Last $7.56 USD
Change Today -0.04 / -0.53%
Volume 734.4K
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As of 4:15 PM 08/20/14 All times are local (Market data is delayed by at least 15 minutes).

cott corporation (COT) Key Developments

Cott Corporation Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 28, 2014; Reports Asset Impairments for the Second Quarter Ended June 28, 2014; Provides Earnings Guidance for the Year 2014; Provides Interest Cost Guidance for the Year 2015

Cott Corporation announced unaudited consolidated financial results for the second quarter and six months ended June 28, 2014. For the quarter, the company reported revenue, net of $550.9 million against $563.8 million a year ago. The revenue decline was due primarily to an overall product mix shift into contract manufacturing (the revenue associated with contract manufacturing does not include a charge for ingredients and packaging as the customer provides these commodities and also bears the risk of commodity cost increases) and the competitive pricing environment. Operating income was $26.1 million against $32.6 million a year ago. Loss before income taxes was $2.1 million against income before income taxes of $19.8 million a year ago. Net loss attributed to company was $6.0 million or $0.06 per diluted share against net income attributed to company of $16.5 million or $0.17 per diluted share a year ago. Net cash provided by operating activities was $29.6 million against $34.1 million a year ago. Additions to property, plant & equipment were $11.8 million against $14.6 million a year ago. Additions to intangibles and other assets were $1.3 million against $1.7 million a year ago. Adjusted EBITDA was $55.5 million against $60.7 million a year ago. The reduction in adjusted EBITDA was due primarily to the increase in SG&A expenses, the general market deterioration in the private label North American CSD category and increased freight costs primarily from internal transfers associated with the initial start-up and expansion of contract manufacturing volumes, offset in part by a product mix shift into higher margin products. Adjusted net income attributed to company was $16.5 million or $0.17 per diluted share against $19.5 million or $0.20 per diluted share a year ago. Adjusted free cash flow increased to $34.2 million compared to $19.5 million a year ago. For the six months, the company reported revenue, net of $1,026.0 million against $1,069.2 million a year ago. Operating income was $30.2 million against $47.7 million a year ago. Loss before income taxes was $5.5 million against income before income taxes of $21.3 million a year ago. Net loss attributed to company was $9.9 million or $0.11 per diluted share against net income attributed to company of $16.5 million or $0.17 per diluted share a year ago. Net cash used in operating activities was $22.9 million against $24.5 million a year ago. Additions to property, plant & equipment were $20.6 million against $34.5 million a year ago. Additions to intangibles and other assets were $2.8 million against $1.9 million a year ago. Adjusted EBITDA was $89.6 million against $100.8 million a year ago. Adjusted net income attributed to company was $14 million or $0.15 per diluted share against $20 million or $0.21 per diluted share a year ago. Adjusted free cash flow was $34 million excluding the $16 million in cash costs associated with the purchase of $296 million of the 2018 notes. Net debt was $565 million as on June 28, 2014. For the quarter, the company reported asset impairments of $0.3 million. For 2014, the company continues to be optimistic about delivering free cash flows consistent with prior years. Based on current debt levels, The company expects full year 2014 interest cost to be approximately $36 million and on the operations front, the company will maintain tight capital control with 2014 CapEx in the $50 million to $55 million range. For 2015, the company expects interest cost to be approximately $34 million.

Cott Declares Announces Quarterly Dividend, Payable on September 10, 2014

Cott Corporation announced that its Board of Directors declared a quarterly dividend of USD 0.06 per share on common shares. The dividend is payable in cash on September 10, 2014, to shareowners of record at the close of business on August 28, 2014.

Cott Corporation to Report Q2, 2014 Results on Jul 31, 2014

Cott Corporation announced that they will report Q2, 2014 results at 9:00 AM, Eastern Standard Time on Jul 31, 2014

Cott Corporation, Q2 2014 Earnings Call, Jul 31, 2014

Cott Corporation, Q2 2014 Earnings Call, Jul 31, 2014

Cott Corporation Declares Dividend Payable on June 18, 2014

Cott Corporation announced that the Board of Directors declared a dividend of USD 0.06 per common share, payable in cash on June 18, 2014 to shareowners of record at the close of business on June 6, 2014.

 

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