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Share Name | Share Symbol | Market | Type |
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Cott Corporation | NYSE:COT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 14.62 | 0 | 01:00:00 |
Fourth Quarter 2012 Results
Fiscal Year 2012 Results
"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
FOURTH QUARTER 2012 REPORTING SEGMENT HIGHLIGHTS
FISCAL YEAR 2012 PERFORMANCE SUMMARY
FISCAL YEAR 2012 REPORTING SEGMENT HIGHLIGHTS
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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