Central European Distribution Corporation (CEDC) has reported $148.2m net sales for the first quarter ended 31 March 2012, compared to $156.7m in the first quarter of 2011.

Net income on a US GAAP basis for the first quarter has increased from $62.5m or $0.86 per fully diluted share to net income of $1.1m or $0.02 per fully diluted share for the same period in 2011.

The company registered a net loss of $21.4m or $0.29 per fully diluted share, for the 2012 first quarter, compared to net loss of $17.4m or $0.24 per fully diluted share, for the first quarter in 2011.

CEDC president and CEO William Carey said they have been focused over the last six months in addressing key concerns that were facing the company being primarily the maturity of their 2013 Convertible Notes and management challenges in their Russian business.

"Some of the key near term objectives that the team will be working on include, building a stronger 2nd tier management team (already begun), improving effectiveness of trade marketing spend, gaining market share and improved sales order planning and forecasting," Carey said.

"We have also made numerous changes over the last twenty four months in our other businesses spread across Central/Eastern Europe, which have all started to deliver improved performance over the last few quarters.

"These changes incorporate not only management changes but new product development and route to market improvements, and we would expect our current changes in Russia to also show marked improvements in our operating performance."