Cott Reports Third Quarter 2010 Results

TORONTO and TAMPA, FL--(November 4, 2010) - Cott Corporation (NYSECOT) (TSX: BCB)

 

--  Revenue was $491 million, including $80 million of revenue from
    Cliffstar, which was acquired on August 17, 2010. Excluding
    Cliffstar and the impact of foreign exchange, revenue increased 2%.

--  Operating income was $23 million. Excluding Cliffstar
    transaction-related expenses and purchase accounting adjustments,
    adjusted operating income was $37 million, an increase of 36%.

--  Net income and earnings per diluted share were $8 million and $0.09,
    respectively. Excluding Cliffstar transaction-related expenses and
    purchase accounting adjustments, adjusted net income and adjusted
    earnings per diluted share were $21 million and $0.23, respectively.

--  Cash from operations was $66 million and capital expenditures were
    $11 million.

  (See accompanying reconciliation of non-GAAP financial measures to the
                   nearest comparable GAAP measures.)

   (All information in U.S. dollars; all third quarter 2010 comparisons
              are relative to the third quarter of 2009.)

Cott Corporation (NYSECOT) (TSX: BCB) today announced its results for the third quarter ended October 2, 2010. Cott acquired Cliffstar Corporation ("Cliffstar") on August 17, 2010, and third quarter results include the impact of Cliffstar. Third quarter 2010 revenue was $491 million compared to $405 million, which included $80 million of revenue from Cliffstar. Excluding expenses related to the Cliffstar acquisition and purchase accounting adjustments, adjusted operating income increased 36% to $37 million from $27 million. Operating income decreased 14% to $23 million due to purchase accounting adjustments and transaction expenses related to the Cliffstar acquisition. Net income and earnings per diluted share were $8 million and $0.09, respectively. Excluding Cliffstar transaction-related expenses and purchase accounting adjustments, adjusted net income and adjusted earnings per diluted share were $21 million and $0.23, respectively.

"I am pleased that our third quarter saw core Cott volume growth of 4% in North America, ongoing cost savings on underlying SG&A and most importantly, the closing of our acquisition of Cliffstar," commented Jerry Fowden, Cott's Chief Executive Officer. "New business wins and a more modest national brand promotional environment drove higher volumes in North America, alongside continued growth in Mexico and RCI. Additionally, the U.K. continued its prior trend of double-digit growth in the energy and sports isotonic categories. Our efforts to integrate Cliffstar are proceeding according to plan and we remain confident in our synergy targets and goals to drive cash generation and debt reduction," continued Mr. Fowden.

THIRD QUARTER 2010 PERFORMANCE SUMMARY

 

--  Filled beverage case volume increased 14% (3% excluding Cliffstar),
    while an 11% increase in Royal Crown International ("RCI") concentrate
    sales volume drove total beverage volume in 8 oz. equivalents
    (including concentrate sales) up 12% (5% excluding Cliffstar). The
    growth in filled beverage case volume was driven by growth in North
    America, Mexico and RCI, which offset lower volumes in the United
    Kingdom / Europe operating segment ("U.K.").

--  Revenue increased 21% (2% excluding Cliffstar and the impact of foreign
    exchange). The increase in revenue was driven by higher volumes in
    North America, Mexico and RCI, as well as positive price mix in the
    U.K. due to ongoing growth in the energy and sports isotonic
    categories.

--  Gross margin as a percentage of sales was 14.4% (15.8% excluding
    Cliffstar) compared to 15.8%. Excluding Cliffstar and Cliffstar-
    related transaction expenses, gross margin as a percentage of
    sales was flat.

--  Selling, general and administrative ("SG&A") expenses were $47 million
    compared to $37 million. Excluding Cliffstar and Cliffstar-related
    transaction expenses, SG&A expenses were $35 million.

--  Operating income was $23 million compared to $27 million. Excluding
    Cliffstar-related transaction expenses and purchase accounting
    adjustments, adjusted operating income was $37 million, an increase of
    36% from the prior year period.

--  Excluding Cliffstar-related transaction expenses and purchase
    accounting adjustments, adjusted EBITDA was $54 million, an
    increase of 35% from $40 million in the prior year period.

--  Cash from operations was $66 million and capital expenditures were $11
    million.

THIRD QUARTER 2010 OPERATING SEGMENT HIGHLIGHTS

 

--  North America revenue increased 31% (3% excluding Cliffstar), driven by
    a 19% increase in filled beverage case volumes (4% excluding
    Cliffstar). Higher soft drink volumes were primarily attributable to
    new business achieved earlier in 2010 and diminished levels of national
    brand promotions during the quarter.

--  U.K. revenue increased 2% excluding the impact of foreign exchange but
    decreased 5% on a reported basis. Filled beverage case volume decreased
    5% to 46 million cases compared to a strong volume performance in the
    third quarter of 2009 (filled beverage volumes increased 9% in the
    third quarter of 2009 versus 2008). However, U.K. revenues were
    positive due to the ongoing impact of positive pricing mix into higher
    revenue products and distribution channels. Sales in the energy and
    sports isotonic categories increased 29%. U.K. operating income
    decreased to $7 million from $11 million due to the allocation of
    corporate overhead expenses and the impact of foreign exchange.

--  Mexico revenues increased 20% to $12 million from $10 million,
    primarily as a result of new business that began to show gains in late
    2009.

--  RCI revenue was flat at $6 million. RCI concentrate volumes increased
    11% to 61 million cases from 55 million cases.

Third Quarter Conference Call

Cott Corporation will host a conference call today, November 4, 2010, at 10:00 a.m. EDT, to discuss third 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 http://www.cott.com. 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.

About Cott Corporation

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 50 countries around the world.

Non-GAAP Measures

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 Cliffstar. Additionally, Cott supplements its reporting of earnings before interest, taxes, depreciation & amortization, net income, operating income and earnings per diluted share in accordance with GAAP by excluding the impact of certain items to separate the impact of these items from underlying business. Since 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 the performance of Cott's management and its core business performance. 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.

Safe Harbor Statements

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; significant transaction and acquisition-related costs that Cott incurred in connection with the Cliffstar acquisition; the effectiveness of Cliffstar's system of internal control over financial reporting; the substantial indebtedness Cott incurred to finance the Cliffstar acquisition and Cott's ability to service and reduce its debt; risks associated with the asset purchase agreement 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 maintain favorable arrangements and relationships with its suppliers; 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 compliance with the covenants and conditions under its debt agreements; fluctuations in interest rates; credit rating changes; further deterioration of the capital markets; 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; the impact of regulation and regulatory, investigative and legal actions; the impact of proposed taxes on soda and other sugary drinks; 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 year ended January 2, 2010 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.

 

COTT CORPORATION                                                 EXHIBIT 1
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions of U.S. dollars except per share amounts, U.S. GAAP)
Unaudited



                                For the Three Months  For the Nine Months
                                        Ended                 Ended
                                --------------------- --------------------
                                 October   September   October   September
                                 2, 2010    26, 2009   2, 2010    26, 2009
                                ---------- ---------- ---------  ---------

Revenue, net                    $    490.6 $    404.9 $ 1,278.2  $ 1,210.7
Cost of sales                        419.8      341.1   1,076.7    1,015.4
                                ---------- ---------- ---------  ---------

Gross profit                          70.8       63.8     201.5      195.3

Selling, general and
 administrative expenses              47.3       36.9     114.2      106.7
Loss on disposal of property,
 plant & equipment                     0.3          -       0.4          -
Restructuring and asset
 impairments
    Restructuring                        -          -      (0.5)       1.6
    Asset impairments                    -          -         -        3.5
                                ---------- ---------- ---------  ---------
Operating income                      23.2       26.9      87.4       83.5
Other expense, net                     1.3        3.2       3.6        0.5
Interest expense, net                 10.3        7.6      22.6       22.7
                                ---------- ---------- ---------  ---------

Income before income taxes            11.6       16.1      61.2       60.3

Income tax expense (benefit)           1.9        0.9      15.1      (10.7)
                                ---------- ---------- ---------  ---------

Net income                      $      9.7 $     15.2 $    46.1  $    71.0

Less: Net income attributable
 to non-controlling interests          1.4        1.3       4.0        3.5
                                ---------- ---------- ---------  ---------

Net income attributed to Cott
 Corporation                    $      8.3 $     13.9 $    42.1  $    67.5
                                ========== ========== =========  =========

Net income per common share
 attributed to Cott Corporation
  Basic                               0.10       0.18      0.51       0.93
  Diluted                             0.09       0.18      0.50       0.92

Weighted average outstanding
 shares (millions) attributed
 to Cott Corporation
  Basic                               87.2       76.6      82.7       72.5
  Diluted                             89.0       77.0      83.5       73.1









COTT CORPORATION                                                 EXHIBIT 2
CONSOLIDATED BALANCE SHEETS
(in millions of U.S. dollars, except share amounts, U.S. GAAP)
Unaudited


                                    October 2, 2010      January 2, 2010
                                  -------------------  -------------------
ASSETS
Current assets
Cash & cash equivalents           $              35.4  $              30.9
Accounts receivable, net of
 allowance of $7.4 ($5.9 as of
 January 2, 2010)                               237.8                152.3
Income taxes recoverable                          8.2                 20.8
Inventories                                     206.2                 99.7
Prepaid expenses and other assets                19.0                 16.8
                                  -------------------  -------------------

Total current assets                            506.6                320.5

Property, plant and equipment                   508.8                343.0
Goodwill                                        127.1                 30.6
Intangibles and other assets                    379.9                155.5
Deferred income taxes                             7.9                  5.4
Other tax receivable                              6.7                 18.8
                                  -------------------  -------------------

Total assets                      $           1,537.0  $             873.8
                                  ===================  ===================

LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings             $              50.3  $              20.2
Current maturities of long-term
 debt                                             5.9                 17.6
Accounts payable and accrued
 liabilities                                    313.8                169.3
                                  -------------------  -------------------

Total current liabilities                       370.0                207.1

Long-term debt                                  606.6                233.2
Deferred income taxes                            18.5                 17.5
Other long-term liabilities                      19.8                 14.7
                                  -------------------  -------------------

Total liabilities                             1,014.9                472.5
Contingencies and Commitments -
 Note 16

Equity
Capital shares, no par -
 94,750,118 (January 2, 2010 -
 81,331,330) shares issued                      395.6                322.5
Treasury shares                                  (3.2)                (4.4)
Additional paid-in-capital                       39.1                 37.4
Retained earnings                                93.9                 51.8
Accumulated other comprehensive
 loss                                           (17.1)               (21.3)
                                  -------------------  -------------------
Total Cott Corporation equity                   508.3                386.0
Non-controlling interests                        13.8                 15.3
                                  -------------------  -------------------

Total equity                                    522.1                401.3
                                  -------------------  -------------------

Total liabilities and equity      $           1,537.0  $             873.8
                                  -------------------  -------------------










COTT CORPORATION                                                 EXHIBIT 3
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of U.S. dollars)
Unaudited


                                For the Three Months  For the Nine Months
                                        Ended                 Ended
                                --------------------  --------------------
                                 October   September   October   September
                                 2, 2010   26, 2009    2, 2010   26, 2009
                                =========  =========  =========  =========

Operating Activities
   Net income                   $     9.7  $    15.2  $    46.1  $    71.0
   Depreciation & amortization       19.1       16.4       49.9       49.7
   Amortization of financing
    fees                              0.6        0.4        1.6        1.0
   Share-based compensation
    expense                           1.1        0.4        2.8        1.2
   Increase in deferred income
    taxes                             9.2          -        9.1        2.9
   Decrease in other income tax
    liabilities                         -       (0.1)         -      (16.6)
   Write-off of financing fees        1.4          -        1.4          -
   Loss on disposal of
    property, plant & equipment       0.3          -        0.4          -
   Gain on buyback of Notes             -        0.2        0.1        0.2
   Asset impairments                    -          -          -        3.5
   Lease contract termination
    loss                                -          -       (0.4)         -
   Lease contract termination
    payments                         (0.6)      (0.9)      (5.4)      (2.8)
   Other non-cash items              (0.4)       2.9        3.8        1.8
   Change in operating assets
    and liabilities, net of
    acquisition:
     Accounts receivable             17.4       37.2      (28.9)       1.9
     Inventories                     (3.8)       7.7      (20.5)       2.2
     Prepaid expenses and other
      current assets                 (0.5)       1.5        1.9       (1.5)
     Other assets                       -        0.5       (1.1)       0.3
     Accounts payable and
      accrued liabilities             8.8      (24.4)      16.6       (0.2)
     Income taxes recoverable         3.2       (0.2)      27.6        0.6
                                ---------  ---------  ---------  ---------
          Net cash provided by
           operating activities      65.5       56.8      105.0      115.2
                                ---------  ---------  ---------  ---------

Investing Activities
   Acquisitions                    (507.7)         -     (507.7)         -
   Additions to property, plant
    & equipment                     (11.4)      (5.3)     (29.5)     (18.9)
   Additions to intangibles          (0.2)         -       (3.6)         -
   Proceeds from sale of
    property, plant & equipment       0.5        0.1        0.9        1.4
                                ---------  ---------  ---------  ---------
          Net cash used in
           investing activities    (518.8)      (5.2)    (539.9)     (17.5)
                                ---------  ---------  ---------  ---------

Financing Activities
   Payments of long-term debt        (1.2)     (22.7)     (17.3)     (26.4)
   Issuance of long-term debt       375.0          -      375.0          -
   Borrowings under ABL             165.7       48.9      307.7      679.4
   Payments under ABL              (126.2)    (115.5)    (277.8)    (788.1)
   Distributions to
    non-controlling interests        (2.8)      (2.6)      (5.5)      (4.9)
   Issuance of common shares,
    net of offering fees             71.1       47.4       71.1       47.4
   Purchase of treasury shares          -          -          -          -
   Financing fees                   (14.0)      (1.1)     (14.2)      (1.1)
   Other financing activities           -       (0.2)         -       (0.4)
                                ---------  ---------  ---------  ---------
          Net cash (used in)
           provided by
           financing activities     467.6      (45.8)     439.0      (94.1)
                                ---------  ---------  ---------  ---------

Effect of exchange rate
 changes on cash                      0.8          -        0.4        0.7
                                ---------  ---------  ---------  ---------

Net increase in cash & cash
 equivalents                         15.1        5.8        4.5        4.3

Cash & cash equivalents,
 beginning of period                 20.3       13.2       30.9       14.7
                                ---------  ---------  ---------  ---------

                                ---------  ---------  ---------  ---------
Cash and cash equivalents, end
 of period                      $    35.4  $    19.0  $    35.4  $    19.0
                                =========  =========  =========  =========

Supplemental Noncash
 Activities:
  Capital lease additions       $       -  $       -  $     2.4  $       -
  Deferred consideration             13.1          -       13.1          -
  Contingent consideration           52.5          -       52.5          -
  Working capital adjustment          3.8          -        3.8          -

Supplemental disclosures of
 cash flow information:
  Cash paid for interest        $     1.2  $     2.1  $    12.8  $    16.7
  Cash paid (received) for
   income taxes, net                (10.0)       3.5      (21.8)       3.3








COTT CORPORATION                                                 EXHIBIT 4
SEGMENT INFORMATION
(in millions of U.S. dollars, U.S. GAAP)
Unaudited


                                For the Three Months  For the Nine Months
                                        Ended                 Ended
                                --------------------  --------------------
                                 October   September   October   September
                                 2, 2010   26, 2009    2, 2010   26, 2009
                                ---------  ---------  ---------  ---------

Revenue
 North America                  $   375.5  $   287.2  $   939.5  $   899.7
 United Kingdom                      96.6      101.6      277.5      264.6
 Mexico                              12.4       10.3       38.3       30.7
 RCI                                  6.1        5.8       22.9       15.7
 All Other                              -          -          -          -
                                ---------  ---------  ---------  ---------
                                $   490.6  $   404.9  $ 1,278.2  $ 1,210.7
                                =========  =========  =========  =========

Operating income (loss)
 North America                  $    16.3  $    16.1  $    67.4  $    69.0
 United Kingdom                       7.3       10.8       19.0       16.5
 Mexico                              (1.2)      (1.6)      (5.2)      (5.1)
 RCI                                  0.8        1.6        6.2        3.2
 All Other                              -          -          -       (0.1)
                                ---------  ---------  ---------  ---------
                                $    23.2  $    26.9  $    87.4  $    83.5
                                =========  =========  =========  =========

Volume - 8 oz equivalent cases
 - Total Beverage (including
 concentrate)
 North America                      186.0      158.9      505.5      495.4
 United Kingdom                      49.7       51.8      147.7      144.1
 Mexico                               8.3        5.8       26.7       17.0
 RCI                                 60.9       54.7      236.9      161.1
 All Other                              -          -          -          -
                                ---------  ---------  ---------  ---------
                                    304.9      271.2      916.8      817.6
                                =========  =========  =========  =========

Volume - 8 oz equivalent cases
 - Filled Beverage
 North America                      167.4      140.8      445.3      439.8
 United Kingdom                      45.8       48.3      135.3      131.1
 Mexico                               8.3        5.8       26.7       17.0
 RCI                                    -        0.1        0.1        0.2
 All Other                              -          -          -          -
                                ---------  ---------  ---------  ---------
                                    221.5      195.0      607.4      588.1
                                =========  =========  =========  =========








COTT CORPORATION                                                EXHIBIT 5
Analysis of Revenue by Geographic Region
(in millions of U.S. dollars, U.S. GAAP)
Unaudited


                                   For the Three Months Ended
                      ----------------------------------------------------
                                        October 2, 2010
                      ----------------------------------------------------
(In millions of U.S.              North    United                     All
 dollars)              Cott (1)  America   Kingdom  Mexico   RCI     Other
                      --------  --------  --------  ------  ------  ------
 Change in revenue    $   85.7  $   88.3  $   (5.0) $  2.1  $  0.3  $    -
 Impact of foreign
  exchange                 3.7      (2.4)      6.6    (0.4)      -    (0.1)
                      --------  --------  --------  ------  ------  ------
 Change excluding
  foreign exchange    $   89.4  $   85.9  $    1.6  $  1.7  $  0.3  $ (0.1)
                      ========  ========  ========  ======  ======  ======
 Percentage change in
  revenue                 21.2%     30.7%     -4.9%   20.4%    5.2%    0.0%
                      --------  --------  --------  ------  ------  ------
 Percentage change in
  revenue excluding
  foreign exchange        22.3%     29.7%      1.7%   15.9%    5.2%    0.0%
                      --------  --------  --------  ------  ------  ------

 Impact of Cliffstar
  Acquisition            (80.2)    (80.2)        -       -       -       -
                      --------  --------  --------  ------  ------  ------
 Change excluding
  foreign exchange
  and Cliffstar       $    9.2  $    5.7  $    1.6  $  1.7  $  0.3  $ (0.1)
                      ========  ========  ========  ======  ======  ======

 Percentage change in
  revenue excluding
  foreign exchange
  and Cliffstar            2.3%      2.0%     -4.9%   20.4%    5.2%    0.0%
                      --------  --------  --------  ------  ------  ------



                                 For the Nine Months Ended
                      ----------------------------------------------------
                                        October 2, 2010
                      ----------------------------------------------------

(In millions of U.S.              North    United                     All
 dollars)              Cott (1)  America   Kingdom  Mexico   RCI     Other
                      --------  --------  --------  ------  ------  ------
 Change in revenue    $   67.5  $   39.8  $   12.9  $  7.6  $  7.2  $    -
 Impact of foreign
  exchange               (12.2)    (15.1)      5.1    (2.1)      -    (0.1)
                      --------  --------  --------  ------  ------  ------
 Change excluding
  foreign exchange    $   55.3  $   24.7  $   18.0  $  5.5  $  7.2  $ (0.1)
                      ========  ========  ========  ======  ======  ======
 Percentage change in
  revenue                  5.6%      4.4%      4.9%   24.8%   45.9%    0.0%
                      --------  --------  --------  ------  ------  ------
 Percentage change in
  revenue excluding
  foreign exchange         4.5%      2.7%      6.9%   16.8%   45.9%    0.0%
                      --------  --------  --------  ------  ------  ------

 Impact of Cliffstar
  Acquisition            (80.2)    (80.2)        -       -       -       -
                      --------  --------  --------  ------  ------  ------
 Change excluding
  foreign exchange
  and Cliffstar       $  (24.9) $  (55.5) $   18.0  $  5.5  $  7.2  $ (0.1)
                      ========  ========  ========  ======  ======  ======

 Percentage change in
  revenue excluding
  foreign exchange
  and Cliffstar           -2.1%     -6.2%      6.9%   16.8%   45.9%    0.0%
                      --------  --------  --------  ------  ------  ------










COTT CORPORATION                                                 EXHIBIT 6
SUPPLEMENTARY INFORMATION
 - NON-GAAP - EARNINGS BEFORE INTEREST, TAXES,
 DEPRECIATION & AMORTIZATION (EBITDA)
(in millions of U.S. dollars except per share amounts, U.S. GAAP)
Unaudited



                                For the Three Months  For the Nine Months
                                        Ended                 Ended
                                --------------------- --------------------
                                 October    September  October   September
                                 2, 2010    26, 2009   2, 2010   26, 2009
                                ---------- ---------- ---------  ---------

Net income attributed to Cott
 Corporation                    $      8.3 $     13.9 $    42.1  $    67.5
Interest expense, net                 10.3        7.6      22.6       22.7
Income tax expense (benefit)           1.9        0.9      15.1      (10.7)
Depreciation and amortization         19.1       16.4      49.9       49.7
Net income attributable to
 non-controlling interests             1.4        1.3       4.0        3.5
                                ---------- ---------- ---------  ---------
EBITDA                          $     41.0 $     40.1 $   133.7  $   132.7

Restructuring, goodwill and
 asset impairments
    Restructuring                        -          -      (0.5)       1.6
    Asset impairments                    -          -         -        3.5


 Acquisition adjustments
   Incremental inventory
    step-up                            4.2          -       4.2          -
   Transaction costs                   6.4          -       7.5          -
   Write-off of financing fees         1.4          -       1.4          -
   Integration costs                   0.6          -       0.6          -

                                ---------- ---------- ---------  ---------
Adjusted EBITDA                 $     53.6 $     40.1 $   146.9  $   137.8
                                ---------- ---------- ---------  ---------



COTT CORPORATION                                                  EXHIBIT 7
SUPPLEMENTARY INFORMATION - NON-GAAP - ADJUSTED OPERATING INCOME
(in millions of U.S. dollars, U.S. GAAP)
Unaudited                                  



                                For the Three Months  For the Nine Months
                                        Ended                 Ended
                                --------------------- ---------------------
                                 October    September  October   September
                                 2, 2010     26, 2009  2, 2010    26, 2009
                                ---------- ---------- ---------  ----------

Operating income                $     23.2 $     26.9 $    87.4  $     83.5
Restructuring and asset
 impairments
    Restructuring                        -          -      (0.5)        1.6
    Asset impairments                    -          -         -         3.5

 Acquisition adjustments
   Incremental inventory
    step-up                            4.2          -       4.2           -
   Transaction costs                   6.4          -       7.5           -
   Incremental amortization            2.2          -       2.2           -
   Integration costs                   0.6          -       0.6           -

                                ---------- ---------- ---------  ----------
Adjusted operating income       $     36.6 $     26.9 $   101.4  $     88.6
                                ========== ========== =========  ==========



COTT CORPORATION                                                 EXHIBIT 8
SUPPLEMENTARY INFORMATION - NON-GAAP - EARNINGS PER DILUTED SHARE (EPS)
(in millions of U.S. dollars except per share amounts, U.S. GAAP)
Unaudited


                                For the Three Months  For the Nine Months
                                        Ended                 Ended
                                --------------------- ---------------------
                                 October    September   October  September
                                 2, 2010     26, 2009   2, 2010   26, 2009
                                ---------- ---------- ---------  ----------

Net income                      $      9.7 $     15.2 $    46.1  $     71.0

Less: Net income attributable
 to non-controlling interests          1.4        1.3       4.0         3.5
                                ---------- ---------- ---------  ----------

Net income attributed to Cott
 Corporation                    $      8.3 $     13.9 $    42.1  $     67.5
                                ========== ========== =========  ==========

Restructuring, goodwill and
 asset impairments
    Restructuring                        -          -      (0.5)        1.6
    Asset impairments                    -          -         -         3.5

 Acquisition adjustments, net
  of tax
   Incremental inventory
    step-up                            3.5          -       3.5           -
   Incremental amortization            1.9          -       1.9           -
   Transaction costs                   5.4          -       6.2           -
   Write-off of financing fees         1.1          -       1.1           -
   Integration costs                   0.5          -       0.5          -
                                ---------- ---------- ---------  ----------
Adjusted net income attributed
 to Cott Corporation            $     20.7 $     13.9 $    54.8  $     72.6
                                ========== ========== =========  ==========

Adjusted net income per common
 share attributed to Cott
 Corporation
  Basic                               0.24       0.18      0.66        1.00
  Diluted                             0.23       0.18      0.66        0.99

Weighted average outstanding
 shares (millions) attributed
 to Cott Corporation
  Basic                               87.2       76.6      82.7        72.5
  Diluted                             89.0       77.0      83.5        73.1





COTT CORPORATION                                                EXHIBIT 9
SUPPLEMENTAL INFORMATION - NON-GAAP -
 CORE STATEMENTS OF OPERATING INCOME AND EBITDA
(in millions of U.S. dollars, U.S. GAAP)
Unaudited


                                                                   For the
                        For the                                     Three
                         Three                                      Months
                         Months                           Cott      Ended
                         Ended                          Excluding September
                       October 2,           Transaction Acquisition  26,
                         2010     Cliffstar    Costs     (CORE)     2009
                       ---------  ---------  ---------  ---------  -------

Revenue, net           $   490.6  $    80.2          -  $   410.4  $ 404.9
Cost of sales              419.8       74.1          -      345.7    341.1
                       ---------  ---------  ---------  ---------  -------

Gross profit                70.8        6.1          -       64.7     63.8
                            14.4%       7.6%                 15.8%    15.8%
Selling, general and
 administrative
 expenses                   47.3        5.0        7.0       35.3     36.9
Loss on disposal of
 property, plant &
 equipment                   0.3          -                   0.3        -

                       ---------  ---------  ---------  ---------  -------
Operating income       $    23.2  $     1.1  $    (7.0) $    29.1  $  26.9
                       =========  =========  =========  =========  =======

 Depreciation and
  amortization              19.1        4.0          -       15.1     16.4
 Other expense              (1.3)         -          -       (1.3)    (3.2)

                       ---------  ---------  ---------  ---------  -------
EBITDA                 $    41.0  $     5.1  $    (7.0) $    42.9  $  40.1
                       ---------  ---------  ---------  ---------  -------

Acquistion adjustments
   Incremental
    inventory step-up        4.2        4.2          -          -        -
   Transaction costs         6.4          -        6.4          -        -
   Write-off of
    financing fees           1.4          -          -        1.4        -
   Integration costs         0.6          -        0.6          -        -

                       ---------  ---------  ---------  ---------  -------
Adjusted EBITDA        $    53.6  $     9.3  $     0.0  $    44.3  $  40.1
                       =========  =========  =========  =========  =======
For further information: Kimball Chapman, Investor Relations, Tel: (813) 313-1840