Operating income increased 13% to $25 million from $22 million. Net income and earnings per diluted share were $12 million and $0.14, respectively, compared to $20 million and $0.28, respectively. The decline in net income and earnings per diluted share was due to an income tax expense of $4 million in the first quarter of 2010 compared to an income tax benefit of $6 million in the first quarter of 2009.
“I am pleased with another quarter of improvement in operating income which benefited from strong performances from the UK and Royal Crown International,” commented Cott’s chief executive officer, Jerry Fowden. “In what we had previously communicated would be a challenging quarter for volume comparisons, lower North America volumes were more than offset by strong contributions from our other operating segments and lower overhead expenses. Our North America volume comparisons become easier as the year progresses, and we were pleased to see a stronger North America volume performance in April.”
Source: Cott Corporation
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