Cott Corporation (NYSE: COT) (TSX: BCB) today announced its results
for the second quarter ended June 29, 2013 and the declaration of a
quarterly dividend of CAD$0.06 per common share.
Second Quarter 2013 Results
- Company returned approximately $17 million to shareholders
through dividends and share repurchases.
- Revenue of $564 million was lower by 10% (9% excluding the
impact of foreign exchange) compared to $626 million.
- Gross profit as a percentage of revenue was 13.6% compared to
14.7%.
- Selling, general and administrative ("SG&A") expenses of
$42 million were lower by 15% compared to $49 million.
- Adjusted net income and adjusted earnings per diluted share
were $20 million and $0.20, respectively, compared to $26 million
and $0.27 in the prior year, respectively. Reported net income and
earnings per diluted share were $17 million and $0.17,
respectively, compared to $25 million and $0.26 in the prior year,
respectively.
- Adjusted EBITDA was $61 million compared to $68 million.
Reported EBITDA was $58 million compared to $67 million.
- Free cash flow increased 6% to $20 million arising from $34
million of net cash provided by operating activities less $14
million of capital expenditures.
"Our second quarter results continued to reflect the same
challenging market and operating trends that impacted our volume
and revenue performance in the first quarter," commented Jerry
Fowden, Cott's Chief Executive Officer. "During the quarter, we
continued with our 4 C's approach and announced various SG&A
reduction initiatives in line with our low cost philosophy. As part
of our capital deployment strategy, we also repurchased
approximately $6 million of outstanding shares and approved a
quarterly dividend of CAD$0.06. As we look to the second half of
the year, we currently expect our top and bottom line performance
trends to improve compared to the first half," continued Mr.
Fowden.
SECOND QUARTER 2013 PERFORMANCE
SUMMARY
- Total filled beverage case volume (excluding concentrate sales)
was 212 million cases compared to 240 million cases. The volume
decline was due primarily to lower case pack water sales in North
America, the general market decline in the North American
carbonated soft drink ("CSD") category, increased promotional
activity from the national brands in North America, and poor
weather in the United Kingdom and Canada.
- Revenue was lower by 10% (9% excluding the impact of foreign
exchange) at $564 million. The revenue decline was due primarily to
lower global volumes slightly offset by an increase in average
price per case on a global basis.
- Gross profit as a percentage of revenue was 13.6% compared to
14.7%. The gross margin reduction was due primarily to lower global
volumes which resulted in unfavorable fixed cost absorption.
- SG&A expenses were lower by 15% at $42 million compared to
$49 million. The decrease in SG&A was due primarily to lower
employee-related costs compared to a higher annual incentive
accrual in the prior year, lower legal expenses and reduced costs
associated with our information technology strategy.
- Income before income taxes was $20 million compared to $30
million.
- Income tax expense was $2 million compared to $4 million.
- Adjusted net income and adjusted earnings per diluted share
were $20 million and $0.20, respectively, compared to $26 million
and $0.27 in the prior year, respectively. Reported net income and
earnings per diluted share were $17 million and $0.17,
respectively, compared to $25 million and $0.26 in the prior year,
respectively.
- Adjusted EBITDA was $61 million compared to $68 million.
Reported EBITDA was $58 million compared to $67 million.
- Free cash flow increased 6% to $20 million arising from $34
million of net cash provided by operating activities less $14
million of capital expenditures.
SECOND QUARTER 2013 REPORTING SEGMENT
HIGHLIGHTS
- North America filled beverage case volume was 157 million cases
compared to 182 million cases and revenue was lower by 12% at $418
million due primarily to lower case pack water sales, the general
market decline in the North American CSD category, increased
promotional activity from the national brands and poor weather
during the quarter, particularly in Canada.
- United Kingdom / Europe ("U.K.") filled beverage case volume
was 50 million cases compared to 52 million cases. Revenue was
lower by 3% (flat excluding the impact of foreign exchange) at $128
million. On a currency neutral basis, the U.K. had favorable
product mix.
- Mexico filled beverage case volume was 5 million cases compared
to 7 million cases. Revenue was lower by 25% (30% excluding the
impact of foreign exchange) at $8 million due primarily to the
exiting of low gross margin business.
- RCI concentrate volume was 67 million cases compared to 72
million cases. Revenue increased 20% to $10 million as a result of
business wins and an increase in average price per case.
Share Repurchase Program
We repurchased approximately 700,000 shares at an average price
of $7.99 totaling approximately $6 million during the second
quarter in accordance with our share repurchase program.
Our share repurchase program is subject to compliance with the
annual limits established by the Toronto Stock Exchange, for up to
5% of Cott's outstanding common shares over a 12-month period
commencing on May 22, 2013. Cott's common shares may be purchased
under the program in open market transactions and privately
negotiated repurchases through either a 10b5-1 automatic trading
plan or at management's discretion in compliance with regulatory
requirements, and given market, cost and other considerations.
There can be no assurance as to the precise number of shares, if
any, that will be repurchased under the share repurchase program,
or the aggregate dollar amount of the shares actually purchased.
Cott may discontinue purchases at any time, subject to compliance
with applicable regulatory requirements. Shares purchased pursuant
to the share repurchase program will be cancelled.
Declaration of Dividend Cott has declared
a dividend of CAD$0.06 per common share, payable in cash on
September 11, 2013 to shareowners of record at the close of
business on August 29, 2013.
Cott intends to pay a regular quarterly dividend on its common
shares subject to, among other things, the best interests of its
shareowners, 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.
Second Quarter Results Conference Call
Cott Corporation will host a conference call today, August 1, 2013,
at 10:00 a.m. EDT, to discuss second 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 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 24 eight ounce equivalent servings per case.
"Adjusted Net Income (Loss)" means GAAP earnings (loss) excluding
purchase accounting adjustments, integration expenses,
restructuring expenses and asset impairments. "Adjusted Diluted
Earnings Per Share" means Adjusted Net Income divided by diluted
weighted average outstanding shares. "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. See the accompanying reconciliations of these non-GAAP
measures to the corresponding GAAP measures, 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 Adjusted Net Income, Adjusted Diluted
Earnings Per Share, 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, paying 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 and operating
trends and 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; 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 any 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 29,
2012 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 For the Six Months
Ended Ended
-------------------- --------------------
June 29, June 30, June 29, June 30,
2013 2012 2013 2012
---------- --------- ---------- ---------
Revenue, net $ 563.8 $ 625.8 $ 1,069.2 $ 1,149.6
Cost of sales 487.2 533.5 936.2 993.9
---------- --------- ---------- ---------
Gross profit 76.6 92.3 133.0 155.7
Selling, general and
administrative expenses 41.7 48.8 83.0 90.6
Loss on disposal of property,
plant & equipment 0.3 0.3 0.3 0.9
Restructuring 2.0 - 2.0 -
---------- --------- ---------- ---------
Operating income 32.6 43.2 47.7 64.2
Other (income) expense, net - (0.5) 0.3 (0.7)
Interest expense, net 12.8 13.5 26.1 27.5
---------- --------- ---------- ---------
Income before income taxes 19.8 30.2 21.3 37.4
Income tax expense 1.7 3.9 2.2 4.3
---------- --------- ---------- ---------
Net income $ 18.1 $ 26.3 $ 19.1 $ 33.1
Less: Net income attributable to
non-controlling interests 1.6 1.2 2.6 2.1
---------- --------- ---------- ---------
Net income attributed to Cott
Corporation $ 16.5 $ 25.1 $ 16.5 $ 31.0
========== ========= ========== =========
Net income per common share
attributed to Cott Corporation
Basic $ 0.17 $ 0.27 $ 0.17 $ 0.33
Diluted $ 0.17 $ 0.26 $ 0.17 $ 0.32
Weighted average outstanding
shares (millions) attributed to
Cott Corporation
Basic 95.2 94.5 95.3 94.4
Diluted 96.0 95.5 96.0 95.5
EXHIBIT 2
COTT CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions of U.S. dollars, except share amounts, U.S. GAAP)
Unaudited
------------ ------------
June 29, December 29,
2013 2012
------------ ------------
ASSETS
Current assets
Cash & cash equivalents $ 66.8 $ 179.4
Accounts receivable, net of allowance of $6.1
($6.8 as of December 29, 2012) 266.7 199.4
Income taxes recoverable 0.8 1.2
Inventories 240.0 224.8
Prepaid expenses and other assets 22.7 20.3
------------ ------------
Total current assets 597.0 625.1
Property, plant & equipment, net 492.2 490.9
Goodwill 139.4 130.3
Intangibles and other assets, net 313.6 315.4
Deferred income taxes 2.7 3.3
Other tax receivable 1.2 0.9
------------ ------------
Total assets $ 1,546.1 $ 1,565.9
============ ============
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt $ 2.6 $ 1.9
Accounts payable and accrued liabilities 264.6 287.7
------------ ------------
Total current liabilities 267.2 289.6
Long-term debt 602.1 601.8
Deferred income taxes 44.4 39.1
Other long-term liabilities 23.8 12.5
------------ ------------
Total liabilities 937.5 943.0
Equity
Capital stock, no par - 94,773,326 (December 29,
2012 - 95,371,484) shares issued 394.9 397.8
Additional paid-in-capital 42.9 40.4
Retained earnings 188.7 186.0
Accumulated other comprehensive loss (28.8) (12.4)
------------ ------------
Total Cott Corporation equity 597.7 611.8
Non-controlling interests 10.9 11.1
------------ ------------
Total equity 608.6 622.9
------------ ------------
Total liabilities and equity $ 1,546.1 $ 1,565.9
============ ============
EXHIBIT 3
COTT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of U.S. dollars, U.S. GAAP)
Unaudited
For the Three Months For the Six Months
Ended Ended
-------------------- --------------------
June 29, June 30, June 29, June 30,
2013 2012 2013 2012
--------- --------- --------- ---------
Operating Activities
Net income $ 18.1 $ 26.3 $ 19.1 $ 33.1
Depreciation & amortization 24.9 23.7 49.6 47.5
Amortization of financing fees 0.8 0.9 1.5 2.1
Share-based compensation
expense 1.8 1.4 2.5 2.2
Increase in deferred income
taxes 1.6 4.0 1.6 4.0
Gain on bargain purchase - (0.9) - (0.9)
Loss on disposal of property,
plant & equipment 0.3 0.3 0.3 0.9
Other non-cash items (0.1) 1.0 0.2 0.6
Change in operating assets and
liabilities, net of
acquisition:
Accounts receivable (29.6) (31.3) (57.8) (51.8)
Inventories 2.4 (6.5) (10.8) (23.0)
Prepaid expenses and other
assets (1.4) (4.1) (2.0) (5.9)
Other assets - (0.1) (0.1) 0.9
Accounts payable and accrued
liabilities 15.2 22.1 (28.9) (16.3)
Income taxes recoverable 0.1 1.3 0.3 1.6
--------- --------- --------- ---------
Net cash provided by (used
in) operating activities 34.1 38.1 (24.5) (5.0)
--------- --------- --------- ---------
Investing Activities
Acquisition, net of cash
acquired (6.5) - (6.5) (5.0)
Additions to property, plant &
equipment (14.6) (19.7) (34.5) (37.4)
Additions to intangibles and
other assets (1.7) (1.0) (1.9) (3.7)
Proceeds from sale of assets
held for sale - 1.0 - 1.0
Proceeds from insurance
recoveries - - 0.4 -
--------- --------- --------- ---------
Net cash used in investing
activities (22.8) (19.7) (42.5) (45.1)
--------- --------- --------- ---------
Financing Activities
Payments of long-term debt (19.1) (1.4) (19.6) (2.6)
Borrowings under ABL - 17.5 - 24.5
Payments under ABL - (17.5) - (24.5)
Distributions to non-
controlling interests (0.7) (0.3) (2.8) (1.4)
Common shares repurchased and
cancelled (5.5) (0.3) (8.4) (0.3)
Dividends to shareholders (11.2) - (11.2) -
--------- --------- --------- ---------
Net cash used in financing
activities (36.5) (2.0) (42.0) (4.3)
--------- --------- --------- ---------
Effect of exchange rate changes
on cash (1.0) (0.9) (3.6) 0.6
--------- --------- --------- ---------
Net increase (decrease) in cash
& cash equivalents (26.2) 15.5 (112.6) (53.8)
Cash & cash equivalents,
beginning of period 93.0 31.6 179.4 100.9
--------- --------- --------- ---------
Cash & cash equivalents, end of
period $ 66.8 $ 47.1 $ 66.8 $ 47.1
========= ========= ========= =========
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 For the Six Months
Ended Ended
-------------------- --------------------
June 29, June 30, June 29, June 30,
2013 2012 2013 2012
---------- --------- --------- ---------
Revenue
North America $ 418.1 $ 475.7 $ 811.3 $ 883.8
United Kingdom 127.9 131.5 225.3 230.7
Mexico 7.7 10.2 15.1 19.3
RCI 10.1 8.4 17.5 15.8
---------- --------- --------- ---------
$ 563.8 $ 625.8 $ 1,069.2 $ 1,149.6
========== ========= ========= =========
Operating income (loss)
North America $ 20.9 $ 31.2 $ 34.7 $ 48.5
United Kingdom 9.1 10.5 9.1 13.7
Mexico 0.3 (0.9) (0.4) (2.2)
RCI 2.3 2.4 4.3 4.2
---------- --------- --------- ---------
$ 32.6 $ 43.2 $ 47.7 $ 64.2
========== ========= ========= =========
Volume - 8 oz equivalent cases -
Total Beverage (including
concentrate)
North America 175.0 204.2 347.6 383.8
United Kingdom 54.4 55.7 98.9 100.6
Mexico 4.8 6.7 9.7 12.6
RCI 67.2 71.7 130.7 142.7
---------- --------- --------- ---------
301.4 338.3 586.9 639.7
========== ========= ========= =========
Volume - 8 oz equivalent cases -
Filled Beverage
North America 156.5 181.9 304.5 338.3
United Kingdom 50.0 51.7 90.1 92.6
Mexico 4.8 6.7 9.7 12.6
RCI 0.3 - 0.5 -
---------- --------- --------- ---------
211.6 240.3 404.8 443.5
========== ========= ========= =========
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) June 29, 2013
-----------------------------------------------
North United
Cott(1) America Kingdom Mexico RCI
------- --------- --------- ------- -------
Change in revenue $ (62.0) $ (57.6) $ (3.6) $ (2.5) $ 1.7
Impact of foreign
exchange(2) 3.9 0.8 3.7 (0.6) -
------- --------- --------- ------- -------
Change excluding foreign
exchange $ (58.1) $ (56.8) $ 0.1 $ (3.1) $ 1.7
------- --------- --------- ------- -------
Percentage change in
revenue -9.9% -12.1% -2.7% -24.5% 20.2%
------- --------- --------- ------- -------
Percentage change in
revenue excluding foreign
exchange -9.3% -11.9% 0.1% -30.4% 20.2%
------- --------- --------- ------- -------
For the Six Months Ended
-----------------------------------------------
(in millions of U.S.
dollars, except percentage
amounts) June 29, 2013
-----------------------------------------------
North United
Cott(1) America Kingdom Mexico RCI
------- --------- --------- ------- -------
Change in revenue $ (80.4) $ (72.5) $ (5.4) $ (4.2) $ 1.7
Impact of foreign
exchange(2) 4.5 0.9 4.4 (0.8) -
------- --------- --------- ------- -------
Change excluding foreign
exchange $ (75.9) $ (71.6) $ (1.0) $ (5.0) $ 1.7
------- --------- --------- ------- -------
Percentage change in
revenue -7.0% -8.2% -2.3% -21.8% 10.8%
------- --------- --------- ------- -------
Percentage change in
revenue excluding foreign
exchange -6.6% -8.1% -0.4% -25.9% 10.8%
------- --------- --------- ------- -------
(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 For the Six Months
Ended Ended
--------------------- ---------------------
June 29, June 30, June 29, June 30,
2013 2012 2013 2012
---------- ---------- ---------- ----------
Net income attributed to Cott
Corporation $ 16.5 $ 25.1 $ 16.5 $ 31.0
Interest expense, net 12.8 13.5 26.1 27.5
Income tax expense 1.7 3.9 2.2 4.3
Depreciation & amortization 24.9 23.7 49.6 47.5
Net income attributable to non-
controlling interests 1.6 1.2 2.6 2.1
---------- ---------- ---------- ----------
EBITDA $ 57.5 $ 67.4 $ 97.0 $ 112.4
Restructuring 2.0 - 2.0 -
Acquisition adjustments
Inventory step-up 0.3 - 0.3 -
Acquisition costs 0.9 - 1.5 -
Integration costs - 0.8 - 1.8
---------- ---------- ---------- ----------
Adjusted EBITDA $ 60.7 $ 68.2 $ 100.8 $ 114.2
========== ========== ========== ==========
EXHIBIT 7
COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - FREE CASH FLOW
(in millions of U.S. dollars)
Unaudited
For the Three Months Ended
--------------------------
June 29, June 30,
2013 2012
------------ ------------
Net cash provided by operating activities $ 34.1 $ 38.1
Less: Capital expenditures (14.6) (19.7)
------------ ------------
Free Cash Flow $ 19.5 $ 18.4
============ ============
For the Six Months Ended
--------------------------
June 29, June 30,
2013 2012
------------ ------------
Net cash used in operating activities $ (24.5) $ (5.0)
Less: Capital expenditures (34.5) (37.4)
------------ ------------
Free Cash Flow $ (59.0) $ (42.4)
============ ============
EXHIBIT 8
COTT CORPORATION
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 Six Months
Ended Ended
--------------------- ---------------------
June 29, June 30, June 29, June 30,
2013 2012 2013 2012
---------- ---------- ---------- ----------
Net income attributed to Cott
Corporation $ 16.5 $ 25.1 $ 16.5 $ 31.0
Restructuring, net of tax 1.9 - 1.9 -
Acquisition adjustments, net of
tax
Inventory step-up 0.3 - 0.3 -
Acquisition costs 0.8 - 1.3 -
Integration costs - 0.8 - 1.8
---------- ---------- ---------- ----------
Adjusted net income attributed
to Cott Corporation $ 19.5 $ 25.9 $ 20.0 $ 32.8
========== ========== ========== ==========
Adjusted net income per common
share attributed to Cott
Corporation
Basic $ 0.20 $ 0.27 $ 0.21 $ 0.35
Diluted $ 0.20 $ 0.27 $ 0.21 $ 0.34
Weighted average outstanding
shares (millions) attributed to
Cott Corporation
Basic 95.2 94.5 95.3 94.4
Diluted 96.0 95.5 96.0 95.5
CONTACT: Michael C. Massi Investor Relations Tel: (813)
313-1786 Email Contact
Cott (NYSE:COT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cott (NYSE:COT)
Historical Stock Chart
From Jul 2023 to Jul 2024
