Cott Reports First Quarter 2015 Results and Increases DS Services Synergy Targets
May 07, 2015
FIRST QUARTER 2015 HIGHLIGHTS
- Revenue of
$710 million was higher by 49.4% compared to$475 million , as a result of the acquisition of DS Services and increased volumes in our traditional business.
- Gross profit was
$201 million compared to$56 million , which resulted in gross profit as a percentage of revenue of 28.4% compared to 11.8%.
- Adjusted EBITDA increased 112% to
$74 million compared to$35 million . Reported EBITDA was$75 million compared to$32 million .
- Consistent with
Cott’s recently announced updated strategic priorities designed to build long-term shareowner value:
- DS Services revenue increased 4.2% (5.1% on an adjusted basis) and integration of DS Services is ahead of plan, with
$1 million of cost synergies realized during the first quarter. Synergy targets are being increased from$25 million to$30 million over the first three years with approximately$10 million of this benefit expected to be realized in year one. In addition, DS Services recently launched a new line ofCott manufactured sparkling water to residential and office customers as well as retailers.
North America business unit volume increased 1% in servings as it continued to expand its contract manufacturing business, which grew by approximately 8 million serving equivalent cases or nearly double prior year. Gross margin for theNorth America business unit increased 180 basis points to 12.8% while EBITDA was up 10.6% to$38.5 million due to the growth in contract manufacturing alongside tighter cost controls and better fixed cost absorption as we produced more finished goods in the first quarter of 2015 as compared to the prior year.
- DS Services revenue increased 4.2% (5.1% on an adjusted basis) and integration of DS Services is ahead of plan, with
“I am pleased to say both DS Services and our traditional business performed ahead of expectations as we saw increased volumes, improved revenue growth, strong gross margins, and adjusted EBITDA growth of 13% in our DS Services business and 5% in our traditional business,” commented
FIRST QUARTER 2015 GLOBAL PERFORMANCE
- Revenue of
$710 million was higher by 49.4%. Excluding the impact of foreign exchange and DS Services, revenue was higher by 2.3% as a result of the addition of theAimia Foods business and increased volumes, partially offset by a mix shift from private label to contract manufacturing in both ourNorth America andU.K. /Europe business units.
- Gross profit increased 258% to
$201 million , with gross margin of 28.4% compared to 11.8%. Excluding DS Services, gross margin increased to 13.1% from 11.8% driven primarily by the addition of theAimia Foods higher margin business, cost and efficiency savings, and better fixed cost absorption as we built year-over-year inventory levels, offset in part by the competitive environment and increased costs in ourU.K. /Europe operations as we continued to hold more inventory with third parties as we complete the implementation of our new warehouse management system.
- Selling, general and administrative (“SG&A”) expenses were
$188 million compared to$47 million . The increase in SG&A expenses was due primarily to$137 million and$3 million in expenses associated with the addition of the DS Services and Aimia businesses, respectively. Excluding DS Services and Aimia, SG&A expenses were$48 million .
- Interest expense increased to
$28 million due primarily to the additional debt incurred in connection with the DS Services acquisition.
- Other income was
$10 million compared to$2 million due primarily to a net unrealized gain on foreign currency in the current quarter.
- Income tax benefit was
$9 million compared to$1 million .
- Adjusted net loss and adjusted loss per diluted share were
$8 million and$0.08 , respectively, compared to adjusted net loss of$2 million and adjusted loss per diluted share of$0.02 . The increase in adjusted loss per share was due primarily to an increase in interest expense as a result of additional debt from the DS Services acquisition as well as additional depreciation and amortization from the step up of DS Services assets due to purchase accounting, offset in part by the increase in tax benefit compared to the prior quarter. Reported net loss and loss per diluted share were$6 million and$0.06 , respectively, compared to reported net loss and loss per diluted share of$4 million and$0.04 , respectively.
- Adjusted EBITDA increased 112% to
$74 million due primarily to the addition of theDS Services and Aimia Foods businesses, cost savings as a result of tighter operating controls, and better fixed cost absorption as we built year-over-year inventory levels, offset in part by the$2 million impact of unfavorable foreign exchange rates.
- Free cash flow was
($28) million , reflecting$1 million of net cash used by operating activities less$27 million of capital expenditures. Excluding cash collateral deposits associated with the DS Services acquisition of$29 million received during the quarter, free cash flow was($58) million compared to free cash flow of($61) million .
FIRST QUARTER 2015 REPORTING SEGMENT PERFORMANCE
North America volume increased 1% in servings due primarily to contract manufacturing growth. Revenue was lower by 6% (lower by 5% excluding the impact of foreign exchange) at$324 million due primarily to an overall product mix shift into contract manufacturing. Gross margin increased 180 basis points to 12.8% andNorth America business unit EBITDA increased 10.6% to$38.5 million due primarily to tighter cost controls and increased fixed cost absorption as we produced more finished goods in the first quarter of 2015 as compared to the prior year.
- DS Services revenue increased 4.2% to
$240 million due primarily to growth in home and office delivery (“HOD”) water, single cup coffee delivery and retail sales, offset in part by a declining energy surcharge as a result of lower diesel fuel prices and reduced sales in traditional brew basket coffee. Revenue on an adjusted basis increased 5.1%. HOD average returnable five gallon and three gallon consumption (excluding the impact of the Primo partnership) increased 1.7% due primarily to improvements in overall service levels and a continued focus on attracting high quality new customers. In addition, the number of total customers increased 1.9%, due primarily to increased new customer additions garnered at in store road shows at a large retailer and other targeted marketing efforts. DS Services adjusted EBITDA increased by$4 million , or 13%, to$37 million compared to$33 million . DS Services EBITDA of$29 million was up 3%, despite purchase accounting inventory step up and deferred revenue adjustment, and acquisition and integration related costs, totaling$7 million .
U.K. volume increased 15% in servings as a result of the addition of theAimia Foods business. Revenue increased 14% (25% excluding the impact of foreign exchange) to$132 million due primarily to increased volumes, partially offset by a product mix shift in the coreU.K. business into contract manufacturing. Although revenues associated with ourU.K. business (excluding the impact of foreign exchange) were higher by just over 1% excluding Aimia and higher by 25% when including Aimia, operating income was adversely affected by continued pressure on energy category volumes from reduced price gaps as a result of national brand promotional pricing.U.K. operating income was also impacted by increased operational costs associated with holding additional inventory with third parties as we implement our new management warehouse software.
- All Other revenue decreased to
$13 million from$15 million as a result of a product mix shift into concentrates within theRoyal Crown International business, which has a lower revenue per case when compared to finished goods.
FIRST QUARTER RESULTS CONFERENCE CALL
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With approximately 9,500 employees,
Non-GAAP Measures
To supplement its reporting of financial measures determined in accordance with GAAP,
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 conveying management’s expectations as to the future based on plans, estimates and projections at the time
Factors that could cause actual results to differ materially from those described in this press release include, among others: our ability to compete successfully in a highly competitive beverage category; changes in consumer tastes and preferences for existing products and our ability to develop and timely launch new products that appeal to such changing consumer tastes and preferences; a loss of or a reduction in business in our legacy
The foregoing list of factors is not exhaustive. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Readers are urged to carefully review and consider the various disclosures, including but not limited to risk factors contained in
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COTT CORPORATION EXHIBIT 1 CONSOLIDATED STATEMENTS OF OPERATIONS (in millions of U.S. dollars, except share and per share amounts, U.S. GAAP) Unaudited For the Three Months Ended ---------------------------- March 29, April 4, 2015 2014 ------------- ------------- Revenue, net$ 709.8 $ 475.1 Cost of sales 508.5 418.9 ------------- ------------- Gross profit 201.3 56.2 Selling, general and administrative expenses 188.5 46.9 Loss on disposal of property, plant & equipment 1.4 0.1 Restructuring - 2.2 Asset impairments - 1.6 Acquisition and integration expenses 4.7 1.1 ------------- ------------- Operating income 6.7 4.3 Other income, net (10.4) (2.3) Interest expense, net 27.7 9.8 ------------- ------------- Loss before income taxes (10.6) (3.2) Income tax benefit (9.4) (0.5) ------------- ------------- Net loss$ (1.2) $ (2.7) Less: Net income attributable to non- controlling interests 1.3 1.4 Less: Accumulated dividends on convertible preferred shares 2.7 - Less: Accumulated dividends on non-convertible preferred shares 0.8 - ------------- ------------- Net loss attributed to Cott Corporation$ (6.0) $ (4.1) ============= ============= Net loss per common share attributed toCott Corporation Basic$ (0.06) $ (0.04) Diluted$ (0.06) $ (0.04) Weighted average outstanding shares (millions) attributed toCott Corporation Basic 93.2 94.3 Diluted 93.2 94.3 Dividends declared per common share$ 0.06 $ 0.06 COTT CORPORATION EXHIBIT 2 CONSOLIDATED BALANCE SHEETS (in millions of U.S. dollars, except share amounts, U.S. GAAP) Unaudited ------------- ------------- January 3, April 4, 2015 2015 ------------- ------------- ASSETS Current assets Cash & cash equivalents$ 34.5 $ 86.2 Accounts receivable, net of allowance 340.6 305.7 Income taxes recoverable 1.2 1.6 Inventories 270.5 262.4 Prepaid expenses and other current assets 34.5 59.3 ------------- ------------- Total current assets 681.3 715.2 Property, plant & equipment, net 845.2 864.5 Goodwill 742.4 743.6 Intangibles and other assets, net 762.9 781.7 Deferred income taxes 1.8 2.5 Other tax receivable - 0.2 ------------- ------------- Total assets$ 3,033.6 $ 3,107.7 ============= ============= LIABILITIES, PREFERRED SHARES AND EQUITY Current liabilities Short-term borrowings$ 221.0 $ 229.0 Current maturities of long-term debt 4.1 4.0 Accounts payable and accrued liabilities 422.0 420.3 ------------- ------------- Total current liabilities 647.1 653.3 Long-term debt 1,552.5 1,565.0 Deferred income taxes 105.3 119.9 Other long-term liabilities 67.1 71.8 ------------- ------------- Total liabilities 2,372.0 2,410.0 Convertible preferred shares,$1,000 stated value, 116,054 (January 3, 2015 - 116,054) shares issued 116.2 116.1 Non-convertible preferred shares,$1,000 stated value, 32,711 (January 3, 2015 - 32,711) shares issued 32.7 32.7 Equity Capital stock, no par - 93,259,829 (January 3, 2015 - 93,072,850) shares issued 389.5 388.3 Additional paid-in-capital 47.2 46.6 Retained earnings 146.6 158.1 Accumulated other comprehensive loss (76.8) (51.0) ------------- ------------- Total Cott Corporation equity 506.5 542.0 Non-controlling interests 6.2 6.9 ------------- ------------- Total equity 512.7 548.9 ------------- ------------- Total liabilities, preferred shares and equity$ 3,033.6 $ 3,107.7 ============= ============= COTT CORPORATION EXHIBIT 3 CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions of U.S. dollars) Unaudited For the Three Months Ended ---------------------------- March 29, April 4, 2015 2014 ------------- ------------- Operating Activities Net loss$ (1.2) $ (2.7) Depreciation & amortization 57.4 25.1 Amortization of financing fees 1.3 0.6 Amortization of senior notes premium (1.5) - Share-based compensation expense 2.4 1.3 Decrease in deferred income taxes (11.7) (0.7) Write-off of financing fees and discount - 0.3 Loss on disposal of property, plant & equipment 1.4 0.1 Asset impairments - 1.6 Other non-cash items (10.2) (0.2) Change in operating assets and liabilities, net of acquisitions: Accounts receivable (41.3) (33.3) Inventories (11.0) (16.5) Prepaid expenses and other current assets 30.3 0.2 Other assets (2.4) 0.2 Accounts payable and accrued liabilities, and other liabilities (15.2) (28.5) Income taxes recoverable 0.6 - ------------- ------------- Net cash used in operating activities (1.1) (52.5) ------------- ------------- Investing Activities Additions to property, plant & equipment (27.3) (8.8) Additions to intangibles and other assets (2.1) (1.5) Proceeds from sale of property, plant & equipment 0.4 - ------------- ------------- Net cash used in investing activities (29.0) (10.3) ------------- ------------- Financing Activities Payments of long-term debt (0.8) (16.0) Borrowings under ABL 94.8 95.0 Payments under ABL (102.8) (15.1) Distributions to non-controlling interests (2.0) (2.3) Proceeds from the exercise of options for common stock, net 0.1 - Common shares repurchased and cancelled (0.7) (0.4) Dividends paid to common and preferred shareholders (9.0) (5.1) ------------- ------------- Net cash (used in) provided by financing activities (20.4) 56.1 ------------- ------------- Effect of exchange rate changes on cash (1.2) 0.1 ------------- ------------- Net decrease in cash & cash equivalents (51.7) (6.6) Cash & cash equivalents, beginning of period 86.2 47.2 ------------- ------------- Cash & cash equivalents, end of period$ 34.5 $ 40.6 ============= ============= COTT CORPORATION EXHIBIT 4 SUPPLEMENTARY INFORMATION - NON-GAAP - "TRADITIONAL COTT" STATEMENTS OF OPERATING INCOME (in millions of U.S. dollars) Unaudited For the Three Months Ended ---------------------------------------------------- "Traditional Cott" April 4, Excluding March 29, 2015 DSS DSS 2014 ------------ ------------ ------------ ------------ Revenue, net$ 709.8 $ 240.3 $ 469.5 $ 475.1 Cost of sales 508.5 100.4 408.1 418.9 ------------ ------------ ------------ ------------ Gross profit 201.3 139.9 61.4 56.2 Selling, general and administrative expenses 188.5 137.3 51.2 46.9 Loss on disposal of property, plant & equipment 1.4 1.1 0.3 0.1 Restructuring - - - 2.2 Asset impairments - - - 1.6 Acquisition and integration expenses 4.7 3.0 1.7 1.1 ------------ ------------ ------------ ------------ Operating income$ 6.7 $ (1.5) $ 8.2 $ 4.3 ============ ============ ============ ============ COTT CORPORATION EXHIBIT 5 SEGMENT INFORMATION (in millions of U.S. dollars, U.S. GAAP) Unaudited For the Three Months Ended ---------------------------- March 29, April 4, 2015 2014 ------------- ------------- Revenue North America$ 324.3 $ 344.7 DSS 240.3 - U.K. 132.2 115.6 All Other 13.0 14.8 ------------- ------------- Total$ 709.8 $ 475.1 ============= ============= Operating income (loss) North America 7.2 2.5 DSS (1.5) - U.K. 3.9 2.2 All Other 1.6 2.5 Corporate (4.5) (2.9) ------------- ------------- Total $ 6.7 $ 4.3 ============= ============= COTT CORPORATION EXHIBIT 6 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) April 4, 2015 --------------------------------------------------------------------------- North Cott(1) America DSS U.K. All Other --------- --------- --------- --------- --------- Change in revenue$ 234.7 $ (20.4) $ 240.3 $ 16.6 $ (1.8) Impact of foreign exchange(2) 16.3 3.4 - 12.2 0.7 --------- --------- --------- --------- --------- Change excluding foreign exchange$ 251.0 $ (17.0) $ 240.3 $ 28.8 $ (1.1) --------- --------- --------- --------- --------- Percentage change in revenue 49.4% -5.9% 0.0% 14.4% -12.2% --------- --------- --------- --------- --------- Percentage change in revenue excluding foreign exchange 52.8% -4.9% 0.0% 24.9% -7.4% --------- --------- --------- --------- --------- Impact of DSS Acquisition$ (240.3) -$ (240.3) - - --------- --------- --------- --------- --------- Change excluding foreign exchange and DSS Acquisition$ 10.7 $ (17.0) $ -$ 28.8 $ (1.1) --------- --------- --------- --------- --------- Percentage change in revenue excluding foreign exchange and DSS Acquisition 2.3% -4.9% 0.0% 24.9% -7.4% --------- --------- --------- --------- --------- (1)Cott includes the following reporting segments:North America , DSS,U.K. 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. For the Three Months Ended --------------------------------------------------------------------------- (in millions of U.S. dollars, except percentage amounts) April 4, 2015 --------------------------------------------------------------------------- U.K. --------------------------------------------------------------------------- Change in revenue $ 16.6 Impact of foreign exchange(1) 12.2 -------------- Change excluding foreign exchange $ 28.8 -------------- Percentage change in revenue 14.4% -------------- Percentage change in revenue excluding foreign exchange 24.9% -------------- Impact of Aimia$ (25.9) -------------- Change in revenue excluding Aimia Acquisition $ (9.3) -------------- Percentage change in revenue excluding Aimia -8.0% -------------- Foreign exchange adjustment related to Aimia (1.6) -------------- Change in revenue excluding foreign exchange and Aimia $ 1.3 -------------- Percentage change in revenue excluding foreign exchange and Aimia 1.1% -------------- (1) 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. COTT CORPORATION EXHIBIT 7 SUPPLEMENTARY INFORMATION - NON-GAAP - Analysis of Gross Profit Unaudited For the Three Months Ended --------------------------------------------------------------------------- (in millions of U.S. dollars, except percentage amounts) April 4, 2015 --------------------------------------------------------------------------- Cott --------------------------------------------------------------------------- Change in gross profit$ 145.1 Impact of foreign exchange(1) 1.9 -------------- Change excluding foreign exchange$ 147.0 -------------- Percentage change in gross profit 258.2% -------------- Percentage change in gross profit excluding foreign exchange 261.6% -------------- Impact of DSS Acquisition$ (139.9) -------------- Change excluding foreign exchange and DSS Acquisition $ 7.1 -------------- Percentage change in gross profit excluding foreign exchange and DSS Acquisition 12.6% -------------- (1) Impact of foreign exchange is the difference between the current year's gross profit translated utilizing the current year's average foreign exchange rates less the current year's gross profit translated utilizing the prior year's average foreign exchange rates. COTT CORPORATION EXHIBIT 8 SUPPLEMENTARY INFORMATION - NON-GAAP - EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION & AMORTIZATION (EBITDA) (in millions of U.S. dollars) Unaudited For the Three Months Ended ---------------------------- March 29, April 4, 2015 2014 ------------- ------------- Net loss attributed to Cott Corporation$ (6.0) $ (4.1) Interest expense, net 27.7 9.8 Income tax benefit (9.4) (0.5) Depreciation & amortization 57.4 25.1 Net income attributable to non-controlling interests 1.3 1.4 Accumulated dividends on preferred shares 3.5 - ------------- ------------- EBITDA$ 74.5 $ 31.7 Restructuring and asset impairments - 3.8 Bond redemption costs - 0.9 Tax reorganization and regulatory costs - 0.1 Acquisition and integration expenses 4.7 1.1 Purchase accounting adjustments, net 4.2 - Other adjustments - (3.5) Unrealized commodity hedging gain, net (0.3) - Unrealized foreign exchange and other (gains) losses, net (10.9) 0.6 Loss on disposal of property, plant & equipment(1) 1.5 0.1 ------------- ------------- Adjusted EBITDA$ 73.7 $ 34.8 ============= ============= (1) Loss on disposal of property, plant & equipment excludes cash proceeds received. COTT CORPORATION - DS SERVICES EXHIBIT 9 SUPPLEMENTARY INFORMATION - NON-GAAP - EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION & AMORTIZATION (BU - EBITDA) (in millions of U.S. dollars) Unaudited Proforma -------------- -------------- For the Three For the Three Months Ended Months Ended April 4, 2015 March 28, 2014 -------------- -------------- Net loss$ (12.3) $ (9.6) Interest expense, net 7.3 15.2 Intercompany interest expense 11.0 - Income tax benefit (7.2) (4.9) Depreciation & amortization 30.2 27.5 -------------- -------------- DS SERVICES - EBITDA $ 29.0 $ 28.2 Restructuring - - Other adjustments - 3.6 Acquisition and integration expenses 3.0 0.9 Purchase accounting adjustments, net 4.2 - Unrealized other gains, net (0.2) - Loss on disposal of property, plant & equipment(1) 1.1 - -------------- -------------- Adjusted DS SERVICES - EBITDA $ 37.1 $ 32.7 ============== ============== (1) Loss on disposal of property, plant & equipment excludes cash proceeds received. COTT CORPORATION - NORTH AMERICA EXHIBIT 10 SUPPLEMENTARY INFORMATION - NON-GAAP - EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION & AMORTIZATION (BU - EBITDA) (in millions of U.S. dollars) Unaudited For the Three Months Ended ---------------------------- March 29, April 4, 2015 2014 ------------- ------------- Net income (loss)$ 10.4 $ (3.5) Interest expense, net 20.2 9.2 Intercompany income, net (15.5) (4.4) Net income attributable to non-controlling interests 1.3 1.4 Income tax benefit (3.3) (0.6) Depreciation & amortization 21.4 20.6 Other income, net (10.4) (2.4) Selling, general and administrative expenses - Corporate (1) 14.4 14.5 ------------- ------------- NORTH AMERICA - EBITDA$ 38.5 $ 34.8
(1) Includes corporate costs allocated to the Corporate oversight function of$4.5 million and$2.9 million for the three months endedApril 4, 2015 andMarch 29, 2014 , respectively. COTT CORPORATION EXHIBIT 11 SUPPLEMENTARY INFORMATION - NON-GAAP - FREE CASH FLOW (in millions of U.S. dollars) Unaudited For the Three Months Ended ---------------------------- March 29, April 4, 2015 2014 ------------- ------------- Net cash used in operating activities$ (1.1) $ (52.5) Less: Capital expenditures (27.3) (8.8) ------------- ------------- Free Cash Flow$ (28.4) $ (61.3) ============= ============= COTT CORPORATION EXHIBIT 12 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 ---------------------------- March 29, April 4, 2015 2014 ------------- ------------- Net loss attributed to Cott Corporation$ (6.0) $ (4.1) Restructuring and asset impairments, net of tax - 2.9 Bond redemption costs, net of tax - 0.9 Tax reorganization and regulatory costs, net of tax - 0.1 Acquisition and integration expenses, net of tax 3.0 1.0 Purchase accounting adjustments, net of tax 2.7 - Other adjustments, net of tax - (3.5) Unrealized commodity hedging gain, net of tax (0.2) - Unrealized foreign exchange and other (gains) losses, net of tax (8.1) 0.5 Loss on disposal of property, plant & equipment, net of tax (1) 0.9 - ------------- ------------- Adjusted net loss attributed to Cott Corporation$ (7.7) $ (2.2) ============= ============= Adjusted net loss per common share attributed toCott Corporation Basic$ (0.08) $ (0.02) Diluted$ (0.08) $ (0.02) Weighted average outstanding shares (millions) attributed toCott Corporation Basic 93.2 94.3 Diluted 93.2 94.3 (1) Loss on disposal of property, plant & equipment excludes cash proceeds received. COTT CORPORATION - DS SERVICES EXHIBIT 13 SUPPLEMENTARY INFORMATION - NON-GAAP - ADJUSTED REVENUES (in millions of U.S. dollars, except number of ESC charges and average ESC rate) Unaudited Proforma -------------- -------------- For the Three For the Three Months Ended Months Ended April 4, 2015 March 28, 2014 -------------- -------------- Revenue, net$ 240.3 $ 230.5 Energy Surcharge (ESC) Number of ESC charges (in millions) 2.9 2.9 Average ESC rate $ 2.70 $ 3.07 ESC Dollars $ 7.9 $ 8.9 2015 Adjusted ESCdollars (1) $ 9.0 Deferred revenue adjustment (2) $ 0.9 Adjusted Revenue, net$ 242.3 $ 230.5 Adjusted Revenue, net growth vs. Proforma 5.1% (1) 2015 ESC charges at 2014 Proforma average ESC rate (2) 2015 Measurement period adjustment
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