the cliffstar acquisition was financed through the closing of a private placement offering by cott beverages inc. of $ 375.0 million aggregate principal amount of 8.125 % senior notes due 2018 ( the 2018 notes ) , the underwritten public offering of 13.4 million of our common shares ( the equity offering ) and borrowings under our asset based lending ( abl ) facility , which we refinanced in connection with the cliffstar acquisition , to increase the amount available for borrowings to $ 275.0 million . 29 our financial liquidity , as of december 31 , 2011 , improved from 2010 , due to significant cash outflow related to the cliffstar acquisition and the repurchase of our senior subordinated notes due in 2011 ( the 2011 notes ) in 2010. we supply walmart and its affiliated companies , under annual non-exclusive supply agreements , with a variety of products in the united states , canada , u.k. and mexico , including csds , clear , still and sparkling flavored waters , juice , juice-based products , bottled water , energy drinks and ready-to-drink teas . in 2011 we supplied walmart with all of its private label csds in the united states . in the event walmart were to utilize additional suppliers to fulfill a portion of its requirements for such products , our operating results could be materially adversely affected . sales to walmart in 2011 , 2010 and 2009 , accounted for 31.6 % , 31.0 % and 33.5 % respectively , of total revenue . in 2011 , our capital expenditures were devoted primarily to maintaining existing beverage production facilities , equipment upgrades in the united states and canada to meet customer needs , and expanding can and energy-related drink production capability in the united kingdom . summary financial results our net income in 2011 was $ 37.6 million or $ 0.40 per diluted share , compared with net income of $ 54.7 million or $ 0.63 per diluted share in 2010. the following items of significance impacted our 2011 financial results : our filled beverage case volume increased 15.3 % driven by a 17.6 % increase in the north america reporting segment , due primarily to the cliffstar acquisition ; our revenue increased 29.5 % in 2011 compared to 2010 due primarily to the cliffstar acquisition . excluding the impact of the cliffstar acquisition and foreign exchange , revenue increased 6.7 % ; the cliffstar acquisition contributed $ 385.6 million of the increase in revenue , and $ 19.6 million of the increase in operating income ; our gross profit as a percentage of revenue declined to 11.8 % in 2011 from 14.8 % in 2010. gross profit in 2011 was adversely impacted by higher commodity costs ; our selling , general and administrative ( sg & a ) expenses increased to $ 172.7 million from $ 166.7 million , due primarily to the full year inclusion of cliffstar ; our interest expense increased 54.7 % due primarily to the issuance of the 2018 notes in the third quarter of 2010 ; and a year-to-date tax benefit of $ 0.7 million in 2011 compared to income tax expense of $ 18.6 million in 2010 due primarily to lower pre-tax income in the united states , the reorganization of our legal entity structure and refinancing of intercompany debt . the following items of significance impacted our 2010 financial results : our filled beverage case volume increased 7.3 % driven by a 7.7 % increase in the north america reporting segment , due primarily to the cliffstar acquisition ; our revenue increased 12.9 % in 2010 compared to 2009. absent foreign exchange impact , revenue increased 12.2 % in 2010 , due primarily to the cliffstar acquisition ; the cliffstar acquisition contributed $ 232.2 million to revenue and $ 5.2 million to operating income ; 30 our gross profit as a percentage of revenue declined to 14.8 % in 2010 from 15.6 % in 2009. gross profit in 2010 included $ 12.0 million of cliffstar related purchase accounting adjustments , which reduced gross profit as a percentage of revenue by 0.6 % . excluding this amount , gross profit as a percentage of revenue was 15.4 % ; the transaction costs related to the cliffstar acquisition were $ 7.2 million and integration costs were $ 6.7 million , which are included in sg & a our 2010 results were favorably impacted by the reduction of the contingent consideration earn-out accrual of $ 20.3 million related to the cliffstar acquisition . the interest expense increased 24.2 % in 2010 compared to 2009 due to the issuance of the 2018 notes ; the income tax expense changed from a benefit of $ 22.8 million in 2009 to an expense of $ 18.6 million in 2010 due primarily to the fact that the prior year included the utilization of valuation allowances and the utilization of accruals related to uncertain tax positions ; and the following items of significance impacted our 2009 financial results : a slight decrease in filled beverage case volume reflecting a 1.2 % decrease in our north america reporting segment which was partially offset by a 2.0 % increase in our u.k. reporting segment ; our revenue declined 3.1 % in 2009 compared to 2008. excluding foreign exchange impact , revenue increased 2.4 % in 2009 ; improved gross profit as a percentage of revenue of 15.6 % in 2009 from 11.0 % in 2008 , reflecting the benefit of local currency price increases , improved product mix and lower ingredient and packaging costs ; the consumer shift toward retailer brand products as a result of weak economic conditions ; sg & a cost saving initiatives that resulted in an sg & a decrease of $ 33.0 million ; the weakening value in the canadian dollar , pound sterling and mexican peso each relative to the u.s. dollar resulted in a $ 88.1 million adverse impact on revenues story_separator_special_tag the non-gaap financial measures described above are in addition to , and not meant to be considered superior to , or a substitute for , cott 's financial statements prepared in accordance with gaap . in addition , the non-gaap financial measures included in this report reflect management 's judgment of particular items , and may be different from , and therefore may not be comparable to , similarly titled measures reported by other companies . 35 the following table summarizes our consolidated statements of operations as a percentage of revenue for 2011 , 2010 and 2009 : replace_table_token_5_th the following table summarizes revenue , cost of sales , gross profit , sg & a expenses , and operating income for the years ended december 31 , 2011 and january 1 , 2011 , respectively : replace_table_token_6_th 1 in 2011 , we recorded $ 3.8 million of integration costs related to the cliffstar acquisition . 36 replace_table_token_7_th 1 in 2010 , we recorded $ 7.2 million of transaction costs and $ 6.7 million of integration costs related to the cliffstar acquisition . the following table summarizes our revenue and operating income by reporting segment for 2011 , 2010 and 2009 : replace_table_token_8_th the following table summarizes our beverage case volume by reporting segment for 2011 , 2010 and 2009 : replace_table_token_9_th 37 revenues and volumes are attributed to reporting segments based on the location of the plant . the following tables summarize revenue and beverage case volume by product for 2011 , 2010 and 2009 : replace_table_token_10_th 38 replace_table_token_11_th results of operations the following table summarizes the change in revenue by reporting segment for 2011 : replace_table_token_12_th 1 impact of foreign exchange is the difference between the current year 's revenue translated utilizing the current year 's average foreign exchange rates less the current year 's revenue translated utilizing the prior year 's average foreign exchange rates . the following table summarizes the change in revenue by reporting segment for 2010 : replace_table_token_13_th 1 impact of foreign exchange is the difference between the current year 's revenue translated utilizing the current year 's average foreign exchange rates less the current year 's revenue translated utilizing the prior year 's average foreign exchange rates . 39 2011 versus 2010 revenue increased $ 531.3 million or 29.5 % in 2011 from 2010. the cliffstar acquisition contributed $ 385.6 million to revenue . excluding the impact of the cliffstar acquisition and foreign exchange , revenue increased 6.7 % due primarily to improved beverage case volume and higher prices in the u.k. and north america , offset in part by lower beverage case volume in rci . 2010 versus 2009 revenue increased $ 206.6 million or 12.9 % in 2010 from 2009. the cliffstar acquisition contributed $ 232.2 million to revenue . excluding the impact of the cliffstar acquisition and foreign exchange , revenue decreased 2.3 % due primarily to lower north america beverage case volume offset in part by improved beverage case volume in the u.k. , mexico and rci . revenue results for reporting segments 2011 versus 2010 north america revenue increased $ 452.0 million or 33.3 % in 2011 from 2010. the cliffstar acquisition contributed $ 385.6 million of the increase in revenue . excluding the impact of foreign exchange and the cliffstar acquisition , revenue increased 4.3 % , due to a 4.4 % improvement in beverage case volume that resulted primarily from new business wins and the introduction of new products , as well as higher prices . net selling price per beverage case ( which is net revenue divided by beverage case volume ) increased 13.7 % in 2011 from 2010 , due primarily to improved product mix related to juice volume resulting from the cliffstar acquisition . excluding the impact of the cliffstar acquisition , net selling price per beverage case remained flat in 2011 from 2010. u.k. revenue increased $ 80.8 million or 22.0 % in 2011 from 2010 , primarily as a result of a 9.3 % increase in beverage case volume and improved product mix ( primarily increases in energy and sports isotonic products ) . net selling price per beverage case increased 11.7 % in 2011 from 2010 due primarily to commodity-driven customer price increases and a favorable product mix . absent foreign exchange impact , u.k. revenue increased 17.8 % in 2011 from 2010. mexico revenue increased $ 1.7 million or 3.4 % in 2011 from 2010 , due primarily to a 6.3 % increase in beverage case volume offset in part by a 2.8 % decrease in net selling price per beverage case in 2011 from 2010. absent foreign exchange impact , mexico revenue increased 1.0 % . rci revenue decreased $ 3.2 million or 11.1 % in 2011 from 2010 , due primarily to the timing of shipments to our largest customer located in asia and the decreased demand from our customer in syria as a result of the political deterioration in that region . net selling price per beverage case remained flat in 2011 from 2010. rci primarily sells concentrate . 2010 versus 2009 north america revenue increased $ 183.4 million or 15.6 % in 2010 from 2009. the cliffstar acquisition contributed $ 232.2 million to revenue . excluding the impact of foreign exchange and the cliffstar acquisition , revenue decreased 5.6 % , due primarily to a 1.8 % decline in beverage case volume that resulted from national brand promotional activity in the first half of 2010. net selling price per beverage case ( which is net revenue divided by beverage case volume ) was down slightly for 2010 from 2009. u.k. revenue increased $ 7.8 million or 2.2 % in 2010 from 2009 , primarily as a result of a 2.1 % increase in beverage case volume , and improved product mix ( primarily increases in energy and sports isotonic products ) , offset in part by the weakening of the pound sterling . net selling price

liquidity and capital resources the following table summarizes our cash flows for 2011 , 2010 and 2009 as reported in our consolidated statements of cash flows in the accompanying consolidated financial statements : replace_table_token_14_th operating activities cash provided by operating activities in 2011 was $ 163.5 million compared to $ 178.4 million in 2010 and $ 155.1 million in 2009. the $ 14.9 million decrease in 2011 compared to 2010 was due primarily to the timing of disbursements and the receipt of tax refunds in the prior year , offset in part by a reduction in inventory purchases . the $ 23.3 million increase in 2010 compared to 2009 was due primarily to improved working capital as a result of the receipt of tax refunds , and an increase in interest accruals , partially offset by investment in inventory . investing activities cash used in investing activities was $ 90.2 million in 2011 compared to $ 554.7 million in 2010 and $ 32.2 million in 2009. the $ 464.5 million decrease in 2011 compared to 2010 , and the $ 522.5 million increase from 2010 to 2009 were due primarily to the purchase price paid in 2010 in connection with the cliffstar acquisition . 43 the decrease in 2011 compared to 2010 was offset in part by $ 34.3 million of payments made in 2011 related to contingent consideration and deferred consideration paid in connection with the cliffstar acquisition . the increase in 2010 compared to 2009 was also impacted by an increase in capital expenditures of $ 11.7 million . financing activities cash used in financing activities was $ 20.3 million in 2011 compared to cash provided of $ 393.3 million in 2010 and cash used of $ 107.5 million in 2009. during 2011 , we made payments of $ 6.8 million on our long-term debt . in 2011 , we made net payments of $ 7.8 million on our abl facility , which reduced our borrowings to nil . in 2010 , we received proceeds of $ 375.0 million from the issuance of the 2018 notes and $ 71.1 million in net proceeds from the equity offering , partially offset by $ 14.2


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources the following table summarizes our cash flows for 2011 , 2010 and 2009 as reported in our consolidated statements of cash flows in the accompanying consolidated financial statements : replace_table_token_14_th operating activities cash provided by operating activities in 2011 was $ 163.5 million compared to $ 178.4 million in 2010 and $ 155.1 million in 2009. the $ 14.9 million decrease in 2011 compared to 2010 was due primarily to the timing of disbursements and the receipt of tax refunds in the prior year , offset in part by a reduction in inventory purchases . the $ 23.3 million increase in 2010 compared to 2009 was due primarily to improved working capital as a result of the receipt of tax refunds , and an increase in interest accruals , partially offset by investment in inventory . investing activities cash used in investing activities was $ 90.2 million in 2011 compared to $ 554.7 million in 2010 and $ 32.2 million in 2009. the $ 464.5 million decrease in 2011 compared to 2010 , and the $ 522.5 million increase from 2010 to 2009 were due primarily to the purchase price paid in 2010 in connection with the cliffstar acquisition . 43 the decrease in 2011 compared to 2010 was offset in part by $ 34.3 million of payments made in 2011 related to contingent consideration and deferred consideration paid in connection with the cliffstar acquisition . the increase in 2010 compared to 2009 was also impacted by an increase in capital expenditures of $ 11.7 million . financing activities cash used in financing activities was $ 20.3 million in 2011 compared to cash provided of $ 393.3 million in 2010 and cash used of $ 107.5 million in 2009. during 2011 , we made payments of $ 6.8 million on our long-term debt . in 2011 , we made net payments of $ 7.8 million on our abl facility , which reduced our borrowings to nil . in 2010 , we received proceeds of $ 375.0 million from the issuance of the 2018 notes and $ 71.1 million in net proceeds from the equity offering , partially offset by $ 14.2
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 Suspicious Activity Report : the cliffstar acquisition was financed through the closing of a private placement offering by cott beverages inc. of $ 375.0 million aggregate principal amount of 8.125 % senior notes due 2018 ( the 2018 notes ) , the underwritten public offering of 13.4 million of our common shares ( the equity offering ) and borrowings under our asset based lending ( abl ) facility , which we refinanced in connection with the cliffstar acquisition , to increase the amount available for borrowings to $ 275.0 million . 29 our financial liquidity , as of december 31 , 2011 , improved from 2010 , due to significant cash outflow related to the cliffstar acquisition and the repurchase of our senior subordinated notes due in 2011 ( the 2011 notes ) in 2010. we supply walmart and its affiliated companies , under annual non-exclusive supply agreements , with a variety of products in the united states , canada , u.k. and mexico , including csds , clear , still and sparkling flavored waters , juice , juice-based products , bottled water , energy drinks and ready-to-drink teas . in 2011 we supplied walmart with all of its private label csds in the united states . in the event walmart were to utilize additional suppliers to fulfill a portion of its requirements for such products , our operating results could be materially adversely affected . sales to walmart in 2011 , 2010 and 2009 , accounted for 31.6 % , 31.0 % and 33.5 % respectively , of total revenue . in 2011 , our capital expenditures were devoted primarily to maintaining existing beverage production facilities , equipment upgrades in the united states and canada to meet customer needs , and expanding can and energy-related drink production capability in the united kingdom . summary financial results our net income in 2011 was $ 37.6 million or $ 0.40 per diluted share , compared with net income of $ 54.7 million or $ 0.63 per diluted share in 2010. the following items of significance impacted our 2011 financial results : our filled beverage case volume increased 15.3 % driven by a 17.6 % increase in the north america reporting segment , due primarily to the cliffstar acquisition ; our revenue increased 29.5 % in 2011 compared to 2010 due primarily to the cliffstar acquisition . excluding the impact of the cliffstar acquisition and foreign exchange , revenue increased 6.7 % ; the cliffstar acquisition contributed $ 385.6 million of the increase in revenue , and $ 19.6 million of the increase in operating income ; our gross profit as a percentage of revenue declined to 11.8 % in 2011 from 14.8 % in 2010. gross profit in 2011 was adversely impacted by higher commodity costs ; our selling , general and administrative ( sg & a ) expenses increased to $ 172.7 million from $ 166.7 million , due primarily to the full year inclusion of cliffstar ; our interest expense increased 54.7 % due primarily to the issuance of the 2018 notes in the third quarter of 2010 ; and a year-to-date tax benefit of $ 0.7 million in 2011 compared to income tax expense of $ 18.6 million in 2010 due primarily to lower pre-tax income in the united states , the reorganization of our legal entity structure and refinancing of intercompany debt . the following items of significance impacted our 2010 financial results : our filled beverage case volume increased 7.3 % driven by a 7.7 % increase in the north america reporting segment , due primarily to the cliffstar acquisition ; our revenue increased 12.9 % in 2010 compared to 2009. absent foreign exchange impact , revenue increased 12.2 % in 2010 , due primarily to the cliffstar acquisition ; the cliffstar acquisition contributed $ 232.2 million to revenue and $ 5.2 million to operating income ; 30 our gross profit as a percentage of revenue declined to 14.8 % in 2010 from 15.6 % in 2009. gross profit in 2010 included $ 12.0 million of cliffstar related purchase accounting adjustments , which reduced gross profit as a percentage of revenue by 0.6 % . excluding this amount , gross profit as a percentage of revenue was 15.4 % ; the transaction costs related to the cliffstar acquisition were $ 7.2 million and integration costs were $ 6.7 million , which are included in sg & a our 2010 results were favorably impacted by the reduction of the contingent consideration earn-out accrual of $ 20.3 million related to the cliffstar acquisition . the interest expense increased 24.2 % in 2010 compared to 2009 due to the issuance of the 2018 notes ; the income tax expense changed from a benefit of $ 22.8 million in 2009 to an expense of $ 18.6 million in 2010 due primarily to the fact that the prior year included the utilization of valuation allowances and the utilization of accruals related to uncertain tax positions ; and the following items of significance impacted our 2009 financial results : a slight decrease in filled beverage case volume reflecting a 1.2 % decrease in our north america reporting segment which was partially offset by a 2.0 % increase in our u.k. reporting segment ; our revenue declined 3.1 % in 2009 compared to 2008. excluding foreign exchange impact , revenue increased 2.4 % in 2009 ; improved gross profit as a percentage of revenue of 15.6 % in 2009 from 11.0 % in 2008 , reflecting the benefit of local currency price increases , improved product mix and lower ingredient and packaging costs ; the consumer shift toward retailer brand products as a result of weak economic conditions ; sg & a cost saving initiatives that resulted in an sg & a decrease of $ 33.0 million ; the weakening value in the canadian dollar , pound sterling and mexican peso each relative to the u.s. dollar resulted in a $ 88.1 million adverse impact on revenues story_separator_special_tag the non-gaap financial measures described above are in addition to , and not meant to be considered superior to , or a substitute for , cott 's financial statements prepared in accordance with gaap . in addition , the non-gaap financial measures included in this report reflect management 's judgment of particular items , and may be different from , and therefore may not be comparable to , similarly titled measures reported by other companies . 35 the following table summarizes our consolidated statements of operations as a percentage of revenue for 2011 , 2010 and 2009 : replace_table_token_5_th the following table summarizes revenue , cost of sales , gross profit , sg & a expenses , and operating income for the years ended december 31 , 2011 and january 1 , 2011 , respectively : replace_table_token_6_th 1 in 2011 , we recorded $ 3.8 million of integration costs related to the cliffstar acquisition . 36 replace_table_token_7_th 1 in 2010 , we recorded $ 7.2 million of transaction costs and $ 6.7 million of integration costs related to the cliffstar acquisition . the following table summarizes our revenue and operating income by reporting segment for 2011 , 2010 and 2009 : replace_table_token_8_th the following table summarizes our beverage case volume by reporting segment for 2011 , 2010 and 2009 : replace_table_token_9_th 37 revenues and volumes are attributed to reporting segments based on the location of the plant . the following tables summarize revenue and beverage case volume by product for 2011 , 2010 and 2009 : replace_table_token_10_th 38 replace_table_token_11_th results of operations the following table summarizes the change in revenue by reporting segment for 2011 : replace_table_token_12_th 1 impact of foreign exchange is the difference between the current year 's revenue translated utilizing the current year 's average foreign exchange rates less the current year 's revenue translated utilizing the prior year 's average foreign exchange rates . the following table summarizes the change in revenue by reporting segment for 2010 : replace_table_token_13_th 1 impact of foreign exchange is the difference between the current year 's revenue translated utilizing the current year 's average foreign exchange rates less the current year 's revenue translated utilizing the prior year 's average foreign exchange rates . 39 2011 versus 2010 revenue increased $ 531.3 million or 29.5 % in 2011 from 2010. the cliffstar acquisition contributed $ 385.6 million to revenue . excluding the impact of the cliffstar acquisition and foreign exchange , revenue increased 6.7 % due primarily to improved beverage case volume and higher prices in the u.k. and north america , offset in part by lower beverage case volume in rci . 2010 versus 2009 revenue increased $ 206.6 million or 12.9 % in 2010 from 2009. the cliffstar acquisition contributed $ 232.2 million to revenue . excluding the impact of the cliffstar acquisition and foreign exchange , revenue decreased 2.3 % due primarily to lower north america beverage case volume offset in part by improved beverage case volume in the u.k. , mexico and rci . revenue results for reporting segments 2011 versus 2010 north america revenue increased $ 452.0 million or 33.3 % in 2011 from 2010. the cliffstar acquisition contributed $ 385.6 million of the increase in revenue . excluding the impact of foreign exchange and the cliffstar acquisition , revenue increased 4.3 % , due to a 4.4 % improvement in beverage case volume that resulted primarily from new business wins and the introduction of new products , as well as higher prices . net selling price per beverage case ( which is net revenue divided by beverage case volume ) increased 13.7 % in 2011 from 2010 , due primarily to improved product mix related to juice volume resulting from the cliffstar acquisition . excluding the impact of the cliffstar acquisition , net selling price per beverage case remained flat in 2011 from 2010. u.k. revenue increased $ 80.8 million or 22.0 % in 2011 from 2010 , primarily as a result of a 9.3 % increase in beverage case volume and improved product mix ( primarily increases in energy and sports isotonic products ) . net selling price per beverage case increased 11.7 % in 2011 from 2010 due primarily to commodity-driven customer price increases and a favorable product mix . absent foreign exchange impact , u.k. revenue increased 17.8 % in 2011 from 2010. mexico revenue increased $ 1.7 million or 3.4 % in 2011 from 2010 , due primarily to a 6.3 % increase in beverage case volume offset in part by a 2.8 % decrease in net selling price per beverage case in 2011 from 2010. absent foreign exchange impact , mexico revenue increased 1.0 % . rci revenue decreased $ 3.2 million or 11.1 % in 2011 from 2010 , due primarily to the timing of shipments to our largest customer located in asia and the decreased demand from our customer in syria as a result of the political deterioration in that region . net selling price per beverage case remained flat in 2011 from 2010. rci primarily sells concentrate . 2010 versus 2009 north america revenue increased $ 183.4 million or 15.6 % in 2010 from 2009. the cliffstar acquisition contributed $ 232.2 million to revenue . excluding the impact of foreign exchange and the cliffstar acquisition , revenue decreased 5.6 % , due primarily to a 1.8 % decline in beverage case volume that resulted from national brand promotional activity in the first half of 2010. net selling price per beverage case ( which is net revenue divided by beverage case volume ) was down slightly for 2010 from 2009. u.k. revenue increased $ 7.8 million or 2.2 % in 2010 from 2009 , primarily as a result of a 2.1 % increase in beverage case volume , and improved product mix ( primarily increases in energy and sports isotonic products ) , offset in part by the weakening of the pound sterling . net selling price

