Cott Reports Fourth Quarter and Fiscal Year 2009 Results

TORONTO and TAMPA, FL--(February 24, 2010) - Cott Corporation (NYSECOT) (TSX: BCB)

Fiscal Year 2009

 

-- Revenue declined 3.1% to $1.6 billion. Excluding the impact of foreign
   exchange, revenue increased 2.4% (see accompanying reconciliation of
   GAAP to non-GAAP revenue)
-- Gross margin as a percentage of sales increased to 15.6% from 11.0%
-- Operating income increased to $97.4 million from a loss of $113.0
   million
-- Earnings per diluted share increased to $1.08, compared to a loss of
   $1.73 per share

Fourth Quarter 2009

 

-- Revenue increased 3.9% to $386.0 million. Excluding the impact of
   foreign exchange revenue increased 2.0% (see accompanying reconciliation
   of GAAP to non-GAAP revenue)
-- Operating income increased to $13.9 million from a loss of $15.6 million
-- EBITDA increased to $26.5 million from $3.1 million. Adjusted EBITDA
   increased to $30.0 million from $13.2 million (see accompanying
   reconciliation of GAAP net income of $14.0 million in 2009 and a net
   loss of $12.1 million in 2008 to non-GAAP EBITDA and adjusted EBITDA)

  (All information in U.S. dollars; all fourth quarter 2009 comparisons
       are relative to the fourth quarter of 2008; all fiscal 2009
              comparisons are relative to fiscal 2008.)

Cott Corporation (NYSECOT) (TSX: BCB) today announced its results for the fourth quarter and fiscal year ended January 2, 2010. Fourth quarter 2009 revenue was $386.0 million, compared to $371.4 million, an increase of 3.9%, or 2.0% excluding the impact of foreign exchange. Operating income increased to $13.9 million, compared to an operating loss of $15.6 million. Net income was $14.0 million, compared to a net loss of $12.1 million. Earnings per diluted share increased to $0.17, compared to a loss of $0.17. The fourth quarter and fiscal year 2009 included an additional week of sales relative to 2008 that is estimated to have contributed $20.3 million of additional revenue and $1.3 million of additional operating income.

"I am pleased that the fourth quarter continued the trend of improved results and allowed us to finish what has been an excellent year," commented Cott's Chief Executive Officer, Jerry Fowden. "As we begin 2010, we are focusing on the operational objectives that worked so well for us in 2009 and on pursuing our goals for smart new business wins," added Fowden.

"Successfully extending our long-term debt maturity during the quarter was a key milestone in our efforts to strengthen our balance sheet and to improve our financial flexibility," commented Cott's Chief Financial Officer, Neal Cravens.

FISCAL YEAR 2009 PERFORMANCE SUMMARY

 

-- Revenue declined 3.1%, but increased 2.4% excluding the impact of
   foreign exchange, as lower volumes in North America, Mexico and Royal
   Crown International ("RCI") offset the impact of higher volumes in the
   United Kingdom / Europe operating segment ("U.K.") and improved pricing
   and product mix.

-- Gross margin as a percentage of sales increased significantly to 15.6%
   from 11.0%, primarily driven by lower cost of sales and improved
   pricing, which was somewhat offset by the impact of foreign exchange.

-- Selling, general and administrative ("SG&A") expenses declined to 9.2%
   of sales from 10.9%. SG&A in 2009 included $3.3 million of executive
   severance and other costs associated with the Company's plan to refocus
   on private label while 2008 included $6.8 million of such costs.

-- Operating income was $97.4 million, compared to an operating loss of
   $113.0 million. Restructuring charges, goodwill and asset impairments
   totalled $5.1 million in 2009 and $112.9 million in 2008.

-- The Company's 2009 income tax benefit was $22.8 million, compared to an
   income tax benefit of $19.5 million in 2008.

FISCAL YEAR 2009 SEGMENT HIGHLIGHTS

 

-- North America filled beverage case volume declined 1.2% to 574.2 million
   cases. Revenue decreased 0.3%, but increased 0.9% excluding the impact
   of foreign exchange. North America operating income increased to $77.6
   million from a loss of $56.3 million, primarily as a result of higher
   average net local currency selling prices, operating cost reductions
   and SG&A savings. North America 2008 results included $43.7 million of
   restructuring and asset impairment charges.

-- U.K. filled beverage case volume increased 2.0% to 174.6 million cases,
   driven by volume growth in segments such as energy drinks and sport
   drinks. Revenue decreased 6.7%, but increased 11.2% excluding the impact
   of foreign exchange. U.K. operating income increased to $23.0 million
   from a loss of $53.5 million primarily due to lower operating costs, a
   better sales mix and improved pricing. U.K. 2008 results included a
   $69.2 million goodwill impairment charge.

-- Mexico filled beverage case volume decreased 10.2% to 26.4 million cases
   as volume declines early in 2009 were partially offset by the
   commencement of new business shipments beginning in the fourth quarter
   of 2009. Revenue decreased 31.0%, or 15.3% excluding the impact of
   foreign exchange.

-- RCI concentrate volumes declined 5.7% to 220.1 million cases with
   revenue down 5.5% to $20.8 million.

FOURTH QUARTER 2009 PERFORMANCE SUMMARY

 

-- Revenue increased 3.9%, or 2.0% excluding the impact of foreign
   exchange, as volume growth in the U.K. combined with positive product
   mix and the impact of higher average net local currency selling prices
   offset lower volumes in North America.

-- Gross margin as a percentage of sales increased significantly to 14.1%
   from 9.6%. Lower cost of sales and improved pricing contributed to the
   higher gross margin percentage in the quarter.

-- SG&A expenses were flat but declined to 10.4% of sales from 10.8%.

-- Operating income was $13.9 million, compared to an operating loss of
   $15.6 million. The results for the fourth quarter of 2008 included $10.1
   million of restructuring charges and asset impairments.

-- The Company's income tax benefit was $12.1 million, compared to an
   income tax benefit of $13.0 million in 2008.

FOURTH QUARTER 2009 SEGMENT HIGHLIGHTS

 

-- North America filled beverage volume declined 4.0% to 134.4 million
   cases. Revenue decreased 1.5%, or 3.3% excluding the impact of foreign
   exchange. North America operating income increased to $8.6 million from
   a loss of $13.2 million, primarily as a result of improved pricing,
   operating cost reductions, and SG&A savings.

-- U.K. filled beverage volume increased 11.8% to 43.5 million cases as new
   customer gains and improved product sales mix continued the trend of
   volume growth which began in the second quarter of 2009. Revenue
   increased 25.6%, or 22.4% excluding the impact of foreign exchange. U.K.
   operating income increased to $6.5 million from $0.3 million. Strong
   revenue and operating income growth in the U.K. was driven by growth in
   energy, isotonics and sports drinks as well as successful growth in the
   convenience channel.

-- Mexico filled beverage case volume increased 46.9% to 9.4 million cases,
   primarily as a result of the commencement of shipments pursuant to new
   contract bottling business in the water segment, where the Company is
   paid a conversion fee per case produced. Revenue in Mexico increased
   1.7%, or 2.6% excluding the impact of foreign exchange.

-- RCI concentrate volumes declined 1.8% to 59.0 million cases. Revenue
   decreased 10.5% to $5.1 million, primarily as a result of a shift in
   product and geographical mix during the quarter.

"The private label price gap relative to national brands widened significantly on soft drinks in North America during the fourth quarter of 2008, boosting our short-term volumes in the fourth quarter of 2008 and into the first quarter of 2009 until we followed with our pricing," commented Fowden. "This category dynamic, coupled with the impact of an additional week compared to 2008, creates an unusual prior-year comparison for the fourth quarter of 2009. However, we were still able to deliver significantly improved gross margins, operating profit and cash flow," added Fowden.

Fourth Quarter and Fiscal Year Results Conference Call

Cott Corporation will host a conference call today, February 24, 2010, at 10:00 a.m. EST, to discuss fourth 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 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 Corporation ("Cott" or the "Company") is one of the world's largest non-alcoholic beverage companies and the world's largest retailer brand soft drink company. With approximately 2,800 employees, the Company operates bottling facilities in the United States, Canada, the United Kingdom and Mexico. Cott markets non-alcoholic 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 the Company's results of operations. Additionally, Cott supplements its reporting of earnings before interest, taxes, depreciation & amortization determined in accordance with GAAP by excluding the impact of certain items to separate the impact of these items from underlying business performance. Since the Company uses these adjusted financial results in the management of its business, management believes this supplemental information is useful to investors for their independent evaluation and understanding of the performance of the Company'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, the Company'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 the Company makes the statements. Forward-looking statements involve inherent risks and uncertainties and the Company 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 statements related to future financial operating results and related matters. The forward-looking statements are based on assumptions that volume and revenue will be consistent with recent historical trends, that interest rates will remain constant and debt levels will decline, and, in certain cases, on 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: the Company's ability to compete successfully; changes in consumer tastes and preferences for existing products and the Company'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 the Company's ability to pass on increased costs to its customers, and the impact of those increased prices on the Company's volumes; the Company's ability to maintain favorable arrangements and relationships with its suppliers; the Company'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; the Company's substantial debt levels and the Company's ability to service and reduce its debt; the Company'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; the Company's ability to fully realize the expected cost savings and/or operating efficiencies from its restructuring activities; any disruption to production at the Company's beverage concentrates or other manufacturing facilities; the Company'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 the Company's beverages; the impact of national, regional and global events, including those of a political, economic, business and competitive nature; the Company's ability to recruit, retain, and integrate new management and a new management structure; the Company's exposure to intangible asset risk; the volatility of the Company's stock price; the Company's ability to maintain compliance with the listing requirements of the New York Stock Exchange; the Company's ability to renew its collective bargaining agreements on satisfactory terms; and disruptions in the Company'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 the Company's Annual Report on Form 10-K for the year ended December 27, 2008 and its quarterly reports on Form 10-Q, as well as other periodic reports filed with the securities commissions. The Company does not undertake to update or revise any of these statements in light of new information or future events.

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 Year Ended
                     January 2,   December 27,   January 2,   December 27,
                        2010          2008          2010          2008
                    ------------  ------------  ------------  ------------

Revenue, net        $      386.0  $      371.4  $    1,596.7  $    1,648.1
Cost of sales              331.5         335.9       1,346.9       1,467.1
                    ------------  ------------  ------------  ------------

Gross profit                54.5          35.5         249.8         181.0

Selling, general
 and administrative
 expenses                   40.1          40.1         146.8         179.8
Loss on disposal of
 property, plant &
 equipment                   0.5           0.9           0.5           1.3
Restructuring,
 goodwill and asset
 impairments
   Restructuring            (0.1)          0.1           1.5           6.7
   Goodwill
    impairments                -             -             -          69.2
   Asset
    impairments              0.1          10.0           3.6          37.0
                    ------------  ------------  ------------  ------------

Operating income
 (loss)                     13.9         (15.6)         97.4        (113.0)

Other expense
 (income), net               3.9           1.1           4.4          (4.7)
Interest expense,
 net                         7.0           8.0          29.7          32.3
                    ------------  ------------  ------------  ------------

Income (loss)
 before income
 taxes                       3.0         (24.7)         63.3        (140.6)

Income tax benefit         (12.1)        (13.0)        (22.8)        (19.5)
                    ------------  ------------  ------------  ------------

Net income (loss)   $       15.1  $      (11.7) $       86.1  $     (121.1)

Less: Net income
 attributable to
 non-controlling
 interests                   1.1           0.4           4.6           1.7
                    ------------  ------------  ------------  ------------

Net income (loss)
 attributed to Cott
 Corporation        $       14.0  $      (12.1) $       81.5  $     (122.8)
                    ============  ============  ============  ============

Net income (loss)
 per common share
 attributed to Cott
 Corporation
   Basic            $       0.18  $      (0.17) $       1.10  $      (1.73)
   Diluted          $       0.17  $      (0.17) $       1.08  $      (1.73)

Weighted average
 outstanding shares
 (thousands)
 attributed to Cott
 Corporation
   Basic                  80,090        70,484        74,207        71,017
   Diluted                80,994        70,484        75,215        71,017





COTT CORPORATION                                                 EXHIBIT 2
CONSOLIDATED BALANCE SHEETS
(in millions of U.S. dollars, except share amounts U.S. GAAP)
 Unaudited
                                                 January 2,   December 27,
                                                    2010          2008
                                                ------------  ------------
ASSETS
Current assets
Cash & cash equivalents                         $       30.9  $       14.7

Accounts receivable, net of allowance of $5.9
 ($5.5 as of December 27, 2008)                        152.3         164.4
Income taxes receivable                                 20.8           7.7
Inventories                                             99.7         111.1
Prepaid and other expenses                              11.4           9.3
Deferred income taxes                                    3.2           3.0
Other current assets                                     2.2             -
                                                ------------  ------------

Total current assets                                   320.5         310.2

Property, plant and equipment                          343.0         346.8
Goodwill                                                30.6          27.0
Intangibles and other assets                           155.5         169.6
Deferred income taxes                                    5.4          10.3
Other tax receivable                                    18.8           9.2
                                                ------------  ------------

Total assets                                    $      873.8  $      873.1
                                                ============  ============

LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings                           $       20.2  $      107.5
Current maturities of long-term debt                    17.6           7.6
Income taxes payable                                     2.1           0.1
Accounts payable and accrued liabilities               166.8         166.7
Deferred income taxes                                    0.4             -
                                                ------------  ------------

Total current liabilities                              207.1         281.9

Long-term debt                                         233.2         294.4
Deferred income taxes                                   17.5          16.0
Other tax liabilities                                    0.5          18.3
Other long-term liabilities                             14.2          16.0
                                                ------------  ------------

Total liabilities                                      472.5         626.6

Equity
Capital stock, no par - 81,306,330 (December
 27, 2008 - 71,871,330) shares issued                  322.5         275.0
Treasury stock                                          (4.4)         (6.4)
Additional paid-in-capital                              37.4          38.1
Retained earnings (deficit)                             51.8         (29.7)
Accumulated other comprehensive loss                   (21.3)        (47.8)
                                                ------------  ------------
Total Cott Corporation equity                          386.0         229.2
Non-controlling interests                               15.3          17.3
                                                ------------  ------------

Total equity                                           401.3         246.5
                                                ------------  ------------

Total liabilities and equity                    $      873.8  $      873.1
                                                ============  ============






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

                    For the Three Months Ended      For the Year Ended
                    --------------------------  --------------------------
                     January 2,   December 27,   January 2,   December 27,
                        2010          2008          2010          2008
                    ------------  ------------  ------------  ------------

Operating
 Activities
   Net income
    (loss)          $       15.1  $      (11.7) $       86.1  $     (121.1)
   Depreciation and
    amortization            16.5          19.8          66.2          80.7
   Amortization of
    financing fees           0.5           0.3           1.5           1.1
   Share-based
    compensation
    expense                  0.1           0.2           1.3           5.6
   Increase
    (decrease) in
    deferred income
    taxes                    3.3         (10.2)          6.2         (13.4)
   Tax Receivable              -             -             -             -
   Decrease in
    other income
    tax liabilities            -             -             -             -
   Loss on disposal
    of property,
    plant &
    equipment                0.5           0.9           0.5           1.3
   Loss on buyback
    on notes                 1.3             -           1.5             -
   Asset
    impairments              0.1           2.0           0.1           1.6
   Intangible asset
    impairments                -           8.0           3.5          35.4
   Goodwill
    impairments                -             -             -          69.2
   Lease contract
    termination
    loss                       -             -             -           0.3
   Lease contract
    termination
    payments                (1.0)         (0.7)         (3.8)         (3.8)
   Other non-cash
    items                    0.8          (1.7)          2.6           3.1
   Change in
    accounts
    receivable              18.9           3.5          20.8           8.5
   Change in
    inventories             13.8           7.7          16.0           6.4
   Change in
    prepaid
    expenses and
    other current
    assets                  (0.1)          2.1          (1.6)         (0.7)
   Change in other
    assets                  (1.5)            -          (1.2)         (6.0)
   Change in
    accounts
    payable and
    accrued
    liabilities             (6.3)            -          (6.5)         (3.9)
   Change in income
    taxes
    receivable, net        (22.1)          5.0         (38.1)          2.6
                    ------------  ------------  ------------  ------------
     Net cash
      provided by
      operating
      activities            39.9          25.2         155.1          66.9
                    ------------  ------------  ------------  ------------

Investing
 Activities
   Additions to
    property, plant
    and equipment          (13.4)         (9.2)        (32.3)        (55.9)
   Additions to
    intangibles             (1.6)            -          (1.6)         (3.4)
   Proceeds from
    disposal of
    property, plant
    & equipment and
    held-for-sale
    assets                   0.3           2.0           1.7           4.5
                    ------------  ------------  ------------  ------------
     Net cash used
      in investing
      activities           (14.7)         (7.2)        (32.2)        (54.8)
                    ------------  ------------  ------------  ------------

Financing
 Activities
   Payments of
    long-term debt        (239.1)         (4.5)       (265.5)         (9.0)
   Issuance of
    long-term debt         211.9           0.2         211.9          33.8
   Borrowings on
    credit
    facility, net              -             -             -        (127.5)
   Short-term
    borrowings, net            -           0.1             -          (8.1)
   Short-term
    borrowings, ABL         88.7         268.4         768.1       1,300.3
   Short-term
    repayments, ABL        (68.5)       (282.3)       (856.6)     (1,192.7)
   Distributions to
    non-controlling
    interests               (1.8)         (1.2)         (6.7)         (3.9)
   Issuance of
    common shares            0.1             -          47.5             -
   Purchase of
    treasury shares            -             -             -          (6.4)
   Deferred
    financing fees          (5.1)         (0.3)         (6.2)         (5.3)
   Other financing
    activities               0.4          (0.1)            -          (0.5)
                    ------------  ------------  ------------  ------------
     Net cash used
      in financing
      activities           (13.4)        (19.7)       (107.5)        (19.3)
                    ------------  ------------  ------------  ------------

Effect of exchange
 rate changes on
 cash                        0.1          (4.2)          0.8          (5.5)
                    ------------  ------------  ------------  ------------

Net increase
 (decrease) in cash
 & cash equivalents         11.9          (5.9)         16.2         (12.7)

Cash & cash
 equivalents,
 beginning of
 period                     19.0          20.6          14.7          27.4
                    ------------  ------------  ------------  ------------

Cash & cash
 equivalents, end
 of period          $       30.9  $       14.7  $       30.9  $       14.7
                    ============  ============  ============  ============




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


                    For the Three Months Ended      For the Year Ended
                    --------------------------  --------------------------
                     January 2,   December 27,   January 2,   December 27,
                        2010          2008          2010          2008
                    ------------  ------------  ------------  ------------

Revenue
   North America    $      274.2  $      278.4  $    1,173.9  $    1,178.0
   United Kingdom           94.7          75.4         359.3         385.3
   Mexico                   12.0          11.8          42.7          61.9
   RCI                       5.1           5.7          20.8          22.0
   All Other                   -           0.1             -           0.9
                    ------------  ------------  ------------  ------------
                    $      386.0  $      371.4  $    1,596.7  $    1,648.1
                    ============  ============  ============  ============


Operating income
 (loss)
   North America    $        8.6  $      (13.2) $       77.6  $      (56.3)
   United Kingdom            6.5           0.3          23.0         (53.5)
   Mexico                   (2.0)         (4.2)         (7.1)         (8.8)
   RCI                       0.7           2.2           3.9           8.1
   All Other                 0.1          (0.7)            -          (2.5)
                    ------------  ------------  ------------  ------------
                    $       13.9  $      (15.6) $       97.4  $     (113.0)
                    ============  ============  ============  ============


Volume - 8 oz
 equivalent cases -
 Total Beverage
 (including
 concentrate)
   North America           153.2         158.8         648.6         665.8
   United Kingdom           45.4          40.8         189.5         189.2
   Mexico                    9.4           6.4          26.4          29.4
   RCI                      59.0          60.1         220.1         233.4
   All Other                   -           0.1             -           0.7
                    ------------  ------------  ------------  ------------
                           267.0         266.2       1,084.6       1,118.5
                    ============  ============  ============  ============


Volume - 8 oz
 equivalent cases -
 Filled Beverage
   North America           134.4         140.0         574.2         581.0
   United Kingdom           43.5          38.9         174.6         171.1
   Mexico                    9.4           6.4          26.4          29.4
   RCI                         -             -           0.2             -
   All Other                   -           0.1             -           0.7
                    ------------  ------------  ------------  ------------
                           187.3         185.4         775.4         782.2
                    ============  ============  ============  ============





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
                ----------------------------------------------------------
                                      January 2, 2010
                ----------------------------------------------------------
(In millions of            North    United                           All
 U.S. dollars)  Cott (1)  America   Kingdom    Mexico     RCI       Other
                --------  --------  --------  --------  --------  --------
   Change in
    revenue     $   14.6  $   (4.2) $   19.3  $    0.2  $   (0.6) $   (0.1)
   Impact of
    foreign
    exchange        (7.1)     (5.2)     (2.0)      0.1         -         -
                --------  --------  --------  --------  --------  --------
   Change
    excluding
    foreign
    exchange    $    7.5  $   (9.4) $   17.3  $    0.3  $   (0.6) $   (0.1)
                ========  ========  ========  ========  ========  ========
   Percentage
    change in
    revenue          3.9%     -1.5%     25.6%      1.7%    -10.5%      N/A
                --------  --------  --------  --------  --------  --------
   Percentage
    change in
    revenue
    excluding
    foreign
    exchange         2.0%     -3.3%     22.4%      2.6%    -10.5%      N/A
                --------  --------  --------  --------  --------  --------

                                    For the Year Ended
                ----------------------------------------------------------
                                      January 2, 2010
                ----------------------------------------------------------
(In millions of            North    United                           All
 U.S. dollars)  Cott (1)  America   Kingdom    Mexico     RCI       Other
                --------  --------  --------  --------  --------  --------
   Change in
    revenue     $  (51.4) $   (4.1) $  (26.0) $  (19.2) $   (1.2) $   (0.9)
   Impact of
    foreign
    exchange        88.1      14.5      62.2      11.5         -      (0.1)
                --------  --------  --------  --------  --------  --------
   Change
    excluding
    foreign
    exchange    $   36.7  $   10.4  $   36.2  $   (7.7) $   (1.2) $   (1.0)
                ========  ========  ========  ========  ========  ========
   Percentage
    change in
    revenue         -3.1%     -0.3%     -6.7%    -31.0%     -5.5%      N/A
                --------  --------  --------  --------  --------  --------
   Percentage
    change in
    revenue
    excluding
    foreign
    exchange         2.4%      0.9%     11.2%    -15.3%     -5.5%      N/A
                --------  --------  --------  --------  --------  --------


(1) Cott includes the following operating segments: North America, United
    Kingdom, Mexico, RCI and All Other





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 Ended      For the Year Ended
                    --------------------------  --------------------------
                     January 2,   December 27,   January 2,   December 27,
                        2010          2008          2010          2008
                    ------------  ------------  ------------  ------------

Net income (loss)   $       14.0  $      (12.1) $       81.5  $     (122.8)
Interest expense,
 net                         7.0  $        8.0          29.7          32.3
Income tax benefit         (12.1) $      (13.0)        (22.8)        (19.5)
Depreciation and
 amortization               16.5  $       19.8          66.2          80.7
Net income
 attributable to
 non-controlling
 interests                   1.1  $        0.4           4.6           1.7
                    ------------  ------------  ------------  ------------
EBITDA              $       26.5  $        3.1  $      159.2  $      (27.6)

Restructuring,
 goodwill and asset
 impairments, and
 loss on buyback of
 notes
    Restructuring           (0.1)          0.1           1.5           6.7
    Goodwill
     impairments               -             -             -          69.2
    Asset
     impairments             0.1          10.0           3.6          37.0
    Other expense
     (loss on buyback
     of notes)               3.5             -           3.3             -

                    ------------  ------------  ------------  ------------
Adjusted EBITDA     $       30.0  $       13.2  $      167.6  $       85.3
                    ============  ============  ============  ============
For further information: Kimball Chapman, Investor Relations, Tel: (813) 313-1840