Cott Corporation Settles Contract Dispute With Crown, Cork & Seal and Reaffirms Guidance for 2002.Business Editors TORONTO--(BUSINESS WIRE)--March 1, 2002 (All information in U.S. Dollars) Cott Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : COTT; 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 ) today announced the settlement of its previously disclosed aluminum can supply contract dispute with Crown, Cork & Seal Company, Inc. (NYSE NYSE See: New York Stock Exchange :CCK (Complimentary Code Keying) A direct sequence spread spectrum (DSSS) coding method used in the 802.11b wireless LAN standard for 5.5 and 11 Mbps. The slower 1 and 2 Mbps specifications use Barker coding which has a chip rate of 11 compared to 8 in CCK. ). The dispute had led to a lawsuit being filed in the United States Federal Court for the Eastern District of Pennsylvania in November, 2001 in which each party advanced claims against the other. This lawsuit, including all claims of both parties, has now been dismissed. Under the settlement the companies have agreed to a long-term supply arrangement, the terms of which were not disclosed. Cott does not expect the outcome to have a material impact. At the same time, the Company reaffirmed its current guidance for 2002, saying that it expects to grow sales by 8% - 10%, achieve earnings per share of 70 cents to 72 cents before the one-time charges previously described in the Company's year-end earnings release and generate EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of more than $160 million for the year. About Cott Corporation Cott Corporation is the world's largest retailer brand soft drink supplier, with the leading take home carbonated soft drink market shares in this segment in its core markets of the U.S., Canada and the U.K. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statements This press release contains forward-looking statements reflecting management's current expectations regarding future results of operations, economic performance, financial condition and achievements of the Company. 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, and include, without limitation, stability of procurement costs for raw and packaging materials, adverse weather conditions, competitive activities by national, regional and retailer brand beverage manufacturers, the Company's ability to integrate acquired business into its operations, fluctuations in currency versus the U.S. dollar, the uncertainties of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , and retailers' continued commitment to their retailer brand beverage programs. The foregoing list of factors is not exhaustive. The Company undertakes no obligation to publicly update or revise any forward-looking statements. Cott Corporation Contacts: Media Relations: Rod Jimenez (416)203-5606 Investor Relations: Edmund O'Keeffe (416)203-5617 |
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