Cott Corporation has reported higher sales and earnings for the second quarter ended June 2002, thanks in part to increased manufacturing efficiencies.
The retailer-brand soft drink manufacturer announced that net income for the quarter rose by 32 per cent to $19.2 million (€12.7m) up from $14.5 million a year ago. Sales increased to $329.5 million, an all-time high for the quarter, an increase of 8 per cent over last year, up 2 per cent excluding the impact of acquisitions.
"Our performance is at a record pace for the year," said Frank Weise, Cott chairman, president and chief executive officer. "Despite some volume softness due to unseasonably cool spring weather in the Northeastern US and Canada, all our major business units are showing gains year over year."
He credited Cott managers and employees for driving positive momentum in both customer service and plant efficiencies, and applauded initiatives that are "expanding the Company's core," a key strategy for the years ahead.
During the quarter, the Company took a 90 per cent stake in a new venture, Cott Embotelladores de Mexico, to manufacture and market retailer brand beverages in Mexico, and also announced the acquisition of Premium Beverage Packers, Inc. a move that reinforces its strong position in the Northeast US.