PRESS RELEASE

Exhibit 99.1


FOR IMMEDIATE RELEASE


CONTACT: Media: Sonya Soutus
(404) 676-2683

Investors: Ann Taylor
(404) 676-5383


THE COCA-COLA COMPANY REPORTS THAT SECOND HALF 2004
RESULTS WILL BE BELOW EXPECTATIONS


* Unfavorable operating conditions in several key markets are negatively
impacting performance and earnings.

* Third quarter 2004 worldwide unit case volume growth expected in the
range of flat to 1 percent.

* Isdell: "I am not satisfied with this performance or the anticipated
results. They are symptoms of problems that demand strong corrective
actions and initiatives that will put this Company firmly on its proper
growth course. That is my unmistakable and immediate objective."


ATLANTA, Sept. 15, 2004 -- The Coca-Cola Company announced today that,
as indicated in July, second half 2004 earnings per share will be negatively
impacted by challenging operating conditions in key markets. Neville Isdell,
chairman and chief executive officer, commented, "Although it is not our
practice to provide specific earnings guidance, we have made an exception today
in the interest of clear and timely communication. We want to inform investors
of business trends that are significantly impacting our operating environment."

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Worldwide unit case volume is expected to increase 1 to 2 percent for the
full year 2004, with volume growth for the third quarter in the range of flat to
1 percent and continuing challenging conditions in the fourth quarter.

For the second half 2004, the Company is currently anticipating earnings
per share to be in the range of $0.88 to $0.92, with the third quarter in the
range of $0.46 to $0.48, prior to the consideration of any impairment charges.
In addition, the Company has determined that impairment charges in the range of
$375 million to $450 million are expected in the third quarter of 2004. These
charges relate primarily to certain intangible assets in Germany that have been
unfavorably impacted by market shifts related to the deposit law on
non-returnable beverage packages enacted by the German government. When taking
these impairment charges into consideration, the Company is currently
anticipating reported earnings per share for the second half of 2004 to be in
the range of $0.77 to $0.82, with the third quarter in the range of $0.35 to
$0.38.

Neville Isdell continued, "I am not satisfied with this performance or the
anticipated results. They are symptoms of problems that demand strong
corrective actions and initiatives that will put this Company firmly on its
proper growth course. That is my unmistakable and immediate objective.

"An effective volume and value growth strategy is critical to the success
of our system. While this strategy is working in some regions, in other key
regions we still have much work to do. The benefit of our actions may not be
immediate."

The Company said that its financial results in the second half of the year
are being negatively impacted specifically by:

* Unfavorable volume trends in the North America bottle and can business.
"While the retail environment is difficult, we have not reacted as
quickly or as effectively as I would like," said Isdell.

* In Germany, changing marketplace dynamics together with unfavorable
weather conditions are resulting in unit case volume declines in a
mid-teen range during the third quarter. The Coca-Cola Company and its
bottling partners are also addressing the impact of recent
environmental legislation, as well as significant structural issues
that limit the system's ability to respond effectively to the evolving
retail and

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consumer landscape. The solutions are complex, requiring
implementation over the next several years and making short-term
benefits unlikely.

* Unseasonably cool and rainy weather in the highly-profitable Northern
European markets is leading to high-single digit volume declines in the
third quarter, cycling the extremely high temperatures in the summer of
2003. In addition, retail de-stocking in anticipation of an upcoming
regulated price decrease in France is leading to double-digit declines
in the Company's unit case volume and declines in gallon sales to
bottlers both well below our expectations.

In conclusion, Neville Isdell said, "I came back to lead a growth business.
I believe this is still a growth Company and my intention is to put it back on
track. With strong brand equity, cash flow and market position, I am confident
that no other company is better positioned to capture growth in the beverage
category than The Coca-Cola Company."

Invitation to Investor Discussions
- ----------------------------------

The Company will host a discussion with investors and financial analysts
today, September 15, 2004 at 9:00 a.m. (EDT). In addition, the Company will
release its third quarter and year-to-date 2004 financial results on Thursday,
October 21, 2004 after the closing of the stock market. The Company will host a
conference call at 4:30 p.m. (EDT) on that day.

The Company invites investors to listen to the live audiocasts of both
discussions at the Company's website, www.coca-cola.com in the "investors"
section. Audio replay will also be available after each event on the Company's
website.

The Coca-Cola Company
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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

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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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