Cott Extends Profitable Performance; Recording Higher Sales And Earnings For 3rd Consecutive Quarter.TORONTO--(BUSINESS WIRE)--Oct. 31, 1999-- (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 COTT Committee Of Ten Thousand COTT Copyright Organisation of Trinidad and Tobago COTT Community Outreach Treatment Team (Buffalo, New York) COTT Compressed Optical Theoretical Trajectory COTT Cross-Office Transfer Time ) (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.) ALL INFORMATION IN US $ Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. Rises 32 % Through Three Quarters Cott Corporation today announced third quarter results extending the company's profitable performance to three consecutive quarters. For the quarter ended October October: see month. 2, 1999, Cott reported earnings of 15 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. bringing this year's first nine months earnings to 28 cents per share, before the change in accounting principle. Third quarter performance reflects a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gain of 10 cents per share from the sale of a minority interest in Menu Foods Limited. "Earnings from operations this quarter grew four-fold Adj. 1. four-fold - having four units or components; "quadruple rhythm has four beats per measure"; "quadruplex wire" quadruple, quadruplex, quadruplicate, fourfold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and more than doubled in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of ," said Frank E. Weise, president and chief executive officer. "In the United Kingdom, positive earnings versus a loss last year show that we are beginning to stabilize stabilize See peg. our position there. Overall, our performance is a credit to the Cott teams, particularly in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , whose contributions have built forward momentum throughout the year." Corporate Review For the quarter, operating income totaled $12.4 million vs. a loss of $0.1 million last year. For the first nine months, operating income rose 32% to $40.4 million vs. $30.5 million in the previous year. Sales for the quarter increased 7.0 % to $261.0 million compared with $244.0 million a year ago. For the first three quarters, sales were $781.5 million vs. $812.2 million last year. Earnings per share were 15 cents for the quarter and 28 cents for the first nine months, before the change in accounting principle, versus losses of 98 cents and 80 cents , respectively, last year after unusual items. (Before unusual items, 1998 third quarter loss was 10 cents per share, 6 cents per share positive income for the first nine months of the year.) On a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, before the change in accounting principle, the company reported earnings of 13 cents per share for the quarter ended October 2, 1999 and 26 cents for the first nine months of the year. Importantly, the company achieved a $28.6 million positive operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. for the first nine months of the year, a $62.4 million improvement as compared to last year's $33.8 million operating cash outflow for the same period. Operating cash flow is net cash earned from operating activities minus capital expenditures. Segment results below are reported and compared before the effect of the charge for unusual items taken in the third quarter of last fiscal year. The company also noted that this year's quarterly results reflected its shift to calendar-year reporting, meaning this year's third quarter included July-August-September vs. August-September-October in the previous year. United States Sales in the U.S. set a quarterly record as they rose 21 % to $161.0 million from $132.8 million reported last year. Volume was driven by the top ten customers, up 30 % from the third quarter last year. Operating income jumped to $12.4 million from $3.2 million last year. Higher margins resulted from gains in manufacturing efficiency throughout the U.S. plants. Customer service levels were also significantly enhanced. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. sales reached $474.4 million, up 6.7 % from $444.8 million a year ago, and operating income increased to $36.0 million from $24.2 million. United Kingdom/Europe Third quarter sales in the U.K. declined to $51.3 million from $59.1 million. This decline in sales was primarily a result of deliberate Willful; purposeful; determined after thoughtful evaluation of all relevant factors; dispassionate. To act with a particular intent, which is derived from a careful consideration of factors that influence the choice to be made. business streamlining efforts to improve profitability. These included sale of the Featherstone This article is about the Yorkshire town. For other references, see Featherstone (disambiguation). Featherstone Featherstone is a town in the City of Wakefield district, in West Yorkshire, England. plant and related business earlier this year and divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of the Norway Norway, Nor. Norge, officially Kingdom of Norway, constitutional monarchy (2005 est. pop. 4,593,000), 125,181 sq mi (324,219 sq km), N Europe, occupying the western part of the Scandinavian peninsula. business in the third quarter 1998. Operating income for the quarter was $0.5 million versus a loss of $0.3 million a year ago. Nine-month sales were $154.8 million, down from $196.4 million last year. Year-to-date operating income was $3.7 million compared with $9.2 million in 1998. Canada Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. sales climbed 16% to $46.1 million versus $39.6 million in the third quarter last year. The company's strong customer emphasis resulted in a 22 % volume gain among the top 5 accounts. Operating income more than doubled to $4.7 million from $1.8 million last year with greater efficiencies in plants and blowmolding operations. Cost controls also brought improvements in warehousing and supply chain operations. On a nine-month basis, sales were $131.8 million compared with $135.7 million last year, operating income rose to $13.2 million from $9.7 million a year ago. Cott is the world's largest retailer brand beverage supplier, with manufacturing facilities in core markets of Canada, the U.S. 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 news release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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.
COTT CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in millions of US dollars except per share amounts, US GAAP)
Unaudited
For the three months ended For the nine months ended
----------------------------------------------------------------
October 2, October 31, October 2, October 31,
1999 1998 1999 1998
----------------------------------------------------------------
Sales $261.0 $244.0 $781.5 $812.2
Cost of
sales 222.3 220.4 669.8 710.2
----------------------------------------------------------------
Gross profit 38.7 23.6 111.7 102.0
Selling,
general and
administrative
expenses 26.3 23.7 71.3 71.5
Unusual items - 74.3 - 74.3
----------------------------------------------------------------
Operating
income 12.4 (74.4) 40.4 (43.8)
Other expenses
(income), net (5.7) 0.1 (5.5) 0.2
Interest
expense, net 8.9 8.7 27.0 26.5
----------------------------------------------------------------
Income (loss)
before income
taxes, equity
income and
minority
interest 9.2 (83.2) 18.9 (70.5)
Income taxes (0.9) 22.3 (3.0) 18.5
Equity income
(loss) 0.4 (0.1) 0.9 1.0
Minority
interest - 0.1 - -
----------------------------------------------------------------
Income (loss)
before change
in accounting
principle 8.7 (60.9) 16.8 (51.0)
Cumulative
effect of
change in
accounting
principle,
net of tax - (7.4) (2.1) (7.4)
----------------------------------------------------------------
Net income
(loss) $8.7 $(68.3) $14.7 $(58.4)
----------------------------------------------------------------
----------------------------------------------------------------
Income (loss)
per common
share:
Income (loss)
before change
in accounting
principle $0.15 $(0.98) $0.28 $(0.80)
Cumulative
effect of
change in
accounting
principle - $(0.12) $(0.03) $(0.12)
Net income
(loss) $0.15 $(1.10) $0.25 $(0.92)
Diluted income
(loss) per
common share:
Income (loss)
before change
in accounting
principle $0.13 $(0.98) $0.26 $(0.80)
Cumulative
effect of
change in
accounting
principle - $(0.12) $(0.03) $(0.12)
Net income
(loss) $0.13 $(1.10) $0.23 $(0.92)
COTT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of US dollars, US GAAP)
Unaudited
For the nine months ended
----------------------------------------------------------------
October 2, 1999 October 31, 1998
----------------------------------------------------------------
Operating Activities
Income (loss)
before change
in accounting
principle $16.8 $(51.0)
Depreciation and
amortization 29.9 37.6
Deferred income taxes - (18.5)
Equity income (0.9) (1.0)
Gain on disposal of
long-term investment (5.9) -
Loss (gain) on sale
of property, plant
and equipment 0.1 (0.3)
Non-cash unusual items - 43.4
Other non-cash items 0.3 -
Net change in non-cash
working capital from
continuing operations 3.2 (6.6)
----------------------------------------------------------------
Net cash provided by
operating activities 43.5 3.6
Investing Activities
Additions to property,
plant and equipment (14.9) (37.4)
Proceeds from disposals
of businesses 38.0 -
Proceeds from disposal
of property, plant and
equipment 1.1 3.9
Acquisitions and
investments - (2.9)
Other investing
activities (2.9) (6.0)
----------------------------------------------------------------
Net cash provided
by (used in) investing
activities 21.3 (42.4)
Financing Activities
Payments of long-term
debt (33.2) (29.5)
Short-term borrowings (21.4) 2.6
Common shares purchased
and cancelled - (23.3)
Issue of common shares - 0.7
Issue of preferred shares - 40.0
Share issue expense - (1.8)
Dividends paid - (2.2)
----------------------------------------------------------------
Net cash used in
financing activities (54.6) (13.5)
Net cash used in
discontinued
operations (0.5) (0.5)
Effect of exchange
rate changes on
cash and cash
equivalents 0.6 (4.2)
----------------------------------------------------------------
Net increase (decrease)
in cash and cash equivalents 10.3 (57.0)
Cash and cash equivalents,
beginning of period 28.1 103.6
----------------------------------------------------------------
Cash and cash equivalents,
end of period $38.4 $46.6
----------------------------------------------------------------
----------------------------------------------------------------
COTT CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions of US dollars, US GAAP)
Unaudited
Audited
October 2, 1999 January 2, 1999
----------------------------------------------------------------
ASSETS
Current assets
Cash and cash
equivalents $38.4 $28.1
Accounts receivable 105.4 113.3
Inventories 73.9 77.3
Prepaid expenses 2.1 2.6
Discontinued operations - 12.0
----------------------------------------------------------------
219.8 233.3
Property, plant
and equipment 270.2 295.8
Investment 1.6 11.6
Goodwill 114.3 132.1
Other assets 10.7 10.3
----------------------------------------------------------------
$616.6 $683.1
----------------------------------------------------------------
----------------------------------------------------------------
LIABILITIES AND
SHAREOWNERS' EQUITY
Current liabilities
Short-term borrowings $4.8 $13.5
Accounts payable and accrued
liabilities 107.8 124.4
Current maturities of
long-term debt 18.3 12.5
Discontinued
operations - 5.7
----------------------------------------------------------------
130.9 156.1
Long-term debt 344.5 402.4
Deferred income taxes 0.9 2.6
Shareowners' equity
Capital stock 229.0 229.0
Deficit (67.1) (81.8)
Foreign currency
translation adjustment (21.6) (25.2)
----------------------------------------------------------------
Shareowners' equity 140.3 122.0
----------------------------------------------------------------
$616.6 $683.1
----------------------------------------------------------------
----------------------------------------------------------------
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion