Cott CEO Says Company is 'Revitalized'; Cites Improved Performance Based on Key Strategies.

Business Editors

TORONTO--(BUSINESS WIRE)--May 3, 2000

Cott Corporation (NASDAQ:COTT) (TSE:BCB.)

All information in US dollars

Cott Corporation (NASDAQ:COTT) (TSE:BCB.) President and Chief Executive Officer Frank E. Weise told shareowners today at the company's annual general meeting that Cott is "revitalized" following two years of focusing on its customers and its core business.

"Cott is a company on the move!" Weise told attendees at this year's annual general meeting, held in Toronto's du Maurier Theatre Centre.

He said the company's improved performance was the result of executing three key strategies over the two years since he arrived at Cott: "Focus on Core", "Fixing the Cost Structure" and "Strengthen and Grow."

Sales for Cott's 15 largest customers rose 13 percent in 1999. "We restored quality and customer service, launched a team to drive innovation, and we shed non-strategic businesses."

"Importantly, we are continuing to make our assets 'sweat', getting more value out of our existing asset base."

As for "Strengthen and Grow," Weise said the company has implemented a "results-oriented culture," featuring shared goals and values, including accountability, teamwork and sharing.

"In 1999 we delivered on our operating financial budget in the U.S. and Canada, although our U.K. business was significantly short versus plan as it presses forward on a difficult transition to success."

Weise noted that the company's forward momentum continues, as evidenced by the previously announced first quarter 2000 results in which the company reported its fifth consecutive profitable quarter.

For the quarter, Cott reported net income of $2 million, or three cents a share, versus net income before a change in accounting principle of $800,000 last year, or one cent per share.

Net income growth was driven by a more favorable product mix and improved operating efficiencies. Gross margin expanded to 16.3 percent of sales.

First quarter sales were $213.8 million compared to $232.2 million in last year's first quarter. Excluding the impact of divested businesses, sales were 2.4 percent lower than last year. Continued strong performance in the U.S. was offset by weakness in the U.K. market.

"I have a great deal of confidence in our company and its future," Weise told shareowners. "This confidence comes from our outstanding products and our single-minded focus on quality and customers. Most of all, my confidence comes from Cott employees who are working harder, working smarter and working together to build a bright future for all of us. They are responsible for the revitalization of Cott."

Also at the annual general meeting, the company awarded its second annual Gerald N. Pencer Award for Excellence and Innovation to three employees from Cott U.S.A., whose teamwork and focused effort resulted in signing up a major new customer representing an estimated $14 million in annual sales. The winners were Tampa-based Billie Huttegger, production planning manager, and Wanda Dees, customer service manager, and St. Louis-based Ken Korns, director of sales and business development. The award, named after Cott's late founder, includes a prize of $10,000 in Cott stock.

During the formal business meeting, PriceWaterhouseCoopers was re-appointed auditor to the company. Shareowners also reelected the 11-member Cott Board of Directors, consisting of Colin J. Adair, W. John Bennett, C. Hunter Boll, Serge Gouin, Thomas M. Hagerty, Stephen H. Halperin, David V. Harkins, True H. Knowles, Fraser D. Latta, Donald G. Watt, and Frank E. Weise.

Cott is the world's largest retailer brand beverage supplier, with major manufacturing facilities in its three core markets of Canada, the U.K. and the U.S.

Safe harbor Statements

This news release may contain forward-looking statements relating to the future performance of Cott. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate securities commissions.