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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Cott Corporation | NYSE:COT | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 14.62 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
(All information in U.S. dollars; all second quarter 2011 comparisons are relative to the second 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 second quarter ended July 2, 2011. Second quarter 2011 revenue was $640 million compared to $425 million. The Cliffstar business, which was acquired in the third quarter of 2010, contributed $162 million of the increase in revenue. Operating income increased 10% to $43 million. Excluding Cliffstar purchase accounting adjustments and integration expenses, adjusted operating income was $47 million. EBITDA was $67 million, compared to $54 million. Excluding Cliffstar purchase accounting adjustments and integration expenses, adjusted EBITDA was $66 million. Net income and earnings per diluted share were $27 million and $0.28, respectively, compared to $22 million and $0.28, respectively. Excluding Cliffstar purchase accounting adjustments and integration expenses, adjusted net income and adjusted earnings per diluted share were $30 million and $0.32, respectively, compared to $22 million and $0.28, respectively.
"Our second quarter results included volume and revenue growth both globally and in North America, Mexico and the U.K. During the quarter, we also realized additional tax benefits which we expect to be on-going and which positively impacted our financial results in the quarter," commented Jerry Fowden, Cott's Chief Executive Officer. "Despite continued commodity and fuel cost headwinds, we remain focused on delivering another year of significant cash generation," continued Mr. Fowden.
SECOND QUARTER 2011 PERFORMANCE SUMMARY
SECOND QUARTER 2011 OPERATING SEGMENT HIGHLIGHTS
Second Quarter Conference Call Cott Corporation will host a conference call today, August 3, 2011, 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 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 United Kingdom and Mexico. Cott markets beverage concentrates in over 40 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. Additionally, Cott supplements its reporting of SG&A in accordance with GAAP by excluding the impact of Cliffstar and integration expenses. 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; significant transaction -- and acquisition -- related costs that Cott incurred in connection with the Cliffstar acquisition; 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; and disruptions in Cott's information systems.
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
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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 Ended For the Six Months Ended
----------------------------- -----------------------------
July 2, 2011 July 3, 2010 July 2, 2011 July 3, 2010
----------------------------- -----------------------------
Revenue, net $ 640.0 $ 424.7 $ 1,174.1 $ 787.6
Cost of sales 552.0 351.2 1,016.5 656.9
-------------- ------------- -------------- -------------
Gross profit 88.0 73.5 157.6 130.7
Selling,
general and
administrative
expenses 45.1 34.5 90.2 66.9
Loss on
disposal of
property,
plant &
equipment - (0.1) - 0.1
Restructuring - - - (0.5)
-------------- ------------- -------------- -------------
Operating
income 42.9 39.1 67.4 64.2
Other expense,
net - 0.5 0.8 2.3
Interest
expense, net 14.6 6.1 29.0 12.3
-------------- ------------- -------------- -------------
Income before
income taxes 28.3 32.5 37.6 49.6
Income tax
expense 0.7 8.8 2.3 13.2
-------------- ------------- -------------- -------------
Net income $ 27.6 $ 23.7 $ 35.3 $ 36.4
Less: Net
income
attributable
to non-
controlling
interests 1.1 1.4 2.0 2.6
-------------- ------------- -------------- -------------
Net income
attributed to
Cott
Corporation $ 26.5 $ 22.3 $ 33.3 $ 33.8
============== ============= ============== =============
Net income per
common share
attributed to
Cott
Corporation
Basic $ 0.28 $ 0.28 $ 0.35 $ 0.42
Diluted $ 0.28 $ 0.28 $ 0.35 $ 0.42
Weighted average outstanding
shares (millions) attributed
to Cott Corporation
Basic 94.1 80.4 94.1 80.4
Diluted 95.5 80.9 95.4 80.9
COTT CORPORATION EXHIBIT 2
CONSOLIDATED BALANCE SHEETS
(in millions of U.S. dollars, except share amounts,
U.S. GAAP)
Unaudited
----------------------------------------
July 2, 2011 January 1, 2011
----------------------------------------
ASSETS
Current assets
Cash & cash equivalents $ 24.0 $ 48.2
Accounts receivable, net of
allowance of $10.4 ($8.3 as of
January 1, 2011) 287.4 213.6
Income taxes recoverable 12.9 0.3
Inventories 242.2 215.5
Prepaid expenses and other assets 32.5 32.7
------------------- -------------------
Total current assets 599.0 510.3
Property, plant & equipment 501.0 503.8
Goodwill 131.3 130.2
Intangibles and other assets 357.1 371.1
Deferred income taxes 2.7 2.5
Other tax receivable 2.7 11.3
------------------- -------------------
Total assets $ 1,593.8 $ 1,529.2
=================== ===================
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings $ 20.1 $ 7.9
Current maturities of long-term
debt 5.4 6.0
Contingent consideration earn-out 33.2 32.2
Accounts payable and accrued
liabilities 281.7 276.6
------------------- -------------------
Total current liabilities 340.4 322.7
Long-term debt 603.2 605.5
Deferred income taxes 44.5 43.6
Other long-term liabilities 21.0 22.2
------------------- -------------------
Total liabilities 1,009.1 994.0
Equity
Capital stock, no par - 94,851,230
(January 1, 2011 - 94,750,120) 395.7 395.6
shares issued
Treasury stock (2.1) (3.2)
Additional paid-in-capital 43.5 40.8
Retained earnings 139.8 106.5
Accumulated other comprehensive
loss (6.3) (17.5)
------------------- -------------------
Total Cott Corporation equity 570.6 522.2
Non-controlling interests 14.1 13.0
------------------- -------------------
Total equity 584.7 535.2
------------------- -------------------
Total liabilities and equity $ 1,593.8 $ 1,529.2
=================== ===================
COTT CORPORATION
Consolidated
Statements of Cash
Flows EXHIBIT 3
(in millions of U.S.
dollars)
Unaudited
----------------------------------------------------
For the Three Months Ended For the Six Months Ended
----------------------------------------------------
July 2, July 3, July 2, July 3,
2011 2010 2011 2010
----------------------------------------------------
Operating Activities
Net income $ 27.6 $ 23.7 $ 35.3 $ 36.4
Depreciation &
amortization 23.8 14.9 47.4 30.8
Amortization of
financing fees 0.9 0.5 1.8 1.0
Share-based
compensation
expense 2.7 1.2 3.8 1.7
Increase
(decrease) in
deferred income
taxes 1.0 - 1.9 (0.1)
Contract
termination gain - (0.9) - -
Contract
termination
payments - - - (4.8)
Other non-cash
items 1.6 1.1 1.8 4.0
Change in
operating assets
and liabilities:
Accounts
receivable (41.6) (24.4) (71.0) (46.3)
Inventories (16.6) (4.0) (22.7) (16.7)
Prepaid expenses
and other
current assets (1.5) 1.6 (1.2) 2.4
Other assets (0.6) (0.6) (0.7) (1.1)
Accounts payable
and accrued
liabilities 24.8 11.2 2.9 7.8
Income taxes
recoverable (0.8) 7.0 (3.6) 24.4
----------- ----------- ----------- -----------
Net cash
provided by
(used in)
operating
activities 21.3 31.3 (4.3) 39.5
----------- ----------- ----------- -----------
Investing Activities
Additions to
property, plant &
equipment (10.8) (10.5) (23.3) (18.1)
Additions to
intangible and
other assets (2.5) (2.3) (2.5) (3.4)
Other investing
activities (1.8) 0.3 (1.7) 0.4
----------- ----------- ----------- -----------
Net cash used in
investing
activities (15.1) (12.5) (27.5) (21.1)
----------- ----------- ----------- -----------
Financing Activities
Payments of long-
term debt (2.1) (2.9) (3.4) (16.1)
Borrowings under
ABL 43.6 83.4 143.4 142.0
Payments under ABL (58.7) (100.8) (131.2) (151.6)
Distributions to
non-controlling
interests (0.9) (0.8) (2.5) (2.7)
Financing fees - - - (0.2)
----------- ----------- ----------- -----------
Net cash (used
in) provided by
financing
activities (18.1) (21.1) 6.3 (28.6)
----------- ----------- ----------- -----------
Effect of exchange
rate changes on cash 0.1 (0.6) 1.3 (0.4)
----------- ----------- ----------- -----------
Net decrease in cash &
cash equivalents (11.8) (2.9) (24.2) (10.6)
Cash & cash
equivalents,
beginning of period 35.8 23.2 48.2 30.9
----------- ----------- ----------- -----------
Cash & cash
equivalents, end of
period $ 24.0 $ 20.3 $ 24.0 $ 20.3
=========== =========== =========== ===========
Supplemental
Disclosures of Cash
Flow information:
Cash paid for
interest $ 10.2 $ 10.3 $ 27.9 $ 11.6
Cash paid (received)
for income taxes,
net $ 0.8 $ 1.9 $ 4.2 $ (11.8)
COTT CORPORATION EXHIBIT 4
SEGMENT INFORMATION
(in millions)
Unaudited
For the Three Months Ended For the Six Months Ended
-------------------------- --------------------------
July 2, 2011 July 3, 2010 July 2, 2011 July 3, 2010
-------------------------- --------------------------
Revenue - U.S.
Dollars
North America $ 491.3 $ 300.8 $ 920.1 $ 564.0
United Kingdom 126.0 101.2 212.3 180.9
Mexico 16.2 14.1 27.6 25.9
RCI 6.5 8.6 14.1 16.8
------------ ------------ ------------ ------------
$ 640.0 $ 424.7 $ 1,174.1 $ 787.6
============ ============ ============ ============
Operating income
(loss) - U.S.
Dollars
North America $ 30.0 $ 30.2 $ 50.8 $ 51.1
United Kingdom 11.4 8.7 14.4 11.7
Mexico (0.6) (2.2) (2.1) (4.0)
RCI 2.1 2.4 4.3 5.4
------------ ------------ ------------ ------------
$ 42.9 $ 39.1 $ 67.4 $ 64.2
============ ============ ============ ============
Volume - 8 oz.
equivalent cases -
Total Beverage
(including
concentrate)
North America 217.7 167.5 412.8 319.5
United Kingdom 58.2 53.5 101.7 98.0
Mexico 11.8 10.1 20.2 18.4
RCI 61.6 91.7 144.1 176.0
------------ ------------ ------------ ------------
349.3 322.8 678.8 611.9
============ ============ ============ ============
Volume - 8 oz.
equivalent cases -
Filled Beverage
North America 198.6 147.3 369.2 277.9
United Kingdom 53.7 50.3 92.8 89.5
Mexico 11.8 10.1 20.2 18.4
RCI - 0.1 - 0.1
------------ ------------ ------------ ------------
264.1 207.8 482.2 385.9
============ ============ ============ ============
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) July 2, 2011
---------------------------------------------------------------------------
North United
Cott(1) America Kingdom Mexico RCI
---------------------------------------------------------------------------
Change in revenue $ 215.3 $ 190.5 $ 24.8 $ 2.1 $ (2.1)
Impact of foreign
exchange (14.0) (3.3) (9.6) (1.1) -
-------- -------- -------- ------- ---------
Change excluding foreign
exchange $ 201.3 $ 187.2 $ 15.2 $ 1.0 $ (2.1)
-------- -------- -------- ------- ---------
Percentage change in
revenue 51% 63% 25% 15% -24%
-------- -------- -------- ------- ---------
Percentage change in
revenue excluding
foreign exchange 47% 62% 15% 7% -24%
-------- -------- -------- ------- ---------
Impact of Cliffstar
Acquisition (162.2) (162.2) - - -
-------- -------- -------- ------- ---------
Change excluding foreign
exchange and Cliffstar
Acquisition $ 39.1 $ 25.0 $ 15.2 $ 1.0 $ (2.1)
-------- -------- -------- ------- ---------
Percentage change in
revenue excluding
foreign exchange and
Cliffstar Acquisition 9% 8% 15% 7% -24%
-------- -------- -------- ------- ---------
For the Six Months Ended
---------------------------------------------------------------------------
(in millions of U.S.
dollars) July 2, 2011
---------------------------------------------------------------------------
North United
Cott(1) America Kingdom Mexico RCI
----------------------------------- -------- -------- ------- ---------
Change in revenue $ 386.5 $ 356.1 $ 31.4 $ 1.7 $ (2.7)
Impact of foreign
exchange (19.0) (5.2) (12.1) (1.7) -
-------- -------- -------- ------- ---------
Change excluding foreign
exchange $ 367.5 $ 350.9 $ 19.3 $ - $ (2.7)
-------- -------- -------- ------- ---------
Percentage change in
revenue 49% 63% 17% 7% -16%
-------- -------- -------- ------- ---------
Percentage change in
revenue excluding
foreign exchange 47% 62% 11% 0% -16%
-------- -------- -------- ------- ---------
Impact of Cliffstar
Acquisition (328.5) (328.5) - - -
-------- -------- -------- ------- ---------
Change excluding foreign
exchange and Cliffstar
Acquisition $ 39.0 $ 22.4 $ 19.3 $ - $ (2.7)
-------- -------- -------- ------- ---------
Percentage change in
revenue excluding
foreign exchange and
Cliffstar Acquisition 5% 4% 11% 0% -16%
-------- -------- -------- ------- ---------
(1)Cott includes the following operating segments:
North America, United Kingdom, Mexico and RCI.
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 Ended For the Six Months Ended
-------------------------- --------------------------
July 2, 2011 July 3, 2010 July 2, 2011 July 3, 2010
-------------------------- --------------------------
Net income $ 26.5 $ 22.3 $ 33.3 $ 33.8
Interest expense,
net 14.6 6.1 29.0 12.3
Income tax expense 0.7 8.8 2.3 13.2
Depreciation &
amortization 23.8 14.9 47.4 30.8
Net income
attributable to
non-controlling
interests 1.1 1.4 2.0 2.6
------------ ------------ ------------ ------------
EBITDA $ 66.7 $ 53.5 $ 114.0 $ 92.7
Restructuring - - - (0.5)
Acquisition
adjustments
Inventory step-
down (0.9) - (4.1) -
Integration costs 0.4 - 1.1 -
------------ ------------ ------------ ------------
Adjusted EBITDA $ 66.2 $ 53.5 $ 111.0 $ 92.2
============ ============ ============ ============
COTT CORPORATION EXHIBIT 7
SUPPLEMENTARY
INFORMATION -
NON-GAAP -
ADJUSTED
OPERATING
INCOME
(in millions of
U.S. dollars)
Unaudited
For the Three Months Ended For the Six Months Ended
----------------------------- ----------------------------
July 2, 2011 July 3, 2010 July 2, 2011 July 3, 2010
----------------------------- ----------------------------
Operating income $ 42.9 $ 39.1 $ 67.4 $ 64.2
Restructuring - - - (0.5)
Acquisition
adjustments
Inventory
step-down (0.9) - (4.1) -
Incremental
amortization 4.2 - 8.4 -
Integration
costs 0.4 - 1.1 -
------------- -------------- ------------- -------------
Adjusted
operating
income $ 46.6 $ 39.1 $ 72.8 $ 63.7
============= ============== ============= =============
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 Ended For the Six Months Ended
--------------------------- --------------------------
July 2, July 3, July 2, July 3,
2011 2010 2011 2010
--------------------------- --------------------------
Net income $ 27.6 $ 23.7 $ 35.3 $ 36.4
Less: Net income
attributable to
non-controlling
interests 1.1 1.4 2.0 2.6
------------ ------------- ------------ ------------
Net income
attributed to Cott
Corporation $ 26.5 $ 22.3 $ 33.3 $ 33.8
============ ============= ============ ============
Restructuring, net
of tax - - - (0.4)
Acquisition
adjustments, net
of tax
Inventory step-
down (0.9) - (3.8) -
Incremental
amortization 4.1 - 7.9 -
Integration
costs 0.4 - 1.0 -
------------ ------------- ------------ ------------
Adjusted net income
attributed to Cott
Corporation $ 30.1 $ 22.3 $ 38.4 $ 33.4
============ ============= ============ ============
Adjusted net income
per common share
attributed to Cott
Corporation
Basic $ 0.32 $ 0.28 $ 0.41 $ 0.42
Diluted $ 0.32 $ 0.28 $ 0.40 $ 0.41
Weighted average outstanding
shares (millions) attributed to
Cott Corporation
Basic 94.1 80.4 94.1 80.4
Diluted 95.5 80.9 95.4 80.9
COTT CORPORATION EXHIBIT 9
SUPPLEMENTAL INFORMATION - NON-GAAP -
"CORE" STATEMENTS OF OPERATING INCOME
AND EBITDA
(in millions of U.S.
dollars)
Unaudited
Cott
For the Excluding For the
Three Acqui- Three
Months sition & Months
Ended Adjust- Ended
July 2, Cliff- Adjust- ments July 3,
2011 star ments "CORE" 2010
--------- --------- --------- ---------- ---------
Revenue, net $ 640.0 $ 162.2 $ - $ 477.8 $ 424.7
Cost of sales 552.0 143.3 - 408.7 351.2
--------- --------- --------- ---------- ---------
Gross profit 88.0 18.9 - 69.1 73.5
13.8% 11.7% - 14.5% 17.3%
Selling, general and
administrative
expenses 45.1 7.5 0.4 37.2 34.5
Loss on disposal of
property, plant &
equipment - - - - (0.1)
Restructuring - - - - -
--------- --------- --------- ---------- ---------
Operating income $ 42.9 $ 11.4 $ (0.4) $ 31.9 $ 39.1
========= ========= ========= ========== =========
Depreciation and
amortization 23.8 8.6 - 15.2 14.9
Other expense, net - - - - 0.5
--------- --------- --------- ---------- ---------
EBITDA $ 66.7 $ 20.0 $ (0.4) $ 47.1 $ 53.5
--------- --------- --------- ---------- ---------
Restructuring - - - - -
Acquisition
adjustments
Inventory step-
down (0.9) (0.9) - - -
Integration costs 0.4 - 0.4 - -
--------- --------- --------- ---------- ---------
Adjusted EBITDA $ 66.2 $ 19.1 $ - $ 47.1 $ 53.5
========= ========= ========= ========== =========
Cott
For the Excluding For the
Six Acqui- Six
Months sition & Months
Ended Adjust- Ended
July 2, Cliff- Adjust- ments July 3,
2011 star ments "CORE" 2010
--------- --------- --------- ---------- ---------
Revenue, net $ 1,174.1 $ 328.5 $ - $ 845.6 $ 787.6
Cost of sales 1,016.5 289.8 - 726.7 656.9
--------- --------- --------- ---------- ---------
Gross profit 157.6 38.7 - 118.9 130.7
13.4% 11.8% - 14.1% 16.6%
Selling, general and
administrative
expenses 90.2 15.7 1.1 73.4 66.9
Loss on disposal of
property, plant &
equipment - - - - 0.1
Restructuring - - - - (0.5)
--------- --------- --------- ---------- ---------
Operating income $ 67.4 $ 23.0 $ (1.1) $ 45.5 $ 64.2
========= ========= ========= ========== =========
Depreciation and
amortization 47.4 17.1 - 30.3 30.8
Other expense, net 0.8 - - 0.8 2.3
--------- --------- --------- ---------- ---------
EBITDA $ 114.0 $ 40.1 $ (1.1) $ 75.0 $ 92.7
--------- --------- --------- ---------- ---------
Restructuring - - - - (0.5)
Acquisition
adjustments
Inventory step-
down (4.1) (4.1) - - -
Integration costs 1.1 - 1.1 - -
--------- --------- --------- ---------- ---------
Adjusted EBITDA $ 111.0 $ 36.0 $ - $ 75.0 $ 92.2
========= ========= ========= ========== =========
COTT CORPORATION EXHIBIT 10
SUPPLEMENTARY INFORMATION - NON-GAAP - ANALYSIS OF
VOLUME BY GEOGRAPHIC REGION
Unaudited
For the Three Months Ended
---------------------------------------------------------------------------
July 2, 2011
---------------------------------------------------------------------------
(in millions of
8 oz.
equivalent North United
cases) Cott(1) America Kingdom Mexico RCI
---------------------------------------------------------------------------
Change in
filled
beverage
volume 56.3 51.3 3.4 1.7 (0.1)
Impact of
Cliffstar
Acquisition (37.5) (37.5) - - -
----------------------------------------------------------
Change
excluding
Cliffstar
Acquisition 18.8 13.8 3.4 1.7 (0.1)
----------------------------------------------------------
Percentage
change in
filled
beverage
volume 27% 35% 7% 17% -100%
----------------------------------------------------------
Percentage
change in
filled
beverage
volume
excluding
Cliffstar
Acquisition 9% 9% 7% 17% -100%
----------------------------------------------------------
For the Six Months Ended
---------------------------------------------------------------------------
July 2, 2011
---------------------------------------------------------------------------
(in millions of
8 oz.
equivalent North United
cases) Cott(1) America Kingdom Mexico RCI
---------------------------------------------------------------------------
Change in
filled
beverage
volume 96.3 91.3 3.3 1.8 (0.1)
Impact of
Cliffstar
Acquisition (76.8) (76.8) - - -
----------------------------------------------------------
Change
excluding
Cliffstar
Acquisition 19.5 14.5 3.3 1.8 (0.1)
----------------------------------------------------------
Percentage
change in
filled
beverage
volume 25% 33% 4% 10% -100%
----------------------------------------------------------
Percentage
change in
filled
beverage
volume
excluding
Cliffstar
Acquisition 5% 5% 4% 10% -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
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