Second quarter 2010 revenue was $425m compared to $439m, a decline of 3%, or 4% excluding the impact of foreign exchange.
Significant promotional activity by the national brands resulted in lower revenue in North America, partially offset by increased international revenue. Operating income increased 15% to $39m from $34m, benefiting from lower costs and strong international performance.
Net income and earnings per diluted share were $22m and $0.28 respectively, compared to $34m and $0.48 respectively. The decrease in net income and earnings per diluted share was due to higher taxes. Cott recognised an income tax benefit of $5m in 2009, compared to a tax expense of $9m in 2010.
Source: Cott Corporation
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