Note 2—Revisions

The Company has revised its Consolidated Statement of Operations, Consolidated Statement of Comprehensive Income, Consolidated Statement of Cash Flows for the three and six months ended June 28, 2014 and its Consolidated Statement of Equity for the six months ended June 28, 2014 to correct errors comprising (i) an overstatement of historical property, plant and equipment, net, including a portion related to a prior acquisition, and the related depreciation expense recorded during the periods, (ii) an overstatement of deferred tax liabilities, and (iii) an understatement of inventories and revenue, net, cost of sales, and SG&A expenses for an exchange rate error. The impact on the previously issued financial statements is detailed in the reconciliations below. These adjustments were not considered to be material individually or in the aggregate to previously issued financial statements.


		As previously filed			As revised
Consolidated Statements of Operations		For the three months ended June 28, 2014						Difference
(in millions of U.S. dollars)
Revenue, net		$	550.9		$	549.2		$	(1.7	)
Cost of sales	¹	$	477.1		$	476.0		$	(1.1	)
Gross profit	¹	$	73.8		$	73.2		$	(0.6	)
Selling, general and administrative expenses		$	46.9		$	46.7		$	(0.2	)
Loss (gain) on disposal of property, plant & equipment		$	0.4		$	(0.1	)	$	(0.5	)
Operating income		$	26.1		$	26.2		$	0.1
(Loss) income before income taxes		$	(2.1	)	$	(2.0	)	$	0.1
Net (loss) income		$	(4.6	)	$	(4.5	)	$	0.1
Net (loss) income attributed to Cott Corporation		$	(6.0	)	$	(5.9	)	$	0.1

		As previously filed			As revised
		For the six months ended
Consolidated Statements of Operations		June 28, 2014						Difference
(in millions of U.S. dollars)
Revenue, net		$	1,026.0		$	1,024.3		$	(1.7	)
Cost of sales	¹	$	901.9		$	900.6		$	(1.3	)
Gross profit	¹	$	124.1		$	123.7		$	(0.4	)
Selling, general and administrative expenses		$	89.2		$	89.0		$	(0.2	)
Loss (gain) on disposal of property, plant & equipment		$	0.5		$	—		$	(0.5	)
Operating income		$	30.2		$	30.5		$	0.3
(Loss) income before income taxes		$	(5.5	)	$	(5.2	)	$	0.3
Income tax expense		$	1.6		$	2.0		$	0.4
Net (loss) income		$	(7.1	)	$	(7.2	)	$	(0.1	)
Net loss attributed to Cott Corporation		$	(9.9	)	$	(10.0	)	$	(0.1	)

^1.

The revised balances do not include the reclassification of the amortization of customer list intangible assets from cost of sales to SG&A expenses as presented in the Consolidated Statement of Operations for the three and six months ended June 28, 2014 (see Note 1 to the Consolidated Financial Statements).


	As previously filed			As revised
Consolidated Statements of Comprehensive Income	For the three months ended June 28, 2014						Difference
(in millions of U.S. dollars)
Net (loss) income	$	(4.6	)	$	(4.5	)	$	0.1
Comprehensive income (loss)	$	3.8		$	3.9		$	0.1
Comprehensive income (loss) attributed to Cott Corporation	$	2.4		$	2.5		$	0.1

	As previously filed			As revised
Consolidated Statements of Comprehensive Income	For the six months ended June 28, 2014						Difference
(in millions of U.S. dollars)
Net (loss) income	$	(7.1	)	$	(7.2	)	$	(0.1	)
Comprehensive income (loss)	$	(0.4	)	$	(0.5	)	$	(0.1	)
Comprehensive income (loss) attributed to Cott Corporation	$	(3.2	)	$	(3.3	)	$	(0.1	)

	As previously filed			As revised
Consolidated Statements of Cash Flows	For the three months ended June 28, 2014						Difference
(in millions of U.S. dollars)
Operating Activities
Net (loss) income	$	(4.6	)	$	(4.5	)	$	0.1
Depreciation & amortization	$	26.0		$	25.8		$	(0.2	)
Loss (gain) on disposal of property, plant & equipment	$	0.4		$	(0.1	)	$	(0.5	)
Accounts payable and accrued liabilities, and other liabilities	$	25.8		$	26.3		$	0.5
Net cash provided by (used in) operating activities	$	29.6		$	29.5		$	(0.1	)
Effect of exchange rate changes on cash	$	1.0		$	1.1		$	0.1

	As previously filed			As revised
Consolidated Statements of Cash Flows	For the six months ended June 28, 2014						Difference
(in millions of U.S. dollars)
Operating Activities
Net (loss) income	$	(7.1	)	$	(7.2	)	$	(0.1	)
Depreciation & amortization	$	51.3		$	50.9		$	(0.4	)
Increase in deferred income taxes	$	1.5		$	1.9		$	0.4
Loss (gain) on disposal of property, plant & equipment	$	0.5		$	—		$	(0.5	)
Accounts payable and accrued liabilities, and other liabilities	$	(2.7	)	$	(2.2	)	$	0.5
Net cash provided by (used in) operating activities	$	(22.9	)	$	(23.0	)	$	(0.1	)
Effect of exchange rate changes on cash	$	1.1		$	1.2		$	0.1


	As previously filed			As revised
Consolidated Statements of Equity	For the six months ended June 28, 2014						Difference
(in millions of U.S. dollars)
Retained earnings at December 28, 2013	$	176.3		$	174.8		$	(1.5	)
Total equity at December 28, 2013	$	605.9		$	604.4		$	(1.5	)
Retained earnings at June 28, 2014	$	154.5		$	152.9		$	(1.6	)
Total equity at June 28, 2014	$	590.6		$	589.0		$	(1.6	)
Net (loss) income	$	(7.1	)	$	(7.2	)	$	(0.1	)