"
"anticipate," "project," "will" and similar expressions identify forward-looking
statements, which generally are not historical in nature. Forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from The Coca-Cola Company's historical
experience and our present expectations or projections. These risks include, but
are not limited to, changes in economic and political conditions; changes in the
non-alcoholic beverages business environment, including actions of competitors
and changes in consumer preferences; product boycotts; foreign currency and
interest rate fluctuations; adverse weather conditions; the effectiveness of our
advertising and marketing programs; fluctuations in the cost and availability of
raw materials or necessary services; our ability to avoid production output
disruptions; our ability to achieve earnings goals; our ability to effectively
align ourselves with our bottling system; regulatory and legal changes; our
ability to penetrate developing and emerging markets; litigation uncertainties;
and other risks discussed in our Company's filings with the Securities and
Exchange Commission (the "SEC"), including our Annual Report on Form 10-K, which
filings are available from the SEC. You should not place undue reliance on
forward-looking statements, which speak only as of the date they are made. The
Coca-Cola Company undertakes no obligation to publicly update or revise any
forward-looking statements.


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