Cott Corporation (NYSE: COT) (TSX: BCB) today announced the
declaration of a quarterly dividend of CAD$0.06 per share on common
shares, payable in cash on April 5, 2013 to shareowners of record
at the close of business on March 20, 2013, as well as its results
for the fourth quarter and fiscal year ended December 29, 2012.
Fourth Quarter 2012 Results
- Revenue of $517 million was lower by 6% compared to $549
million.
- Gross profit as a percentage of revenue increased 230 basis
points to 11.7% compared to 9.4%.
- Net income increased to $2 million compared to a net loss of
$12 million.
- Earnings per diluted share increased to $0.02 compared to a
loss per diluted share of $0.12.
- EBITDA increased 53% to $42 million compared to $27 million.
Adjusted EBITDA increased 31% to $43 million compared to $32
million.
- Free cash flow was $101 million arising from $120 million of
net cash provided by operating activities less $19 million of
capital expenditures.
Fiscal Year 2012 Results
- Revenue of $2,251 million was lower by 4% (3% excluding the
impact of foreign exchange) compared to $2,335 million.
- Gross profit as a percentage of revenue increased 110 basis
points to 12.9% compared to 11.8%.
- Net income increased 27% to $48 million compared to $38
million.
- Earnings per diluted share increased 25% to $0.50 compared to
$0.40.
- EBITDA increased 8% to $209 million compared to $193 million.
Adjusted EBITDA increased 7% to $213 million compared to $199
million.
- Free cash flow was $103 million arising from $173 million of
net cash provided by operating activities less $70 million of
capital expenditures.
"Looking back at the fourth quarter and 2012 as a whole, I'm
pleased with the improvement in gross margin and Adjusted EBITDA,
alongside another year of strong cash generation. Additionally, in
2012 we announced our balanced capital deployment strategy, which
seeks to improve our long-term growth and leverage metrics while
returning funds to shareholders," commented Jerry Fowden, Cott's
Chief Executive Officer. "For 2013, we remain committed to being a
high service, low cost producer while maintaining the appropriate
balance between revenue and margin," continued Mr. Fowden.
FOURTH QUARTER 2012 PERFORMANCE
SUMMARY
- Total filled beverage case volume (excluding concentrate sales)
was 199 million cases compared to 228 million cases. The volume
decline was due primarily to our decision to exit certain low gross
margin business in North America and the United Kingdom / Europe
("U.K.") as well as a continued general decline in the North
American carbonated soft drink ("CSD") and juice categories.
Including concentrate sales, volume was 280 million cases compared
to 303 million cases. Concentrate volume grew 6% due primarily to
the timing of shipments to customers in Asia.
- Revenue was lower by 6% at $517 million. An overall increase in
average price per case globally and favorable product mix in the
U.K. was offset by lower overall volumes.
- Gross profit as a percentage of revenue increased 230 basis
points to 11.7% compared to 9.4%. The margin improvement was due
primarily to an increase in average price per case and our exit
from certain low gross margin business globally, as well as
increased operational efficiencies in North America.
- Selling, general and administrative ("SG&A") expenses were
flat at $44 million.
- Income before income taxes increased to $3 million compared to
a loss before income taxes of $10 million.
- Income taxes were a benefit of $1 million compared to a $1
million tax expense.
- EBITDA increased 53% to $42 million compared to $27 million.
Adjusted EBITDA increased 31% to $43 million compared to $32
million.
- Free cash flow was $101 million arising from $120 million of
net cash provided by operating activities less $19 million of
capital expenditures, compared to $87 million of free cash flow
arising from $104 million of net cash provided by operating
activities less $17 million of capital expenditures.
FOURTH QUARTER 2012 REPORTING SEGMENT
HIGHLIGHTS
- North America filled beverage case volume was 146 million cases
compared to 170 million cases. Revenue was lower by 9% at $384
million as an increase in average price per case was more than
offset by our exit from certain low gross margin business alongside
a continued general decline in the North American CSD and juice
categories.
- U.K. filled beverage case volume was 46 million cases compared
to 49 million cases due primarily to our exit from certain low
gross margin business as well as the decrease in early customer
orders ahead of future price increases compared to the prior
period. Revenue increased 5% (3% excluding the impact of foreign
exchange) to $117 million as a result of an increase in average
price per case and favorable product mix, including growth in the
energy and sports drinks categories.
- Mexico filled beverage case volume was 7 million cases compared
to 8 million cases. Revenue was lower by 15% (17% excluding the
impact of foreign exchange) at $10 million due primarily to the
loss of a regional brand license at the end of its term.
- RCI concentrate volume was 58 million cases compared to 55
million cases. Revenue increased 11% to $6 million due primarily to
the timing of shipments to customers in Asia.
FISCAL YEAR 2012 PERFORMANCE SUMMARY
- Total filled beverage case volume (excluding concentrate sales)
was 867 million cases compared to 960 million cases. The volume
decline was due primarily to our decision to exit certain low gross
margin business in North America and the U.K. as well as a
continued general decline in the North American CSD and juice
categories. Including concentrate sales, volume was 1,247 million
cases compared to 1,314 million cases. Concentrate volume grew 7%
due primarily to increased volume from a new customer in South
America and the timing of shipments to customers in Asia.
- Revenue was lower by 4% (3% excluding the impact of foreign
exchange) at $2,251 million. An overall increase in average price
per case globally and favorable product mix in the U.K. was offset
by overall lower volumes and a product mix shift into juice drinks
and sports drinks from 100% shelf-stable juice in North
America.
- Gross profit as a percentage of revenue increased 110 basis
points to 12.9% compared to 11.8%. The margin improvement was due
primarily to an increase in average price per case and our exit
from certain low gross margin business globally, as well as
increased operational efficiencies in North America.
- SG&A expenses were $178 million compared to $173 million.
The modest increase in SG&A expenses was driven primarily by
higher employee-related costs compared to a lowering of the annual
incentive and long-term incentive accruals in the prior year
partially offset by lower information technology expenses in
2012.
- Income before income taxes increased 41% to $57 million
compared to $41 million.
- Income taxes increased to a $5 million tax expense compared to
a $1 million tax benefit.
- EBITDA increased 8% to $209 million compared to $193 million.
Adjusted EBITDA increased 7% to $213 million compared to $199
million.
- Free cash flow was $103 million arising from $173 million of
net cash provided by operating activities less $70 million of
capital expenditures, compared to $115 million of free cash flow
arising from $164 million of net cash provided by operating
activities less $49 million of capital expenditures.
FISCAL YEAR 2012 REPORTING SEGMENT
HIGHLIGHTS
- North America filled beverage case volume was 652 million cases
compared to 728 million cases. Revenue was lower by 6% (5%
excluding the impact of foreign exchange) at $1,707 million as an
increase in average price per case was more than offset by our exit
from certain low gross margin business, a continued general decline
in the North American CSD and juice categories and a product mix
shift into juice drinks and sports drinks from 100% shelf-stable
juice.
- U.K. filled beverage case volume was 190 million cases compared
to 195 million cases due primarily to our exit from certain low
gross margin business as well as poor weather in the summer months.
Revenue increased 6% (7% excluding the impact of foreign exchange)
to $473 million as a result of an increase in average price per
case and favorable product mix, including growth in the energy and
sports drinks categories.
- Mexico filled beverage case volume was 26 million cases
compared to 37 million cases. Revenue was lower by 25% (18%
excluding the impact of foreign exchange) at $39 million due
primarily to the loss of a regional brand license at the end of its
term, partially offset by increased contract manufacturing
volume.
- RCI concentrate volume was 278 million cases compared to 259
million cases. Revenue increased 22% to $31 million due primarily
to increased volume from a new customer in South America and the
timing of shipments to customers in Asia.
Declaration of Dividend Cott announced
today that it has declared a dividend of CAD$0.06 per share on its
outstanding common shares. The dividend is payable in cash on April
5, 2013 to shareowners of record at the close of business on March
20, 2013.
Cott intends to pay a regular quarterly dividend on its common
shares subject to, among other things, the best interests of its
shareholders, Cott's results of operations, cash balances and
future cash requirements, financial condition, statutory
regulations and covenants set forth in Cott's asset-based credit
lending facility and indentures governing the senior notes due in
2017 and senior notes due in 2018, as well as other factors that
the Board of Directors may deem relevant from time to time.
Fourth Quarter and Fiscal Year Results
Conference Call Cott Corporation will host a conference call
today, February 15, 2013, at 10:00 a.m. EST, to discuss fourth
quarter and fiscal year 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 one of the
world's largest producers of beverages on behalf of retailers,
brand owners and distributors. Cott produces multiple types of
beverages in a variety of packaging formats and sizes, including
carbonated soft drinks, 100% shelf stable juice and juice-based
products, clear, still and sparkling flavored waters, energy
products, sports products, new age beverages, and ready-to-drink
teas, as well as alcoholic beverages for brand owners. Cott's large
manufacturing footprint, substantial research and development
capability and high-level of quality and customer service enables
Cott to offer its customers a strong value-added proposition of low
cost, high quality products. With approximately 4,000 employees,
Cott operates manufacturing facilities in the United States,
Canada, the United Kingdom and Mexico. Cott also develops and
manufactures beverage concentrates, which it exports to over 50
countries around the world.
Defined Terms Certain defined terms used
in this press release include the following. "GAAP" means U.S.
generally accepted accounting principles. "Total filled beverage
case volume" means filled beverage 8-ounce equivalents. "EBITDA"
means GAAP earnings (loss) before interest, taxes, depreciation and
amortization. "Adjusted EBITDA" means GAAP earnings (loss) before
interest, taxes, depreciation and amortization, excluding purchase
accounting adjustments, integration expenses, restructuring
expenses and asset impairments. "Free cash flow" means GAAP net
cash provided by operating activities less capital expenditures.
See the accompanying reconciliation of Cott's EBITDA and Adjusted
EBITDA to its GAAP net income, and Cott's free cash flow to its
GAAP net cash provided by operating activities, as well as the
"Non-GAAP Measures" paragraph below.
Non-GAAP Measures To supplement its
reporting of financial measures determined in accordance with GAAP,
Cott utilizes certain non-GAAP financial measures. Cott excludes
from GAAP revenue the impact of foreign exchange to separate the
impact of currency exchange rate changes from Cott's results of
operations. Cott utilizes EBITDA and Adjusted EBITDA to separate
the impact of certain items from the underlying business. Because
Cott uses these adjusted financial results in the management of its
business, 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. Additionally, Cott supplements its
reporting of net cash provided by operating activities determined
in accordance with GAAP by excluding capital expenditures to
present free cash flow, which management believes provides useful
information to investors about the amount of cash generated by the
business that, after the acquisition of property and equipment, can
be used for strategic opportunities, including investing in our
business, making strategic acquisitions, pay dividends, and
strengthening the balance sheet. 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 the declaration of
future dividends, the amount of shares that may be repurchased
under the share repurchase program, 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 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 Walmart; 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 British 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 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; 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 the volatility of Cott's stock price.
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 December 31,
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
EXHIBIT 1
COTT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions of U.S. dollars, except share and per share amounts, U.S.
GAAP)
Unaudited
For the Three Months
Ended For the Year Ended
---------------------- ----------------------
December December December December
29, 2012 31, 2011 29, 2012 31, 2011
---------- ---------- ---------- ----------
Revenue, net $ 517.2 $ 549.2 $ 2,250.6 $ 2,334.6
Cost of sales 456.6 497.8 1,961.1 2,058.0
---------- ---------- ---------- ----------
Gross profit 60.6 51.4 289.5 276.6
Selling, general and
administrative expenses 43.6 44.4 178.0 172.7
Loss on disposal of
property, plant & equipment 0.1 0.7 1.8 1.2
Asset impairments
Asset impairments - 0.6 - 0.6
Intangible asset
impairments - 1.4 - 1.4
---------- ---------- ---------- ----------
Operating income 16.9 4.3 109.7 100.7
Contingent consideration
earn-out adjustment 0.6 - 0.6 0.9
Other expense (income), net 0.2 1.0 (2.0) 2.2
Interest expense, net 13.6 13.7 54.2 57.1
---------- ---------- ---------- ----------
Income (loss) before income
taxes 2.5 (10.4) 56.9 40.5
Income tax (benefit) expense (0.9) 1.0 4.6 (0.7)
---------- ---------- ---------- ----------
Net income (loss) $ 3.4 $ (11.4) $ 52.3 $ 41.2
Less: Net income
attributable to non-
controlling interests 1.1 0.5 4.5 3.6
---------- ---------- ---------- ----------
Net income (loss) attributed
to Cott Corporation $ 2.3 $ (11.9) $ 47.8 $ 37.6
========== ========== ========== ==========
Net income (loss) per common
share attributed to Cott
Corporation
Basic $ 0.02 $ (0.13) $ 0.51 $ 0.40
Diluted $ 0.02 $ (0.12) $ 0.50 $ 0.40
Weighted average outstanding
shares (millions)
attributed to Cott
Corporation
Basic 94.8 94.4 94.6 94.2
Diluted 95.2 95.4 94.8 95.0
EXHIBIT 2
COTT CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions of U.S. dollars, except share amounts, U.S. GAAP)
Unaudited
--------------------------
December 29, December 31,
2012 2011
------------ ------------
ASSETS
Current assets
Cash & cash equivalents $ 179.4 $ 100.9
Accounts receivable, net of allowance 199.4 210.8
Income taxes recoverable 1.2 9.9
Inventories 224.8 210.0
Prepaid expenses and other assets 20.3 19.3
------------ ------------
Total current assets 625.1 550.9
Property, plant & equipment 490.9 482.2
Goodwill 130.3 129.6
Intangibles and other assets 315.4 341.1
Deferred income taxes 3.3 4.1
Other tax receivable 0.9 1.0
------------ ------------
Total assets $ 1,565.9 $ 1,508.9
============ ============
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt $ 1.9 $ 3.4
Accounts payable and accrued liabilities 287.7 281.1
------------ ------------
Total current liabilities 289.6 284.5
Long-term debt 601.8 602.1
Deferred income taxes 39.1 34.1
Other long-term liabilities 12.5 20.0
------------ ------------
Total liabilities 943.0 940.7
Equity
Capital stock, no par - 95,371,484 (December 31,
2011 - 95,101,230) shares issued 397.8 395.9
Treasury stock - (2.1)
Additional paid-in-capital 40.4 42.6
Retained earnings 186.0 144.1
Accumulated other comprehensive loss (12.4) (24.7)
------------ ------------
Total Cott Corporation equity 611.8 555.8
Non-controlling interests 11.1 12.4
------------ ------------
Total equity 622.9 568.2
------------ ------------
Total liabilities and equity $ 1,565.9 $ 1,508.9
============ ============
EXHIBIT 3
COTT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of U.S. dollars)
Unaudited
For the Three Months
Ended For the Year Ended
---------------------- ----------------------
December December December December
29, 2012 31, 2011 29, 2012 31, 2011
---------- ---------- ---------- ----------
Operating Activities
Net income $ 3.4 $ (11.4) $ 52.3 $ 41.2
Depreciation &
amortization 25.5 23.9 97.7 95.3
Amortization of financing
fees 0.8 1.0 3.7 3.9
Share-based compensation
expense 1.4 0.7 4.9 2.9
(Decrease) increase in
deferred income taxes (0.8) (1.4) 3.8 (3.7)
Gain on bargain purchase - - (0.9) -
Loss on disposal of
property, plant &
equipment 0.1 0.7 1.8 1.2
Asset impairments - 0.6 - 0.6
Intangible asset
impairments - 1.4 - 1.4
Contract termination
payments - - - (3.1)
Other non-cash items 0.4 3.2 (0.4) 4.9
Change in operating assets
and liabilities, net of
acquisition:
Accounts receivable 51.8 36.5 15.0 (5.0)
Inventories (6.2) 6.1 (12.1) 6.5
Prepaid expenses and
other assets 5.2 4.9 (0.3) 5.8
Other assets 0.2 (0.9) 0.9 (0.7)
Accounts payable and
accrued liabilities,
and other liabilities 36.2 34.4 (2.2) 11.5
Income taxes recoverable 2.0 4.2 8.8 0.8
---------- ---------- ---------- ----------
Net cash provided by
operating activities 120.0 103.9 173.0 163.5
---------- ---------- ---------- ----------
Investing Activities
Acquisition - (8.6) (9.7) (34.3)
Additions to property,
plant & equipment (19.1) (17.4) (69.7) (48.8)
Additions to intangibles
and other assets (0.5) (1.8) (5.2) (5.7)
Proceeds from sale of
property, plant &
equipment - 0.3 2.3 0.4
Proceeds from insurance
recoveries 0.2 - 1.9 -
Other investing
activities - - - (1.8)
---------- ---------- ---------- ----------
Net cash used in
investing activities (19.4) (27.5) (80.4) (90.2)
---------- ---------- ---------- ----------
Financing Activities
Payments of long-term
debt (0.5) (1.6) (3.3) (6.8)
Borrowings under ABL - - 24.5 224.1
Payments under ABL - - (24.5) (231.9)
Distributions to non-
controlling interests (2.3) (1.8) (5.6) (6.0)
Exercise of options - - - 0.3
Common share repurchase - - (0.3) -
Dividends to
shareholders (5.8) - (5.8) -
Financing fees - 0.1 (1.2) -
---------- ---------- ---------- ----------
Net cash used in
financing activities (8.6) (3.3) (16.2) (20.3)
---------- ---------- ---------- ----------
Effect of exchange rate
changes on cash (0.7) (0.4) 2.1 (0.3)
---------- ---------- ---------- ----------
Net increase in cash & cash
equivalents 91.3 72.7 78.5 52.7
Cash & cash equivalents,
beginning of period 88.1 28.2 100.9 48.2
---------- ---------- ---------- ----------
Cash & cash equivalents, end
of period $ 179.4 $ 100.9 $ 179.4 $ 100.9
========== ========== ========== ==========
Supplemental Noncash
Financing Activities:
Capital lease additions $ 0.3 $ 0.1 $ 1.0 $ 0.2
Common stock repurchased
through accrued
expenses $ 2.9 $ - $ 2.9 $ -
EXHIBIT 4
COTT CORPORATION
SEGMENT INFORMATION
(in millions of U.S. dollars or 8 oz equivalent cases, U.S. GAAP)
Unaudited
For the Three Months
Ended For the Year Ended
---------------------- ----------------------
December December December December
29, 2012 31, 2011 29, 2012 31, 2011
---------- ---------- ---------- ----------
Revenue
North America $ 384.3 $ 421.1 $ 1,707.4 $ 1,809.3
United Kingdom 117.0 111.1 473.2 447.9
Mexico 9.8 11.5 38.8 51.8
RCI 6.1 5.5 31.2 25.6
---------- ---------- ---------- ----------
$ 517.2 $ 549.2 $ 2,250.6 $ 2,334.6
========== ========== ========== ==========
Operating income (loss)
North America $ 10.9 $ (0.2) $ 78.3 $ 70.4
United Kingdom 5.6 4.8 27.1 27.5
Mexico (0.4) (1.4) (3.6) (4.4)
RCI 0.8 1.1 7.9 7.2
---------- ---------- ---------- ----------
$ 16.9 $ 4.3 $ 109.7 $ 100.7
========== ========== ========== ==========
Volume - 8 oz equivalent
cases - Total Beverage
(including concentrate)
North America 165.3 188.4 739.2 808.7
United Kingdom 49.6 51.7 204.1 209.0
Mexico 6.6 8.2 25.6 37.1
RCI 58.0 55.1 278.2 259.4
---------- ---------- ---------- ----------
279.5 303.4 1,247.1 1,314.2
========== ========== ========== ==========
Volume - 8 oz equivalent
cases - Filled Beverage
North America 145.9 170.3 651.5 727.6
United Kingdom 46.4 48.9 189.5 194.7
Mexico 6.6 8.2 25.6 37.1
RCI 0.1 0.1 0.4 0.1
---------- ---------- ---------- ----------
199.0 227.5 867.0 959.5
========== ========== ========== ==========
EXHIBIT 5
COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - Analysis of Revenue by Reporting
Segment
Unaudited
For the Three Months Ended
-------------------------------------------
(in millions of U.S. dollars,
except percentage amounts) December 29, 2012
-------------------------------------------
North United
Cott(1) America Kingdom Mexico RCI
-------- -------- -------- ------ -----
Change in revenue $ (32.0) $ (36.8) $ 5.9 $ (1.7) $ 0.6
Impact of foreign exchange(2) (2.8) (0.3) (2.3) (0.2) -
-------- -------- -------- ------ -----
Change excluding foreign
exchange $ (34.8) $ (37.1) $ 3.6 $ (1.9) $ 0.6
-------- -------- -------- ------ -----
Percentage change in revenue -5.8% -8.7% 5.3% -14.8% 10.9%
-------- -------- -------- ------ -----
Percentage change in revenue
excluding foreign exchange -6.3% -8.8% 3.2% -16.5% 10.9%
-------- -------- -------- ------ -----
For the Year Ended
-------------------------------------------
(in millions of U.S. dollars,
except percentage amounts) December 29, 2012
-------------------------------------------
North United
Cott(1) America Kingdom Mexico RCI
-------- -------- -------- ------ -----
Change in revenue $ (84.0) $ (101.9) $ 25.3 $(13.0) $ 5.6
Impact of foreign exchange(2) 14.4 4.7 6.0 3.7 -
-------- -------- -------- ------ -----
Change excluding foreign
exchange $ (69.6) $ (97.2) $ 31.3 $ (9.3) $ 5.6
-------- -------- -------- ------ -----
Percentage change in revenue -3.6% -5.6% 5.6% -25.1% 21.9%
-------- -------- -------- ------ -----
Percentage change in revenue
excluding foreign exchange -3.0% -5.4% 7.0% -18.0% 21.9%
-------- -------- -------- ------ -----
(1) Cott includes the following reporting 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.
EXHIBIT 6
COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - EARNINGS BEFORE INTEREST, TAXES,
DEPRECIATION & AMORTIZATION
(EBITDA)
(in millions of U.S. dollars)
Unaudited
For the Three Months
Ended For the Year Ended
---------------------- ----------------------
December December December December
29, 2012 31, 2011 29, 2012 31, 2011
---------- ---------- ----------- ----------
Net income (loss) attributed
to Cott Corporation $ 2.3 $ (11.9) $ 47.8 $ 37.6
Interest expense, net 13.6 13.7 54.2 57.1
Income tax (benefit) expense (0.9) 1.0 4.6 (0.7)
Depreciation & amortization 25.5 23.9 97.7 95.3
Net income attributable to
non-controlling interests 1.1 0.5 4.5 3.6
---------- ---------- ----------- ----------
EBITDA $ 41.6 $ 27.2 $ 208.8 $ 192.9
Asset impairments
Asset impairments - 0.6 - 0.6
Intangible asset
impairments - 1.4 - 1.4
Acquisition adjustments
Earnout adjustment 0.6 - 0.6 0.9
Inventory step-up (step-
down) - 0.3 0.1 (3.5)
Integration costs 0.3 0.8 3.4 3.8
Legal accrual - 2.1 - 2.9
---------- ---------- ----------- ----------
Adjusted EBITDA $ 42.5 $ 32.4 $ 212.9 $ 199.0
========== ========== =========== ==========
EXHIBIT 7
COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - FREE CASH FLOW
(in millions of U.S. dollars)
Unaudited
For the Three Months Ended
------------------------------
December 29, December 31,
2012 2011
-------------- --------------
Net cash provided by operating activities $ 120.0 $ 103.9
Less: Capital expenditures (19.1) (17.4)
-------------- --------------
Free Cash Flow $ 100.9 $ 86.5
============== ==============
For the Year Ended
------------------------------
December 29, December 31,
2012 2011
-------------- --------------
Net cash provided by operating activities $ 173.0 $ 163.5
Less: Capital expenditures (69.7) (48.8)
-------------- --------------
Free Cash Flow $ 103.3 $ 114.7
============== ==============
CONTACT: Michael C. Massi Investor Relations Tel: (813)
313-1786 Email Contact
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