Cott Reports Fourth Quarter and Fiscal Year 2010 Results

TORONTO and TAMPA, FL--(March 3, 2011) - Cott Corporation (NYSECOT) (TSX: BCB)

Fourth Quarter 2010

 

--  Filled beverage case volume increased 20% (4% excluding Cliffstar,
    which was acquired on August 17, 2010, and the additional week in
    fiscal 2009).

--  Revenue was $529 million, an increase of 37%, including $152 million of
    revenue from Cliffstar. Excluding Cliffstar, the impact of foreign
    exchange and the $20 million contributed by the additional week in
    2009, revenue increased 3%.

--  Gross profit as a percentage of sales was 13.0% compared to 14.1%.
    Excluding Cliffstar transaction related purchase accounting
    adjustments, gross profit as a percentage of sales was 13.8%.

--  Income before income taxes includes $20 million related to a reduction
    in the fair value of the Cliffstar contingent consideration "earn-out"
    accrual, which is payable in July of 2011.

--  Net income and earnings per diluted share were $15 million and $0.16,
    respectively. Adjusted net income increased to $8 million and adjusted
    net income per diluted share increased to $0.08.

--  Cash from operations was $73 million and capital expenditures were
    $15 million.

Fiscal Year 2010

 

--  Filled beverage case volume increased 7% (1% excluding Cliffstar and
    the additional week in 2009).

--  Revenue was $1.8 billion, an increase of 13%, including $232 million of
    revenue from Cliffstar. Excluding Cliffstar, the impact of foreign
    exchange and the $20 million contributed by the additional week in
    2009, revenue declined 1%.

--  Net income and earnings per diluted share were $55 million and $0.63,
    respectively. Adjusted net income and adjusted net income per diluted
    share were $58 million and $0.68, respectively, compared to $45 million
    and $0.60, respectively.

--  Cash from operations was $178 million and capital expenditures were
    $44 million.

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

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

Cott Corporation (NYSECOT) (TSX: BCB) today announced its results for the fourth quarter and fiscal year ended January 1, 2011. Fourth quarter 2010 revenue was $529 million, compared to $386 million. Operating income was $15 million, compared to $14 million. Adjusted operating income was $26 million. Net income and earnings per diluted share were $15 million and $0.16, respectively, compared with $14 million and $0.17. Adjusted net income and adjusted net income per diluted share were $8 million and $0.08, respectively. Fourth quarter and fiscal year 2009 included an additional week of sales relative to 2010 that is estimated to have contributed $20 million of additional revenue.

"I'm pleased with the top-line volume growth and strong cash generation achieved during the fourth quarter," commented Cott's Chief Executive Officer, Jerry Fowden. "While we did feel the impact of increased national brand promotions in the juice category during the quarter, we feel comfortable with the underlying 2010 performance in our juice business and continue to progress towards a smooth integration. We remain confident in our ability to deliver our previously announced synergy targets for 2011," added Fowden.


FOURTH QUARTER 2010 PERFORMANCE SUMMARY

 

--  Filled beverage case volume increased 20% (4% excluding Cliffstar and
    the additional week in 2009), as volumes excluding the additional week
    in 2009 were higher in North America, the United Kingdom / Europe
    ("U.K."), and Royal Crown International ("RCI").

--  Revenue increased 37% (3% excluding Cliffstar, the impact of foreign
    exchange, and the $20 million contributed by the additional week in
    2009), as higher volumes in North America, the U.K. and RCI excluding
    the additional week in 2009 more than offset the impact of lower
    average net selling prices in North America, Mexico and the U.K.

--  Gross profit as a percentage of sales was 13.0% compared to 14.1%.
    Excluding Cliffstar transaction related purchase accounting
    adjustments, gross profit as a percentage of sales was 13.8%.

--  Selling, general and administrative ("SG&A") expenses were $53 million
    compared to $40 million. The increase in SG&A expense was due to higher
    SG&A from Cliffstar and integration related expenses. Core Cott SG&A
    was $37 million.

--  Operating income was $15 million, compared to $14 million. Adjusted
    operating income was $26 million, compared to $14 million.

--  Income before income taxes includes $20 million related to a reduction
    in the fair value of the Cliffstar contingent consideration earn-out
    accrual, which is payable in July of 2011.  The reduction is due to
    lower than projected income.  The amount of the contingent
    consideration is not directly correlated to the decline in actual
    income.

--  The Company's income tax expense was $5 million, compared to an income
    tax benefit of $12 million.

FOURTH QUARTER 2010 OPERATING SEGMENT HIGHLIGHTS

 

--  North America filled beverage case volume increased 29% (5% excluding
    Cliffstar and the additional week in 2009) and revenue increased 54% 
    (3% excluding Cliffstar, the impact of foreign exchange and the
    $16 million contributed by the additional week in 2009), driven by
    volume growth in soft drinks.

--  U.K. filled beverage volume decreased 1% (increased 4% excluding the 
    additional week in 2009) and revenue declined 5% (increased 2%
    excluding the impact of foreign exchange and the $4 million contributed
    by the additional week in 2009), driven by ongoing volume growth in
    energy and sport isotonic beverages.

--  Mexico filled beverage case volume declined 13% (8% excluding the
    additional week in 2009) and revenue declined 2% (7% excluding foreign
    exchange), primarily due to the timing of new customer volumes in the
    fourth quarter of 2009.

--  RCI concentrate volumes increased 5% and revenue increased 16% (27%
    excluding the $1 million contributed by the additional week in 2009),
    primarily as a result of increased sales to existing customers during
    the quarter.

FISCAL YEAR 2010 PERFORMANCE SUMMARY

 

--  Filled beverage case volume increased 7% (1% excluding Cliffstar and
    the additional week in 2009), as a 36% increase in RCI concentrate
    sales volume drove total beverage volume in 8 oz. equivalents
    (including concentrate sales) up 13%. The growth in filled beverage
    case volume was driven by higher volumes in Mexico and the U.K., offset
    by lower volumes in North America excluding Cliffstar.

--  Revenue increased 13% (declined 1% excluding Cliffstar, the impact of
    foreign exchange and the $20 million contributed by the additional week
    in 2009), due to the inclusion of Cliffstar revenue. Lower revenue
    excluding Cliffstar was due to lower volumes in North America and lower
    average selling prices in North America and Mexico.

--  Gross profit was $266 million or 14.8% of sales, compared to
    $250 million or 15.6% of sales. Gross profit included $11 million of
    Cliffstar related purchase accounting adjustments. Excluding these
    adjustments, gross profit was $277 million or 15.4% of sales.

--  SG&A expenses were $167 million compared to $147 million. The increase
    related to Cliffstar's SG&A and transaction and integration related
    expenses partially offset by lower information technology, professional
    fees and certain employee costs.

--  Operating income was $99 million compared to $97 million. Adjusted
    operating income was $124 million compared to $103 million.

--  The Company's 2010 income tax expense was $19 million, compared to an
    income tax benefit of $23 million.

--  The Company's fiscal 2010 results include a revision to its interim
    financial statements arising from a failure to record a $3.7 million
    charge against revenue from pricing discounts. The effect of the error
    was to reduce third quarter revenue and income before income taxes by
    $3.7 million and third quarter earnings per diluted share by $0.02.
    Accordingly, the interim financial statements for the three months
    ended October 2, 2010, included in the Company's Annual Report on Form
    10-K for fiscal 2010, will be revised to correct for this immaterial
    pricing error.

FISCAL YEAR 2010 OPERATING SEGMENT HIGHLIGHTS

 

--  North America filled beverage case volume increased 8% (declined 2%
    excluding Cliffstar and the additional week in 2009) and revenue
    increased 16% (declined 4% excluding Cliffstar and the $16 million
    contributed by the additional week in 2009). Revenue and volume
    declines in the first half of 2010 were due to national brand
    promotional activity. Revenue and volume increased in the second half
    of 2010 due to improved existing operations and Cliffstar.

--  U.K. filled beverage case volume increased 2% (3% excluding the
    additional week in 2009), and revenue increased 2% (5% excluding
    foreign exchange and the $4 million contributed by the additional week
    in 2009), driven by volume growth in the energy and sport isotonic
    drink category.

--  Mexico filled beverage case volume increased 32% and revenue increased
    17% (11% excluding foreign exchange), due to new business wins and
    product introductions. A significant portion of the increased volume
    was from new co-pack business which resulted in lower average net
    selling prices.

--  RCI concentrate volumes increased 36% and revenue increased 38%,
    primarily as a result of increased sales to existing customers.

Fourth Quarter and Fiscal Year Results Conference Call

Cott Corporation will host a conference call today, March 3, 2011, at 10:00 a.m. EST, to discuss fourth quarter and fiscal year results, which can be accessed as follows:

North America: (877) 407-8031

International: (201) 689-8031

A live audio webcast will be available through the Company'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 40 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 and the impact of the additional week in 2009. Additionally, Cott supplements its reporting of net income, operating income and earnings per diluted share in accordance with GAAP by excluding the impact of restructuring charges, income tax adjustments, the additional week in 2009 and Cliffstar operating results, transaction expenses, earn-out adjustment and purchase accounting adjustments to separate the impact of these items from the underlying business. Because 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 Cott's underlying business performance and the performance of its management. 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; risks associated with the asset purchase agreement in connection with the Cliffstar acquisition; the effectiveness of Cliffstar's system of internal control over financial reporting; significant transaction and acquisition related costs that Cott incurred 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 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 favorable arrangements and relationships with its suppliers; the significant amount of Cott's outstanding debt and Cott's ability to meet its obligations under its debt agreements; Cott's ability to maintain compliance with the covenants and conditions under its debt agreements; fluctuations in interest rates; credit rating changes; the impact of global financial events on Cott's financial results; 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 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 fiscal year ended January 1, 2011 which will be filed by March 17, 2011 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.

Website: www.cott.com

 

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 Ended   For the Years Ended

                            January 1,  January 2,  January 1,  January 2,
                               2011        2010        2011        2010
                            ----------  ----------  ----------  ----------

Revenue, net                $    528.8  $    386.0  $  1,803.3  $  1,596.7
Cost of sales                    460.3       331.5     1,537.0     1,346.9
                            ----------  ----------  ----------  ----------

Gross profit                      68.5        54.5       266.3       249.8

Selling, general and
 administrative expenses          52.5        40.1       166.7       146.8
Loss on disposal of
 property, plant & equipment       0.7         0.5         1.1         0.5
Restructuring and asset
 impairments
    Restructuring                    -        (0.1)       (0.5)        1.5
    Asset impairments                -         0.1           -         3.6
                            ----------  ----------  ----------  ----------
Operating income                  15.3        13.9        99.0        97.4

Contingent consideration
 earn-out adjustment             (20.3)          -       (20.3)          -
Other (income) expense, net        0.4         3.9         4.0         4.4
Interest expense, net             14.3         7.0        36.9        29.7
                            ----------  ----------  ----------  ----------

Income before income taxes        20.9         3.0        78.4        63.3

Income tax expense
 (benefit)                         4.7       (12.1)       18.6       (22.8)
                            ----------  ----------  ----------  ----------

Net income                  $     16.2  $     15.1  $     59.8  $     86.1

Less: Net income
 attributable to
 non-controlling interests         1.1         1.1         5.1         4.6
                            ----------  ----------  ----------  ----------

Net income attributed to
 Cott Corporation           $     15.1  $     14.0  $     54.7  $     81.5
                            ==========  ==========  ==========  ==========

Net income per common share
 attributed to Cott
 Corporation
  Basic                     $     0.16  $     0.18  $     0.64  $     1.10
  Diluted                   $     0.16  $     0.17  $     0.63  $     1.08

Weighted average
 outstanding shares
 (millions) attributed to
 Cott Corporation
  Basic                           93.9        80.1        85.6        74.2
  Diluted                         95.2        81.0        86.2        75.2





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


                                                  January 1,   January 2,
                                                     2011         2010
                                                  -----------  -----------
ASSETS
Current assets
Cash & cash equivalents                           $      48.2  $      30.9
Accounts receivable, net of allowance of $8.3
 ($5.9 as of January 2, 2010)                           213.6        152.3
Income taxes recoverable                                  0.3         20.8
Inventories                                             215.5         99.7
Prepaid expenses and other assets                        32.7         16.8
                                                  -----------  -----------

Total current assets                                    510.3        320.5

Property, plant and equipment                           503.8        343.0
Goodwill                                                130.2         30.6
Intangibles and other assets                            371.1        155.5
Deferred income taxes                                     2.5          5.4
Other tax receivable                                     11.3         18.8
                                                  -----------  -----------

Total assets                                      $   1,529.2  $     873.8
                                                  ===========  ===========

LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings                             $       7.9  $      20.2
Current maturities of long-term debt                      6.0         17.6
Accounts payable and accrued liabilities                308.8        169.3
                                                  -----------  -----------

Total current liabilities                               322.7        207.1

Long-term debt                                          605.5        233.2
Deferred income taxes                                    43.6         17.5
Other long-term liabilities                              22.2         14.7
                                                  -----------  -----------

Total liabilities                                       994.0        472.5

Equity
Capital stock, no par - 94,750,118 (January 2,
 2010 - 81,331,330) shares issued                       395.6        322.5
Treasury stock                                           (3.2)        (4.4)
Additional paid-in-capital                               40.8         37.4
Retained earnings                                       106.5         51.8
Accumulated other comprehensive loss                    (17.5)       (21.3)
                                                  -----------  -----------
Total Cott Corporation equity                           522.2        386.0
Non-controlling interests                                13.0         15.3
                                                  -----------  -----------

Total equity                                            535.2        401.3
                                                  -----------  -----------

Total liabilities and equity                      $   1,529.2  $     873.8
                                                  -----------  -----------





 COTT CORPORATION                                                 EXHIBIT 3
 Consolidated Statements of Cash Flows
(in millions of U.S. dollars)
                                For the Three Months
                                      Ended           For the Years Ended
                                --------------------  --------------------

                                January 1, January 2, January 1, January 2,
                                  2011       2010       2011       2010
                                ---------  ---------  ---------  ---------
 Operating Activities
   Net income                   $    16.2  $    15.1  $    59.8  $    86.1
   Depreciation & amortization       24.1       16.5       74.0       66.2
   Amortization of financing
    fees                              1.1        0.5        2.7        1.5
   Share-based compensation
    expense                           1.9        0.1        4.7        1.3
   Increase in deferred income
    taxes                             7.4        3.3       17.0        6.2
   Write-off of financing fees          -          -        1.4          -
   Loss on disposal of
    property, plant & equipment       0.7        0.5        1.1        0.5
   Loss on buyback of Notes             -        1.3        0.1        1.5
   Intangible asset impairments         -          -          -        3.5
   Contingent consideration
    earn-out adjustment             (20.3)         -      (20.3)         -
   Contract termination loss          4.0          -        3.6          -
   Contract termination
    payments                            -       (1.0)      (5.4)      (3.8)
   Other non-cash items               1.2        0.9        5.5        2.7
   Change in operating assets
    and liabilities, net of
    acquisition:
     Accounts receivable             22.5       18.9       (3.9)      20.8
     Inventories                     (7.9)      13.8      (28.4)      16.0
     Prepaid expenses and other
      current assets                  0.7       (0.1)       2.6       (1.6)
     Other assets                    (0.5)      (1.5)      (1.6)      (1.2)
     Accounts payable and
      accrued liabilities            23.7       (6.3)      39.8       (6.5)
     Income taxes recoverable        (1.4)     (22.1)      25.7      (38.1)
                                ---------  ---------  ---------  ---------
      Net cash provided by
       operating activities          73.4       39.9      178.4      155.1
                                ---------  ---------  ---------  ---------

 Investing Activities
   Acquisition                          -          -     (507.7)         -
   Additions to property, plant
    & equipment                     (14.5)     (13.4)     (44.0)     (32.3)
   Additions to intangibles          (0.6)      (1.6)      (4.2)      (1.6)
   Proceeds from sale of
    property, plant & equipment       0.3        0.3        1.2        1.7
                                ---------  ---------  ---------  ---------
      Net cash used in
       investing activities         (14.8)     (14.7)    (554.7)     (32.2)
                                ---------  ---------  ---------  ---------

 Financing Activities
   Payments of long-term debt        (1.4)    (239.1)     (18.7)    (265.5)
   Issuance of long-term debt           -      211.9      375.0      211.9
   Borrowings under ABL              58.8       88.7      366.5      768.1
   Payments under ABL              (101.2)     (68.5)    (379.0)    (856.6)
   Distributions to
    non-controlling interests        (1.9)      (1.8)      (7.4)      (6.6)
   Issuance of common shares,
    net of offering fees                -        0.1       71.1       47.5
   Financing fees                       -       (5.1)     (14.2)      (6.2)
   Other financing activities           -        0.4          -       (0.1)
                                ---------  ---------  ---------  ---------
      Net cash (used in)
       provided by financing
       activities                   (45.7)     (13.4)     393.3     (107.5)
                                ---------  ---------  ---------  ---------

 Effect of exchange rate
  changes on cash                    (0.1)       0.1        0.3        0.8

                                ---------  ---------  ---------  ---------
 Net increase in cash & cash
  equivalents                        12.8       11.9       17.3       16.2

 Cash & cash equivalents,
  beginning of period                35.4       19.0       30.9       14.7
                                ---------  ---------  ---------  ---------

                                ---------  ---------  ---------  ---------
 Cash and cash equivalents, end
  of period                     $    48.2  $    30.9  $    48.2  $    30.9
                                ---------  ---------  ---------  ---------





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


                    For the Three Months Ended      For the Years Ended
                    --------------------------  --------------------------
                     January 1,    January 2,    January 1,    January 2,
                        2011          2010          2011          2010
                    ------------  ------------  ------------  ------------

Revenue
   North America    $      421.5  $      274.2  $    1,357.3  $    1,173.9
   United Kingdom           89.6          94.7         367.1         359.3
   Mexico                   11.8          12.0          50.1          42.7
   RCI                       5.9           5.1          28.8          20.8
                    ------------  ------------  ------------  ------------
                    $      528.8  $      386.0  $    1,803.3  $    1,596.7
                    ============  ============  ============  ============


Operating income
   North America    $       11.3  $        8.7  $       75.0  $       77.6
   United Kingdom            5.5           6.5          24.5          23.0
   Mexico                   (2.3)         (2.0)         (7.5)         (7.1)
   RCI                       0.8           0.7           7.0           3.9
                    ------------  ------------  ------------  ------------
                    $       15.3  $       13.9  $       99.0  $       97.4
                    ============  ============  ============  ============


Volume - 8 oz
 equivalent cases -
 Total Beverage
 (including
 concentrate)
   North America           191.5         153.2         697.0         648.6
   United Kingdom           45.2          45.4         192.9         189.5
   Mexico                    8.2           9.4          34.9          26.4
   RCI                      61.7          59.0         298.6         220.1
                    ------------  ------------  ------------  ------------
                           306.6         267.0       1,223.4       1,084.6
                    ============  ============  ============  ============


Volume - 8 oz
 equivalent cases -
 Filled Beverage
   North America           173.3         134.4         618.6         574.2
   United Kingdom           42.9          43.5         178.2         174.6
   Mexico                    8.2           9.4          34.9          26.4
   RCI                         -             -           0.1           0.2
                    ------------  ------------  ------------  ------------
                           224.4         187.3         831.8         775.4
                    ------------  ------------  ------------  ------------





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

                                     For the Three Months Ended
                          ------------------------------------------------
                                          January 1, 2011
                          ------------------------------------------------
(In millions of U.S.                 North    United
 dollars)                   Cott    America   Kingdom    Mexico     RCI
                          --------  --------  --------  --------  --------
 Change in revenue        $  142.8  $  147.3  $   (5.1) $   (0.2) $    0.8
 Impact of foreign
  exchange                     0.4      (1.9)      3.0      (0.7)        -
                          --------  --------  --------  --------  --------
 Change excluding foreign
  exchange                $  143.2  $  145.4  $   (2.1) $   (0.9) $    0.8
                          --------  --------  --------  --------  --------
 Percentage change in
  revenue                       37%       54%       -5%       -2%       16%
                          ========  ========  ========  ========  ========

 Percentage change in
  revenue excluding
  foreign exchange              37%       53%       -2%       -7%       16%
                          ========  ========  ========  ========  ========
 Impact of Cliffstar
  Acquisition               (152.0)   (152.0)        -         -         -
                          --------  --------  --------  --------  --------
 Change excluding foreign
  exchange and Cliffstar
  Acquisition             $   (8.8) $   (6.6) $   (2.1) $   (0.9) $    0.8
                          --------  --------  --------  --------  --------
 Percentage change in
  revenue excluding
  foreign exchange and
  Cliffstar Acquisition         -2%       -2%       -2%       -7%       16%
                          --------  --------  --------  --------  --------



                                       For the Year Ended
                          ------------------------------------------------
                                          January 1, 2011
                          ------------------------------------------------
(In millions of U.S.                 North    United
 dollars)                   Cott    America   Kingdom    Mexico      RCI
                          --------  --------  --------  --------  --------
 Change in revenue        $  206.6  $  183.4  $    7.8  $    7.4  $    8.0
 Impact of foreign
  exchange                   (11.8)    (17.0)      8.0      (2.8)        -
                          --------  --------  --------  --------  --------
 Change excluding foreign
  exchange                $  194.8  $  166.4  $   15.8  $    4.6  $    8.0
                          --------  --------  --------  --------  --------
 Percentage change in
  revenue                       13%       16%        2%       17%       38%
                          ========  ========  ========  ========  ========

 Percentage change in
  revenue excluding
  foreign exchange              12%       14%        4%       11%       38%
                          ========  ========  ========  ========  ========
 Impact of Cliffstar
  Acquisition               (232.2)   (232.2)        -         -         -
                          --------  --------  --------  --------  --------
 Change excluding foreign
  exchange and Cliffstar
  Acquisition             $  (37.4) $  (65.8) $   15.8  $    4.6  $    8.0
 Percentage change in
  revenue excluding
  foreign exchange and
  Cliffstar Acquisition         -2%       -6%        4%       11%       38%
                          --------  --------  --------  --------  --------





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)
Unaudited


                             For the Three Months
                                    Ended             For the Years Ended
                            ----------------------  ----------------------
                            January 1,  January 2,  January 1,  January 2,
                               2011        2010        2011        2010
                            ----------  ----------  ----------  ----------

Net income                  $     15.1  $     14.0  $     54.7  $     81.5
Interest expense, net             14.3         7.0        36.9        29.7
Income tax expense
 (benefit)                         4.7       (12.1)       18.6       (22.8)
Depreciation and
 amortization                     24.1        16.5        74.0        66.2
Net income attributable to
 non-controlling interests         1.1         1.1         5.1         4.6
                            ----------  ----------  ----------  ----------
EBITDA                      $     59.3  $     26.5  $    189.3  $    159.2

Restructuring, asset
 impairments, and buyback
 of notes
   Restructuring                     -        (0.1)       (0.5)        1.5
   Asset impairments                 -         0.1           -         3.6
   Buyback of notes                  -         3.5           -         3.3

Acquisition adjustments
   Earn-out adjustment           (20.3)                  (20.3)
   Incremental inventory
    step-up                        1.0           -         5.2           -
   Transaction costs              (0.3)          -         7.2           -
   Write-off of financing
    fees                             -           -         1.4           -
   Integration costs               6.1           -         6.7           -
                                                 -                       -

                            ----------  ----------  ----------  ----------
Adjusted EBITDA             $     45.8  $     30.0  $    189.0  $    167.6
                            ----------  ----------  ----------  ----------





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


                             For the Three Months
                                    Ended             For the Years Ended
                            ----------------------  ----------------------
                            January 1,  January 2,  January 1,  January 2,
                               2011        2010        2011        2010
                            ----------  ----------  ----------  -----------

Operating income            $     15.3  $     13.9  $     99.0  $      97.4
Restructuring and asset
 impairments
   Restructuring                     -        (0.1)       (0.5)         1.5
   Asset impairments                 -         0.1           -          3.6

Acquisition adjustments
   Incremental inventory
    step-up                        1.0           -         5.2            -
   Transaction costs              (0.3)          -         7.2            -
   Incremental
    amortization                   4.2           -         6.4            -
   Integration costs               6.1           -         6.7            -

                            ----------  ----------  ----------  -----------
Adjusted operating income   $     26.3  $     13.9  $    124.0  $     102.5
                            ----------  ----------  ----------  -----------





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


                             For the Three Months
                                    Ended             For the Years Ended
                            ----------------------  ----------------------
                            January 1,  January 2,  January 1,  January 2,
                               2011        2010        2011        2010
                            ----------  ----------  ----------  ----------

Net income                  $     16.2  $     15.1  $     59.8  $     86.1

Less: Net income
 attributable to
 non-controlling interests         1.1         1.1         5.1         4.6
                            ----------  ----------  ----------  ----------

Net income attributed to
 Cott Corporation           $     15.1  $     14.0  $     54.7  $     81.5
                            ==========  ==========  ==========  ==========

Restructuring, asset
 impairments, and buyback
 of notes
   Restructuring                     -        (0.1)       (0.4)        1.0
   Asset impairments                 -         0.1           -         2.5
   Buyback of notes                  -         1.9           -         2.3

Acquisition adjustments,
 net of tax
   Earn-out adjustment           (15.7)          -       (15.7)          -
   Incremental inventory
    step-up                        0.8           -         4.0           -
   Incremental
    amortization                   3.3           -         5.0           -
   Transaction costs              (0.2)          -         5.6           -
   Write-off of financing
    fees                             -           -         1.1           -
   Integration costs               4.7           -         5.2           -

Income tax adjustments
   Net operating loss
    carrybacks                       -       (15.3)          -       (15.3)
   Adjustment of reserves         (0.4)        0.3        (1.1)      (26.9)

                            ----------  ----------  ----------  ----------
Adjusted net income
 attributed to Cott
 Corporation                $      7.6  $      0.9  $     58.4  $     45.1
                            ==========  ==========  ==========  ==========

Adjusted net income per
 common share attributed to
 Cott Corporation
   Basic                          0.08        0.01        0.68        0.61
   Diluted                        0.08        0.01        0.68        0.60

Weighted average
 outstanding shares
 (millions) attributed to
 Cott Corporation
   Basic                          93.9        80.1        85.6        74.2
   Diluted                        95.2        81.0        86.2        75.2





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


                     For the                                      For the
                     Three                               Cott      Three
                     Months                            Excluding   Months
                     Ended                            Acquisition  Ended
                   January 1,                                    January 2,
                     2011*     Cliffstar   Adjustments   "CORE"     2010
                   ----------  ----------  ----------  ----------  -------

Revenue, net       $    528.8  $    152.0  $        -  $    376.8  $ 386.0
Cost of sales           460.3       137.7           -       322.6    331.5
                   ----------  ----------  ----------  ----------  -------

Gross profit             68.5        14.3           -        54.2     54.5
                         13.0%        9.4%          -        14.4%    14.1%
Selling, general
 and administrative
 expenses                52.5        10.2         5.8        36.5     40.1
Loss on disposal
 of property,
 plant & equipment        0.7           -           -         0.7      0.5
Restructuring and
 asset impairments
   Restructuring            -           -           -           -     (0.1)
   Asset
    impairments             -           -           -           -      0.1

                   ----------  ----------  ----------  ----------  -------
Operating income   $     15.3  $      4.1  $     (5.8) $     17.0  $  13.9
                   ==========  ==========  ==========  ==========  =======

Depreciation and
 amortization            24.1         8.9           -        15.2     16.5
Earn-out
 adjustment             (20.3)          -       (20.3)          -
Other (income)
 expense, net             0.4           -           -         0.4      3.9

                   ----------  ----------  ----------  ----------  -------
EBITDA             $     59.3  $     13.0  $     14.5  $     31.8  $  26.5
                   ----------  ----------  ----------  ----------  -------

Buyback of notes            -           -           -           -      3.5

Acquisition
 adjustments
   Earn-out
    adjustment          (20.3)          -       (20.3)          -        -
   Incremental
    inventory
    step-up               1.0         1.0           -           -        -
   Transaction
    costs                (0.3)          -        (0.3)          -        -
   Integration
    costs                 6.1           -         6.1           -        -
                   ----------  ----------  ----------  ----------  -------
Adjusted EBITDA    $     45.8  $     14.0  $        -  $     31.8  $  30.0
                   ----------  ----------  ----------  ----------  -------





COTT CORPORATION                                                 EXHIBIT 10
SUPPLEMENTARY INFORMATION - NON-GAAP - Analysis of Volume by
Geographic Region
(in millions of U.S. dollars)
Unaudited

                                      For the Three Months Ended
                            ----------------------------------------------
                                            January 1, 2011
                            ----------------------------------------------
(In millions of 8 oz.                   North    United
 equivalent cases)            Cott    America   Kingdom    Mexico     RCI
                            --------  --------  --------  --------  ------
 Change in filled beverage
  volume                        37.1      38.9      (0.6)     (1.2)      -
 Impact of Cliffstar
  Acquisition                  (39.2)    (39.2)        -         -       -
                            --------  --------  --------  --------  ------
 Change excluding Cliffstar
  Acquisition                   (2.1)     (0.3)     (0.6)     (1.2)      -
                            --------  --------  --------  --------  ------
 Percentage change in
  filled beverage volume          20%       29%       -1%      -13%      0%
                            ========  ========  ========  ========  ======
 Percentage change in
  filled beverage volume
  excluding Cliffstar
  Acquisition                     -1%        0%       -1%      -13%      0%
                            --------  --------  --------  --------  ------

                                          For the Year Ended
                            ----------------------------------------------
                                            January 1, 2011
                            ----------------------------------------------
(In millions of 8 oz.                   North     United
 equivalent cases)             Cott    America    Kingdom   Mexico     RCI
                             --------  --------  --------  --------  ------
 Change in filled beverage
  volume                        56.4      44.4       3.6       8.5    (0.1)
 Impact of Cliffstar
  Acquisition                  (59.9)    (59.9)        -         -       -
                            --------  --------  --------  --------  ------
 Change excluding Cliffstar
  Acquisition                   (3.5)    (15.5)      3.6       8.5    (0.1)
                            ========  ========  ========  ========  ======
 Percentage change in
  filled beverage volume           7%        8%        2%       32%    -50%
                            --------  --------  --------  --------  ------
 Percentage change in
  filled beverage volume
  excluding Cliffstar
  Acquisition                      0%       -3%        2%       33%    -50%
                            --------  --------  --------  --------  ------
For further information: Kimball Chapman, Investor Relations, Tel: (813) 313-1840