Cott Reports Second Quarter 2011 Results
(firmenpresse) - TORONTO and TAMPA, FL -- (Marketwire) -- 08/03/11 -- Cott Corporation (NYSE: COT) (TSX: BCB)
Revenue increased 51% to $640 million. Excluding the impact of the Cliffstar acquisition and foreign exchange, revenue increased 9%.
Gross profit as a percentage of revenue was 13.8% compared to 17.3% in the prior year and 13.0% in the first quarter of 2011.
Operating income increased 10% to $43 million. Excluding Cliffstar purchase accounting adjustments and integration expenses, adjusted operating income was $47 million.
EBITDA increased 25% to $67 million. Excluding Cliffstar purchase accounting adjustments and integration expenses, adjusted EBITDA was $66 million.
Net income and earnings per diluted share were $27 million and $0.28, respectively, compared to $22 million and $0.28 in the prior year, respectively. Excluding Cliffstar purchase accounting adjustments and integration expenses, second quarter 2011 adjusted net income and adjusted earnings per diluted share were $30 million and $0.32, respectively.
(All information in U.S. dollars; all second quarter 2011 comparisons
are relative to the second quarter of 2010. See accompanying reconciliation of non-GAAP financial measures to the nearest comparable GAAP measures.)
Cott Corporation (NYSE: COT) (TSX: BCB) today announced its results for the second quarter ended July 2, 2011. Second quarter 2011 revenue was $640 million compared to $425 million. The Cliffstar business, which was acquired in the third quarter of 2010, contributed $162 million of the increase in revenue. Operating income increased 10% to $43 million. Excluding Cliffstar purchase accounting adjustments and integration expenses, adjusted operating income was $47 million. EBITDA was $67 million, compared to $54 million. Excluding Cliffstar purchase accounting adjustments and integration expenses, adjusted EBITDA was $66 million. Net income and earnings per diluted share were $27 million and $0.28, respectively, compared to $22 million and $0.28, respectively. Excluding Cliffstar purchase accounting adjustments and integration expenses, adjusted net income and adjusted earnings per diluted share were $30 million and $0.32, respectively, compared to $22 million and $0.28, respectively.
"Our second quarter results included volume and revenue growth both globally and in North America, Mexico and the U.K. During the quarter, we also realized additional tax benefits which we expect to be on-going and which positively impacted our financial results in the quarter," commented Jerry Fowden, Cott's Chief Executive Officer. "Despite continued commodity and fuel cost headwinds, we remain focused on delivering another year of significant cash generation," continued Mr. Fowden.
Filled beverage case volume increased 27% (9% excluding Cliffstar) driven by higher volumes in North America, Mexico and the United Kingdom / Europe ("U.K.").
Revenue increased 51% (9% excluding Cliffstar and the impact of foreign exchange). Increased revenues were driven by higher volumes in North America, Mexico and the U.K., which more than offset lower volumes in RCI during the quarter.
Gross profit as a percentage of revenue was 13.8% compared to 17.3% last year and 13.0% for the first quarter of 2011. The year-over-year decline in gross profit as a percentage of revenue was primarily attributable to the adverse impact of higher commodity and fuel costs.
Selling, general and administrative ("SG&A") expenses were $45 million compared to $35 million. Excluding Cliffstar and integration expenses, SG&A expenses were $37 million. The increase in SG&A excluding Cliffstar and integration expenses was driven by employee-related costs, information technology costs and professional fees.
Operating income increased 10% to $43 million. Excluding Cliffstar purchase accounting adjustments and integration expenses, adjusted operating income was $47 million.
EBITDA was $67 million compared to $54 million. Excluding Cliffstar purchase accounting adjustments and integration expenses, adjusted EBITDA was $66 million.
Cash provided by operating activities was $21 million and capital expenditures were $11 million.
North America filled beverage case volume increased 35% to 199 million cases (9% excluding Cliffstar). Revenue increased 63% to $491 million. Excluding the impact of the Cliffstar acquisition and foreign exchange, revenue increased 8% due to higher average prices offset by an adverse product mix. Operating income was $30 million.
U.K. filled beverage case volume increased 7% to 54 million cases. Revenue increased 25% to $126 million (15% excluding the impact of foreign exchange), driven by increased volumes and a continued favorable product mix. Revenue in the energy and sports isotonic categories increased 36%. Operating income was $11 million.
Mexico filled beverage case volume increased 17% to 12 million cases. Revenue increased 15% to $16 million (7% excluding the impact of foreign exchange).
RCI concentrate volume declined 33% to 62 million cases primarily due to the timing of shipments. Revenue declined 24% to $7 million. Operating income was $2.1 million.
Cott Corporation will host a conference call today, August 3, 2011, 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 . 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.
Cott is the world's largest retailer brand beverage company. With approximately 4,000 employees, Cott operates soft drink, juice, water and other beverage bottling facilities in the United States, Canada, the United Kingdom and Mexico. Cott markets beverage concentrates in over 40 countries around the world.
Cott supplements its reporting of revenue determined in accordance with GAAP by excluding the impact of foreign exchange to separate the impact of currency exchange rate changes from Cott's results of operations and, in some cases, by excluding the impact of the Cliffstar acquisition. Cott supplements its reporting of net income, operating income and earnings per diluted share in accordance with GAAP and its reporting of earnings before interest, taxes, depreciation and amortization by excluding Cliffstar purchase accounting adjustments and integration expenses to separate the impact of these items from the underlying business. Additionally, Cott supplements its reporting of SG&A in accordance with GAAP by excluding the impact of Cliffstar and integration expenses. Because Cott uses these adjusted financial results in the management of its business and to understand business performance independent of the Cliffstar acquisition, 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. 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.
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 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 realize the expected benefits of the Cliffstar acquisition because of integration difficulties and other challenges; risks associated with the asset purchase agreement in connection with the Cliffstar acquisition; the effectiveness of Cliffstar's system of internal control over financial reporting; significant transaction -- and acquisition -- related costs that Cott incurred in connection with the Cliffstar acquisition; 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 Wal-Mart; 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 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 ability of Cott to remediate identified material weaknesses; 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; the volatility of Cott's stock price; Cott's ability to maintain compliance with the listing requirements of the New York Stock Exchange; Cott's ability to renew its collective bargaining agreements on satisfactory terms; and disruptions in Cott's information systems.
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 January 1, 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:
Michael C. Massi
Investor Relations
Tel: (813) 313-1786
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Datum: 03.08.2011 - 12:00 Uhr
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