Cott Announces New CEO and Major New Investor; Reports Quarterly Results.TORONTO--(BUSINESS WIRE)--June 12, 1998--Cott Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BCB BCB Banco Central do Brasil (Brazil's central bank) BCB Borland C++ Builder BCB Bangladesh Cricket Board BCB Benzocyclobutene (low loss dielectric substrate) BCB Bumiputra-Commerce Bank BCB Broadcast Band .)(ME:BCB.) Cott Corporation announced two major actions designed to enhance business performance. The Board of Directors elected a new President and Chief Executive Officer for the beverage company, Frank E. Weise, III. At the same time, Cott's board made known a significant investment in the Company by Thomas H. Lee Company, a widely respected private investment group, headquartered in Boston. Results for the Company's first quarter ending May 2 were also announced today. Cash operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $32.9 million compared to $34.5 million in the same period of the prior year --- a decline of 5 percent. Global sales revenue rose 6 percent to a record first quarter of $368 million with 11 percent increase in volume. Earnings from continuing operations were $3.2 million or $0.05 per share compared to $11.8 million or $0.18 per share for the same period last year. Net earnings were $3.2 million compared with $10.9 million last year. Mr. Weise was also elected a member of the Company's Board of Directors. He joins Cott with over 30 years experience in nationally branded and retailer branded consumer packaged goods. Following executive roles at Campbell Soup Company Campbell Soup Company (NYSE: CPB) (also known as Campbell's) is a well-known American producer of canned soups and related products. Campbell's products are sold in 120 countries around the world. It is headquartered in Camden, New Jersey. and Procter & Gamble, he most recently served as Chairman and Chief Executive Officer of Confab, a leading U.S. maker of retailer branded feminine hygiene and continence continence /con·ti·nence/ (kon´tin-ens) the ability to control natural impulses.con´tinent con·ti·nence n. 1. Self-restraint; moderation. 2. products. In other management moves, it was announced that Serge Gouin has been appointed non-executive chairman of the board of directors. True Knowles, who served as chairman of the Executive Management Committee since June 1997, will remain as a Board member. He will also assist Mr. Weise during a transition period. Highlights of the first quarter included record sales based on ongoing volume growth. Solid cash operating profits were fueled by volume gains in core markets, notably in the United Kingdom. Higher fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). coupled with intense price competition in North America led to a decline in gross profit margins from 17.4 percent last year to 15.7 percent for this year's quarter. CONTACT: Cott Corporation Fraser D. Latta, 416/ 203-3898 |
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