Frozen desserts maker CoolBrands International has reported net earnings for the second quarter ended 28 February of C$5.19m (US$3.56m), compared with net earnings of $3.65m for the same quarter last year, on a 38.9% increase in revenues.
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Earnings before income taxes were $8.3m, compared with $5.3m for the same quarter last year. EBITDA for the second quarter increased to $10.1m from $6.9m during the same quarter last year, an increase of 45.5%.
Revenues increased by 38.9% to $57.1m, primarily due to increased prepackaged consumer products sales.
Commenting on the results, David J. Stein, president and co-chief executive officer stated: “During our second fiscal quarter, CoolBrands continued to realise strong growth in revenues and earnings. We are encouraged by initial results from our new product introductions, and look forward to robust performance during the third and fourth quarters.”
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