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Cott Corporation (NYSE: COT) (TSX: BCB) today announced its results for the
fourth quarter and fiscal year ended December 28, 2013 and the declaration of a
quarterly dividend of CAD$0.06 per common share.
Fourth Quarter 2013 Results
The Company returned approximately $5 million to shareholders through its
quarterly dividends.
The Company redeemed $200 million of its Senior Notes due in 2017 on November
15, 2013 (recognizing an expense of $12.7 million associated with the
redemption) and announced the redemption of the remaining $15 million of the
Senior Notes due in 2017 to occur on February 19, 2014.
Revenue of $482 million was lower by 7% (7% excluding the impact of foreign
exchange) compared to $517 million.
Gross profit as a percentage of revenue was 11.2% compared to 11.7%.
Selling, general and administrative ("SG&A") expenses of $39.5 million were
lower by 9% compared to $43.6 million.
Adjusted net income and adjusted earnings per diluted share were $2.8 million
and $0.03, respectively, compared to $3.2 million and $0.03 in the prior year,
respectively. Reported loss and loss per diluted share were $11.5 million and
$0.12, respectively, compared to reported net income and earnings per diluted
share of $2.3 million and $0.02, respectively, in the prior year, due primarily
to recognizing $12.7 million of expense associated with the redemption of the
2017 Senior Notes.
Adjusted EBITDA was $42.5 million compared to $42.5 million. Reported EBITDA was
$27.8 million compared to $41.6 million.
Free cash flow was $81.4 million, reflecting $92.3 million of net cash provided
by operating activities less $10.9 million of capital expenditures. Excluding
the impact of the redemption of the Senior Notes due in 2017, free cash flow was
$89.6 million.
Fiscal Year 2013 Results
The Company returned approximately $32 million to shareholders through quarterly
dividends and stock repurchases.
Revenue of $2,094 million was lower by 7% (7% excluding the impact of foreign
exchange) compared to $2,251 million.
Gross profit as a percentage of revenue was 12.0% compared to 12.9%.
SG&A expenses of $160 million were lower by 10% compared to $178 million.
Adjusted net income and adjusted earnings per diluted share were $36.3 million
and $0.38, respectively, compared to $51.9 million and $0.55 in the prior year,
respectively. Reported net income and earnings per diluted share were $17.0
million and $0.18, respectively, compared to $47.8 million and $0.50,
respectively, in the prior year.
Adjusted EBITDA was $197 million compared to $213 million. Reported EBITDA was
$177 million compared to $209 million.
Free cash flow was $100 million, reflecting $155 million of net cash provided by
operating activities less $55 million of capital expenditures. Excluding the
impact of the redemption of the Senior Notes due in 2017, free cash flow was
$108 million.
"The fourth quarter of 2013 and the year as a whole were challenging for Cott,"
commented Jerry Fowden, Cott's Chief Executive Officer. "The overall carbonated
soft drink market and the shelf stable juice market declined during the year,
which alongside increased national brand promotional activity and deep price
discounting adversely affected our volumes. Despite these pressures we continued
to run our business tightly, reducing our SG&A costs and delivering $100
million of free cash flow," continued Mr. Fowden.
FOURTH QUARTER 2013 PERFORMANCE SUMMARY
Total filled beverage case volume (which excludes concentrate sales) was 180
million cases compared to 199 million cases. The volume decline was due
primarily to the general market decline in the North American carbonated soft
drink ("CSD") category, prolonged aggressive promotional activity from the
national brands in North America as well as the exiting of case pack water.
Revenue was lower by 7% (7% excluding the impact of foreign exchange) at $482
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 11.2% compared to 11.7%. The gross
margin reduction was due primarily to lower global volumes which resulted in
unfavorable fixed cost absorption.
SG&A expenses were lower by 9% at $39.5 million compared to $43.6 million.
The decrease in SG&A was due primarily to lower employee-related costs as
well as lower professional fees.
Loss before income taxes was $10.5 million compared to income before taxes of
$2.5 million.
Income tax benefit was $0.1 million compared to $0.9 million.
Adjusted net income and adjusted earnings per diluted share were $2.8 million
and $0.03, respectively, compared to $3.2 million and $0.03 in the prior year,
respectively. Reported net loss and loss per diluted share were $11.5 million
and $0.12, respectively, compared to reported net income and earnings per
diluted share of $2.3 million and $0.02, respectively, in the prior year. The
difference between reported net income and adjusted net income was due primarily
to recognizing $12.7 million of expense associated with the redemption of the
2017 Senior Notes.
Adjusted EBITDA was $42.5 million compared to $42.5 million. Reported EBITDA was
$27.8 million compared to $41.6 million.
Free cash flow was $81.4 million, reflecting $92.3 million of net cash provided
by operating activities less $10.9 million of capital expenditures. Excluding
the impact of the redemption of the Senior Notes due in 2017, free cash flow was
$89.6 million.
FOURTH QUARTER 2013 REPORTING SEGMENT HIGHLIGHTS
North America filled beverage case volume was 129 million cases compared to 146
million cases and revenue was lower by 11% at $341 million due primarily to the
general market decline in the North American CSD category, prolonged aggressive
promotional activity from the national brands as well as the exiting of case
pack water.
United Kingdom / Europe ("UK") filled beverage case volume was 48 million cases
compared to 46 million cases. Revenue was higher by 8% (7% excluding the impact
of foreign exchange) at $126 million, due primarily to additional revenues from
the Calypso Soft Drinks business acquired in the second quarter of 2013.
All Other total beverage case volume (including concentrate) was 65 million
cases compared to 65 million cases. Our All Other reporting segment includes our
Mexico operating segment, Royal Crown International operating segment and other
miscellaneous expenses (prior year information has been updated to reflect this
change in our reporting segments). Revenue was lower by 6%, due to the exiting
of low gross margin business in Mexico, partially offset by increased higher
margin contract manufacturing customers as well as new customers at RCI. Mexico
total beverage case volume was 3 million cases compared to 7 million cases.
Revenue in Mexico was lower by 49% (48% excluding the impact of foreign
exchange) at $5 million due primarily to the exiting of low gross margin
business. RCI total beverage case volume (including concentrate) was 62 million
cases compared to 58 million cases. Revenue increased 62% primarily due to new
customers as well as favorable changes in the product mix sold.
FISCAL YEAR 2013 PERFORMANCE SUMMARY
Total filled beverage case volume (excluding concentrate sales) was 793 million
cases compared to 867 million cases. The volume decline was due primarily to the
general market decline in the North American CSD category, prolonged aggressive
promotional activity from the national brands in North America as well as the
exiting of case pack water.
Revenue was lower by 7% (7% excluding the impact of foreign exchange) at $2,094
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 12.0% compared to 12.9%. The gross
margin reduction was due primarily to lower global volumes which resulted in
unfavorable fixed cost absorption.
SG&A expenses were lower by 10% at $160 million compared to $178 million.
The decrease in SG&A was due primarily to lower employee-related and reduced
information technology costs.
Income before income taxes was $24.2 million compared to $56.9 million.
Income tax expense was $2.2 million compared to $4.6 million, due primarily to a
reduction in pretax income.
Adjusted net income and adjusted earnings per diluted share were $36.3 million
and $0.38, respectively, compared to $51.9 million and $0.55 in the prior year,
respectively. Reported net income and earnings per diluted share were $17.0
million and $0.18, respectively, compared to $47.8 million and $0.50,
respectively, in the prior year.
Adjusted EBITDA was $197 million compared to $213 million. Reported EBITDA was
$177 million compared to $209 million, due primarily to costs related to the
redemption of the Senior Notes due in 2017.
Free cash flow was $100 million, reflecting $155 million of net cash provided by
operating activities less $55 million of capital expenditures. Excluding the
impact of the redemption of the Senior Notes due in 2017, free cash flow was
$108 million.
FISCAL YEAR 2013 REPORTING SEGMENT HIGHLIGHTS
North America filled beverage case volume was 581 million cases compared to 652
million cases and revenue was lower by 10% at $1,535 million due primarily to
the general market decline in the North American CSD category, prolonged
aggressive promotional activity from the national brands as well as the exiting
of case pack water.
U.K. filled beverage case volume was 194 million cases compared to 190 million
cases. Revenue was higher by 5% (6% excluding the impact of foreign exchange) at
$494 million, due primarily to the additional revenues from the Calypso
business.
All Other total beverage case volume (including concentrate) was 274 million
cases compared to 304 million cases. Revenue was lower by 8% at 65 million.
Mexico total beverage case volume (including concentrate) was 17 million cases
compared to 26 million cases. Mexican revenue was lower by 29% (31% excluding
the impact of foreign exchange) at $28 million due primarily to the exiting of
low gross margin business, partially offset by increased higher margin contract
manufacturing. RCI total beverage case volume (including concentrate) was 257
million cases compared to 278 million cases. Revenue increased 18% due primarily
to new customers as well as product mix.
Declaration of Dividend
Cott has declared a dividend of CAD $0.06 per common share, payable in cash on
March 28, 2014 to shareowners of record at the close of business on March 11,
2014.
Fourth Quarter and Fiscal Year 2013 Results Conference Call
Cott will host a conference call today, February 12, 2014, at 10:00 a.m. EST, to
discuss fourth quarter and fiscal year 2013 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 drinks, 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 approximately 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 bond redemption costs.
"Adjusted Earnings Per Diluted 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 bond redemption costs. 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 Earnings Per Diluted 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 our capital deployment strategy, 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: our ability to compete
successfully; changes in consumer tastes and preferences for existing products
and our 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
our ability to pass on increased costs to our customers, and the impact of those
increased prices on our volumes; our ability to manage our 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; our ability to maintain favorable
arrangements and relationships with our suppliers; the significant amount of our
outstanding debt and our ability to meet our obligations under our debt
agreements; our ability to maintain compliance with the covenants and conditions
under our debt agreements; fluctuations in interest rates; credit rating
changes; the impact of global financial events on our financial results; our
ability to fully realize the expected cost savings and/or operating efficiencies
from our restructuring activities; any disruption to production at our beverage
concentrates or other manufacturing facilities; our ability to protect our
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 our reputation as a result of litigation or
legal proceedings; changes in the legal and regulatory environment in which we
operate; the impact of 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 our beverages; the impact of
national, regional and global events, including those of a political, economic,
business and competitive nature; our ability to recruit, retain, and integrate
new management; our exposure to intangible asset risk; our ability to renew our
collective bargaining agreements on satisfactory terms; disruptions in our
information systems; and the volatility of our 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 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
28, 2013 29, 2012 28, 2013 29, 2012
--------- --------- ---------- ---------
Revenue, net $ 481.6 $ 517.2 $ 2,094.0 $ 2,250.6
Cost of sales 427.6 456.6 1,842.0 1,961.1
--------- --------- ---------- ---------
Gross profit 54.0 60.6 252.0 289.5
Selling, general and
administrative expenses 39.5 43.6 160.4 178.0
Loss on disposal of property,
plant & equipment (0.4) 0.1 1.0 1.8
Restructuring - - 2.0 -
--------- --------- ---------- ---------
Operating income 14.9 16.9 88.6 109.7
Contingent consideration earn-
out adjustment - 0.6 - 0.6
Other expense (income), net 13.2 0.2 12.8 (2.0)
Interest expense, net 12.2 13.6 51.6 54.2
--------- --------- ---------- ---------
(Loss) income before income
taxes (10.5) 2.5 24.2 56.9
Income tax (benefit) expense (0.1) (0.9) 2.2 4.6
--------- --------- ---------- ---------
Net (loss) income $ (10.4) $ 3.4 $ 22.0 $ 52.3
Less: Net income attributable to
non-controlling interests 1.1 1.1 5.0 4.5
--------- --------- ---------- ---------
Net (loss) income attributed to
Cott Corporation $ (11.5) $ 2.3 $ 17.0 $ 47.8
========= ========= ========== =========
Net (loss) income per common share
attributed to Cott Corporation
Basic $ (0.12) $ 0.02 $ 0.18 $ 0.51
Diluted $ (0.12) $ 0.02 $ 0.18 $ 0.50
Weighted average outstanding shares
(millions) attributed to Cott Corporation
Basic 94.2 94.8 94.8 94.6
Diluted 94.2 95.2 95.6 94.8
EXHIBIT 2
COTT CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions of U.S. dollars, except share amounts, U.S. GAAP)
Unaudited
------------ ------------
December 28, December 29,
2013 2012
------------ ------------
ASSETS
Current assets
Cash & cash equivalents $ 47.2 $ 179.4
Accounts receivable, net of allowance 204.4 199.4
Income taxes recoverable 1.1 1.2
Inventories 233.1 224.8
Prepaid expenses and other assets 19.3 20.3
------------ ------------
Total current assets 505.1 625.1
Property, plant & equipment, net 483.7 490.9
Goodwill 137.3 130.3
Intangibles and other assets, net 296.2 315.4
Deferred income taxes 3.6 3.3
Other tax receivable 0.2 0.9
------------ ------------
Total assets $ 1,426.1 $ 1,565.9
============ ============
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings $ 50.8 $ -
Current maturities of long-term debt 3.9 1.9
Accounts payable and accrued liabilities 298.2 287.7
------------ ------------
Total current liabilities 352.9 289.6
Long-term debt 403.5 601.8
Deferred income taxes 41.5 39.1
Other long-term liabilities 22.3 12.5
------------ ------------
Total liabilities 820.2 943.0
Equity
Capital stock, no par - 94,238,190 (December 29,
2012 - 95,371,484) shares issued 392.8 397.8
Additional paid-in-capital 44.1 40.4
Retained earnings 176.3 186.0
Accumulated other comprehensive loss (16.8) (12.4)
------------ ------------
Total Cott Corporation equity 596.4 611.8
Non-controlling interests 9.5 11.1
------------ ------------
Total equity 605.9 622.9
------------ ------------
Total liabilities and equity $ 1,426.1 $ 1,565.9
============ ============
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
28, 2013 29, 2012 28, 2013 29, 2012
---------- ---------- ---------- ----------
Operating Activities
Net (loss) income $ (10.4) $ 3.4 $ 22.0 $ 52.3
Depreciation & amortization 26.1 25.5 100.8 97.7
Amortization of financing fees 0.6 0.8 2.8 3.7
Share-based compensation
expense 0.4 1.4 4.0 4.9
(Decrease) increase in
deferred income taxes (1.0) (0.8) 0.9 3.8
Write-off of financing fees
and discount 4.0 - 4.0 -
Gain on bargain purchase - - - (0.9)
(Gain) loss on disposal of
property, plant & equipment (0.4) 0.1 1.0 1.8
Other non-cash items 0.7 0.4 0.9 (0.4)
Change in operating assets and
liabilities, net of
acquisition:
Accounts receivable 52.7 51.8 13.9 15.0
Inventories (16.8) (6.2) (1.0) (12.1)
Prepaid expenses and other
current assets 0.7 5.2 (1.3) (0.3)
Other assets 0.1 0.2 6.1 0.9
Accounts payable and accrued
liabilities, and other
liabilities 34.3 36.2 (0.6) (2.2)
Income taxes recoverable 1.3 2.0 1.7 8.8
---------- ---------- ---------- ----------
Net cash provided by
operating activities 92.3 120.0 155.2 173.0
---------- ---------- ---------- ----------
Investing Activities
Acquisition, net of cash
received - - (11.2) (9.7)
Additions to property, plant &
equipment (10.9) (19.1) (55.6) (69.7)
Additions to intangibles and
other assets (1.9) (0.5) (5.9) (5.2)
Proceeds from sale of
property, plant & equipment - - 0.2 2.3
Proceeds from insurance
recoveries 0.2 0.2 0.6 1.9
Other investing activities - - - -
---------- ---------- ---------- ----------
Net cash used in investing
activities (12.6) (19.4) (71.9) (80.4)
---------- ---------- ---------- ----------
Financing Activities
Payments of long-term debt (200.6) (0.5) (220.8) (3.3)
Borrowings under ABL 131.9 - 131.9 24.5
Payments under ABL (82.1) - (82.1) (24.5)
Distributions to non-
controlling interests (1.6) (2.3) (6.6) (5.6)
Common shares repurchased and
cancelled (0.1) - (13.0) (0.3)
Dividends to shareholders (5.2) (5.8) (21.9) (5.8)
Financing fees (0.7) - (0.8) (1.2)
---------- ---------- ---------- ----------
Net cash used in financing
activities (158.4) (8.6) (213.3) (16.2)
---------- ---------- ---------- ----------
Effect of exchange rate changes
on cash 0.1 (0.7) (2.2) 2.1
---------- ---------- ---------- ----------
Net (decrease) increase in cash
& cash equivalents (78.6) 91.3 (132.2) 78.5
Cash & cash equivalents,
beginning of period 125.8 88.1 179.4 100.9
---------- ---------- ---------- ----------
Cash & cash equivalents, end of
period $ 47.2 $ 179.4 $ 47.2 $ 179.4
========== ========== ========== ==========
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
28, 2013 29, 2012 28, 2013 29, 2012
--------- --------- --------- ---------
Revenue
North America $ 340.6 $ 384.3 $ 1,535.2 $ 1,707.4
United Kingdom 126.1 117.0 494.3 473.2
All Other 14.9 15.9 64.5 70.0
--------- --------- --------- ---------
Total $ 481.6 $ 517.2 $ 2,094.0 $ 2,250.6
========= ========= ========= =========
Operating income (loss)
North America $ 9.4 $ 13.9 $ 67.5 $ 90.4
United Kingdom 7.0 5.6 25.6 27.1
All Other 1.4 0.4 7.2 4.3
Corporate (2.9) (3.0) (11.7) (12.1)
--------- --------- --------- ---------
Total $ 14.9 $ 16.9 $ 88.6 $ 109.7
========= ========= ========= =========
Volume - 8 oz equivalent cases - Total
Beverage (including concentrate)
North America 147.5 165.3 660.4 739.2
United Kingdom 51.3 49.6 208.7 204.1
All Other 65.1 64.6 274.1 303.8
--------- --------- --------- ---------
Total 263.9 279.5 1,143.2 1,247.1
========= ========= ========= =========
Volume - 8 oz equivalent cases -
Filled Beverage
North America 129.2 145.9 580.6 651.5
United Kingdom 47.7 46.4 193.6 189.5
All Other 3.5 6.7 18.6 26.0
--------- --------- --------- ---------
Total 180.4 199.0 792.8 867.0
========= ========= ========= =========
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 28, 2013
------------------------------------------
North United
Cott(1) America Kingdom All Other
--------- --------- --------- ---------
Change in revenue $ (35.6) $ (43.7) $ 9.1 $ (1.0)
Impact of foreign exchange(2) 1.6 2.4 (0.9) 0.1
--------- --------- --------- ---------
Change excluding foreign
exchange $ (34.0) $ (41.3) $ 8.2 $ (0.9)
--------- --------- --------- ---------
Percentage change in revenue -6.9% -11.4% 7.8% -6.3%
--------- --------- --------- ---------
Percentage change in revenue
excluding foreign exchange -6.6% -10.7% 7.0% -5.7%
--------- --------- --------- ---------
For the Year Ended
------------------------------------------
(in millions of U.S. dollars,
except percentage amounts) December 28, 2013
------------------------------------------
North United
Cott(1) America Kingdom All Other
--------- --------- --------- ---------
Change in revenue $ (156.6) $ (172.2) $ 21.1 $ (5.5)
Impact of foreign exchange(2) 10.8 5.3 6.4 (0.9)
--------- --------- --------- ---------
Change excluding foreign
exchange $ (145.8) $ (166.9) $ 27.5 $ (6.4)
--------- --------- --------- ---------
Percentage change in revenue -7.0% -10.1% 4.5% -7.9%
--------- --------- --------- ---------
Percentage change in revenue
excluding foreign exchange -6.5% -9.8% 5.8% -9.1%
--------- --------- --------- ---------
(1) Cott includes the following reporting segments: North America, United
Kingdom and All Other.
(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
28, 2013 29, 2012 28, 2013 29, 2012
--------- --------- ---------- ----------
Net (loss) income attributed to
Cott Corporation $ (11.5) $ 2.3 $ 17.0 $ 47.8
Interest expense, net 12.2 13.6 51.6 54.2
Income tax (benefit) expense (0.1) (0.9) 2.2 4.6
Depreciation & amortization 26.1 25.5 100.8 97.7
Net income attributable to non-
controlling interests 1.1 1.1 5.0 4.5
--------- --------- ---------- ----------
EBITDA $ 27.8 $ 41.6 $ 176.6 $ 208.8
Restructuring - - 2.0 -
Tax reorganization and
regulatory costs 0.9 - 1.4 -
Bond redemption 12.7 - 12.7 -
Acquisition adjustments
Earnout adjustment - 0.6 - 0.6
Integration and acquisition
costs 1.1 0.3 4.1 3.5
--------- --------- ---------- ----------
Adjusted EBITDA $ 42.5 $ 42.5 $ 196.8 $ 212.9
========= ========= ========== ==========
EXHIBIT 7
COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - FREE CASH FLOW
(in millions of U.S. dollars)
Unaudited
For the Three Months Ended
--------------------------
December 28, December 29,
2013 2012
------------ ------------
Net cash provided by operating activities $ 92.3 $ 120.0
Less: Capital expenditures (10.9) (19.1)
------------ ------------
Free Cash Flow $ 81.4 $ 100.9
============ ============
For the Year Ended
--------------------------
December 28, December 29,
2013 2012
------------ ------------
Net cash provided by operating activities $ 155.2 $ 173.0
Less: Capital expenditures (55.6) (69.7)
------------ ------------
Free Cash Flow $ 99.6 $ 103.3
============ ============
EXHIBIT 8
COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - ADJUSTED NET INCOME
(in millions of U.S. dollars, except share and per share amounts)
Unaudited
For the Three Months
Ended For the Year Ended
--------------------- ---------------------
December December December December
28, 2013 29, 2012 28, 2013 29, 2012
--------- ---------- ---------- ----------
Net (loss) income attributed to
Cott Corporation $ (11.5) $ 2.3 $ 17.0 $ 47.8
Restructuring, net of tax (0.1) - 1.8 -
Tax reorganization and
regulatory costs, net of tax 0.9 - 1.4 -
Bond redemption costs, net of
tax 12.7 - 12.7 -
Acquisition adjustments, net of
tax
Earnout adjustment - 0.6 - 0.6
Integration and acquisition
costs 0.8 0.3 3.4 3.5
--------- ---------- ---------- ----------
Adjusted net income attributed
to Cott Corporation $ 2.8 $ 3.2 $ 36.3 $ 51.9
========= ========== ========== ==========
Adjusted net income per common
share attributed to Cott
Corporation
Basic $ 0.03 $ 0.03 $ 0.38 $ 0.55
Diluted $ 0.03 $ 0.03 $ 0.38 $ 0.55
Weighted average outstanding shares (millions)
attributed to Cott Corporation
Basic 94.2 94.8 94.8 94.6
Diluted 94.9 95.2 95.6 94.8
FOR FURTHER INFORMATION PLEASE CONTACT:
Robert Meyer
Investor Relations
Tel: (813) 313-1777
Investorrelations@cott.com
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