8:05 - Company very happy with their quarter. They are happy with reporting on upper end of Operating Income and earnings per share. Double digit growth in China, Russia, Turkey, Middle East. 6% growth in the European Union. Japan finished the year down but delivered 2% growth for the fourth quarter.

8:09 - Very pleased with the growth of their sparkling beverages growth which showed an increase of 4% last year. This is the highest growth for a single year since 1998. This growth driven by the company's core products. Coke up 3%, Fanta up 4% and Sprite up 5%.

8:11 Juices showed growth and re-enforces they are the global juice leader. Minute Maid launched in nine new countries and continued to gain volume globally.

8:15 - Not satisfied with North American performance in 2006. Expect first half of 2007 to be weak in North America but expect sequential improvement in the second half of the year.

8:19 - Recent key management moves - Muhtar Kent - elected as President and Chief Operating Officer in December.

8:22 - Gary P. Fayard - Chief Financial Officer - going through quarterly results. Same as we had seen earlier. $0.52 excluding the CCE charge. Yearly EPS growth 9.0%. In 2006 there was $2.5 billion worth of stock purchased back and $2.9 billion in dividends.

8:25 Company has a positive macro - economic look for the market in 2007.

8:26 - Expects interest expenses to rise during 2007 - $2 billion in debts currently and expects it to increase during the year.

8:28 - Expect to see very little currency impacts during '07.

- Now getting ready for investor questions:

8:30 - Brian from Bank of America - input costs going into '07... Outside of America, what would input cost be for bottlers? Input cost inflation will not be a problem Internationally.

8:36 - Bill from Morgan Stanly - Sparkling volume down 3% last quarter in North America.. how can the company plan to improve this situation in 2007 and even further? - No doubt 2007 will be a tough year with cost increases in North America, but they feel they can improve their relationship with their bottling system and should be able to see drastic improvements in their ability to capture profit potentials, especially in the second half of 2007 as they solidify their relationship with their bottling system. Full year is going to be weak, but expect a better second half.

8:40 Lauren at HSBC : Looking for a little more detail on their relationship with their bottlers. Are they looking at alternative routes to market? - They are always looking at alternate routes to markets, but jointly with their bottlers they are creating a very clear process in order to respond to the possibilities that are presented to them.

8:42 - John from JP Morgan: Cash flow looks up the past couple of quarters. What about cash flow looking forward? - Full year cash from operations showed down from 2005. Looking at working capital it was a source in 2005 but a use in 2006 with a swing of about $1 billion. This was mostly from cash taxes on foreign earnings from '05, funded a couple hundred million into an employee benefit plan, and a donation to coca-cola foundation. If you had excluded those three areas 2006 would have shown cash flow growth and they company expects cash flow growth in 2007 over 2006.

8:46 - Cristine from Merrill Lynch - We saw a decent amount of acquisitions this year. Will we see any major acquisitions this year? Nothing major in the pipeline at this moment, but expect to see some acquisitions, especially in the emerging markets this year. Probably will be about the same as last year.

8:50 - Stock is currently trading up 0.8% in premarket trading. This is up about 0.2% from the start of the call.

8:52 - Robert with Sanford Bernstein : Latin America had good growth last year. Is this something they expect to continue? Company expects that you can see about the same as '05 and '06 continue next year throughout Latin America.

8:55 - Judy from Goldman Sachs: Ready to drink coffee and tea did not show growth in 2006. How can they improve this in 2007? Company sees that as a key opportunity going forward. The ready to drink tea is a high growth segment for the company and they are going to be expanding their footprint in these areas, but this will take several years and not something that the company will be able to fix in just one year.

8:58 - Matthew with Morningstar - What is going right with Germany after a couple years of struggle? A successful launch from Coke 0, and were able to benefit from the World Cup as well this year. Heading into 2007 they expect great things from Germany as the franchise relationship with their bottlers in the German market is working greatly together. They instituted a one bottle system in Germany that is going to be paying off nicely in the future and take greater share of the marketplace.

9:00 Call has now come to an end. As of 9:00 AM EST shares in Coca-Cola are now trading up 0.6% which is exactly where we were seeing shares trading at the beginning of today's call. We will now just have to wait and see what the market thinks once regular hour trading opens up in about 30 minutes.