Cott Reports Fourth Quarter and Fiscal Year 2016 Results

TORONTO, ON and TAMPA, FL, Feb. 23, 2017 /PRNewswire/ - Cott Corporation (NYSE: COT; TSX:BCB) today announced its results for the fiscal year and fourth quarter ended December 31, 2016. 

FISCAL YEAR 2016 HIGHLIGHTS 

• Cott revenue increased 10% (12% on a foreign exchange neutral basis) to $3,236 million compared to $2,944 million. 
• Gross profit increased 20% to $1,074 million compared to $896 million and gross margin as a percentage of revenue increased to 33.2% compared to 30.4%. 
• Net cash provided by operating activities of $270 million, less $140 million of capital expenditures resulted in reported free cash flow of $130 million and adjusted free cash flow of $150 million (adjusted for $20 million of acquisition, integration and other costs). 
• Cott has targeted full year 2017 cash flow provided by operations of approximately $330 to $340 million and capital expenditures in the range of $165 to $175 million, resulting in adjusted free cash flow of $155 to $175 million (when excluding acquisition, integration, and debt transaction costs). 

"I am pleased with the progress made in 2016 towards a more diversified, higher margin, cash generative business. Our adjusted free cash flow generation of $150 million despite almost $20 million of adverse foreign exchange impact demonstrates the progress made during the year," commented Jerry Fowden, Cott's Chief Executive Officer. "We believe our focus on free cash flow generation and the platform we are creating in home and office services for water, coffee and tea will provide strong annual growth in free cash flow over the coming years," continued Mr. Fowden. 

Full report.