Exhibit 99.1

Media Relations Department P.O. Box 1734, Atlanta, GA 30301 Telephone (404) 676-2121

news
release

FOR IMMEDIATE RELEASE

THE COCA-COLA COMPANY REPORTS
FOURTH QUARTER AND YEAR-END 2004 RESULTS

•

Reported earnings per share of $0.50 for the fourth quarter and $2.00 for the full year.



•

Excluding items impacting comparability, earnings per share of $0.46 for the fourth quarter and $2.06 for the full year.



•

Cash from operations for the year increased 9 percent to $6.0 billion and the Company expects strong cash flows to continue in the future.



•

Worldwide unit case volume growth of 2 percent for the full year.

        ATLANTA, Feb. 16, 2005—The Coca-Cola Company today reported fourth quarter earnings per share of $0.50, compared with $0.38 for the prior year fourth quarter. Reported earnings per share for the full year were $2.00, compared with prior year earnings of $1.77 per share.

        Neville Isdell, chairman and chief executive officer, commented, "We are not satisfied with our performance in 2004. By most measures, we did not perform to our potential or the expectations of our shareowners. On the whole, I believe 2004 will be remembered as the beginning of an important transition for The Coca-Cola Company. We are making the necessary course correction that will enable us to fulfill our enormous potential, accelerate growth and create value for shareowners over the long-term."

Financial Highlights

•

Fourth quarter and full year reported earnings per share for 2004 and 2003 include certain items that impact the comparability of earnings per share year over year. These items are as follows:

*

Per share amounts do not add due to rounding

•

The Company exceeded its previously communicated expectations for the fourth quarter and full year as a result of several events. Approximately $0.03 of the improvement resulted from positive currency fluctuations and upside performance from operations late in the quarter. Another approximately $0.03 of the improvement resulted from a lower than expected tax rate on operations, a settlement with a supplier related to a prior year product recall and higher than expected gallon sales in North America.

•

Reported fourth quarter operating income increased 23 percent compared to the prior year fourth quarter and increased 9 percent for the full year compared to the prior year. Operating income in the quarter was negatively impacted by fewer shipping days, poor performance in certain key markets including Germany, increased corporate expenses and continuing investments in marketing and innovation activities, offset by positive currency benefits. Operating income in the prior year fourth quarter was reduced by charges related to streamlining initiatives. The currency benefit to operating income was approximately 7 percent for the quarter and 8 percent for the full year, compared to the comparable prior year periods.

•

Cash from operations for the full year was approximately $6.0 billion, compared with approximately $5.5 billion in the prior year period, an increase of 9 percent.

•

The Company repurchased approximately $1.7 billion of its common stock during the year, or approximately 37.5 million shares. In 2005, the Company intends to increase its share repurchase activity to at least $2 billion.

•

For the year, the Company increased its dividend per share by 14 percent over 2003 and paid out approximately $2.4 billion in dividends.

Operational Highlights

        (All references to unit case volume percentage changes in this section are computed based on average daily sales for the fourth quarter except as noted and computed on a reported basis for the full year.)

Total Company

•

Unit case volume increased 2 percent in the fourth quarter, led by a 4 percent growth in carbonated soft drinks internationally as a result of strong performance in markets such as China, Brazil, Argentina, Spain, South Africa, Russia and Turkey. Offsetting these results were unit case volume declines in North America and Germany. On a reported basis, unit case volume decreased 3 percent in the fourth quarter. The reported shipments of unit cases and gallons in the fourth quarter reflect a decrease in the number of shipping days when compared to the previous year. For the full year, worldwide unit case volume increased 2 percent.



•

For the fourth quarter and full year, carbonated soft drink unit case volume grew by 2 percent and 1 percent, respectively. Noncarbonated beverage unit case volume grew 4 percent for the quarter and 5 percent for the year, led by water and sports drinks.

North America

•

Unit case volume in the North America business unit declined 1 percent in the fourth quarter versus prior year reflecting poor performance in the Retail division. Full year unit case volume for North America was flat with the prior year.



•

The Retail division's unit case volume declined 1 percent in the fourth quarter versus the prior year. For the full year, the Retail division's unit case volume decreased 1 percent, driven by weak performance in the second half of the year and especially the third quarter due to poor weather, higher retail pricing and lower than expected results from the introduction of Coca-Cola C2.



•

The Foodservice and Hospitality division's unit case volume increased 1 percent for the quarter and 2 percent for the full year as a result of effective customer programs and improved restaurant traffic trends.



•

POWERade and Dasani delivered strong double-digit unit case volume growth in the fourth quarter and full year. Warehouse delivered juices unit case volume increased by 4 percent in the fourth quarter reflecting the benefits from brand innovation.

Europe, Eurasia and Middle East

•

The Europe, Eurasia and Middle East business unit returned to growth in the fourth quarter, with a unit case volume increase of 3 percent following the 3 percent decline in the third quarter. Strong growth in Spain, Italy, France, Turkey and Russia in the fourth quarter was offset by a unit case volume decline in Germany.



•

For the full year, unit case volume for the business unit was flat as a result of the poor summer in Northern Europe and the unit case volume declines in Germany. Excluding Germany, unit case volume increased 7 percent and 3 percent for the fourth quarter and full year, respectively.



•

Unit case volume in Germany declined 15 percent in the quarter and 11 percent for the full year as limited brand and package availability in the discounter channel continued to impact performance. The discounter channel has been growing since the implementation of the mandatory deposit "island solutions."



•

At the end of December 2004, the German government passed an amendment to the mandatory deposit legislation which will eliminate the "island solution" while expanding the mandatory deposit to other beverage categories. The amendment allows for a transition period to enable retailers to establish a national take-back system for one-way packaging. The transition period is expected to last until mid-2006. Therefore, we expect 2005 to continue to be a challenging environment in Germany.

Asia

•

The Asia business unit increased unit case volume 3 percent for the quarter and 5 percent for the year. In the fourth quarter, double-digit growth in China and solid growth in Australia, Indonesia, and Thailand were moderated by weak performance in the Philippines and India.



•

In Japan, unit case volume was flat for the fourth quarter impacted by the poor weather caused by a record-breaking typhoon season. For the full year, unit case volume grew 4 percent.



•

In Japan, carbonated soft drink unit case volume growth for the year of 5 percent was driven by Trademark Coca-Cola growth of 3 percent and Fanta growth of 17 percent. Trademark Coca-Cola growth moderated from the third quarter due to the poor weather and a slow down in Coca-Cola C2 performance. Georgia Coffee unit case volume declined 2 percent for the year; however, the new advertising campaign along with new flavor launches contributed to share gains for the quarter. Aquarius delivered strong double-digit unit case volume growth and share gains in the quarter.



•

In China, fourth quarter unit case volume grew 12 percent, cycling 26 percent unit case volume growth in the fourth quarter of the prior year due to the earlier timing of the Chinese New Year in 2004. Full year unit case volume growth was 22 percent. Carbonated soft drinks grew 15 percent for the full year, led by 16 percent growth in Trademark Coca-Cola as a result of the new advertising campaign, innovative packaging and promotions in the cities and affordable 200ml packaging in the towns. Noncarbonated beverages delivered strong unit case volume and share results with new tea and juice launches driving the upside.



•

In the Philippines, affordability and availability issues negatively impacted performance for the quarter and full year. In India, unit case volume in the fourth quarter was primarily impacted by a price increase on the key affordability package driven by rising raw material costs.

Latin America

•

The Latin America business unit delivered solid unit case volume growth of 4 percent in the fourth quarter and 3 percent for the full year. The emphasis on brand building, new package alternatives, and close coordination with bottling partners drove superior local marketplace execution. Unit case volume growth in the quarter reflected strong carbonated soft drink growth in Mexico, Brazil, Argentina, and Venezuela, offset by a de-emphasis of large format water and powdered drinks in Mexico.



•

In Mexico, unit case volume increased 2 percent in the quarter, cycling 2 percent growth in the fourth quarter of the previous year. Performance in the fourth quarter reflected improvements in unit case volume and share over the previous three quarters as carbonated soft drink unit case volume was up 4 percent. A strategic decision to reduce large format water packages weighed on overall unit case volume. The strategy in Mexico to focus on new personal consumption packages and to enhance brand equity through integrated marketing programs gained further traction in the marketplace.



•

In Brazil, unit case volume growth for the quarter and full year was 10 percent and 7 percent, respectively. The strong results were driven by a continued focus on core brands and by providing greater packaging choices to consumers. Carbonated soft drink unit case volume grew double-digits once again this quarter, driven by Trademark Coca-Cola growth of 10 percent. For the full year, Trademark Coca-Cola unit case volume grew 9 percent delivering solid profits for the entire system.



•

In Argentina, strong consumer marketing activities centered around Christmas and an emphasis on segmenting package, price and channel opportunities led to unit case volume growth in the fourth quarter of 6 percent, cycling 15 percent from the prior year. For the year, unit case volume increased 12 percent, driven by carbonated soft drink growth of 12 percent.

Africa

•

The Africa business unit delivered mixed results in the quarter as strong unit case growth in South Africa and Zimbabwe was offset by declines in Nigeria and Egypt. Unit case volume in the quarter increased 4 percent, cycling 10 percent growth from the prior year. For the full year, unit case volume increased 3 percent, led by solid results in South Africa, Morocco, and Kenya, offset by unit case volume declines in Nigeria and Egypt.



•

Carbonated soft drink unit case volume performed well in Africa, increasing 6 percent as core brands drove the growth. Trademark Coca-Cola was up 9 percent, Trademark Sprite was up 14 percent, and Fanta unit case volume increased 12 percent in the quarter. Noncarbonated beverage unit case volume declined 9 percent, reflecting the decision to reduce the emphasis on less-profitable water packages in Nigeria. Excluding Nigeria, noncarbonated beverage unit case volume increased 9 percent.



•

South Africa had another strong quarter with unit case volume growth of 9 percent. The results were delivered through solid execution, strong marketing plans on core brands, close coordination with the bottler, as well as good weather. Trademark Coca-Cola, Trademark Sprite and Fanta unit case volumes grew by 10, 15 and 12 percent, respectively.



•

Unit case volume in the North and West Africa Division declined 4 percent in the quarter, with Nigeria down 10 percent due to de-emphasis of less-profitable water packages and weakness in non-core brands. In Egypt, unit case volume in the quarter declined 6 percent versus the prior year, which was an improving trend from the third quarter and the full year decline of 15 percent, as the cycling of a price increase from 2003 began.

Financial Review

Operating Results

        Revenues for the year increased 4 percent to $22.0 billion versus the prior year, reflecting a 2 percent increase in gallon sales, improved pricing of concentrate and positive currency trends offset by mix and structural changes primarily due to the creation of a supply chain management company in Japan in the fourth quarter of 2003.

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

Note: Certain prior amounts have been reclassified to conform to the current year presentation

        Cost of goods sold decreased 2 percent for the full year, primarily related to the creation of a supply chain management company in Japan, offset by the negative impact of foreign currency fluctuations.

        Selling, general and administrative expenses increased 9 percent for the year reflecting the impact of foreign currency fluctuations, structural changes, increased costs in the finished products businesses and investments in marketing and innovation activities. In addition, increased corporate expenses for the year included higher insurance and legal expenses. In the fourth quarter, the Company received a $75 million pre-tax ($46 million after tax) favorable insurance settlement related to the class-action lawsuit that was settled in 2000. The Company subsequently donated $75 million pre-tax ($46 million after tax) to the Coca-Cola Foundation.

        For the full year 2004, the Company had other operating charges amounting to approximately $480 million pre-tax ($309 million after tax) related to the impairment of intangible assets in Germany and the write-down of various manufacturing assets.

        Reported operating income for the full year increased 9 percent, reflecting the impact of the operating charges in 2003 and 2004, poor performance in certain key markets including Germany, increased corporate expenses and continuing investments in marketing and innovation offset by positive currency benefits. In 2005, the Company expects to receive minimal benefits from currency fluctuations.

        Equity income for 2004 increased in comparison to the prior year primarily due to charges in the third quarter of 2003 by Coca-Cola FEMSA, S.A. de C.V. (Coca-Cola FEMSA), a tax settlement at Coca-Cola FEMSA, the improvement in the financial strength of the bottling system and positive currency benefits.

Effective Tax Rate

        The reported effective tax rate for the fourth quarter was 15.5 percent. The reported effective tax rate was below the previously anticipated tax rate of 25 percent primarily due to a $48 million benefit from the favorable resolution of tax matters and a $50 million benefit from the use of foreign tax credits as allowed by the new October 22, 2004, tax legislation.

        The reported effective tax rate for the full year was 22.1 percent. The underlying effective tax rate on operations for the full year was 24.5 percent, which was reduced primarily as a result of higher tax benefits on the asset write-downs, the benefit from the net of various tax adjustments and the new tax legislation. The effective tax rate for the full year was lower than anticipated and benefited from strong profit contributions from lower taxed locations where currencies had a favorable impact, as well as from tax planning strategies.

        The Company is evaluating whether to repatriate in 2005 accumulated income earned abroad under the provisions of the American Jobs Creation Act (the "Act"). The Company estimates that the maximum amount that might be repatriated under the Act is $6.1 billion.

        In determining the quarterly provision for income taxes, the Company uses an annual effective tax rate based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. The effective tax rate also reflects the Company's assessment of the ultimate outcome of tax audits. The impact of significant or unusual items is separately recognized in the quarter in which they occur. The Company estimates its ongoing effective tax rate for 2005 to be approximately 25 percent, which does not reflect the impact of the Act and significant or unusual items, which, if and when they occur, are separately recognized in the appropriate quarter.

Prior Year Results

        In 2003, the Company took steps to streamline and simplify its operations, particularly in North America and Europe. These initiatives resulted in a full year charge of approximately $561 million pre-tax, or $0.15 per share after tax.

        In 2003, the Company recorded a non-cash charge of approximately $114 million, or $0.05 per share after tax, primarily reflected in equity income. This amount reflects the Company's portion of charges recorded by one of its equity method investees, Coca-Cola FEMSA, related to the streamlining and integration of its operations following a merger with Panamerican Beverages, Inc. and to its recording of intangible asset impairments in Venezuela.

        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. As a result of this venture, 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 shift of certain products to a concentrate business model resulted in a reduction of revenues and cost of goods sold, each in the same amount. This change in the business model did not impact gross profit. Had the change occurred as of January 1, 2003, both revenues and cost of goods sold for the year ended December 31, 2003 would have been reduced by approximately $780 million as compared to the same period for 2004. No future impact to the Company's results is anticipated from this change in the business model.

Conference Call

        The Company will host a conference call with financial analysts to discuss the fourth quarter and full year 2004 results on February 16, 2005, at 8:30 a.m. (EST). 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.

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

*

For the fourth quarter, "Basic Net Income Per Share" was $0.50 for 2004 and $0.38 for 2003 based on "Average Shares Outstanding—Basic" of 2,414 and 2,449 for 2004 and 2003, respectively.

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

*

For the twelve months, "Basic Net Income Per Share" was $2.00 for 2004 and $1.77 for 2003 based on "Average Shares Outstanding—Basic" of 2,426 and 2,459 for 2004 and 2003, respectively.

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

Assets

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

Liabilities and Shareowners' Equity

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

The Coca-Cola Company
Fourth Quarter and Full Year 2004
Unit Case Volume Results

Unit case volume growth based on average daily sales is computed by comparing the average daily sales in each quarter. 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 fourth quarter and full year of 2004 to the actual unit cases shipped in the fourth quarter and full year of 2003. In the fourth quarter, these amounts are less than the amounts computed on an average daily sales basis because of fewer days in the fourth quarter of 2004 as compared to the fourth quarter of the prior year. The difference in days was offset in the first quarter of 2004.

THE COCA-COLA COMPANY AND SUBSIDIARIES
Operating Segments (In millions)
(UNAUDITED)
Fourth Quarter

(1)

Operating income and income before income taxes for the fourth quarter of 2004 were impacted as a result of the Company's receipt of a $75 million insurance settlement related to the class-action lawsuit settled in 2000. The Company subsequently donated $75 million to the Coca-Cola Foundation.

(2)

Operating income and income before income taxes for the fourth quarter of 2003 were reduced by $126 million for North America, $11 million for Africa, $18 million for Asia, $91 million for Europe, Eurasia and Middle East, $4 million for Latin America, and $39 million for Corporate as a result of other operating charges.

(3)

Income before income taxes for the fourth quarter of 2004 for Corporate was reduced by approximately $25 million due to the issuances of stock by Coca-Cola Enterprises Inc.

(4)

Income before income taxes for the fourth quarter of 2003 for Latin America was reduced by $7 million primarily for a charge related to one of the equity method investees.

THE COCA-COLA COMPANY AND SUBSIDIARIES
Operating Segments (In millions)
(UNAUDITED)
Year Ended December 31,

(1)

Operating income and income before income taxes for 2004 were reduced by $18 million for North America, $15 million for Asia, $377 million for Europe, Eurasia and Middle East, $6 million for Latin America, and $64 million for Corporate as a result of other operating charges recorded for asset impairments.

(2)

Operating income and income before income taxes for 2004 for Corporate were impacted as a result of the Company's receipt of a $75 million insurance settlement related to the class-action lawsuit settled in 2000. The Company subsequently donated $75 million to the Coca-Cola Foundation.

(3)

Operating income and income before income taxes for 2003 were reduced by $273 million for North America, $12 million for Africa, $18 million for Asia, $183 million for Europe, Eurasia and Middle East, $20 million for Latin America, and $67 million for Corporate as a result of other operating charges. Operating income and income before income taxes for 2003 Corporate were increased by $52 million as a result of a settlement related to a vitamin antitrust litigation matter.

(4)

Income before income taxes for 2004 for Latin America benefited by approximately $37 million for our proportionate share of a favorable tax settlement related to Coca-Cola FEMSA, S.A. de C.V. Income before income taxes for 2004 for Corporate increased by approximately $24 million due to the issuances of stock by Coca-Cola Enterprises Inc.

(5)

Income before income taxes for 2003 for Latin America was reduced by $102 million primarily for a charge related to one of the equity method investees.

The Company reports its financial results in accordance with generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP performance measures and ratios used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability due to the fact that these items do not represent results from the fundamental operations of the Company. See the Table below for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended December 31, 2004, and December 31, 2003. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP.

THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures
Fourth Quarter
(UNAUDITED)
(In Millions, except per share data and margins)

Note: Items to consider for comparability include primarily charges, gains, and accounting changes. Charges and accounting changes negatively impacting net income are reflected as increases to reported net income. Gains positively impacting net income are reflected as deductions to reported net income.

*Per share amounts do not add across due to rounding.

**Effective Tax Rate calculated on full figures.

The Company reports its financial results in accordance with generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP performance measures and ratios used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability due to the fact that these items do not represent results from the fundamental operations of the Company. See the Table below for supplemental financial data and corresponding reconciliations to GAAP financial measures for the year ended December 31, 2004. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP.

THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures
Full Year
(UNAUDITED)
(In Millions, except per share data and margins)