Cott Corporation (NYSE: COT) (TSX: BCB) today announced its results for the
second quarter ended June 29, 2013 and the declaration of a quarterly dividend
of CAD$0.06 per common share.
Second Quarter 2013 Results
Company returned approximately $17 million to shareholders through dividends and
share repurchases.
Revenue of $564 million was lower by 10% (9% excluding the impact of foreign
exchange) compared to $626 million.
Gross profit as a percentage of revenue was 13.6% compared to 14.7%.
Selling, general and administrative ("SG&A") expenses of $42 million were
lower by 15% compared to $49 million.
Adjusted net income and adjusted earnings per diluted share were $20 million and
$0.20, respectively, compared to $26 million and $0.27 in the prior year,
respectively. Reported net income and earnings per diluted share were $17
million and $0.17, respectively, compared to $25 million and $0.26 in the prior
year, respectively.
Adjusted EBITDA was $61 million compared to $68 million. Reported EBITDA was $58
million compared to $67 million.
Free cash flow increased 6% to $20 million arising from $34 million of net cash
provided by operating activities less $14 million of capital expenditures.
"Our second quarter results continued to reflect the same challenging market and
operating trends that impacted our volume and revenue performance in the first
quarter," commented Jerry Fowden, Cott's Chief Executive Officer. "During the
quarter, we continued with our 4 C's approach and announced various SG&A
reduction initiatives in line with our low cost philosophy. As part of our
capital deployment strategy, we also repurchased approximately $6 million of
outstanding shares and approved a quarterly dividend of CAD$0.06. As we look to
the second half of the year, we currently expect our top and bottom line
performance trends to improve compared to the first half," continued Mr. Fowden.
SECOND QUARTER 2013 PERFORMANCE SUMMARY
Total filled beverage case volume (excluding concentrate sales) was 212 million
cases compared to 240 million cases. The volume decline was due primarily to
lower case pack water sales in North America, the general market decline in the
North American carbonated soft drink ("CSD") category, increased promotional
activity from the national brands in North America, and poor weather in the
United Kingdom and Canada.
Revenue was lower by 10% (9% excluding the impact of foreign exchange) at $564
million. The revenue decline was due primarily to lower global volumes slightly
offset by an increase in average price per case on a global basis.
Gross profit as a percentage of revenue was 13.6% compared to 14.7%. The gross
margin reduction was due primarily to lower global volumes which resulted in
unfavorable fixed cost absorption.
SG&A expenses were lower by 15% at $42 million compared to $49 million. The
decrease in SG&A was due primarily to lower employee-related costs compared
to a higher annual incentive accrual in the prior year, lower legal expenses and
reduced costs associated with our information technology strategy.
Income before income taxes was $20 million compared to $30 million.
Income tax expense was $2 million compared to $4 million.
Adjusted net income and adjusted earnings per diluted share were $20 million and
$0.20, respectively, compared to $26 million and $0.27 in the prior year,
respectively. Reported net income and earnings per diluted share were $17
million and $0.17, respectively, compared to $25 million and $0.26 in the prior
year, respectively.
Adjusted EBITDA was $61 million compared to $68 million. Reported EBITDA was $58
million compared to $67 million.
Free cash flow increased 6% to $20 million arising from $34 million of net cash
provided by operating activities less $14 million of capital expenditures.
SECOND QUARTER 2013 REPORTING SEGMENT HIGHLIGHTS
North America filled beverage case volume was 157 million cases compared to 182
million cases and revenue was lower by 12% at $418 million due primarily to
lower case pack water sales, the general market decline in the North American
CSD category, increased promotional activity from the national brands and poor
weather during the quarter, particularly in Canada.
United Kingdom / Europe ("U.K.") filled beverage case volume was 50 million
cases compared to 52 million cases. Revenue was lower by 3% (flat excluding the
impact of foreign exchange) at $128 million. On a currency neutral basis, the
U.K. had favorable product mix.
Mexico filled beverage case volume was 5 million cases compared to 7 million
cases. Revenue was lower by 25% (30% excluding the impact of foreign exchange)
at $8 million due primarily to the exiting of low gross margin business.
RCI concentrate volume was 67 million cases compared to 72 million cases.
Revenue increased 20% to $10 million as a result of business wins and an
increase in average price per case.
Share Repurchase Program
We repurchased approximately 700,000 shares at an average price of $7.99
totaling approximately $6 million during the second quarter in accordance with
our share repurchase program.
Our share repurchase program is subject to compliance with the annual limits
established by the Toronto Stock Exchange, for up to 5% of Cott's outstanding
common shares over a 12-month period commencing on May 22, 2013. Cott's common
shares may be purchased under the program in open market transactions and
privately negotiated repurchases through either a 10b5-1 automatic trading plan
or at management's discretion in compliance with regulatory requirements, and
given market, cost and other considerations.
There can be no assurance as to the precise number of shares, if any, that will
be repurchased under the share repurchase program, or the aggregate dollar
amount of the shares actually purchased. Cott may discontinue purchases at any
time, subject to compliance with applicable regulatory requirements. Shares
purchased pursuant to the share repurchase program will be cancelled.
Declaration of Dividend
Cott has declared a dividend of CAD$0.06 per common share, payable in cash on
September 11, 2013 to shareowners of record at the close of business on August
29, 2013.
Cott intends to pay a regular quarterly dividend on its common shares subject
to, among other things, the best interests of its shareowners, 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.
Second Quarter Results Conference Call
Cott Corporation will host a conference call today, August 1, 2013, at 10:00
a.m. EDT, to discuss second quarter 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 24 eight ounce equivalent servings per case. "Adjusted Net Income
(Loss)" means GAAP earnings (loss) excluding purchase accounting adjustments,
integration expenses, restructuring expenses and asset impairments. "Adjusted
Diluted Earnings Per Share" means Adjusted Net Income divided by diluted
weighted average outstanding shares. "EBITDA" means GAAP earnings (loss) before
interest, taxes, depreciation and amortization. "Adjusted EBITDA" means GAAP
earnings (loss) before interest, taxes, depreciation and amortization, excluding
purchase accounting adjustments, integration expenses, restructuring expenses
and asset impairments. See the accompanying reconciliations of these non-GAAP
measures to the corresponding GAAP measures, as well as the "Non-GAAP Measures"
paragraph below.
Non-GAAP Measures
To supplement its reporting of financial measures determined in accordance with
GAAP, Cott utilizes certain non-GAAP financial measures. Cott excludes from GAAP
revenue the impact of foreign exchange to separate the impact of currency
exchange rate changes from Cott's results of operations. Cott utilizes Adjusted
Net Income, Adjusted Diluted Earnings Per Share, EBITDA and Adjusted EBITDA to
separate the impact of certain items from the underlying business. Because Cott
uses these adjusted financial results in the management of its business,
management believes this supplemental information is useful to investors for
their independent evaluation and understanding of Cott's underlying business
performance and the performance of its management. Additionally, Cott
supplements its reporting of net cash provided by operating activities
determined in accordance with GAAP by excluding capital expenditures to present
free cash flow, which management believes provides useful information to
investors about the amount of cash generated by the business that, after the
acquisition of property and equipment, can be used for strategic opportunities,
including investing in our business, making strategic acquisitions, paying
dividends, and strengthening the balance sheet. The non-GAAP financial measures
described above are in addition to, and not meant to be considered superior to,
or a substitute for, Cott's financial statements prepared in accordance with
GAAP. In addition, the non-GAAP financial measures included in this earnings
announcement reflect management's judgment of particular items, and may be
different from, and therefore may not be comparable to, similarly titled
measures reported by other companies.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 conveying management's expectations as to the future based
on plans, estimates and projections at the time Cott makes the statements.
Forward-looking statements involve inherent risks and uncertainties and Cott
cautions you that a number of important factors could cause actual results to
differ materially from those contained in any such forward-looking statement.
The forward-looking statements contained in this press release include, but are
not limited to, statements related to the declaration of future dividends, the
amount of shares that may be repurchased under the share repurchase program,
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: 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; 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 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 for the fiscal year ended December 29, 2012 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 For the Six Months
Ended Ended
-------------------- --------------------
June 29, June 30, June 29, June 30,
2013 2012 2013 2012
---------- --------- ---------- ---------
Revenue, net $ 563.8 $ 625.8 $ 1,069.2 $ 1,149.6
Cost of sales 487.2 533.5 936.2 993.9
---------- --------- ---------- ---------
Gross profit 76.6 92.3 133.0 155.7
Selling, general and
administrative expenses 41.7 48.8 83.0 90.6
Loss on disposal of property,
plant & equipment 0.3 0.3 0.3 0.9
Restructuring 2.0 - 2.0 -
---------- --------- ---------- ---------
Operating income 32.6 43.2 47.7 64.2
Other (income) expense, net - (0.5) 0.3 (0.7)
Interest expense, net 12.8 13.5 26.1 27.5
---------- --------- ---------- ---------
Income before income taxes 19.8 30.2 21.3 37.4
Income tax expense 1.7 3.9 2.2 4.3
---------- --------- ---------- ---------
Net income $ 18.1 $ 26.3 $ 19.1 $ 33.1
Less: Net income attributable to
non-controlling interests 1.6 1.2 2.6 2.1
---------- --------- ---------- ---------
Net income attributed to Cott
Corporation $ 16.5 $ 25.1 $ 16.5 $ 31.0
========== ========= ========== =========
Net income per common share
attributed to Cott Corporation
Basic $ 0.17 $ 0.27 $ 0.17 $ 0.33
Diluted $ 0.17 $ 0.26 $ 0.17 $ 0.32
Weighted average outstanding
shares (millions) attributed to
Cott Corporation
Basic 95.2 94.5 95.3 94.4
Diluted 96.0 95.5 96.0 95.5
EXHIBIT 2
COTT CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions of U.S. dollars, except share amounts, U.S. GAAP)
Unaudited
------------ ------------
June 29, December 29,
2013 2012
------------ ------------
ASSETS
Current assets
Cash & cash equivalents $ 66.8 $ 179.4
Accounts receivable, net of allowance of $6.1
($6.8 as of December 29, 2012) 266.7 199.4
Income taxes recoverable 0.8 1.2
Inventories 240.0 224.8
Prepaid expenses and other assets 22.7 20.3
------------ ------------
Total current assets 597.0 625.1
Property, plant & equipment, net 492.2 490.9
Goodwill 139.4 130.3
Intangibles and other assets, net 313.6 315.4
Deferred income taxes 2.7 3.3
Other tax receivable 1.2 0.9
------------ ------------
Total assets $ 1,546.1 $ 1,565.9
============ ============
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt $ 2.6 $ 1.9
Accounts payable and accrued liabilities 264.6 287.7
------------ ------------
Total current liabilities 267.2 289.6
Long-term debt 602.1 601.8
Deferred income taxes 44.4 39.1
Other long-term liabilities 23.8 12.5
------------ ------------
Total liabilities 937.5 943.0
Equity
Capital stock, no par - 94,773,326 (December 29,
2012 - 95,371,484) shares issued 394.9 397.8
Additional paid-in-capital 42.9 40.4
Retained earnings 188.7 186.0
Accumulated other comprehensive loss (28.8) (12.4)
------------ ------------
Total Cott Corporation equity 597.7 611.8
Non-controlling interests 10.9 11.1
------------ ------------
Total equity 608.6 622.9
------------ ------------
Total liabilities and equity $ 1,546.1 $ 1,565.9
============ ============
EXHIBIT 3
COTT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of U.S. dollars, U.S. GAAP)
Unaudited
For the Three Months For the Six Months
Ended Ended
-------------------- --------------------
June 29, June 30, June 29, June 30,
2013 2012 2013 2012
--------- --------- --------- ---------
Operating Activities
Net income $ 18.1 $ 26.3 $ 19.1 $ 33.1
Depreciation & amortization 24.9 23.7 49.6 47.5
Amortization of financing fees 0.8 0.9 1.5 2.1
Share-based compensation
expense 1.8 1.4 2.5 2.2
Increase in deferred income
taxes 1.6 4.0 1.6 4.0
Gain on bargain purchase - (0.9) - (0.9)
Loss on disposal of property,
plant & equipment 0.3 0.3 0.3 0.9
Other non-cash items (0.1) 1.0 0.2 0.6
Change in operating assets and
liabilities, net of
acquisition:
Accounts receivable (29.6) (31.3) (57.8) (51.8)
Inventories 2.4 (6.5) (10.8) (23.0)
Prepaid expenses and other
assets (1.4) (4.1) (2.0) (5.9)
Other assets - (0.1) (0.1) 0.9
Accounts payable and accrued
liabilities 15.2 22.1 (28.9) (16.3)
Income taxes recoverable 0.1 1.3 0.3 1.6
--------- --------- --------- ---------
Net cash provided by (used
in) operating activities 34.1 38.1 (24.5) (5.0)
--------- --------- --------- ---------
Investing Activities
Acquisition, net of cash
acquired (6.5) - (6.5) (5.0)
Additions to property, plant &
equipment (14.6) (19.7) (34.5) (37.4)
Additions to intangibles and
other assets (1.7) (1.0) (1.9) (3.7)
Proceeds from sale of assets
held for sale - 1.0 - 1.0
Proceeds from insurance
recoveries - - 0.4 -
--------- --------- --------- ---------
Net cash used in investing
activities (22.8) (19.7) (42.5) (45.1)
--------- --------- --------- ---------
Financing Activities
Payments of long-term debt (19.1) (1.4) (19.6) (2.6)
Borrowings under ABL - 17.5 - 24.5
Payments under ABL - (17.5) - (24.5)
Distributions to non-
controlling interests (0.7) (0.3) (2.8) (1.4)
Common shares repurchased and
cancelled (5.5) (0.3) (8.4) (0.3)
Dividends to shareholders (11.2) - (11.2) -
--------- --------- --------- ---------
Net cash used in financing
activities (36.5) (2.0) (42.0) (4.3)
--------- --------- --------- ---------
Effect of exchange rate changes
on cash (1.0) (0.9) (3.6) 0.6
--------- --------- --------- ---------
Net increase (decrease) in cash
& cash equivalents (26.2) 15.5 (112.6) (53.8)
Cash & cash equivalents,
beginning of period 93.0 31.6 179.4 100.9
--------- --------- --------- ---------
Cash & cash equivalents, end of
period $ 66.8 $ 47.1 $ 66.8 $ 47.1
========= ========= ========= =========
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 For the Six Months
Ended Ended
-------------------- --------------------
June 29, June 30, June 29, June 30,
2013 2012 2013 2012
---------- --------- --------- ---------
Revenue
North America $ 418.1 $ 475.7 $ 811.3 $ 883.8
United Kingdom 127.9 131.5 225.3 230.7
Mexico 7.7 10.2 15.1 19.3
RCI 10.1 8.4 17.5 15.8
---------- --------- --------- ---------
$ 563.8 $ 625.8 $ 1,069.2 $ 1,149.6
========== ========= ========= =========
Operating income (loss)
North America $ 20.9 $ 31.2 $ 34.7 $ 48.5
United Kingdom 9.1 10.5 9.1 13.7
Mexico 0.3 (0.9) (0.4) (2.2)
RCI 2.3 2.4 4.3 4.2
---------- --------- --------- ---------
$ 32.6 $ 43.2 $ 47.7 $ 64.2
========== ========= ========= =========
Volume - 8 oz equivalent cases -
Total Beverage (including
concentrate)
North America 175.0 204.2 347.6 383.8
United Kingdom 54.4 55.7 98.9 100.6
Mexico 4.8 6.7 9.7 12.6
RCI 67.2 71.7 130.7 142.7
---------- --------- --------- ---------
301.4 338.3 586.9 639.7
========== ========= ========= =========
Volume - 8 oz equivalent cases -
Filled Beverage
North America 156.5 181.9 304.5 338.3
United Kingdom 50.0 51.7 90.1 92.6
Mexico 4.8 6.7 9.7 12.6
RCI 0.3 - 0.5 -
---------- --------- --------- ---------
211.6 240.3 404.8 443.5
========== ========= ========= =========
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) June 29, 2013
-----------------------------------------------
North United
Cott(1) America Kingdom Mexico RCI
------- --------- --------- ------- -------
Change in revenue $ (62.0) $ (57.6) $ (3.6) $ (2.5) $ 1.7
Impact of foreign
exchange(2) 3.9 0.8 3.7 (0.6) -
------- --------- --------- ------- -------
Change excluding foreign
exchange $ (58.1) $ (56.8) $ 0.1 $ (3.1) $ 1.7
------- --------- --------- ------- -------
Percentage change in
revenue -9.9% -12.1% -2.7% -24.5% 20.2%
------- --------- --------- ------- -------
Percentage change in
revenue excluding foreign
exchange -9.3% -11.9% 0.1% -30.4% 20.2%
------- --------- --------- ------- -------
For the Six Months Ended
-----------------------------------------------
(in millions of U.S.
dollars, except percentage
amounts) June 29, 2013
-----------------------------------------------
North United
Cott(1) America Kingdom Mexico RCI
------- --------- --------- ------- -------
Change in revenue $ (80.4) $ (72.5) $ (5.4) $ (4.2) $ 1.7
Impact of foreign
exchange(2) 4.5 0.9 4.4 (0.8) -
------- --------- --------- ------- -------
Change excluding foreign
exchange $ (75.9) $ (71.6) $ (1.0) $ (5.0) $ 1.7
------- --------- --------- ------- -------
Percentage change in
revenue -7.0% -8.2% -2.3% -21.8% 10.8%
------- --------- --------- ------- -------
Percentage change in
revenue excluding foreign
exchange -6.6% -8.1% -0.4% -25.9% 10.8%
------- --------- --------- ------- -------
(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 For the Six Months
Ended Ended
--------------------- ---------------------
June 29, June 30, June 29, June 30,
2013 2012 2013 2012
---------- ---------- ---------- ----------
Net income attributed to Cott
Corporation $ 16.5 $ 25.1 $ 16.5 $ 31.0
Interest expense, net 12.8 13.5 26.1 27.5
Income tax expense 1.7 3.9 2.2 4.3
Depreciation & amortization 24.9 23.7 49.6 47.5
Net income attributable to non-
controlling interests 1.6 1.2 2.6 2.1
---------- ---------- ---------- ----------
EBITDA $ 57.5 $ 67.4 $ 97.0 $ 112.4
Restructuring 2.0 - 2.0 -
Acquisition adjustments
Inventory step-up 0.3 - 0.3 -
Acquisition costs 0.9 - 1.5 -
Integration costs - 0.8 - 1.8
---------- ---------- ---------- ----------
Adjusted EBITDA $ 60.7 $ 68.2 $ 100.8 $ 114.2
========== ========== ========== ==========
EXHIBIT 7
COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - FREE CASH FLOW
(in millions of U.S. dollars)
Unaudited
For the Three Months Ended
--------------------------
June 29, June 30,
2013 2012
------------ ------------
Net cash provided by operating activities $ 34.1 $ 38.1
Less: Capital expenditures (14.6) (19.7)
------------ ------------
Free Cash Flow $ 19.5 $ 18.4
============ ============
For the Six Months Ended
--------------------------
June 29, June 30,
2013 2012
------------ ------------
Net cash used in operating activities $ (24.5) $ (5.0)
Less: Capital expenditures (34.5) (37.4)
------------ ------------
Free Cash Flow $ (59.0) $ (42.4)
============ ============
EXHIBIT 8
COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - EARNINGS PER DILUTED SHARE (EPS)
(in millions of U.S. dollars, except share and per share amounts)
Unaudited
For the Three Months For the Six Months
Ended Ended
--------------------- ---------------------
June 29, June 30, June 29, June 30,
2013 2012 2013 2012
---------- ---------- ---------- ----------
Net income attributed to Cott
Corporation $ 16.5 $ 25.1 $ 16.5 $ 31.0
Restructuring, net of tax 1.9 - 1.9 -
Acquisition adjustments, net of
tax
Inventory step-up 0.3 - 0.3 -
Acquisition costs 0.8 - 1.3 -
Integration costs - 0.8 - 1.8
---------- ---------- ---------- ----------
Adjusted net income attributed
to Cott Corporation $ 19.5 $ 25.9 $ 20.0 $ 32.8
========== ========== ========== ==========
Adjusted net income per common
share attributed to Cott
Corporation
Basic $ 0.20 $ 0.27 $ 0.21 $ 0.35
Diluted $ 0.20 $ 0.27 $ 0.21 $ 0.34
Weighted average outstanding
shares (millions) attributed to
Cott Corporation
Basic 95.2 94.5 95.3 94.4
Diluted 96.0 95.5 96.0 95.5
FOR FURTHER INFORMATION PLEASE CONTACT:
Michael C. Massi
Investor Relations
Tel: (813) 313-1786
Investorrelations@cott.com
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