May 5, 2010 / 12:21 PM / 8 years ago

UPDATE 2-Cott results fall on income tax expense

* EPS $0.14 vs consensus $0.12

* Revs slip 1.1 pct to $362.9 mln

* Shares off 5.2 percent at C$8.00

(In U.S. dollars. Adds background and stock price)

TORONTO, May 5 (Reuters) - Cott Corp (BCB.TO) (COT.N) said on Wednesday quarterly profit dropped on a hefty income tax bill and lower revenue, pushing shares of the soft-drink maker, down more than 5 percent.

The Toronto-based company, known for its line of private-label drinks, said profit slipped to $12.7 million, or 14 cents a share, for the quarter ended April 3, compared with $20.8 million, or 28 cents, for the same period a year earlier.

The most recent quarter brought an income tax expense of $4 million, compared with a $6 million benefit in the same quarter of 2009.

Revenue slipped 1.1 percent to $362.9 million due to a drop in North American sales.

Analysts, on average, were expecting 12 cents a share and revenue of $372 million, according to Thomson Reuters I/B/E/S.

Cott, the world’s largest maker of private-label soft drinks, said a turnaround in Britain helped offset the slumping North American sales.

Gross margin fell to 15.8 percent of sales from 15.9 percent a year earlier.

Shares of Cott, which have risen 86 percent in the past year, were off 5.2 percent at C$8.00 on the Toronto Stock Exchange. ($1=$1.03 Canadian) (Reporting by Scott Anderson; Editing by Frank McGurty)

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