Cott Corporation (NYSE: COT) (TSX: BCB)
- Revenue increased 26% to $611 million. Excluding the impact of
the Cliffstar acquisition and foreign exchange, revenue increased
9%.
- Gross profit as a percentage of revenue was 11.1% compared to
13.8% in the prior year.
- Operating income increased 49% to $29 million. Excluding
Cliffstar purchase accounting adjustments and integration expenses,
adjusted operating income was $35 million compared to $33 million
in the prior year.
- EBITDA increased 39% to $52 million. Excluding Cliffstar
purchase accounting adjustments and integration expenses, adjusted
EBITDA was $55 million compared to $50 million in the prior
year.
- Net income and earnings per diluted share were $16 million and
$0.17, respectively, compared to $6 million and $0.07 in the prior
year, respectively. Excluding Cliffstar purchase accounting
adjustments and integration expenses, third quarter 2011 adjusted
net income and adjusted earnings per diluted share were $21 million
and $0.22, respectively.
(All information in U.S. dollars; all third quarter 2011
comparisons are relative to the third quarter of 2010. See
accompanying reconciliation of non-GAAP financial measures to the
nearest comparable GAAP measures.)
Cott Corporation (NYSE: COT) (TSX: BCB) today announced its
results for the third quarter ended October 1, 2011. Third quarter
2011 revenue was $611 million compared to $487 million. The
Cliffstar business, which was acquired during the third quarter of
2010, contributed $73 million of the increase in revenue. Operating
income increased 49% to $29 million, compared to $20 million. The
third quarter of 2010 included $6.4 million of transaction costs.
Excluding Cliffstar purchase accounting adjustments and integration
expenses, adjusted operating income was $35 million. EBITDA was $52
million, compared to $37 million in the prior year. Excluding
Cliffstar purchase accounting adjustments and integration expenses,
adjusted EBITDA was $55 million. Net income and earnings per
diluted share were $16 million and $0.17, respectively, compared to
$6 million and $0.07, respectively. Excluding Cliffstar purchase
accounting adjustments and integration expenses, adjusted net
income and adjusted earnings per diluted share were $21 million and
$0.22, respectively, compared to $15 million and $0.17,
respectively.
"During the third quarter, we experienced a solid increase in
volume and revenue, both of which exceeded our expectations.
However, margins were lower than we would have wished due to higher
than anticipated commodity costs and our product mix during the
quarter," commented Jerry Fowden, Cott's Chief Executive Officer.
"As we look to 2012, we are focusing on improving our margins as we
endeavor to adjust the balance across volume, revenue growth and
per case margins," continued Mr. Fowden.
THIRD QUARTER 2011 PERFORMANCE SUMMARY
- Filled beverage case volume increased 13% (6% excluding
Cliffstar) driven by higher volumes in North America, the United
Kingdom / Europe ("U.K.") and Mexico.
- Revenue increased 26% (9% excluding Cliffstar and the impact of
foreign exchange). Increased revenues were driven by a combination
of higher volumes and higher pricing in North America and the U.K.
The U.K. benefited from continued favorable product mix.
- Gross profit as a percentage of revenue was 11.1% compared to
13.8%. The decline in gross profit as a percentage of revenue was
attributable primarily to the continued adverse impact of higher
commodity costs.
- Selling, general and administrative ("SG&A") expenses were
$38 million compared to $47 million. The decrease in SG&A was
driven by reduced integration and acquisition costs, lower
information technology expenses and reduced accruals for bonus and
long-term incentive compensation costs.
- Operating income increased 49% to $29 million compared to $20
million. The third quarter of 2010 included $6.4 million of
transaction costs. Excluding Cliffstar purchase accounting
adjustments and integration expenses, adjusted operating income was
$35 million compared to $33 million.
- EBITDA was $52 million compared to $37 million. Excluding
Cliffstar purchase accounting adjustments and integration expenses,
adjusted EBITDA was $55 million compared to $50 million.
- Cash provided by operating activities was $64 million and
capital expenditures were $8 million.
THIRD QUARTER 2011 OPERATING SEGMENT
HIGHLIGHTS
- North America filled beverage case volume increased 12% (4%
excluding Cliffstar) to 188 million cases. Revenue increased 26% to
$468 million. Excluding the impact of the Cliffstar acquisition and
foreign exchange, revenue increased 5%. Operating income was $20
million compared to $13 million.
- U.K. filled beverage case volume increased 16% to 53 million
cases. Revenue increased 29% (25% excluding the impact of foreign
exchange) to $125 million, driven by ongoing growth in the energy
and sports isotonic categories. Operating income was $8 million
compared to $7 million.
- Mexico filled beverage case volume increased 5% to 9 million
cases. Revenue increased 2% (decline of 2% excluding the impact of
foreign exchange) to $13 million.
- RCI concentrate volume declined 1% to 60 million cases due
primarily to the timing of shipments. Revenue declined 2% to $6
million. Operating income was $2 million compared to $1
million.
Third Quarter Conference Call Cott
Corporation will host a conference call today, November 2, 2011, at
10:00 a.m. EDT, to discuss third quarter results, which can be
accessed as follows:
North America: (877) 407-8031 International: (201) 689-8031
A live audio webcast will be available through Cott's website at
http://www.cott.com. The earnings conference call will be recorded
and archived for playback on the investor relations section of the
website for a period of two weeks following the event.
About Cott Corporation Cott is the world's
largest retailer brand beverage company. With approximately 4,000
employees, Cott operates soft drink, juice, water and other
beverage bottling facilities in the United States, Canada, the U.K.
and Mexico. Cott markets beverage concentrates in over 50 countries
around the world.
Non-GAAP Measures Cott supplements its
reporting of revenue determined in accordance with GAAP by
excluding the impact of foreign exchange to separate the impact of
currency exchange rate changes from Cott's results of operations
and, in some cases, by excluding the impact of the Cliffstar
acquisition. Cott supplements its reporting of net income,
operating income and earnings per diluted share in accordance with
GAAP and its reporting of earnings before interest, taxes,
depreciation and amortization by excluding Cliffstar purchase
accounting adjustments and integration expenses to separate the
impact of these items from the underlying business. Because Cott
uses these adjusted financial results in the management of its
business and to understand business performance independent of the
Cliffstar acquisition, management believes this supplemental
information is useful to investors for their independent evaluation
and understanding of Cott's underlying business performance and the
performance of its management. The non-GAAP financial measures
described above are in addition to, and not meant to be considered
superior to, or a substitute for, Cott's financial statements
prepared in accordance with GAAP. In addition, the non-GAAP
financial measures included in this earnings announcement reflect
management's judgment of particular items, and may be different
from, and therefore may not be comparable to, similarly titled
measures reported by other companies.
Safe Harbor Statements This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 conveying management's expectations as to the
future based on plans, estimates and projections at the time Cott
makes the statements. Forward-looking statements involve inherent
risks and uncertainties and Cott cautions you that a number of
important factors could cause actual results to differ materially
from those contained in any such forward-looking statement. The
forward-looking statements contained in this press release include,
but are not limited to, statements related to future financial
operating results and related matters. The forward-looking
statements are based on assumptions regarding management's current
plans and estimates. Management believes these assumptions to be
reasonable but there is no assurance that they will prove to be
accurate.
Factors that could cause actual results to differ materially
from those described in this press release include, among others:
Cott's ability to realize the expected benefits of the Cliffstar
acquisition because of integration difficulties and other
challenges; risks associated with the asset purchase agreement in
connection with the Cliffstar acquisition; the effectiveness of
Cliffstar's system of internal control over financial reporting;
Cott's ability to compete successfully; changes in consumer tastes
and preferences for existing products and Cott's ability to develop
and timely launch new products that appeal to such changing
consumer tastes and preferences; a loss of or reduction in business
with key customers, particularly Wal-Mart; fluctuations in
commodity prices and Cott's ability to pass on increased costs to
its customers, and the impact of those increased prices on Cott's
volumes; Cott's ability to manage its operations successfully;
currency fluctuations that adversely affect the exchange between
the U.S. dollar and the pound sterling, the Euro, the Canadian
dollar, the Mexican peso and other currencies; Cott's ability to
maintain favorable arrangements and relationships with its
suppliers; the ability of Cott to remediate identified material
weaknesses; the significant amount of Cott's outstanding debt and
Cott's ability to meet its obligations under its debt agreements;
Cott's ability to maintain compliance with the covenants and
conditions under its debt agreements; fluctuations in interest
rates; credit rating changes; the impact of global financial events
on Cott's financial results; Cott's ability to fully realize the
expected cost savings and/or operating efficiencies from its
restructuring activities; any disruption to production at Cott's
beverage concentrates or other manufacturing facilities; Cott's
ability to protect its intellectual property; compliance with
product health and safety standards; liability for injury or
illness caused by the consumption of contaminated products;
liability and damage to Cott's reputation as a result of litigation
or legal proceedings; changes in the legal and regulatory
environment in which Cott operates; the impact of proposed taxes on
soda and other sugary drinks; enforcement of compliance with the
Ontario Environmental Protection Act; unseasonably cold or wet
weather, which could reduce the demand for Cott's beverages; the
impact of national, regional and global events, including those of
a political, economic, business and competitive nature; Cott's
ability to recruit, retain, and integrate new management and a new
management structure; Cott's exposure to intangible asset risk; the
volatility of Cott's stock price; Cott's ability to maintain
compliance with the listing requirements of the New York Stock
Exchange; Cott's ability to renew its collective bargaining
agreements on satisfactory terms; disruptions in Cott's information
systems; compliance with product health and safety standards; and
liability for injury or illness caused by the consumption of
contaminated products.
The foregoing list of factors is not exhaustive. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Readers are
urged to carefully review and consider the various disclosures,
including but not limited to risk factors contained in Cott's
Annual Report on Form 10-K for the fiscal year ended January 1,
2011 and its quarterly reports on Form 10-Q, as well as other
periodic reports filed with the securities commissions. Cott does
not undertake to update or revise any of these statements in light
of new information or future events, except as expressly required
by applicable law.
Website: www.cott.com
COTT CORPORATION EXHIBIT 1
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions of U.S. dollars, except share and per share amounts, U.S.
GAAP)
Unaudited
For the Three Months For the Nine Months
Ended Ended
----------------------- ----------------------
October 1, October 2, October 1, October 2,
2011 2010 2011 2010
---------- ----------- ---------- ----------
Revenue, net $ 611.3 $ 486.9 $ 1,785.4 $ 1,274.5
Cost of sales 543.7 419.8 1,560.2 1,076.7
---------- ----------- ---------- ----------
Gross profit 67.6 67.1 225.2 197.8
Selling, general and
administrative expenses 38.1 47.3 128.3 114.2
Loss on disposal of
property, plant & equipment 0.5 0.3 0.5 0.4
Restructuring - - - (0.5)
---------- ----------- ---------- ----------
Operating income 29.0 19.5 96.4 83.7
Other expense, net 1.3 1.3 2.1 3.6
Interest expense, net 14.4 10.3 43.4 22.6
---------- ----------- ---------- ----------
Income before income taxes 13.3 7.9 50.9 57.5
Income tax (benefit) expense (4.0) 0.7 (1.7) 13.9
---------- ----------- ---------- ----------
Net income $ 17.3 $ 7.2 $ 52.6 $ 43.6
Less: Net income
attributable to non-
controlling interests 1.1 1.4 3.1 4.0
---------- ----------- ---------- ----------
Net income attributed to
Cott Corporation $ 16.2 $ 5.8 $ 49.5 $ 39.6
========== =========== ========== ==========
Net income per common share
attributed to Cott
Corporation
Basic $ 0.17 $ 0.07 $ 0.53 $ 0.48
Diluted $ 0.17 $ 0.07 $ 0.52 $ 0.47
Weighted average outstanding
shares (millions)
attributed to Cott
Corporation
Basic 94.3 87.2 94.2 82.7
Diluted 95.1 89.0 95.0 83.5
COTT CORPORATION EXHIBIT 2
CONSOLIDATED BALANCE SHEETS
(in millions of U.S. dollars, except share amounts, U.S. GAAP)
Unaudited
------------- -------------
October 1, January 1,
2011 2011
------------- -------------
ASSETS
Current assets
Cash & cash equivalents $ 28.2 $ 48.2
Accounts receivable, net of allowance of $11.1
($8.3 as of January 1, 2011) 247.7 213.6
Income taxes recoverable 12.6 0.3
Inventories 216.0 215.5
Prepaid expenses and other assets 30.3 32.7
------------- -------------
Total current assets 534.8 510.3
Property, plant & equipment 483.3 503.8
Goodwill 129.1 130.2
Intangibles and other assets 348.8 371.1
Deferred income taxes 1.9 2.5
Other tax receivable 2.8 11.3
------------- -------------
Total assets $ 1,500.7 $ 1,529.2
============= =============
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings $ - $ 7.9
Current maturities of long-term debt 4.3 6.0
Contingent consideration earn-out 8.5 32.2
Accounts payable and accrued liabilities 241.8 276.6
------------- -------------
Total current liabilities 254.6 322.7
Long-term debt 602.5 605.5
Deferred income taxes 39.3 43.6
Other long-term liabilities 20.5 22.2
------------- -------------
Total liabilities 916.9 994.0
Equity
Capital stock, no par - 95,101,230 (January 1,
2011 - 94,750,120) shares issued 395.9 395.6
Treasury stock (2.1) (3.2)
Additional paid-in-capital 41.9 40.8
Retained earnings 156.0 106.5
Accumulated other comprehensive loss (21.6) (17.5)
------------- -------------
Total Cott Corporation equity 570.1 522.2
Non-controlling interests 13.7 13.0
------------- -------------
Total equity 583.8 535.2
------------- -------------
Total liabilities and equity $ 1,500.7 $ 1,529.2
============= =============
COTT CORPORATION EXHIBIT 3
Consolidated Statements of Cash Flows
(in millions of U.S. dollars)
Unaudited
---------------------- ----------------------
For the Three Months For the Nine Months
Ended Ended
---------------------- ----------------------
October 1, October 2, October 1, October 2,
2011 2010 2011 2010
---------- ---------- ---------- ----------
Operating Activities
Net income $ 17.3 $ 7.2 $ 52.6 $ 43.6
Depreciation &
amortization 24.0 19.1 71.4 49.9
Amortization of financing
fees 1.1 0.6 2.9 1.6
Share-based compensation
expense (1.6) 1.1 2.2 2.8
(Decrease) increase in
deferred income taxes (4.2) 9.7 (2.3) 9.6
Write-off of financing
fees - 1.4 - 1.4
Loss on disposal of
property, plant &
equipment 0.5 0.3 0.5 0.4
Gain on buyback of Notes - - - 0.1
Contract termination loss - - - (0.4)
Contract termination
payments (3.1) (0.6) (3.1) (5.4)
Other non-cash items (0.1) 0.1 1.7 4.3
Change in operating assets
and liabilities:
Accounts receivable 29.5 17.4 (41.5) (28.9)
Inventories 23.1 (3.8) 0.4 (20.5)
Prepaid expenses and
other assets 2.1 (0.5) 0.9 1.9
Other assets 0.9 - 0.2 (1.1)
Accounts payable and
accrued liabilities (25.8) 8.3 (22.9) 16.1
Income taxes recoverable 0.2 2.7 (3.4) 27.1
---------- ---------- ---------- ----------
Net cash provided by
operating activities 63.9 63.0 59.6 102.5
---------- ---------- ---------- ----------
Investing Activities
Acquisition (25.7) (507.7) (25.7) (507.7)
Additions to property,
plant & equipment (8.1) (11.4) (31.4) (29.5)
Additions to intangibles
and other assets (1.4) (0.2) (3.9) (3.6)
Proceeds from sale of
property, plant &
equipment 0.1 0.5 0.1 0.9
Other investing activities (0.1) - (1.8) -
---------- ---------- ---------- ----------
Net cash used in
investing activities (35.2) (518.8) (62.7) (539.9)
---------- ---------- ---------- ----------
Financing Activities
Payments of long-term debt (1.8) (1.2) (5.2) (17.3)
Issuance of long-term debt - 375.0 - 375.0
Borrowings under ABL 80.7 165.7 224.1 307.7
Payments under ABL (100.7) (126.2) (231.9) (277.8)
Distributions to non-
controlling interests (1.7) (2.8) (4.2) (5.5)
Issuance of common shares,
net of offering fees - 71.1 - 71.1
Exercise of options 0.2 - 0.3 -
Financing fees - (14.0) (0.1) (14.2)
---------- ---------- ---------- ----------
Net cash (used in)
provided by financing
activities (23.3) 467.6 (17.0) 439.0
---------- ---------- ---------- ----------
Effect of exchange rate
changes on cash (1.2) 0.8 0.1 0.4
---------- ---------- ---------- ----------
Net increase (decrease) in
cash & cash equivalents 4.2 12.6 (20.0) 2.0
Cash & cash equivalents,
beginning of period 24.0 20.3 48.2 30.9
---------- ---------- ---------- ----------
Cash & cash equivalents, end
of period $ 28.2 $ 32.9 $ 28.2 $ 32.9
========== ========== ========== ==========
Supplemental Disclosures of
Cash Flow information:
Cash paid for interest $ 16.2 $ 1.2 $ 44.1 $ 12.8
Cash paid (received) for
income taxes, net $ 0.2 $ (10.0) $ 4.4 $ (21.8)
COTT CORPORATION EXHIBIT 4
SEGMENT INFORMATION
(in millions of U.S. dollars, U.S. GAAP)
Unaudited
For the Three Months For the Nine Months
Ended Ended
---------------------- ----------------------
October 1, October 2, October 1, October 2,
2011 2010 2011 2010
---------- ---------- ---------- ----------
Revenue
North America $ 468.1 $ 371.8 $ 1,388.2 $ 935.8
United Kingdom 124.5 96.6 336.8 277.5
Mexico 12.7 12.4 40.3 38.3
RCI 6.0 6.1 20.1 22.9
---------- ---------- ---------- ----------
$ 611.3 $ 486.9 $ 1,785.4 $ 1,274.5
========== ========== ========== ==========
Operating income (loss)
North America $ 19.8 $ 12.6 $ 70.6 $ 63.7
United Kingdom 8.3 7.3 22.7 19.0
Mexico (0.9) (1.2) (3.0) (5.2)
RCI 1.8 0.8 6.1 6.2
---------- ---------- ---------- ----------
$ 29.0 $ 19.5 $ 96.4 $ 83.7
========== ========== ========== ==========
Volume - 8 oz equivalent
cases - Total Beverage
(including concentrate)
North America 207.5 186.0 620.3 505.5
United Kingdom 55.6 49.7 157.3 147.7
Mexico 8.7 8.3 28.9 26.7
RCI 60.2 60.9 204.3 236.9
---------- ---------- ---------- ----------
332.0 304.9 1,010.8 916.8
========== ========== ========== ==========
Volume - 8 oz equivalent
cases - Filled Beverage
North America 188.1 167.4 557.3 445.3
United Kingdom 53.0 45.8 145.8 135.3
Mexico 8.7 8.3 28.9 26.7
RCI - - - 0.1
---------- ---------- ---------- ----------
249.8 221.5 732.0 607.4
========== ========== ========== ==========
COTT CORPORATION EXHIBIT 5
SUPPLEMENTARY INFORMATION - NON-GAAP - Analysis of Revenue by
Geographic Region
Unaudited
For the Three Months Ended
---------------------------------------------------------------------------
(in millions of U.S.
dollars) October 1, 2011
---------------------------------------------------------------------------
North United
Cott(1) America Kingdom Mexico RCI
---------------------------------------------------------------------------
Change in revenue $ 124.4 $ 96.3 $ 27.9 $ 0.3 $ (0.1)
Impact of foreign
exchange(2) (7.0) (2.7) (3.8) (0.5) -
-------- -------- -------- -------- --------
Change excluding foreign
exchange $ 117.4 $ 93.6 $ 24.1 $ (0.2) $ (0.1)
======== ======== ======== ======== ========
Percentage change in
revenue 26% 26% 29% 2% -2%
======== ======== ======== ======== ========
Percentage change in
revenue excluding foreign
exchange 24% 25% 25% -2% -2%
======== ======== ======== ======== ========
Impact of Cliffstar
Acquisition (73.2) (73.2) - - -
-------- -------- -------- -------- --------
Change excluding foreign
exchange and Cliffstar
Acquisition $ 44.2 $ 20.4 $ 24.1 $ (0.2) $ (0.1)
======== ======== ======== ======== ========
Percentage change in
revenue excluding foreign
exchange and Cliffstar
Acquisition 9% 5% 25% -2% -2%
======== ======== ======== ======== ========
For the Nine Months Ended
---------------------------------------------------------------------------
(in millions of U.S.
dollars) October 1, 2011
---------------------------------------------------------------------------
North United
Cott(1) America Kingdom Mexico RCI
---------------------------------------------------------------------------
Change in revenue $ 510.9 $ 452.4 $ 59.3 $ 2.0 $ (2.8)
Impact of foreign
exchange(2) (26.0) (7.9) (15.9) (2.2) -
-------- -------- -------- -------- --------
Change excluding foreign
exchange $ 484.9 $ 444.5 $ 43.4 $ (0.2) $ (2.8)
======== ======== ======== ======== ========
Percentage change in
revenue 40% 48% 21% 5% -12%
======== ======== ======== ======== ========
Percentage change in
revenue excluding foreign
exchange 38% 47% 16% -1% -12%
======== ======== ======== ======== ========
Impact of Cliffstar
Acquisition (401.7) (401.7) - - -
-------- -------- -------- -------- --------
Change excluding foreign
exchange and Cliffstar
Acquisition $ 83.2 $ 42.8 $ 43.4 $ (0.2) $ (2.8)
======== ======== ======== ======== ========
Percentage change in
revenue excluding foreign
exchange and Cliffstar
Acquisition 7% 5% 16% 0% -12%
======== ======== ======== ======== ========
(1) Cott includes the following operating segments: North America, United
Kingdom, Mexico and RCI
(2) Impact of foreign exchange is the difference between the current year's
revenue translated utilizing the current year's average foreign exchange
rates less the current year's revenue translated utilizing the prior
year's average foreign exchange rates.
COTT CORPORATION EXHIBIT 6
SUPPLEMENTARY INFORMATION - NON-GAAP - EARNINGS BEFORE
INTEREST, TAXES, DEPRECIATION & AMORTIZATION (EBITDA)
(in millions of U.S. dollars)
Unaudited
For the Three Months For the Nine Months
Ended Ended
----------------------- ----------------------
October 1, October 2, October 1, October 2,
2011 2010 2011 2010
---------- ----------- ---------- ----------
Net income $ 16.2 $ 5.8 $ 49.5 $ 39.6
Interest expense, net 14.4 10.3 43.4 22.6
Income tax (benefit) expense (4.0) 0.7 (1.7) 13.9
Depreciation & amortization 24.0 19.1 71.4 49.9
Net income attributable to
non-controlling interests 1.1 1.4 3.1 4.0
---------- ----------- ---------- ----------
EBITDA $ 51.7 $ 37.3 $ 165.7 $ 130.0
Restructuring - - - (0.5)
Acquisition adjustments
Earnout adjustment 0.9 - 0.9 -
Inventory step-up (step-
down) 0.3 4.2 (3.8) 4.2
Transaction costs - 6.4 - 7.5
Write-off of financing
fees - 1.4 - 1.4
Integration costs 1.9 0.6 3.0 0.6
---------- ----------- ---------- ----------
Adjusted EBITDA $ 54.8 $ 49.9 $ 165.8 $ 143.2
========== =========== ========== ==========
COTT CORPORATION EXHIBIT 7
SUPPLEMENTARY INFORMATION - NON-GAAP - ADJUSTED OPERATING
INCOME
(in millions of U.S. dollars)
Unaudited
For the Three Months For the Nine Months
Ended Ended
----------------------- ----------------------
October 1, October 2, October 1, October 2,
2011 2010 2011 2010
----------- ----------- ---------- ----------
Operating income $ 29.0 $ 19.5 $ 96.4 $ 83.7
Restructuring - - - (0.5)
Acquisition adjustments
Inventory step-up (step-
down) 0.3 4.2 (3.8) 4.2
Transaction costs - 6.4 - 7.5
Incremental amortization 4.2 2.2 12.6 2.2
Integration costs 1.9 0.6 3.0 0.6
----------- ----------- ---------- ----------
Adjusted operating income $ 35.4 $ 32.9 $ 108.2 $ 97.7
=========== =========== ========== ==========
COTT CORPORATION EXHIBIT 8
SUPPLEMENTARY INFORMATION - NON-GAAP - EARNINGS PER DILUTED
SHARE (EPS)
(in millions of U.S. dollars, except share and per share
amounts)
Unaudited
For the Three Months For the Nine Months
Ended Ended
----------------------- ----------------------
October 1, October 2, October 1, October 2,
2011 2010 2011 2010
----------- ----------- ---------- ----------
Net income $ 17.3 $ 7.2 $ 52.6 $ 43.6
Less: Net income
attributable to non-
controlling interests 1.1 1.4 3.1 4.0
----------- ----------- ---------- ----------
Net income attributed to
Cott Corporation $ 16.2 $ 5.8 $ 49.5 $ 39.6
=========== =========== ========== ==========
Restructuring, net of tax - - - (0.3)
Acquisition adjustments, net
of tax
Earnout adjustment 0.6 - 0.6 -
Inventory step-up (step-
down) 0.2 2.7 (2.4) 2.7
Incremental amortization 2.7 1.4 8.1 1.4
Transaction costs - 4.1 - 4.8
Write-off of financing
fees - 0.9 - 0.9
Integration costs 1.2 0.4 1.9 0.4
----------- ----------- ---------- ----------
Adjusted net income
attributed to Cott
Corporation $ 20.9 $ 15.3 $ 57.7 $ 49.5
=========== =========== ========== ==========
Adjusted net income per
common share attributed to
Cott Corporation
Basic $ 0.22 $ 0.18 $ 0.61 $ 0.60
Diluted $ 0.22 $ 0.17 $ 0.61 $ 0.59
Weighted average outstanding
shares (millions)
attributed to Cott
Corporation
Basic 94.3 87.2 94.2 82.7
Diluted 95.1 89.0 95.0 83.5
COTT CORPORATION EXHIBIT 9
SUPPLEMENTARY INFORMATION - NON-GAAP - Analysis of Volume by
Geographic Region
Unaudited
For the Three Months Ended
---------------------------------------------------------------------------
October 1, 2011
---------------------------------------------------------------------------
(in millions of 8 oz. North United
equivalent cases) Cott(1) America Kingdom Mexico RCI
---------------------------------------------------------------------------
Change in filled
beverage volume 28.3 20.7 7.2 0.4 -
Impact of Cliffstar
Acquisition (14.7) (14.7) - - -
-------- -------- -------- -------- --------
Change excluding
Cliffstar Acquisition 13.6 6.0 7.2 0.4 -
======== ======== ======== ======== ========
Percentage change in
filled beverage volume 13% 12% 16% 5% 0%
======== ======== ======== ======== ========
Percentage change in
filled beverage volume
excluding Cliffstar
Acquisition 6% 4% 16% 5% 0%
======== ======== ======== ======== ========
For the Nine Months Ended
---------------------------------------------------------------------------
October 1, 2011
---------------------------------------------------------------------------
(in millions of 8 oz. North United
equivalent cases) Cott(1) America Kingdom Mexico RCI
---------------------------------------------------------------------------
Change in filled
beverage volume 124.6 112.0 10.5 2.2 (0.1)
Impact of Cliffstar
Acquisition (91.5) (91.5) - - -
-------- -------- -------- -------- --------
Change excluding
Cliffstar Acquisition 33.1 20.5 10.5 2.2 (0.1)
======== ======== ======== ======== ========
Percentage change in
filled beverage volume 21% 25% 8% 8% -100%
======== ======== ======== ======== ========
Percentage change in
filled beverage volume
excluding Cliffstar
Acquisition 5% 5% 8% 8% -100%
======== ======== ======== ======== ========
(1) Cott includes the following operating segments: North America, United
Kingdom, Mexico and RCI.
CONTACT: Michael C. Massi Investor Relations Tel: (813)
313-1786 Email Contact
Cott (NYSE:COT)
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From Sep 2024 to Oct 2024
Cott (NYSE:COT)
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From Oct 2023 to Oct 2024
