SOURCE: Cott Corporation

Cott Corporation

November 24, 2015 06:30 ET

Cott Issues Amendments to Forms 10-Q and 10-K Noting an Internal Control Process Material Weakness That Results in No Changes to Financial Statements

TORONTO, ON and TAMPA, FL--(Marketwired - Nov 24, 2015) - Cott Corporation (NYSE: COT) (TSX: BCB) today announced that the recent amendments to its Annual Report on Form 10-K for the year ended January 3, 2015, and its Quarterly Reports on Form 10-Q for the quarters ended April 4, 2015 and July 4, 2015, resulted in no restatement or revision to annual or quarterly financial statements.

At least annually, Cott performs goodwill impairment tests on the following business units that have goodwill or indefinite lived intangibles: North America, DS Services, RCI, and U.K. Europe. We retain an experienced third party valuation firm to assist us in the fair value calculation. While reviewing the valuation completed for our North America business unit in relation to the goodwill recorded on its books as of January 3, 2015, we noted that there were errors included within the inputs used to complete the valuation. After revising said inputs, the valuation resulted in no change to our conclusion that our business unit value was in excess of its carrying value and no change in goodwill was required.

About Cott Corporation
Cott is one of the world's largest producers of beverages on behalf of retailers, brand owners and distributors, and has one of the broadest home and office bottled water and office coffee services distribution networks in the United States, with the ability to service approximately 90 percent of U.S. households, as well as national, regional and local offices.

Cott produces multiple types of beverages in a variety of packaging formats and sizes, including carbonated soft drinks, 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy drinks and shots, sports drinks, new age beverages, ready-to-drink teas, beverage concentrates, liquid enhancers, freezables and ready-to-drink alcoholic beverages, as well as hot chocolate, coffee, malt drinks, creamers/whiteners and cereals. Cott's large manufacturing footprint, broad distribution network, substantial research and development capability and high-level of quality and customer service enables Cott to offer its customers a strong value-added proposition of low cost, high quality products and services. In addition, Cott is now a national direct-to-consumer provider of bottled water, office coffee and water filtration services offering a comprehensive portfolio of beverage products, equipment and supplies to approximately 1.5 million customer locations through its network of over 180 warehouse, branch and distribution facilities and daily operation of over 2,200 routes.

With over 9,000 employees, Cott operates approximately 60 manufacturing facilities and 180 distribution facilities in the United States, Canada, the United Kingdom and Mexico. Cott also develops and manufactures beverage concentrates, which it exports to approximately 50 countries around the world.


Contact Information

    Jarrod Langhans
    Investor Relations
    Tel: (813) 313-1732
    Email Contact