Net income for 2005 includes the operating results of
the Central Investment Corporation (CIC) territories acquired on
January 10, 2005.
Non-carbonated beverage growth of 11.3 percent drove a one percent
increase in U.

First Quarter International Operations Highlights

The international operations reported a combined operating loss of
$12.
Average net selling prices helped to offset volume weakness , growing
18.0 million in the same period in
2004.5
----------- -----------
Gross profit 350.075


PEPSIAMERICAS, INC.5 529.8 149.6
Other liabilities 228.8)
Franchises and companies acquired, net of cash
acquired (350.7
--- -------- -----------
Net cash used in investing activities (374.0)
----------- -----------
Net cash provided by financing activities 354.S.16 $0.16 $0. To measure scalability, a complex financial simulation of a CDO
squared portfolio which would normally require days to run on a single PC was
initiated. The company was founded on
the belief that all financial organizations should have access to the latest
pricing models and enterprise technology, irrespective of their size or
trading volume.

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The results
compare to net income of $20.9 percent on a per unit basis.
The volume gains, combined with continued strength in average net
selling price contributed to strong net sales growth of 11. Gross profit margins increased 50
basis points on a reported basis.S. Relying
on this top line growth, we expect to achieve our full year 2005
outlook.04 per share
accretive ., please dial 1-888-203-1112 and enter passcode
7481373.0
Payables 207.6
Deferred income taxes 150.5 43.6 0.7 $71.

These supplemental comparisons are consistent with the manner in which
management internally reviews results of operations and evaluates
performance in that management reviews the results of operations on
both a GAAP basis and using adjusted comparisons. Now, with Sun Grid's ability to optimize for exactly
the amount of computing resources each customer needs on a utility basis ,
we've eliminated these barriers.

.

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The newly acquired CIC territories
contributed 9 percent to the growth in worldwide operating
income results in the quarter.9 percent.

First Quarter U.S. Within our U.
Reflecting the comparisons to the first quarter of 2004, volume was
down 8.9
million, or 64. This increase was due, in part, to
an increase in sugar costs beginning in the second quarter of 2004 due
to entry into the EU, higher resin costs and the unfavorable impact of
changes in foreign currency exchange rates.8 $20.2 143.6 $3,529.
Securities and Exchange Commission's Final Rule, "Conditions for Use
of Non-GAAP Financial Measures," included below is a reconciliation of
the non-GAAP financial measures used in this press release to the most
comparable U. Management
believes these non-GAAP measures provide useful information to
investors through the summarization of transactions impacting the
current period results of operations that are not necessarily
indicative of our future results, nor comparable with prior period
results .2 0. More information on CDO2 and CDOSheet can be found at http://www.

.

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4 percent with average net
selling prices up 5. performance was the major driver to the overall strength
of PepsiAmericas ' first quarter operating results.9 percent
to $712. The strength of the top line helped to
mitigate much of the impact of the increase in cost of goods sold
delivering gross profit of $313.5 percent to $44. Reflecting this jump in volume and the continued
pressure of raw material costs, cost of goods sold increased 14.5 0.3 32.9
Receivables, net 233. GAAP measure.8 $50.2 143.14
As adjusted $0.
A singular vision -- "The Network Is The Computer" -- guides Sun in the
development of technologies that power the world's most important markets.

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These results also include a special charge for
Central European operations of $2.9 percent in the quarter.
The Central European operations also recorded a special charge of
$2.4 million.
PepsiAmericas will hold its first quarter earnings conference call
at 10:00 AM CT, Tuesday, April 26, 2005 by telephone and through a
live webcast over the internet. To listen to the archived call
within the U. Any forward-looking statements should be read in
conjunction with information about risks and uncertainties set forth
in our Securities and Exchange Commission reports, including our
Annual Report on Form 10-K for the year ended January 1, 2005.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE FIRST QUARTER OF FISCAL 2005
COMPARED WITH THE FIRST QUARTER OF FISCAL 2004
(UNAUDITED AND IN MILLIONS, EXCEPT PER SHARE DATA)


First Quarter
-----------------------

2005 2004
----------- -----------

Net sales $829 .4 $737.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF FIRST QUARTER OF FISCAL 2005 AND FISCAL YEAR 2004
(UNAUDITED AND IN MILLIONS)


2005 2004
----------- -----------

Cash and equivalents $87.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE FIRST QUARTER OF FISCAL 2005
COMPARED WITH THE SAME PERIOD OF FISCAL 2004
(UNAUDITED AND IN MILLIONS)


Fiscal Year
-----------------------

2005 2004
----------- -----------

Cash Flows from Operating Activities:
Income from continuing operations $20.7
Incremental effect
of stock options
and awards 2.14

Adjustments included in this summary were as follows:
---- -------------------------------------------------

Special charges - During the first quarter of 2005, we recorded
special charges in Central Europe of $2.5 million ($1. The special charges primarily related to a reduction in the
workforce in Central Europe and consolidation of certain production
facilities as we continue to rationalize our cost structure. These
special charges were primarily for severance costs and related
benefits. Running CDO2 Pricing and Risk Simulation Software on Sun (TM) Grid Compute
Utility Cuts Transaction Time from Days to Under an Hour; CDO2 Opens Sun
Grid Demonstration in London

SANTA CLARA, Calif.cdo2.com.
Sun 's philosophy of sharing innovation and building communities is at the
forefront of the next wave of computing: the Participation Age.

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Operations Highlights

Reflecting volume growth, balanced pricing, and the addition of
the CIC territories, U. The average net selling price increased 3 percent
of which approximately 85 percent is attributed to rate and the
remainder to mix.1 million or 34.1 percent of sales. However, as a percentage of sales, cost of
goods sold declined 50 basis points . Comparisons in the first quarter
continued to benefit from the acquisition of a majority interest in
the Bahamas in the latter part of the first quarter of 2004.4 percent to $13.36 compared with reported EPS of $1., please dial 1-800-811-0667 and
request PepsiAmericas conference call.com. PepsiAmericas manufactures, distributes
and markets a broad portfolio of Pepsi-Cola, and other national and
regional brands.8
Income taxes 12.3
----------- -----------

Net income $20.3 2.5
Net property 1,112.6 $3,529.1
Long -term debt 1,008.2 1,006.0) 3.5
(Decrease) increase in accounts receivable
sold (14.0) 25.9
Cash dividends (11.2 million ($0.

About Sun Grid
Sun Grid helps customers and partners to derive immediate benefits from an
open, grid-based computing infrastructure on a utility basis by giving them
more choice and control over how they purchase and leverage IT.

About CDO2
CDO2 is a provider of innovative pricing and risk technology for
organizations trading structured credit products.

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Business Editors

MINNEAPOLIS ----PepsiAmericas, Inc.S. The volume trends are
improving and are anticipated to be positive on a full year basis. The cost of goods sold
increase negatively impacted the gross profit, which declined 3.5 million in the quarter.28 in 2004.

PEPSIAMERICAS, INC.2
----------- -----------
Operating income 55.3
----------- ---------- -

Total liabilities 2,322.2 1,623.4) 6.0
Net change in other assets and liabilities (14.9)
Proceeds from sales of property 0. These non-GAAP adjusted comparison measures are provided as
supplemental information, and should not be considered in lieu of the
GAAP measures.

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5 million and EPS of $0.5 million, $1."

First Quarter Operations and Financial Highlights

The U.4 percent.9 percent to
$117.7 million , compared to a loss of $2.
In total, PepsiAmericas serves geographic areas with a population of
more than 122 million people.1
Interest expense, net (19.8
=========== ===========


PEPSIAMERICAS , INC.5 0.8 37.9
----------- ------ -----

Net cash used in discontinued operations (2.9 69.5
Items impacting
comparability
Special charges, net 2. These
special charges were primarily for severance costs and related
benefits and asset write-downs. Extended
trials can also be booked on Sun Grid running in Scotland.
"Since we have dramatically reduced time to market and costs by using Sun
Grid, we can now give our customers access to a level of computing power they
have never had before ," said Gary Kendall, director, CDO2. This
enables the application to scale dynamically, as needed to achieve the desired
levels of performance running on the Sun Grid.

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1 million driven by the strong domestic volume and
worldwide pricing. Selling,
delivery and administrative costs increased 12. The Bahamas contributed nearly half of the increase in SD+A
costs.
"Over the balance of the year, we anticipate that volume and pricing
improvements will help to offset the continued cost pressures .pepsiamericas.7 262.9)
Other expense, net (2.7
Incremental effect of stock options and
awards 2.14

Cash dividends per share $0.7 (1.7) (40.5 4. To calculate the adjusted
comparisons, management has excluded special charges relating to
various restructuring initiatives.5 146.15 $0.

During the first quarter of 2004 , we recorded special charges, net of
$0.

CDO2 Unlocks The Power of Sun(TM) Grid for Faster Financial Risk Simulation

CDOSheet allows users to harness the power of grid computing
to price and risk manage CDO and CDO squared tranches using simple spreadsheet
functions.

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The Central European business is continuing to rebound from the
challenges it faced from EU entry in the second quarter of 2004 . The
Bahamas accounted for approximately one-third of the revenue and
volume improvement in the year over year comparisons.
As previously discussed in February 2005, the 2004 results benefited
from several items that increased EPS by $0. A replay of the webcast will be archived and available online
through the Investor Relations section of our website at
www.7 86.4
Other assets 116.0
Deferred income taxes (2.2
Cash outlays related to special charges (0.0 -
Repayments of long -term debt (0. These adjustments relate to operating income, net income
and basic and diluted income per share.

CONTACT:
Brett Smith
Sun Microsystems , Inc.

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14 for the first
quarter of 2004.1 million versus $59.

Outlook

"We are off to a healthy start in 2005," said Robert C.pepsiamericas.4)
----------- -----------
Income before income taxes 33.5 229 .0
Cash and equivalents at beginning of year 74.5 1.

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(NYSE:PAS) today reported first quarter 2005 net income of $20.01 per share. and Caribbean volume combined with higher average net
selling price across all geographies contributed to the strength on
the top line. The results for the quarter reflected
the continued strength of Aquafina with volume growth over 25 percent.

1 percent increase
over the first quarter of 2004.3
----------- -----------
Total current assets 610.2
----------- -----------

Total liabilities and shareholders ' equity $3,906.4) (0.0
----------- ---- -------
Cash and equivalents at end of year $87.
Sun also announced that CDO2 and Sun are developing a demo center in Sun's
UK-based Customer Briefing Center in Guillemont Park , allowing potential
customers to 'try' CDOSheet on the Sun Grid using their own data. The Sun Grid
offerings include the Sun Grid compute utility, a $1 (USD) per CPU per hour
pay-per-use offering ($1/cpu-hr), and the Sun Grid storage utility, a $1 (USD)
per gigabyte per month offering ($1/GB -mo).

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The largest increase in volume came
from the large format and dollar store channels.0 percent
in the U.1 million.1
percent to $25.2 million.6 percent to $47.7) (11.S.
CDO2 and CDOSheet are trademarks or registered trademarks of CDO2 Limited.

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6 million after tax,
or $0. As anticipated, in the first quarter, cost of goods sold
increased 4.8
million reflecting higher raw material costs, increased volume and the
CIC acquisition.2 million, a 13. CIC contributed nearly
sixty percent of the growth in selling, delivery and administrative
costs. The distribution of Frito
Lay products in Hungary and the Czech Republic also contributed to
this increase.0
million, benefiting from a number of cost initiatives implemented in
2004, despite an unfavorable impact from foreign currency exchange
rates."
The company is reaffirming its full year 2005 EPS outlook in the
range of $1.1
Selling, delivery and administrative expenses 292.8 190.2 197.6

Shareholders' equity 1,584.2) (60.0
=========== ===========


Notes to condensed consolidated financial statements (unaudited):

1.1 $20.1
----------- ----------- ----------- -----------
Adjusted Comparisons $57., Sun Microsystems,
Inc. Sun Grid helps
customers and partners derive immediate benefits from an open, grid-based
computing infrastructure on a utility basis by giving them more choice and
control over how they purchase and leverage IT. The POC ran CDOSheet on a 128 node (256 CPU)
Sun Grid using the Solaris(TM) 10 operating system (OS).com .

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Worldwide operating income grew approximately 10 percent to
$55. markets,
the carbonated soft drink category declined, however, within this
segment, the diet category grew.6 percent of sales. Selling, delivery and administration
expenses remained virtually flat, increasing only 0. The live webcast will be
available at www. A playback of the conference call
will be available until May 21, 2005. PepsiCo, Inc.1 50.3 177 .9 521.9)
Changes in assets and liabilities, exclusive
of acquisitions and divestitures:
Net change in primary working capital (13.3) (19.0)
----------- -----------

Cash Flows from Financing Activities:
Net borrowings (repayments) of short-term debt 103.2) (0.6 $22."
"With Sun Grid , our partners can deliver applications faster to their
customers through the simplicity of the grid ," said Stuart Wells, executive
vice president, utility computing, Sun Microsystems."
CDO2 specializes in providing the latest pricing algorithms and risk
methodology for structured credit derivatives. The system was installed on the
grid in less than one week and run remotely via London from a data center in
Scotland. Sun can be
found in more than 100 countries and on the Web at http://sun.

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8
million, or diluted earnings per share (EPS) of $0. operating income improved 13.
Domestic cost of goods sold increased 11. As a result, net sales increased 16. The charge is related to the continued
rationalization of the manufacturing operations and headquarters
realignment in conjunction with the accession of the markets into the
EU in 2004. In addition, the
outlook for 2005 includes the impact of the Central Investment
Corporation acquisition, which is expected to be $0.15 $0.8
=========== ===========

Short-term debt, including current maturities
of long-term debt $544.

We have provided the table below that summarizes the adjustments that
impact comparability of the periods presented:


First Quarter 2005 First Quarter 2004
----------------------- -----------------------
Operating Operating
Income Net Income Income Net Income
----------- ----------- ----------- -----------
(Unaudited , in
millions)
As Reported $55.1 $20.1 million after taxes) in Central Europe . (Nasdaq: SUNW), today announced that CDO2, a provider of innovative
pricing and risk technology for organizations trading structured credit
products, has successfully completed a trial deployment of its financial
services software on the Sun(TM) Grid Compute Utility. in the United States and other countries.

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Worldwide sales revenue grew 12.

"Our performance in the first quarter of 2005 continued the
positive trends from last year and provide a solid base for us to
achieve our plans for this year," said Chairman and Chief Executive
Officer Robert C.S.2 million in the first quarter of 2004.0 million. volume on a constant territory basis for the first
quarter of 2005.
Selling , delivery and administrative costs increased 13. The international business was profitable in fiscal year
2004, and is expected to improve upon its profitability in 2005.S.6
Cost of goods sold 479.7 $74.0 44.6
----------- -----------
Change in cash and equivalents 12.

Non GAAP Adjusted Comparisons: In order to provide a supplemental
comparison of current period results of operations to prior periods,
we have adjusted for and summarized the nature of certain transactions
or events.

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PepsiAmericas Delivers Double-digit Top Line Growth and Solid EPS Performance in the First Quarter of 2005

CIC
contributed more than half of the increase in gross profit and
selling , delivery and administrative expenses.
The Caribbean reported an operating loss in the first quarter of
$1.

Cautionary Statement

This release contains forward-looking statements of expected
future developments, including expectations regarding anticipated
earnings per share and other matters.7) (1.9
----------- -----------

Total assets $3,906.4 1,906.5
Special charges, net 2. Reconciliation of Non-GAAP disclosures: In response to the U.6

Weighted average
common shares:
Basic 137.3 2. With the power of the Sun Grid, the simulation was completed in
less than an hour .

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The introduction in the quarter of additional Aquafina products also
added incremental volume to the trademark. CIC contributed nearly three quarters of the growth
in domestic cost of goods sold . The increase
was driven primarily by the inclusion and integration of CIC as well
as increased insurance, benefit and fuel costs.0 million, compared to the previous year's first quarter loss of
$9.5 percent increase in volume and a 3. (NYSE:PEP) beneficially owns
approximately a 41 percent equity interest in PepsiAmericas.3 313.4
--------- -- -----------
Diluted 139.3 130.1 181.3)
----------- -----------
Net cash provided by operating activities of
continuing operations 34.4 (27.8)
Effects of exchange rate changes on cash and
equivalents 0.4 $50.14
Net income per share
- diluted
As reported $0.6 million after
taxes).
All trade and market data is stored centrally so that it is easy for users to
share information, and calculations are performed across a grid of networked
computers.

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"The addition of the CIC territories was a
positive addition to our results, but more importantly on a constant
territory basis we continued to deliver solid top line results.4 million.1
percent for the quarter to $70. Cost of goods sold increased 30.5 percent increase in average
net selling price.05.1 424.5 146.14
Diluted $0.6) (0.1)
Long-term debt issuances 297.9)
Treasury stock purchases (56.

Management believes that the adjusted comparisons provide a
supplemental view of operations that excludes items that are unusual,
infrequent or unrelated to the ongoing core operations. There are limitations in the use of adjusted
comparisons due to the subjective nature of items excluded by
management in calculating adjusted comparisons. Management does not
use the adjusted comparisons in lieu of the comparable GAAP measures,
but rather uses the adjusted comparisons to supplement its review of
operations .4
----------- -----------
Diluted 139. "Until recently,
only large banks could take advantage of advanced pricing models and
enterprise technology. "CDO2's deployment
reveals the opportunities created, particularly for smaller ISVs, to reach
broad audiences; and for their smaller business customers to tap the computing
resources and software previously available only to larger institutions.
+1-415-294-5059
brett.

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15. In
the first quarter, international sales increased 15. To listen via telephone to the
conference call within the U.1) (15.6 $142.5
Adjustments to reconcile to net cash provided
by operating activities of continuing
operations:
Depreciation and amortization 47.0) (20.8 2.1
=========== ===========

Net income per share
- basic
As reported $0. Until recently, these
algorithms were only available in-house at large investment banks.
The CDO2 proof of concept (POC) demonstrates the benefits and scalability
of running CDOSheet on Sun Grid.

About Sun Microsystems, Inc.

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Pohlad.3 percent to
$67.3 percent to $33.33 to $1.com
PepsiAmericas is the second largest Pepsi bottler with operations
in 19 states , Central Europe including Poland, Hungary, the Czech
Republic, and Republic of Slovakia, and the Caribbean including,
Puerto Rico, Jamaica, the Bahamas, Barbados and Trinidad and Tobago.5
Inventory 199.9 1,769.8 $20.2)
Other 8.6 0.5) -
Issuance of common stock 22.6 0. With the
company's CDOSheet application, users are able to price and risk manage
structured credit products (CDO and CDO squared tranches) from a spreadsheet. Written using
Java(TM) 2 Standard Edition (J2SE) 5 software, CDOSheet also leverages the
Java dynamic networking capabilities of Jini(TM) network technology to
accommodate the dynamic addition and subtraction of computing resources.com

NOTE: Sun, Sun Microsystems, the Sun logo, Java, StarOffice, Solaris, and
The Network Is The Computer are trademarks or registered trademarks of Sun
Microsystems , Inc.

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1 percent.

A 6.1 percent increase in worldwide volume contributed to the
strong top line performance. Reported selling,
delivery and administrative expenses increased 11. to $246 .1
=========== ===========

Net income per share:
Basic $0.8
Other current assets 89.9 1,100.0
Goodwill and intangible assets 2,066.3 $20.14
As adjusted $0.

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Improvements in
both the U.S.S. Volume also benefited from the shift of the Easter
holiday to the first quarter. The first quarter saw
growth from both take home and single serve.0 percent to $398.9
percent to $35.6
million. These forward -looking statements
reflect management's expectations and are based on currently available
data; however, actual results are subject to risks and uncertainties,
which could materially affect actual performance. Risks and
uncertainties that could affect our future performance include, but
are not limited to, the following: competition, including product and
pricing pressures; changing trends in consumer tastes; changes in our
relationship and/or support programs with PepsiCo and other brand
owners; market acceptance of new product offerings; weather
conditions; cost and availability of raw materials; and changing
legislation.8
Special charges, net 2.15 $0.com

Shoshana Deutschkron
Bite Communications
+1-415-365 -0394

Gary Kendall
CDO2
+44-0-845-456-4460
gary-kendall@cdo2.

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On a worldwide basis, the
first quarter gross profit increased 11.S.2 percent versus the prior year .1 million. Net sales improved 15.3 million driven by a
12. Pohlad.S.5 12.5
=========== ===========

Weighted average common shares:
Basic 137.085 $0.8
Other current liabilities 183.3
----------- ------- ----
Total current liabilities 934.3
----------- -----------

Cash Flows from Investing Activities:
Capital investments (25.15 $0. When powered by Sun Grid, the
time required for complex financial risk simulations using CDO2 technology is
reduced from days to under an hour , allowing CDO2 to reach an expanded set of
customers for whom such simulations were previously too time-intensive and
costly.smith@sun.

1415926535.

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---

- - kjjkjk

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