Cott Corporation (NYSE: COT) (TSX: BCB) today announced the declaration of a
quarterly dividend of CAD$0.06 per share on common shares, payable in cash on
April 5, 2013 to shareowners of record at the close of business on March 20,
2013, as well as its results for the fourth quarter and fiscal year ended
December 29, 2012.
Fourth Quarter 2012 Results
Revenue of $517 million was lower by 6% compared to $549 million.
Gross profit as a percentage of revenue increased 230 basis points to 11.7%
compared to 9.4%.
Net income increased to $2 million compared to a net loss of $12 million.
Earnings per diluted share increased to $0.02 compared to a loss per diluted
share of $0.12.
EBITDA increased 53% to $42 million compared to $27 million. Adjusted EBITDA
increased 31% to $43 million compared to $32 million.
Free cash flow was $101 million arising from $120 million of net cash provided
by operating activities less $19 million of capital expenditures.
Fiscal Year 2012 Results
Revenue of $2,251 million was lower by 4% (3% excluding the impact of foreign
exchange) compared to $2,335 million.
Gross profit as a percentage of revenue increased 110 basis points to 12.9%
compared to 11.8%.
Net income increased 27% to $48 million compared to $38 million.
Earnings per diluted share increased 25% to $0.50 compared to $0.40.
EBITDA increased 8% to $209 million compared to $193 million. Adjusted EBITDA
increased 7% to $213 million compared to $199 million.
Free cash flow was $103 million arising from $173 million of net cash provided
by operating activities less $70 million of capital expenditures.
"Looking back at the fourth quarter and 2012 as a whole, I'm pleased with the
improvement in gross margin and Adjusted EBITDA, alongside another year of
strong cash generation. Additionally, in 2012 we announced our balanced capital
deployment strategy, which seeks to improve our long-term growth and leverage
metrics while returning funds to shareholders," commented Jerry Fowden, Cott's
Chief Executive Officer. "For 2013, we remain committed to being a high service,
low cost producer while maintaining the appropriate balance between revenue and
margin," continued Mr. Fowden.
FOURTH QUARTER 2012 PERFORMANCE SUMMARY
Total filled beverage case volume (excluding concentrate sales) was 199 million
cases compared to 228 million cases. The volume decline was due primarily to our
decision to exit certain low gross margin business in North America and the
United Kingdom / Europe ("U.K.") as well as a continued general decline in the
North American carbonated soft drink ("CSD") and juice categories. Including
concentrate sales, volume was 280 million cases compared to 303 million cases.
Concentrate volume grew 6% due primarily to the timing of shipments to customers
in Asia.
Revenue was lower by 6% at $517 million. An overall increase in average price
per case globally and favorable product mix in the U.K. was offset by lower
overall volumes.
Gross profit as a percentage of revenue increased 230 basis points to 11.7%
compared to 9.4%. The margin improvement was due primarily to an increase in
average price per case and our exit from certain low gross margin business
globally, as well as increased operational efficiencies in North America.
Selling, general and administrative ("SG&A") expenses were flat at $44 million.
Income before income taxes increased to $3 million compared to a loss before
income taxes of $10 million.
Income taxes were a benefit of $1 million compared to a $1 million tax expense.
EBITDA increased 53% to $42 million compared to $27 million. Adjusted EBITDA
increased 31% to $43 million compared to $32 million.
Free cash flow was $101 million arising from $120 million of net cash provided
by operating activities less $19 million of capital expenditures, compared to
$87 million of free cash flow arising from $104 million of net cash provided by
operating activities less $17 million of capital expenditures.
FOURTH QUARTER 2012 REPORTING SEGMENT HIGHLIGHTS
North America filled beverage case volume was 146 million cases compared to 170
million cases. Revenue was lower by 9% at $384 million as an increase in average
price per case was more than offset by our exit from certain low gross margin
business alongside a continued general decline in the North American CSD and
juice categories.
U.K. filled beverage case volume was 46 million cases compared to 49 million
cases due primarily to our exit from certain low gross margin business as well
as the decrease in early customer orders ahead of future price increases
compared to the prior period. Revenue increased 5% (3% excluding the impact of
foreign exchange) to $117 million as a result of an increase in average price
per case and favorable product mix, including growth in the energy and sports
drinks categories.
Mexico filled beverage case volume was 7 million cases compared to 8 million
cases. Revenue was lower by 15% (17% excluding the impact of foreign exchange)
at $10 million due primarily to the loss of a regional brand license at the end
of its term.
RCI concentrate volume was 58 million cases compared to 55 million cases.
Revenue increased 11% to $6 million due primarily to the timing of shipments to
customers in Asia.
FISCAL YEAR 2012 PERFORMANCE SUMMARY
Total filled beverage case volume (excluding concentrate sales) was 867 million
cases compared to 960 million cases. The volume decline was due primarily to our
decision to exit certain low gross margin business in North America and the U.K.
as well as a continued general decline in the North American CSD and juice
categories. Including concentrate sales, volume was 1,247 million cases compared
to 1,314 million cases. Concentrate volume grew 7% due primarily to increased
volume from a new customer in South America and the timing of shipments to
customers in Asia.
Revenue was lower by 4% (3% excluding the impact of foreign exchange) at $2,251
million. An overall increase in average price per case globally and favorable
product mix in the U.K. was offset by overall lower volumes and a product mix
shift into juice drinks and sports drinks from 100% shelf-stable juice in North
America.
Gross profit as a percentage of revenue increased 110 basis points to 12.9%
compared to 11.8%. The margin improvement was due primarily to an increase in
average price per case and our exit from certain low gross margin business
globally, as well as increased operational efficiencies in North America.
SG&A expenses were $178 million compared to $173 million. The modest
increase in SG&A expenses was driven primarily by higher employee-related
costs compared to a lowering of the annual incentive and long-term incentive
accruals in the prior year partially offset by lower information technology
expenses in 2012.
Income before income taxes increased 41% to $57 million compared to $41 million.
Income taxes increased to a $5 million tax expense compared to a $1 million tax
benefit.
EBITDA increased 8% to $209 million compared to $193 million. Adjusted EBITDA
increased 7% to $213 million compared to $199 million.
Free cash flow was $103 million arising from $173 million of net cash provided
by operating activities less $70 million of capital expenditures, compared to
$115 million of free cash flow arising from $164 million of net cash provided by
operating activities less $49 million of capital expenditures.
FISCAL YEAR 2012 REPORTING SEGMENT HIGHLIGHTS
North America filled beverage case volume was 652 million cases compared to 728
million cases. Revenue was lower by 6% (5% excluding the impact of foreign
exchange) at $1,707 million as an increase in average price per case was more
than offset by our exit from certain low gross margin business, a continued
general decline in the North American CSD and juice categories and a product mix
shift into juice drinks and sports drinks from 100% shelf-stable juice.
U.K. filled beverage case volume was 190 million cases compared to 195 million
cases due primarily to our exit from certain low gross margin business as well
as poor weather in the summer months. Revenue increased 6% (7% excluding the
impact of foreign exchange) to $473 million as a result of an increase in
average price per case and favorable product mix, including growth in the energy
and sports drinks categories.
Mexico filled beverage case volume was 26 million cases compared to 37 million
cases. Revenue was lower by 25% (18% excluding the impact of foreign exchange)
at $39 million due primarily to the loss of a regional brand license at the end
of its term, partially offset by increased contract manufacturing volume.
RCI concentrate volume was 278 million cases compared to 259 million cases.
Revenue increased 22% to $31 million due primarily to increased volume from a
new customer in South America and the timing of shipments to customers in Asia.
Declaration of Dividend
Cott announced today that it has declared a dividend of CAD$0.06 per share on
its outstanding common shares. The dividend is payable in cash on April 5, 2013
to shareowners of record at the close of business on March 20, 2013.
Cott intends to pay a regular quarterly dividend on its common shares subject
to, among other things, the best interests of its shareholders, Cott's results
of operations, cash balances and future cash requirements, financial condition,
statutory regulations and covenants set forth in Cott's asset-based credit
lending facility and indentures governing the senior notes due in 2017 and
senior notes due in 2018, as well as other factors that the Board of Directors
may deem relevant from time to time.
Fourth Quarter and Fiscal Year Results Conference Call
Cott Corporation will host a conference call today, February 15, 2013, at 10:00
a.m. EST, to discuss fourth quarter and fiscal year results, which can be
accessed as follows:
North America: (877) 407-8031
International: (201) 689-8031
A live audio webcast will be available through Cott's website at
http://www.cott.com. The earnings conference call will be recorded and
archived for playback on the investor relations section of the website for a
period of two weeks following the event.
About Cott Corporation
Cott is one of the world's largest producers of beverages on behalf of
retailers, brand owners and distributors. Cott produces multiple types of
beverages in a variety of packaging formats and sizes, including carbonated soft
drinks, 100% shelf stable juice and juice-based products, clear, still and
sparkling flavored waters, energy products, sports products, new age beverages,
and ready-to-drink teas, as well as alcoholic beverages for brand owners. Cott's
large manufacturing footprint, substantial research and development capability
and high-level of quality and customer service enables Cott to offer its
customers a strong value-added proposition of low cost, high quality products.
With approximately 4,000 employees, Cott operates manufacturing facilities in
the United States, Canada, the United Kingdom and Mexico. Cott also develops and
manufactures beverage concentrates, which it exports to over 50 countries around
the world.
Defined Terms
Certain defined terms used in this press release include the following. "GAAP"
means U.S. generally accepted accounting principles. "Total filled beverage case
volume" means filled beverage 8-ounce equivalents. "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 asset impairments. "Free cash flow" means GAAP net
cash provided by operating activities less capital expenditures. See the
accompanying reconciliation of Cott's EBITDA and Adjusted EBITDA to its GAAP net
income, and Cott's free cash flow to its GAAP net cash provided by operating
activities, as well as the "Non-GAAP Measures" paragraph below.
Non-GAAP Measures
To supplement its reporting of financial measures determined in accordance with
GAAP, Cott utilizes certain non-GAAP financial measures. Cott excludes from GAAP
revenue the impact of foreign exchange to separate the impact of currency
exchange rate changes from Cott's results of operations. Cott utilizes EBITDA
and Adjusted EBITDA to separate the impact of certain items from the underlying
business. Because Cott uses these adjusted financial results in the management
of its business, management believes this supplemental information is useful to
investors for their independent evaluation and understanding of Cott's
underlying business performance and the performance of its management.
Additionally, Cott supplements its reporting of net cash provided by operating
activities determined in accordance with GAAP by excluding capital expenditures
to present free cash flow, which management believes provides useful information
to investors about the amount of cash generated by the business that, after the
acquisition of property and equipment, can be used for strategic opportunities,
including investing in our business, making strategic acquisitions, pay
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 declaration of future dividends, the
amount of shares that may be repurchased under the share repurchase program,
future financial operating results and related matters. The forward-looking
statements are based on assumptions regarding management's current plans and
estimates. Management believes these assumptions to be reasonable but there is
no assurance that they will prove to be accurate.
Factors that could cause actual results to differ materially from those
described in this press release include, among others: Cott's ability to compete
successfully; changes in consumer tastes and preferences for existing products
and Cott's ability to develop and timely launch new products that appeal to such
changing consumer tastes and preferences; a loss of or reduction in business
with key customers, particularly Walmart; fluctuations in commodity prices and
Cott's ability to pass on increased costs to its customers, and the impact of
those increased prices on Cott's volumes; Cott's ability to manage its
operations successfully; currency fluctuations that adversely affect the
exchange between the U.S. dollar and the British pound sterling, the Euro, the
Canadian dollar, the Mexican peso and other currencies; Cott's ability to
maintain favorable arrangements and relationships with its suppliers; the
significant amount of Cott's outstanding debt and Cott's ability to meet its
obligations under its debt agreements; Cott's ability to maintain compliance
with the covenants and conditions under its debt agreements; fluctuations in
interest rates; credit rating changes; the impact of global financial events on
Cott's financial results; Cott's ability to fully realize the expected cost
savings and/or operating efficiencies from its restructuring activities; any
disruption to production at Cott's beverage concentrates or other manufacturing
facilities; Cott's ability to protect its intellectual property; compliance with
product health and safety standards; liability for injury or illness caused by
the consumption of contaminated products; liability and damage to Cott's
reputation as a result of litigation or legal proceedings; changes in the legal
and regulatory environment in which Cott operates; the impact of proposed taxes
on soda and other sugary drinks; enforcement of compliance with the Ontario
Environmental Protection Act; unseasonably cold or wet weather, which could
reduce the demand for Cott's beverages; the impact of national, regional and
global events, including those of a political, economic, business and
competitive nature; Cott's ability to recruit, retain, and integrate new
management and a new management structure; Cott's exposure to intangible asset
risk; Cott's ability to renew its collective bargaining agreements on
satisfactory terms; disruptions in Cott's information systems; compliance with
product health and safety standards; and the volatility of Cott's stock price.
The foregoing list of factors is not exhaustive. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of
the date hereof. Readers are urged to carefully review and consider the various
disclosures, including but not limited to risk factors contained in Cott's
Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and its
quarterly reports on Form 10-Q, as well as other periodic reports filed with the
securities commissions. Cott does not undertake to update or revise any of these
statements in light of new information or future events, except as expressly
required by applicable law.
Website: www.cott.com
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
29, 2012 31, 2011 29, 2012 31, 2011
---------- ---------- ---------- ----------
Revenue, net $ 517.2 $ 549.2 $ 2,250.6 $ 2,334.6
Cost of sales 456.6 497.8 1,961.1 2,058.0
---------- ---------- ---------- ----------
Gross profit 60.6 51.4 289.5 276.6
Selling, general and
administrative expenses 43.6 44.4 178.0 172.7
Loss on disposal of
property, plant & equipment 0.1 0.7 1.8 1.2
Asset impairments
Asset impairments - 0.6 - 0.6
Intangible asset
impairments - 1.4 - 1.4
---------- ---------- ---------- ----------
Operating income 16.9 4.3 109.7 100.7
Contingent consideration
earn-out adjustment 0.6 - 0.6 0.9
Other expense (income), net 0.2 1.0 (2.0) 2.2
Interest expense, net 13.6 13.7 54.2 57.1
---------- ---------- ---------- ----------
Income (loss) before income
taxes 2.5 (10.4) 56.9 40.5
Income tax (benefit) expense (0.9) 1.0 4.6 (0.7)
---------- ---------- ---------- ----------
Net income (loss) $ 3.4 $ (11.4) $ 52.3 $ 41.2
Less: Net income
attributable to non-
controlling interests 1.1 0.5 4.5 3.6
---------- ---------- ---------- ----------
Net income (loss) attributed
to Cott Corporation $ 2.3 $ (11.9) $ 47.8 $ 37.6
========== ========== ========== ==========
Net income (loss) per common
share attributed to Cott
Corporation
Basic $ 0.02 $ (0.13) $ 0.51 $ 0.40
Diluted $ 0.02 $ (0.12) $ 0.50 $ 0.40
Weighted average outstanding
shares (millions)
attributed to Cott
Corporation
Basic 94.8 94.4 94.6 94.2
Diluted 95.2 95.4 94.8 95.0
EXHIBIT 2
COTT CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions of U.S. dollars, except share amounts, U.S. GAAP)
Unaudited
--------------------------
December 29, December 31,
2012 2011
------------ ------------
ASSETS
Current assets
Cash & cash equivalents $ 179.4 $ 100.9
Accounts receivable, net of allowance 199.4 210.8
Income taxes recoverable 1.2 9.9
Inventories 224.8 210.0
Prepaid expenses and other assets 20.3 19.3
------------ ------------
Total current assets 625.1 550.9
Property, plant & equipment 490.9 482.2
Goodwill 130.3 129.6
Intangibles and other assets 315.4 341.1
Deferred income taxes 3.3 4.1
Other tax receivable 0.9 1.0
------------ ------------
Total assets $ 1,565.9 $ 1,508.9
============ ============
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt $ 1.9 $ 3.4
Accounts payable and accrued liabilities 287.7 281.1
------------ ------------
Total current liabilities 289.6 284.5
Long-term debt 601.8 602.1
Deferred income taxes 39.1 34.1
Other long-term liabilities 12.5 20.0
------------ ------------
Total liabilities 943.0 940.7
Equity
Capital stock, no par - 95,371,484 (December 31,
2011 - 95,101,230) shares issued 397.8 395.9
Treasury stock - (2.1)
Additional paid-in-capital 40.4 42.6
Retained earnings 186.0 144.1
Accumulated other comprehensive loss (12.4) (24.7)
------------ ------------
Total Cott Corporation equity 611.8 555.8
Non-controlling interests 11.1 12.4
------------ ------------
Total equity 622.9 568.2
------------ ------------
Total liabilities and equity $ 1,565.9 $ 1,508.9
============ ============
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
29, 2012 31, 2011 29, 2012 31, 2011
---------- ---------- ---------- ----------
Operating Activities
Net income $ 3.4 $ (11.4) $ 52.3 $ 41.2
Depreciation &
amortization 25.5 23.9 97.7 95.3
Amortization of financing
fees 0.8 1.0 3.7 3.9
Share-based compensation
expense 1.4 0.7 4.9 2.9
(Decrease) increase in
deferred income taxes (0.8) (1.4) 3.8 (3.7)
Gain on bargain purchase - - (0.9) -
Loss on disposal of
property, plant &
equipment 0.1 0.7 1.8 1.2
Asset impairments - 0.6 - 0.6
Intangible asset
impairments - 1.4 - 1.4
Contract termination
payments - - - (3.1)
Other non-cash items 0.4 3.2 (0.4) 4.9
Change in operating assets
and liabilities, net of
acquisition:
Accounts receivable 51.8 36.5 15.0 (5.0)
Inventories (6.2) 6.1 (12.1) 6.5
Prepaid expenses and
other assets 5.2 4.9 (0.3) 5.8
Other assets 0.2 (0.9) 0.9 (0.7)
Accounts payable and
accrued liabilities,
and other liabilities 36.2 34.4 (2.2) 11.5
Income taxes recoverable 2.0 4.2 8.8 0.8
---------- ---------- ---------- ----------
Net cash provided by
operating activities 120.0 103.9 173.0 163.5
---------- ---------- ---------- ----------
Investing Activities
Acquisition - (8.6) (9.7) (34.3)
Additions to property,
plant & equipment (19.1) (17.4) (69.7) (48.8)
Additions to intangibles
and other assets (0.5) (1.8) (5.2) (5.7)
Proceeds from sale of
property, plant &
equipment - 0.3 2.3 0.4
Proceeds from insurance
recoveries 0.2 - 1.9 -
Other investing
activities - - - (1.8)
---------- ---------- ---------- ----------
Net cash used in
investing activities (19.4) (27.5) (80.4) (90.2)
---------- ---------- ---------- ----------
Financing Activities
Payments of long-term
debt (0.5) (1.6) (3.3) (6.8)
Borrowings under ABL - - 24.5 224.1
Payments under ABL - - (24.5) (231.9)
Distributions to non-
controlling interests (2.3) (1.8) (5.6) (6.0)
Exercise of options - - - 0.3
Common share repurchase - - (0.3) -
Dividends to
shareholders (5.8) - (5.8) -
Financing fees - 0.1 (1.2) -
---------- ---------- ---------- ----------
Net cash used in
financing activities (8.6) (3.3) (16.2) (20.3)
---------- ---------- ---------- ----------
Effect of exchange rate
changes on cash (0.7) (0.4) 2.1 (0.3)
---------- ---------- ---------- ----------
Net increase in cash & cash
equivalents 91.3 72.7 78.5 52.7
Cash & cash equivalents,
beginning of period 88.1 28.2 100.9 48.2
---------- ---------- ---------- ----------
Cash & cash equivalents, end
of period $ 179.4 $ 100.9 $ 179.4 $ 100.9
========== ========== ========== ==========
Supplemental Noncash
Financing Activities:
Capital lease additions $ 0.3 $ 0.1 $ 1.0 $ 0.2
Common stock repurchased
through accrued
expenses $ 2.9 $ - $ 2.9 $ -
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
29, 2012 31, 2011 29, 2012 31, 2011
---------- ---------- ---------- ----------
Revenue
North America $ 384.3 $ 421.1 $ 1,707.4 $ 1,809.3
United Kingdom 117.0 111.1 473.2 447.9
Mexico 9.8 11.5 38.8 51.8
RCI 6.1 5.5 31.2 25.6
---------- ---------- ---------- ----------
$ 517.2 $ 549.2 $ 2,250.6 $ 2,334.6
========== ========== ========== ==========
Operating income (loss)
North America $ 10.9 $ (0.2) $ 78.3 $ 70.4
United Kingdom 5.6 4.8 27.1 27.5
Mexico (0.4) (1.4) (3.6) (4.4)
RCI 0.8 1.1 7.9 7.2
---------- ---------- ---------- ----------
$ 16.9 $ 4.3 $ 109.7 $ 100.7
========== ========== ========== ==========
Volume - 8 oz equivalent
cases - Total Beverage
(including concentrate)
North America 165.3 188.4 739.2 808.7
United Kingdom 49.6 51.7 204.1 209.0
Mexico 6.6 8.2 25.6 37.1
RCI 58.0 55.1 278.2 259.4
---------- ---------- ---------- ----------
279.5 303.4 1,247.1 1,314.2
========== ========== ========== ==========
Volume - 8 oz equivalent
cases - Filled Beverage
North America 145.9 170.3 651.5 727.6
United Kingdom 46.4 48.9 189.5 194.7
Mexico 6.6 8.2 25.6 37.1
RCI 0.1 0.1 0.4 0.1
---------- ---------- ---------- ----------
199.0 227.5 867.0 959.5
========== ========== ========== ==========
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 29, 2012
-------------------------------------------
North United
Cott(1) America Kingdom Mexico RCI
-------- -------- -------- ------ -----
Change in revenue $ (32.0) $ (36.8) $ 5.9 $ (1.7) $ 0.6
Impact of foreign exchange(2) (2.8) (0.3) (2.3) (0.2) -
-------- -------- -------- ------ -----
Change excluding foreign
exchange $ (34.8) $ (37.1) $ 3.6 $ (1.9) $ 0.6
-------- -------- -------- ------ -----
Percentage change in revenue -5.8% -8.7% 5.3% -14.8% 10.9%
-------- -------- -------- ------ -----
Percentage change in revenue
excluding foreign exchange -6.3% -8.8% 3.2% -16.5% 10.9%
-------- -------- -------- ------ -----
For the Year Ended
-------------------------------------------
(in millions of U.S. dollars,
except percentage amounts) December 29, 2012
-------------------------------------------
North United
Cott(1) America Kingdom Mexico RCI
-------- -------- -------- ------ -----
Change in revenue $ (84.0) $ (101.9) $ 25.3 $(13.0) $ 5.6
Impact of foreign exchange(2) 14.4 4.7 6.0 3.7 -
-------- -------- -------- ------ -----
Change excluding foreign
exchange $ (69.6) $ (97.2) $ 31.3 $ (9.3) $ 5.6
-------- -------- -------- ------ -----
Percentage change in revenue -3.6% -5.6% 5.6% -25.1% 21.9%
-------- -------- -------- ------ -----
Percentage change in revenue
excluding foreign exchange -3.0% -5.4% 7.0% -18.0% 21.9%
-------- -------- -------- ------ -----
(1) Cott includes the following reporting segments: North America, United
Kingdom, Mexico and RCI.
(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
29, 2012 31, 2011 29, 2012 31, 2011
---------- ---------- ----------- ----------
Net income (loss) attributed
to Cott Corporation $ 2.3 $ (11.9) $ 47.8 $ 37.6
Interest expense, net 13.6 13.7 54.2 57.1
Income tax (benefit) expense (0.9) 1.0 4.6 (0.7)
Depreciation & amortization 25.5 23.9 97.7 95.3
Net income attributable to
non-controlling interests 1.1 0.5 4.5 3.6
---------- ---------- ----------- ----------
EBITDA $ 41.6 $ 27.2 $ 208.8 $ 192.9
Asset impairments
Asset impairments - 0.6 - 0.6
Intangible asset
impairments - 1.4 - 1.4
Acquisition adjustments
Earnout adjustment 0.6 - 0.6 0.9
Inventory step-up (step-
down) - 0.3 0.1 (3.5)
Integration costs 0.3 0.8 3.4 3.8
Legal accrual - 2.1 - 2.9
---------- ---------- ----------- ----------
Adjusted EBITDA $ 42.5 $ 32.4 $ 212.9 $ 199.0
========== ========== =========== ==========
EXHIBIT 7
COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - FREE CASH FLOW
(in millions of U.S. dollars)
Unaudited
For the Three Months Ended
------------------------------
December 29, December 31,
2012 2011
-------------- --------------
Net cash provided by operating activities $ 120.0 $ 103.9
Less: Capital expenditures (19.1) (17.4)
-------------- --------------
Free Cash Flow $ 100.9 $ 86.5
============== ==============
For the Year Ended
------------------------------
December 29, December 31,
2012 2011
-------------- --------------
Net cash provided by operating activities $ 173.0 $ 163.5
Less: Capital expenditures (69.7) (48.8)
-------------- --------------
Free Cash Flow $ 103.3 $ 114.7
============== ==============
FOR FURTHER INFORMATION PLEASE CONTACT:
Michael C. Massi
Investor Relations
Tel: (813) 313-1786
Investorrelations@cott.com
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