TORONTO, ON and TAMPA, FL--(Marketwired - Oct 28, 2015) - Cott Corporation today announced its results for the third quarter ended October 3, 2015.
Third Quarter 2015 Highlights
- Revenue increased 41% to $756 million ($776 million excluding the impact of foreign exchange) compared to $535 million.
- Gross profit increased 234% to $233 million compared to $70 million, which resulted in gross profit as a percentage of revenue of 30.8% compared to 13.0%.
- Adjusted EBITDA increased 103% to $95 million ($98 million excluding the impact of foreign exchange) compared to $47 million. Reported EBITDA increased 114% to $86 million compared to $40 million.
- Reported free cash flow increased 28% to $64 million, reflecting $92 million of net cash provided by operating activities less $28 million of capital expenditures. Adjusted free cash flow increased 29%.
- Cott continued to focus on its strategic priorities designed to build long-term shareowner value with:
- Over $2 million of DS Services synergies were realized during the third quarter for a total of $6 million of synergies realized to date.
- DS Services completed the acquisitions of two home and office delivery ("HOD") water businesses towards the end of the quarter, which together are expected to generate approximately $9 million in annual revenues. Three additional Asset Purchase Agreements have been signed for the acquisition of small HOD businesses with expected combined revenues of over $1 million per year. The acquisitions, which are subject to customary closing conditions, are expected to close in the fourth quarter of 2015 or first quarter of 2016.
- Volume stabilization within the Cott North America business unit continued as contract manufacturing and sparkling and flavored water grew by approximately 50% and 9%, respectively, offsetting the general market declines in carbonated soft drinks ("CSDs") and private label shelf stable juices ("SSJs"). Gross margins increased 130 basis points from 11.5% to 12.8% as a result of stable volumes. Full report.
