(Unless stated otherwise, all second quarter 2017 comparisons
are relative to the second quarter of 2016; all information is in
U.S. dollars.)
TORONTO and TAMPA, FL, Aug. 3,
2017 /PRNewswire/ - Cott Corporation (NYSE:COT;
TSX:BCB) today announced its results for the second quarter ended
July 1, 2017.
SECOND QUARTER 2017 HIGHLIGHTS
- On July 25, 2017, Cott announced
the signing of a definitive agreement to sell its traditional
manufacturing business to Refresco Group N.V. for $1.25 billion. The transaction includes Cott's
traditional North America, U.K.
and Mexico businesses but excludes
the RCI International division and its associated concentrate
facility as well as the Aimia Foods division in the U.K. This
transaction is expected to close in the second half of 2017 and the
proceeds will be used to repay indebtedness and reduce overall
leverage.
- Revenue increased 33% to $1,014
million compared to $765
million.
- Gross profit increased 36% to $342
million compared to $253
million and gross margin as a percentage of revenue
increased to 33.8% compared to 33.0%.
- Net cash provided by operating activities of $105 million less $40
million of capital expenditures resulted in reported free
cash flow of $65 million and adjusted
free cash flow of $71 million
(adjusted for acquisition, integration, and other cash costs)
compared to adjusted free cash flow of $55
million in the prior year, representing a $16 million or 29% improvement.
"I am pleased with the performance of our water and
coffee solutions segment during the quarter as we
continued to see top and bottom line growth. S&D Coffee
and Tea and Eden Springs are
both tracking ahead of their acquisition models and we
are on track with our DS Services 2017 revenue and EBITDA
improvement plan. As I look forward, I am excited about the
opportunities that lie ahead to grow our water and coffee solutions
businesses given the reduced leverage we will have following the
announced transaction to sell our traditional
business," commented Jerry Fowden, Cott's Chief
Executive Officer. "As we progress towards the closing of the
sale of our traditional business, our motto is business as usual
and it was good to see an improved top line in our traditional
business during the quarter, especially in the U.K.," continued Mr.
Fowden.
SECOND QUARTER 2017 GLOBAL PERFORMANCE
- Revenue was $1,014 million
despite $18 million of foreign
exchange headwinds. Revenue increased 33% (35% on a foreign
exchange neutral basis) driven primarily by the additions of
S&D Coffee and Tea ("S&D") and Eden
Springs ("Eden") as well as growth at DS Services, offset in
part by the adverse foreign exchange impact and mix shift within
the traditional business.
- Gross profit increased 36% to $342
million, driven primarily by the addition of Eden and
S&D, offset in part by the negative impact of foreign exchange
rates and operational factors within our traditional business.
Gross margin as a percentage of revenue increased to 33.8% compared
to 33.0%.
- Income tax expense was $1 million
compared to income tax benefit of $2
million as a result of placing valuation allowances against
North American net operating losses.
- Reported net loss and net loss per diluted share were
$25 million and $0.18, respectively, compared to reported net
income and net income per diluted share of $7 million and $0.06, respectively. Adjusted net income and
adjusted net income per diluted share (including adjustments for
acquisition, integration, debt redemption and other costs) were
$9 million and $0.06, respectively, compared to adjusted net
income and adjusted net income per diluted share of $19 million and $0.15, respectively.
- Reported EBITDA was $82 million
compared to $87 million in the prior
year due primarily to net debt refinancing and redemption costs of
$19 million. Adjusted EBITDA
increased 13% to $122 million due
primarily to the improved contributions from our water and coffee
solutions segment, offset in part by $6
million of adverse foreign exchange headwinds and other
operational factors within our traditional business.
- Net cash provided by operating activities of $105 million less $40
million of capital expenditures resulted in free cash flow
of $65 million and adjusted free cash
flow of $71 million (adjusted for
acquisition, integration, and other cash costs) compared to
adjusted free cash flow of $55
million in the prior year, representing a $16 million or 29% improvement.
SECOND QUARTER 2017 REPORTING SEGMENT PERFORMANCE
Water and Coffee Solutions
- Revenue increased 95% to $539
million driven primarily by the additions of S&D and
Eden alongside continued revenue growth at DS Services. A detailed
breakdown is tabulated below. Gross profit increased 64% to
$280 million from $171 million due primarily to the additions of
Eden and S&D.
Water & Coffee
Solutions
|
Revenue
Bridge
|
2016 Q2
Revenue
|
|
|
|
$
|
275.7
|
S&D
|
|
|
|
153.5
|
Eden
|
|
|
|
104.0
|
DS
Services
|
|
|
|
|
|
Price/Mix
|
|
|
|
8.2
|
|
Returnable
volume
|
|
|
|
1.8
|
|
Other
|
|
|
|
(0.1)
|
|
Canadian operations
(1)
|
|
|
|
(1.1)
|
|
OCS/HOD
PET/Retail
|
|
|
|
(3.1)
|
2017 Q2
Revenue
|
|
|
|
$
|
538.9
|
(1)
Includes $0.6 million of unfavorable foreign exchange
impact.
|
- DS Services U.S. total customers grew approximately 2% and
revenue increased approximately 3%.
- Eden and S&D contributed $104
million and $154 million of
revenue, respectively, in line with our acquisition models.
Eden total customers grew approximately 2%. Integration and synergy
capture accelerated and is now tracking ahead of plan.
S&D integration continues to track in line with plan while
revenues and coffee volume continue to track ahead of plan with 13%
growth in coffee pounds.
Traditional Business
- Cott North America reporting
segment volume was up 2% in actual cases due primarily to 33%
growth in contract manufacturing and 12% growth in value added and
sparkling water products which offset general market and private
label declines in carbonated soft drinks and shelf stable
juices.
-
- Revenue was lower by 1% at $345
million due primarily to ongoing product mix shifts within
the business.
Cott North America
Revenue Bridge
|
2016 Q2
Revenue
|
|
|
|
|
$
|
349.2
|
Volume
|
|
|
|
|
7.9
|
Foreign exchange
impact
|
|
|
|
|
(1.1)
|
Price/Mix
|
|
|
|
|
(11.0)
|
2017 Q2
Revenue
|
|
|
|
|
$
|
345.0
|
-
- Gross profit was $46 million or
13.7% of revenue compared to $52
million or 15.1% of revenue due primarily to inventory
timing and associated costs from an increase in maintenance and
upgrades performed on manufacturing lines during the period to
improve efficiency and to better accommodate new business wins, as
well as commodity inflation and mix.
- Cott U.K. reporting segment volume was ahead of expectations
and increased 1% in actual cases.
-
- Revenue also exceeded expectations and while USD reported
revenue was lower by 6% relative to the prior year, local currency
revenue increased by 6%. Details of the revenue drivers are
tabulated below.
Cott U.K. Revenue
Bridge
|
2016 Q2
Revenue
|
|
|
|
|
$
|
132.3
|
Price/Mix
|
|
|
|
|
6.3
|
Volume
|
|
|
|
|
1.7
|
Foreign exchange
impact
|
|
|
|
|
(15.8)
|
2017 Q2
Revenue
|
|
|
|
|
$
|
124.5
|
- Gross profit as a percentage of revenue was lower at 9.0% due
primarily to the adverse foreign exchange impact on commodity
costs, the costs of a voluntary product withdrawal during the
quarter and mix. The agreed U.K. pricing changes were fully
implemented by the end of the second quarter of 2017 and are
expected to offset the commodity cost increases caused by the
weakness of the British pound.
FREE CASH FLOW OUTLOOK
Our traditional manufacturing business will be accounted for as
an asset held for sale beginning in the third quarter and all of
its results from operations will be presented as discontinued
operations and excluded from our continuing operating income
and continuing operating cash flow. Until the sale of
the traditional manufacturing business closes and we use the
proceeds to repay certain outstanding indebtedness, interest
expense associated with debt to be redeemed may be incorporated
into our continuing operating results. This accounting
methodology will impact our 2017 and possibly 2018 reported
results.
Assuming that the sale of our traditional manufacturing business
closes as expected, we are targeting full year 2019 cash flow
provided by operations of approximately $265
to $270 million and capital expenditures of $115 to $120 million, resulting in adjusted free
cash flow of approximately $150
million (when excluding acquisition, integration and other
cash costs).
SECOND QUARTER 2017 RESULTS CONFERENCE CALL
Cott Corporation will host a conference call today, August 3, 2017, at 10:00
a.m. ET, to discuss second quarter results, which can be
accessed as follows:
North America: (888)
231-8191
International: (647) 427-7450
Conference ID: 50669182
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 a diversified beverage company with a leading
volume-based national presence in the North America and European home and office
bottled water delivery industry, a leader in custom coffee roasting
and blending of iced tea for the U.S. foodservice industry, and a
leader in the production of beverages on behalf of retailers, brand
owners, and distributors. Our platform reaches over 2.3
million customers or delivery points across North America and Europe supported by strategically located
sales and distribution facilities and fleets, as well as
wholesalers and distributors. This enables us to efficiently
service residences, businesses, restaurant chains, hotels and
motels, small and large retailers, and healthcare facilities.
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 this factor from Cott's results of operations. Cott
utilizes adjusted net income (loss), adjusted income (loss) per
diluted share, and EBITDA and adjusted EBITDA on a global basis 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 additions to property, plant and equipment to present
free cash flow, and by excluding acquisition, integration, and
other cash costs to present adjusted 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 the use of proceeds
in the sale of our traditional business to Refresco, the completion
of the transaction on the terms proposed, the anticipated timing of
the transaction, the potential impact the acquisition will have on
Cott and related matters, the execution of our strategic
priorities, 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 and Refresco's ability to complete the transaction on the
anticipated terms and schedule, including the ability to obtain
Refresco shareholder and regulatory approvals; risks relating to
any unforeseen changes to or effects on liabilities, future capital
expenditures, revenues, expenses, earnings, synergies,
indebtedness, financial condition, losses and future prospects; the
risk that disruptions from the transaction will harm Cott's
business; and the effect of economic, competitive, legal,
governmental and technological factors on Cott's business; our
ability to compete successfully in the markets in which we operate;
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 traditional business with key
customers, particularly Walmart; consolidation of retail customers;
fluctuations in commodity prices and our ability to pass on
increased costs to our customers or hedge against such rising
costs, and the impact of those increased prices on our volumes; our
ability to manage our operations successfully; our ability to fully
realize the potential benefit of acquisitions or other strategic
opportunities that we pursue; our ability to realize the revenue
and cost synergies of recent acquisitions because of integration
difficulties and other challenges; the limited nature of our
indemnification rights under the acquisition agreements for our
recent acquisitions; the incurrence of substantial indebtedness to
finance our recent acquisitions; significant one-time transaction
costs in connection with our recent acquisitions; our exposure to
intangible asset risk; 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; our substantial indebtedness and
our ability to meet our obligations under our debt agreements, and
risks of further increases to our indebtedness; our ability to
maintain compliance with the covenants and conditions under our
debt agreements; fluctuations in interest rates, which could
increase our borrowing costs; 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 maintain access to our water sources;
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 proposed taxes on soda and other
sugary drinks; enforcement of compliance with the Ontario
Environmental Protection Act; the seasonal nature of our business
and the effect of adverse weather conditions; 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 ability to
renew our collective bargaining agreements on satisfactory terms;
disruptions in our information systems; our ability to securely
maintain our customers' confidential or credit card information, or
other private data relating to our employees or our company; our
ability to maintain our quarterly dividend; our ability to
adequately address the challenges and risks associated with our
international operations and address difficulties in complying with
laws and regulations including the U.S. Foreign Corrupt Practices
Act and the U.K. Bribery Act of 2010; and our ability to use net
operating losses to offset future taxable income.
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 filings 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
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 1,
2017
|
|
July 2,
2016
|
|
July 1,
2017
|
|
July 2,
2016
|
|
|
|
|
|
|
|
|
|
Revenue,
net
|
|
$
|
1,014.1
|
|
$
|
765.0
|
|
$
|
1,910.5
|
|
$
|
1,463.4
|
Cost of
sales
|
|
671.8
|
|
512.4
|
|
1,257.6
|
|
996.8
|
Gross
profit
|
|
342.3
|
|
252.6
|
|
652.9
|
|
466.6
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
299.7
|
|
202.1
|
|
590.8
|
|
399.1
|
Loss on disposal of
property, plant & equipment, net
|
|
4.0
|
|
2.2
|
|
5.4
|
|
3.1
|
Acquisition and
integration expenses
|
|
8.0
|
|
11.7
|
|
15.3
|
|
13.1
|
Operating
income
|
|
30.6
|
|
36.6
|
|
41.4
|
|
51.3
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
18.2
|
|
3.0
|
|
26.6
|
|
0.8
|
Interest expense,
net
|
|
33.3
|
|
27.0
|
|
69.0
|
|
54.8
|
(Loss) income
before income taxes
|
|
(20.9)
|
|
6.6
|
|
(54.2)
|
|
(4.3)
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
1.4
|
|
(2.3)
|
|
2.5
|
|
(11.8)
|
Net (loss)
income
|
|
$
|
(22.3)
|
|
$
|
8.9
|
|
$
|
(56.7)
|
|
$
|
7.5
|
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to non-controlling interests
|
|
2.3
|
|
1.5
|
|
4.3
|
|
2.9
|
Net (loss) income
attributed to Cott Corporation
|
|
$
|
(24.6)
|
|
$
|
7.4
|
|
$
|
(61.0)
|
|
$
|
4.6
|
|
|
|
|
|
|
|
|
|
Net (loss) income
per common share attributed
|
|
|
|
|
|
|
|
|
to Cott
Corporation
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.18)
|
|
$
|
0.06
|
|
$
|
(0.44)
|
|
$
|
0.04
|
|
Diluted
|
|
$
|
(0.18)
|
|
$
|
0.06
|
|
$
|
(0.44)
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Basic
|
|
139.0
|
|
123.2
|
|
138.9
|
|
118.3
|
|
Diluted
|
|
139.0
|
|
124.2
|
|
138.9
|
|
119.0
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
|
$
|
0.06
|
|
$
|
0.06
|
|
$
|
0.12
|
|
$
|
0.12
|
COTT
CORPORATION
|
|
|
EXHIBIT
2
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
(in millions of
U.S. dollars, except share amounts, U.S. GAAP)
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
July 1,
2017
|
|
December 31,
2016
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash & cash
equivalents
|
$
|
123.2
|
|
$
|
118.1
|
Accounts receivable,
net of allowance
|
486.7
|
|
403.9
|
Inventories
|
324.6
|
|
301.4
|
Prepaid expenses and
other current assets
|
37.6
|
|
29.8
|
Total current
assets
|
972.1
|
|
853.2
|
|
|
|
|
Property, plant &
equipment, net
|
935.8
|
|
929.9
|
Goodwill
|
1,217.6
|
|
1,175.4
|
Intangible assets,
net
|
951.3
|
|
939.7
|
Deferred tax
assets
|
1.5
|
|
0.2
|
Other long-term
assets, net
|
39.3
|
|
41.3
|
Total
assets
|
$
|
4,117.6
|
|
$
|
3,939.7
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Short-term
borrowings
|
$
|
255.0
|
|
$
|
207.0
|
Current maturities of
long-term debt
|
6.6
|
|
5.7
|
Accounts payable and
accrued liabilities
|
711.3
|
|
597.4
|
Total current
liabilities
|
972.9
|
|
810.1
|
|
|
|
|
Long-term
debt
|
2,038.2
|
|
1,988.0
|
Deferred tax
liabilities
|
164.1
|
|
157.8
|
Other long-term
liabilities
|
112.9
|
|
110.0
|
Total
liabilities
|
3,288.1
|
|
3,065.9
|
|
|
|
|
Equity
|
|
|
|
Common shares, no par
- 139,031,856 (December 31, 2016 - 138,591,100)
|
|
|
|
shares
issued
|
912.0
|
|
909.3
|
Additional
paid-in-capital
|
61.4
|
|
54.2
|
(Accumulated deficit)
retained earnings
|
(54.8)
|
|
22.9
|
Accumulated other
comprehensive loss
|
(96.9)
|
|
(117.9)
|
Total Cott
Corporation equity
|
821.7
|
|
868.5
|
Non-controlling
interests
|
7.8
|
|
5.3
|
Total
equity
|
829.5
|
|
873.8
|
Total liabilities
and equity
|
$
|
4,117.6
|
|
$
|
3,939.7
|
COTT
CORPORATION
|
|
|
|
|
|
|
|
EXHIBIT
3
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
(in millions of
U.S. dollars)
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
July 1,
2017
|
|
July 2,
2016
|
|
July 1,
2017
|
|
July 2,
2016
|
Operating
Activities
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(22.3)
|
|
$
|
8.9
|
|
$
|
(56.7)
|
|
$
|
7.5
|
|
Depreciation &
amortization
|
|
69.7
|
|
53.5
|
|
134.1
|
|
106.0
|
|
Amortization of
financing fees
|
|
1.3
|
|
1.3
|
|
2.9
|
|
2.5
|
|
Amortization of
senior notes premium
|
|
(1.2)
|
|
(1.5)
|
|
(2.8)
|
|
(2.9)
|
|
Share-based
compensation expense
|
|
6.1
|
|
3.8
|
|
10.9
|
|
6.2
|
|
Benefit for deferred
income taxes
|
|
(0.2)
|
|
(2.1)
|
|
(0.7)
|
|
(13.4)
|
|
Unrealized commodity
hedging loss (gain), net
|
|
0.4
|
|
-
|
|
(1.5)
|
|
-
|
|
Loss on
extinguishment of debt, net
|
|
18.6
|
|
-
|
|
28.7
|
|
-
|
|
Loss on disposal of
property, plant & equipment, net
|
|
4.0
|
|
2.2
|
|
5.4
|
|
3.1
|
|
Other non-cash
items
|
|
(2.8)
|
|
2.6
|
|
(4.8)
|
|
0.9
|
|
Change in operating
assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(49.4)
|
|
(25.7)
|
|
(63.4)
|
|
(47.4)
|
|
|
Inventories
|
|
8.9
|
|
4.6
|
|
(17.7)
|
|
1.3
|
|
|
Prepaid expenses and
other current assets
|
|
3.1
|
|
(3.4)
|
|
(5.7)
|
|
(7.2)
|
|
|
Other
assets
|
|
4.0
|
|
(1.2)
|
|
4.5
|
|
1.2
|
|
|
Accounts payable and
accrued liabilities, and other liabilities
|
|
64.7
|
|
44.6
|
|
68.0
|
|
11.1
|
|
|
|
Net cash provided by
operating activities
|
|
104.9
|
|
87.6
|
|
101.2
|
|
68.9
|
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
|
|
|
Acquisitions, net of
cash received
|
|
(39.2)
|
|
(1.8)
|
|
(44.2)
|
|
(46.2)
|
|
Additions to
property, plant & equipment
|
|
(40.4)
|
|
(33.2)
|
|
(81.0)
|
|
(62.7)
|
|
Additions to
intangible assets
|
|
(3.0)
|
|
(1.0)
|
|
(5.8)
|
|
(3.3)
|
|
Proceeds from sale of
property, plant & equipment and
|
|
|
|
|
|
|
|
|
|
sale-leasebacks
|
|
14.9
|
|
0.2
|
|
19.0
|
|
2.9
|
|
Other investing
activities
|
|
0.2
|
|
(2.8)
|
|
0.4
|
|
(2.8)
|
|
|
|
Net cash used in
investing activities
|
|
(67.5)
|
|
(38.6)
|
|
(111.6)
|
|
(112.1)
|
|
|
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
|
|
|
|
Payments of long-term
debt
|
|
(524.5)
|
|
(0.4)
|
|
(727.8)
|
|
(1.5)
|
|
Issuance of long-term
debt
|
|
-
|
|
-
|
|
750.0
|
|
-
|
|
Borrowings under
ABL
|
|
685.7
|
|
123.9
|
|
1,458.6
|
|
621.1
|
|
Payments under
ABL
|
|
(576.6)
|
|
(187.7)
|
|
(1,410.8)
|
|
(746.0)
|
|
Premiums and costs
paid upon extinguishment of
|
|
|
|
|
|
|
|
|
|
long-term
debt
|
|
(22.0)
|
|
-
|
|
(29.2)
|
|
-
|
|
Financing
fees
|
|
(1.7)
|
|
-
|
|
(11.1)
|
|
-
|
|
Distributions to
non-controlling interests
|
|
(0.9)
|
|
(1.0)
|
|
(1.8)
|
|
(3.3)
|
|
Issuance of common
shares
|
|
0.3
|
|
220.1
|
|
0.8
|
|
364.2
|
|
Common shares
repurchased and cancelled
|
|
-
|
|
-
|
|
(1.8)
|
|
(1.1)
|
|
Dividends paid to
common shareowners
|
|
(8.3)
|
|
(7.4)
|
|
(16.7)
|
|
(14.7)
|
|
Other financing
activities
|
|
0.4
|
|
-
|
|
0.9
|
|
-
|
|
|
|
Net cash (used in)
provided by financing activities
|
|
(447.6)
|
|
147.5
|
|
11.1
|
|
218.7
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
2.9
|
|
(2.1)
|
|
4.4
|
|
(3.1)
|
|
|
|
|
|
|
|
|
|
Net (decrease)
increase in cash & cash equivalents
|
|
(407.3)
|
|
194.4
|
|
5.1
|
|
172.4
|
|
|
|
|
|
|
|
|
|
Cash & cash
equivalents, beginning of period
|
|
530.5
|
|
55.1
|
|
118.1
|
|
77.1
|
|
|
|
|
|
|
|
|
|
Cash & cash
equivalents, end of period
|
|
$
|
123.2
|
|
$
|
249.5
|
|
$
|
123.2
|
|
$
|
249.5
|
COTT
CORPORATION
|
|
|
|
|
|
|
|
|
EXHIBIT
4
|
SEGMENT
INFORMATION
|
|
|
|
|
|
|
|
|
|
(in millions of
U.S. dollars)
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended July 1, 2017
|
(in millions of
U.S. dollars)
|
|
Water &
Coffee
Solutions
|
|
Cott North
America
|
|
Cott
U.K.
|
|
All
Other
|
|
Corporate
|
|
Elimination
|
|
Total
|
Revenue,
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private label
retail
|
|
$
|
23.5
|
|
$
|
268.1
|
|
$
|
54.4
|
|
$
|
0.8
|
|
$
|
-
|
|
$
|
(0.4)
|
|
$
|
346.4
|
Branded
retail
|
|
20.3
|
|
24.1
|
|
40.3
|
|
1.1
|
|
-
|
|
(0.5)
|
|
85.3
|
Contract
packaging
|
|
-
|
|
45.7
|
|
24.9
|
|
3.3
|
|
-
|
|
(2.3)
|
|
71.6
|
Home and office
bottled water delivery
|
|
256.6
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
256.6
|
Coffee and tea
services
|
|
173.8
|
|
-
|
|
0.7
|
|
-
|
|
-
|
|
-
|
|
174.5
|
Concentrate and
other
|
|
64.7
|
|
7.1
|
|
4.2
|
|
6.9
|
|
-
|
|
(3.2)
|
|
79.7
|
Total
|
|
$
|
538.9
|
|
$
|
345.0
|
|
$
|
124.5
|
|
$
|
12.1
|
|
$
|
-
|
|
$
|
(6.4)
|
|
$
|
1,014.1
|
Gross Profit
1
|
|
$
|
280.4
|
|
$
|
46.4
|
|
$
|
11.2
|
|
$
|
4.3
|
|
$
|
-
|
|
$
|
-
|
|
$
|
342.3
|
Gross Margin %
2
|
|
52.0%
|
|
13.7%
|
|
9.0%
|
|
35.5%
|
|
-
|
|
-
|
|
33.8%
|
Operating income
(loss)
|
|
$
|
26.4
|
|
$
|
9.1
|
|
$
|
2.2
|
|
$
|
1.9
|
|
$
|
(9.0)
|
|
$
|
-
|
|
$
|
30.6
|
Depreciation and
Amortization
|
|
$
|
47.0
|
|
$
|
17.8
|
|
$
|
4.8
|
|
$
|
0.1
|
|
$
|
-
|
|
$
|
-
|
|
$
|
69.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended July 2, 2016
|
(in millions of
U.S. dollars)
|
|
Water &
Coffee
Solutions
|
|
Cott North
America
|
|
Cott
U.K.
|
|
All
Other
|
|
Corporate
|
|
Elimination
|
|
Total
|
Revenue,
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private label
retail
|
|
$
|
20.7
|
|
$
|
280.9
|
|
$
|
54.9
|
|
$
|
1.1
|
|
$
|
-
|
|
$
|
(0.3)
|
|
$
|
357.3
|
Branded
retail
|
|
22.9
|
|
24.8
|
|
41.2
|
|
1.0
|
|
-
|
|
(0.4)
|
|
89.5
|
Contract
packaging
|
|
-
|
|
35.7
|
|
31.0
|
|
5.0
|
|
-
|
|
(2.5)
|
|
69.2
|
Home and office
bottled water delivery
|
|
177.2
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
177.2
|
Coffee and tea
services
|
|
30.0
|
|
-
|
|
0.8
|
|
-
|
|
-
|
|
-
|
|
30.8
|
Concentrate and
other
|
|
24.9
|
|
7.8
|
|
4.4
|
|
7.7
|
|
-
|
|
(3.8)
|
|
41.0
|
Total
|
|
$
|
275.7
|
|
$
|
349.2
|
|
$
|
132.3
|
|
$
|
14.8
|
|
$
|
-
|
|
$
|
(7.0)
|
|
$
|
765.0
|
Gross Profit
1
|
|
$
|
170.8
|
|
$
|
51.8
|
|
$
|
24.1
|
|
$
|
5.9
|
|
$
|
-
|
|
$
|
-
|
|
$
|
252.6
|
Gross Margin %
2
|
|
62.0%
|
|
15.1%
|
|
18.2%
|
|
39.9%
|
|
-
|
|
-
|
|
33.0%
|
Operating income
(loss)
|
|
$
|
17.8
|
|
$
|
18.4
|
|
$
|
11.7
|
|
$
|
3.4
|
|
$
|
(14.7)
|
|
$
|
-
|
|
$
|
36.6
|
Depreciation and
Amortization
|
|
$
|
29.3
|
|
$
|
18.6
|
|
$
|
5.4
|
|
$
|
0.2
|
|
$
|
-
|
|
$
|
-
|
|
$
|
53.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended July 1, 2017
|
(in millions of
U.S. dollars)
|
|
Water &
Coffee
Solutions
|
|
Cott North
America
|
|
Cott
U.K.
|
|
All
Other
|
|
Corporate
|
|
Elimination
|
|
Total
|
Revenue,
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private label
retail
|
|
$
|
44.9
|
|
$
|
508.7
|
|
$
|
92.7
|
|
$
|
1.7
|
|
$
|
-
|
|
$
|
(0.8)
|
|
$
|
647.2
|
Branded
retail
|
|
39.4
|
|
46.7
|
|
69.8
|
|
2.0
|
|
-
|
|
(0.9)
|
|
157.0
|
Contract
packaging
|
|
-
|
|
76.8
|
|
46.7
|
|
6.3
|
|
-
|
|
(4.2)
|
|
125.6
|
Home and office
bottled water delivery
|
|
485.7
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
485.7
|
Coffee and tea
services
|
|
339.4
|
|
-
|
|
1.3
|
|
-
|
|
-
|
|
-
|
|
340.7
|
Concentrate and
other
|
|
125.0
|
|
13.9
|
|
8.2
|
|
13.6
|
|
-
|
|
(6.4)
|
|
154.3
|
Total
|
|
$
|
1,034.4
|
|
$
|
646.1
|
|
$
|
218.7
|
|
$
|
23.6
|
|
$
|
-
|
|
$
|
(12.3)
|
|
$
|
1,910.5
|
Gross Profit
1
|
|
$
|
542.8
|
|
$
|
79.6
|
|
$
|
22.3
|
|
$
|
8.2
|
|
$
|
-
|
|
$
|
-
|
|
$
|
652.9
|
Gross Margin %
2
|
|
52.5%
|
|
12.6%
|
|
10.2%
|
|
34.7%
|
|
-
|
|
-
|
|
34.2%
|
Operating income
(loss)
|
|
$
|
41.3
|
|
$
|
10.2
|
|
$
|
2.2
|
|
$
|
3.5
|
|
$
|
(15.8)
|
|
$
|
-
|
|
$
|
41.4
|
Depreciation and
Amortization
|
|
$
|
88.6
|
|
$
|
35.6
|
|
$
|
9.6
|
|
$
|
0.3
|
|
$
|
-
|
|
$
|
-
|
|
$
|
134.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended July 2, 2016
|
(in millions of
U.S. dollars)
|
|
Water &
Coffee
Solutions
|
|
Cott North
America
|
|
Cott
U.K.
|
|
All
Other
|
|
Corporate
|
|
Elimination
|
|
Total
|
Revenue,
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private label
retail
|
|
$
|
37.6
|
|
$
|
529.4
|
|
$
|
105.6
|
|
$
|
1.6
|
|
$
|
-
|
|
$
|
(0.7)
|
|
$
|
673.5
|
Branded
retail
|
|
47.2
|
|
51.6
|
|
77.4
|
|
1.8
|
|
-
|
|
(0.7)
|
|
177.3
|
Contract
packaging
|
|
-
|
|
67.1
|
|
59.3
|
|
9.7
|
|
-
|
|
(4.6)
|
|
131.5
|
Home and office
bottled water delivery
|
|
339.2
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
339.2
|
Coffee and tea
services
|
|
61.5
|
|
-
|
|
1.6
|
|
-
|
|
-
|
|
-
|
|
63.1
|
Concentrate and
other
|
|
47.5
|
|
14.4
|
|
9.0
|
|
15.3
|
|
-
|
|
(7.4)
|
|
78.8
|
Total
|
|
$
|
533.0
|
|
$
|
662.5
|
|
$
|
252.9
|
|
$
|
28.4
|
|
$
|
-
|
|
$
|
(13.4)
|
|
$
|
1,463.4
|
Gross Profit
1
|
|
$
|
325.2
|
|
$
|
86.7
|
|
$
|
43.8
|
|
$
|
10.9
|
|
$
|
-
|
|
$
|
-
|
|
$
|
466.6
|
Gross Margin %
2
|
|
61.0%
|
|
13.4%
|
|
17.3%
|
|
38.4%
|
|
-
|
|
-
|
|
31.9%
|
Operating income
(loss)
|
|
$
|
23.5
|
|
$
|
19.0
|
|
$
|
21.6
|
|
$
|
5.9
|
|
$
|
(18.7)
|
|
$
|
-
|
|
$
|
51.3
|
Depreciation and
Amortization
|
|
$
|
57.7
|
|
$
|
36.9
|
|
$
|
10.9
|
|
$
|
0.5
|
|
$
|
-
|
|
$
|
-
|
|
$
|
106.0
|
1 Gross profit from external
revenues.
|
2Cott
North America gross margin relative to external
revenues.
|
COTT
CORPORATION
|
|
|
|
|
|
|
EXHIBIT
5
|
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)
|
|
July 1,
2017
|
|
|
Water &
Coffee
Solutions
|
Cott North
America
|
Cott
U.K.
|
All
Other
|
Elimination
|
Cott
1
|
|
Change in
revenue
|
|
$
|
263.2
|
$
|
(4.2)
|
$
|
(7.8)
|
$
|
(2.7)
|
$
|
0.6
|
$
|
249.1
|
|
Impact of foreign
exchange 2
|
|
0.6
|
1.1
|
15.8
|
0.2
|
-
|
17.7
|
|
Change excluding
foreign exchange
|
|
$
|
263.8
|
$
|
(3.1)
|
$
|
8.0
|
$
|
(2.5)
|
$
|
0.6
|
$
|
266.8
|
|
Percentage change in
revenue
|
|
95.5%
|
-1.2%
|
-5.9%
|
-18.2%
|
-8.6%
|
32.6%
|
|
Percentage change in
revenue excluding foreign exchange
|
|
95.7%
|
-0.9%
|
6.0%
|
-16.9%
|
-8.6%
|
34.9%
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
(in millions of
U.S. dollars, except percentage amounts)
|
|
July 1,
2017
|
|
|
Water &
Coffee
Solutions
|
Cott North
America
|
Cott
U.K.
|
All
Other
|
Elimination
|
Cott
1
|
|
Change in
revenue
|
|
$
|
501.4
|
$
|
(16.4)
|
$
|
(34.2)
|
$
|
(4.8)
|
$
|
1.1
|
$
|
447.1
|
|
Impact of foreign
exchange2
|
|
0.1
|
0.2
|
30.2
|
0.6
|
-
|
31.1
|
|
Change excluding
foreign exchange
|
|
$
|
501.5
|
$
|
(16.2)
|
$
|
(4.0)
|
$
|
(4.2)
|
$
|
1.1
|
$
|
478.2
|
|
Percentage change in
revenue
|
|
94.1%
|
-2.5%
|
-13.5%
|
-16.9%
|
-8.2%
|
30.6%
|
|
Percentage change in
revenue excluding foreign exchange
|
|
94.1%
|
-2.4%
|
-1.6%
|
-14.8%
|
-8.2%
|
32.7%
|
1 Cott
includes the following reporting segments: Water & Coffee
Solutions, Cott North America, Cott U.K. and All Other.
|
2 Impact
of foreign exchange is the difference between the current period
revenue translated utilizing the current period
average foreign exchange rates less the current period revenue
translated utilizing the prior period average foreign exchange
rates.
|
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 1,
2017
|
|
July 2,
2016
|
|
July 1,
2017
|
|
July 2,
2016
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributed to Cott Corporation
|
|
$
|
(24.6)
|
|
$
|
7.4
|
|
$
|
(61.0)
|
|
$
|
4.6
|
Interest expense,
net
|
|
33.3
|
|
27.0
|
|
69.0
|
|
54.8
|
Income tax expense
(benefit)
|
|
1.4
|
|
(2.3)
|
|
2.5
|
|
(11.8)
|
Depreciation &
amortization
|
|
69.7
|
|
53.5
|
|
134.1
|
|
106.0
|
Net income
attributable to non-controlling interests
|
|
2.3
|
|
1.5
|
|
4.3
|
|
2.9
|
EBITDA
|
|
$
|
82.1
|
|
$
|
87.1
|
|
$
|
148.9
|
|
$
|
156.5
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration costs 1, 3
|
|
8.0
|
|
11.7
|
|
15.3
|
|
13.1
|
Share-based
compensation expense 2, 4
|
|
5.5
|
|
3.6
|
|
9.1
|
|
5.6
|
Inventory step-up
5
|
|
-
|
|
-
|
|
-
|
|
0.5
|
Unrealized commodity
hedging loss (gain), net 6
|
|
0.4
|
|
0.1
|
|
(1.5)
|
|
0.1
|
Foreign exchange and
other (gains) losses, net 7
|
|
(0.3)
|
|
2.2
|
|
(1.7)
|
|
(0.4)
|
Loss on disposal of
property, plant & equipment, net 8
|
|
4.1
|
|
2.2
|
|
5.9
|
|
3.1
|
Loss on
extinguishment of long-term debt, net 9
|
|
18.6
|
|
-
|
|
28.7
|
|
-
|
Other adjustments
10
|
|
3.9
|
|
1.6
|
|
5.7
|
|
2.9
|
Adjusted
EBITDA
|
|
$
|
122.3
|
|
$
|
108.5
|
|
$
|
210.4
|
|
$
|
181.4
|
1 Includes
$0.6 million and $1.8 million of share-based compensation costs for
the three and six months ended July 1, 2017, respectively, related
to awards granted in connection with the acquisition of our S&D
and Eden businesses and $0.2 million and $0.6 million of
share-based compensation costs for the three and six months ended
July 2, 2016, respectively, related to awards granted in connection
with the acquisition of our DSS business.
|
|
2
Effective January 1, 2017, share-based compensation expense, as a
part of annual compensation packages, is included in adjustments to
EBITDA, and prior periods presented have been updated to
incorporate the change. This determination is based upon a review
of peer companies and business practice among entities undergoing
transformation within their operations.
|
|
|
Location in
Consolidated
|
|
For the
Three Months Ended
|
|
For the Six
Months Ended
|
|
|
Statements
of Operations
|
|
July 1,
2017
|
|
July 2,
2016
|
|
July 1,
2017
|
|
July 2,
2016
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
3Acquisition and integration costs,
net
|
|
Acquisition and
integration expenses
|
|
$
|
8.0
|
|
$
|
11.7
|
|
$
|
15.3
|
|
$
|
13.1
|
4Share-based compensation
expense
|
|
Selling, general and
administrative expenses
|
|
5.5
|
|
3.6
|
|
9.1
|
|
5.6
|
5Inventory
step-up
|
|
Cost of
sales
|
|
-
|
|
-
|
|
-
|
|
0.5
|
6Unrealized commodity hedging gain,
net
|
|
Cost of
sales
|
|
0.4
|
|
0.1
|
|
(1.5)
|
|
0.1
|
7Foreign
exchange and other gains, net
|
|
Other expense
(income), net
|
|
(0.3)
|
|
2.2
|
|
(1.7)
|
|
(0.4)
|
8Loss on
disposal of property, plant & equipment, net
|
|
Loss on disposal of
property,
|
|
|
|
|
|
|
|
|
|
|
plant &
equipment, net
|
|
4.1
|
|
2.2
|
|
5.9
|
|
3.1
|
9Loss on
extinguishment of long-term debt, net
|
|
Other expense
(income), net
|
|
18.6
|
|
-
|
|
28.7
|
|
-
|
10Other
adjustments
|
|
Revenue,
net
|
|
0.6
|
|
-
|
|
0.6
|
|
-
|
|
|
Cost of
sales
|
|
0.8
|
|
-
|
|
0.8
|
|
-
|
|
|
Selling, general and
administrative expenses
|
|
2.5
|
|
0.2
|
|
4.3
|
|
1.5
|
|
|
Other expense
(income), net
|
|
-
|
|
1.4
|
|
-
|
|
1.4
|
COTT
CORPORATION
|
|
|
|
EXHIBIT
7
|
SUPPLEMENTARY
INFORMATION - NON-GAAP - FREE CASH FLOW AND
|
ADJUSTED FREE CASH
FLOW
|
|
|
|
|
(in millions of
U.S. dollars)
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
|
July 1,
2017
|
|
July 2,
2016
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
$
|
104.9
|
|
$
|
87.6
|
|
Less: Additions to
property, plant, and equipment
|
|
(40.4)
|
|
(33.2)
|
Free Cash
Flow
|
|
$
|
64.5
|
|
$
|
54.4
|
|
|
|
|
|
|
Plus:
|
|
|
|
|
|
|
Acquisition and
integration cash costs
|
|
6.6
|
|
0.8
|
Adjusted Free Cash
Flow
|
|
$
|
71.1
|
|
$
|
55.2
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months Ended
|
|
|
July 1,
2017
|
|
July 2,
2016
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
$
|
101.2
|
|
$
|
68.9
|
|
Less: Additions to
property, plant, and equipment
|
|
$
|
(81.0)
|
|
(62.7)
|
Free Cash
Flow
|
|
$
|
20.2
|
|
$
|
6.2
|
|
|
|
|
|
|
Plus:
|
|
|
|
|
|
|
Acquisition and
integration cash costs
|
|
12.3
|
|
1.9
|
Adjusted Free Cash
Flow
|
|
$
|
32.5
|
|
$
|
8.1
|
COTT
CORPORATION
|
|
|
|
|
|
|
|
EXHIBIT
8
|
SUPPLEMENTARY
INFORMATION - NON-GAAP - ADJUSTED NET INCOME (LOSS)
|
(in millions of
U.S. dollars, except share and per share amounts)
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the Six
Months Ended
|
|
|
July 1,
2017
|
|
July 2,
2016
|
|
July 1,
2017
|
|
July 2,
2016
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributed to Cott Corporation
|
|
$
|
(24.6)
|
|
$
|
7.4
|
|
$
|
(61.0)
|
|
$
|
4.6
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration costs
|
|
8.0
|
|
11.7
|
|
15.3
|
|
13.1
|
Inventory
step-up
|
|
-
|
|
-
|
|
-
|
|
0.5
|
Unrealized commodity
hedging loss (gain), net
|
|
0.4
|
|
0.1
|
|
(1.5)
|
|
0.1
|
Foreign exchange and
other (gains) losses, net
|
|
(0.3)
|
|
2.2
|
|
(1.7)
|
|
(0.4)
|
Loss on disposal of
property, plant & equipment, net
|
|
4.1
|
|
2.2
|
|
5.9
|
|
3.1
|
Loss on
extinguishment of long-term debt, net
|
|
18.6
|
|
-
|
|
28.7
|
|
-
|
Other
adjustments1
|
|
3.9
|
|
1.6
|
|
6.5
|
|
2.9
|
Adjustments for tax
effect 2
|
|
(1.1)
|
|
(6.4)
|
|
(1.7)
|
|
(7.1)
|
Adjusted net
income (loss) attributed to
|
|
|
|
|
|
|
|
|
Cott
Corporation
|
|
$
|
9.0
|
|
$
|
18.8
|
|
$
|
(9.5)
|
|
$
|
16.8
|
|
|
|
|
|
|
|
|
|
Adjusted net
income (loss) per common share
|
|
|
|
|
|
|
|
|
attributed to Cott
Corporation
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.06
|
|
$
|
0.15
|
|
$
|
(0.07)
|
|
$
|
0.14
|
|
Diluted
|
|
$
|
0.06
|
|
$
|
0.15
|
|
$
|
(0.07)
|
|
$
|
0.14
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
Basic
|
|
139.0
|
|
123.2
|
|
138.9
|
|
118.3
|
|
Diluted
|
|
140.2
|
|
124.2
|
|
138.9
|
|
119.0
|
1 Includes
$0.8 million of interest expense for the six months ended July 1,
2017 related to the debt refinancing of our 2020 Notes.
|
2 Reflects
tax effect of adjustments at the statutory tax rate within the
applicable tax jurisdiction.
|
WATER & COFFEE
SOLUTIONS REPORTING SEGMENT
|
|
EXHIBIT
9
|
SUPPLEMENTARY
INFORMATION - REVENUE
|
|
|
(in millions of
U.S. dollars)
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
July 1,
2017
|
|
July 2,
2016
|
|
|
|
|
Eden
+
|
|
Water
&
|
|
|
|
|
DSS
1
|
|
S&D
|
|
Coffee
Solutions
|
|
DSS
1
|
Revenue,
net
|
|
$
|
281.4
|
|
$
|
257.5
|
|
$
|
538.9
|
|
$
|
275.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
July 1,
2017
|
|
July 2,
2016
|
|
|
|
|
Eden
+
|
|
Water
&
|
|
|
|
|
DSS
2
|
|
S&D
|
|
Coffee
Solutions
|
|
DSS
2
|
Revenue,
net
|
|
$
|
544.6
|
|
$
|
489.8
|
|
$
|
1,034.4
|
|
$
|
533.0
|
1Includes
$15.7 million and $16.8 million of Canadian operations revenue for
the three months ended July 1, 2017 and July 2, 2016,
respectively.
|
2Includes
$30.1 million and $31.0 million of Canadian operations revenue for
the six months ended July 1, 2017 and July 2, 2016,
respectively.
|
SOURCE Cott Corporation