Canada beverage maker Cott to pay dividend, profit falls
(Reuters) - Canadian private-label beverage maker Cott Corp (BCB.TO: Quote) announced a new quarterly dividend on Thursday, even as its profit and revenue both fell.
Shares were up almost 5 percent after the company, whose customers include Wal-Mart Stores Inc (WMT.N: Quote), said it would pay a dividend of 6 Canadian cents a share on December 20, to shareholders on record as of December 4, and plans regular quarterly dividends going forward.
"We have a track record of strong cash generation for the past three years and this, coupled with our increased confidence in our business model, allow us to allocate some of our cash generation to shareholders in the form of a dividend," Chief Executive Jerry Fowden said in a statement.
Cott operates soft drink, juice and other beverage bottling plants in the United States, Canada, Mexico and the United Kingdom, and has some 4,000 employees around the world.
Net income fell to $14.5 million, or 15 cents per share, from $16.2 million, or 17 cents per share, a year earlier.
Quarterly revenue fell about 5 percent to $583.8 million.
The stock was up 4.9 percent at C$8.00 on Thursday morning on the Toronto Stock Exchange.
($1 = $1.00 Canadian)
(Reporting by Allison Martell in Toronto; Additional reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Janet Guttsman and Andrew Hay)
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