Canadian frozen desserts maker CoolBrands International has reported a sharp rise in second-quarter net earnings, driven by a massive increase in revenues.
The company posted net earnings of C$12.8m (US$9.5m), or 23 cents per share, for the second quarter to 29 February, compared to $5.2m, or 10 cents per share, in the year-ago period. Revenues rose 142.8% to $138.5m from $57.1m a year earlier. Sales rose 125.9% to $125.0m, compared with $55.3m for the same period last year.
CoolBrands said the growth in revenue for the three-month period reflected increased sales of pre-packaged consumer products, including incremental sales from Americana Foods and Eskimo Pie Frozen Distribution, and from the Dreamery and Whole Fruit brands and the Godiva brand licence that were acquired in July 2003.
“Our results for the second quarter continue to 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 David J. Stein, president and co-chief executive of CoolBrands International.