Cott Reports Fourth Quarter and Fiscal 2013 Results and Declares Dividend
Feb 12, 2014
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 onNovember 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 onFebruary 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
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 inMexico , 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 inMexico 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
Fourth Quarter and Fiscal Year 2013 Results Conference Call
International: (201) 689-8031
A live audio webcast will be available through
About
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,
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
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
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
CONTACT:Robert Meyer Investor Relations Tel: (813) 313-1777 Email Contact
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