Canadian frozen desserts maker CoolBrands International has reported a sharp rise in quarterly net earnings helped by brand acquisitions.
CoolBrands posted net earnings of C$7.59m (US$5.86m) for the first quarter to 30 November, compared to $2.72m a year earlier.
Sales for the first quarter increased by 93.7% to $122.1m, reflecting increased sales of prepackaged consumer products, including sales from Americana Foods, Eskimo Pie Frozen Distribution and from the Dreamery and Whole Fruit brands and the Godiva brand licence that were acquired in July 2003.
“Our first quarter results reflect the successful integration of the assets and businesses we acquired in 2003 and the ongoing growth of our base business. Our expanded portfolio of brands, as well as our new distribution and manufacturing operations, all contributed to the dramatic increase in the size and profitability of CoolBrands during the quarter,” said co-CEO David J. Stein.