First quarter 2011 revenue was $534m compared to $363m in the prior year period. The Cliffstar business acquired in the third quarter of 2010 contributed $166m of the increase in revenue. Operating income was flat at $25m.
Excluding Cliffstar integration expenses and purchase accounting adjustments, adjusted operating income was $26m. Ebitda was $47m, compared to $39m. Excluding Cliffstar integration expenses and purchase accounting adjustments, adjusted Ebitda was $45m.
Net income and earnings per diluted share were $7m and $0.07, respectively, compared to $12m and $0.14, respectively. Excluding Cliffstar integration expenses and purchase accounting adjustments, adjusted net income and adjusted earnings per diluted share were $8m and $0.09, respectively, compared to $11m and $0.14, respectively.
“Our first quarter results included the impact of substantially higher commodity costs without the full benefit of higher 2011 prices, which were only in place for part of the quarter,” said Jerry Fowden, Cott’s CEO. “This pricing lag eroded our gross margins, particularly in the US. While commodity inflation will remain a headwind, we remain committed to doing all we can to mitigate these increases as we continue to work to successfully integrate Cliffstar and drive cash generation alongside debt reduction.”
Source: Cott Corporation
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