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April 15, 2005

CANADA: Coolbrands announces Q2 loss

Ice cream maker Coolbrands has announced a loss of US$3.973m for the second quarter, ended 28 February 2005.

Ice cream maker Coolbrands has announced a loss of US$3.973m for the second quarter, ended 28 February 2005.

Revenues in the quarter were $87.549m, a decline of 17.0% from the prior year’s quarter. Net loss for the quarter was $3.973m, compared with net earnings of $9.475m for the same quarter last year.

CoolBrands adopted the US dollar as its functional and reporting currency with effect from 1 September 2004, because the majority of its business is conducted in the United States.

“Our results this quarter reflect the ongoing transition in our business to a more diversified product base with great potential,” said David J. Stein, co-chairman and CEO. “Revenue decline during the quarter resulted primarily from a more rapid-than expected drop-off in sales of our discontinued Weight Watchers Smart Ones brand, as well as sales declines of our Atkins brand, which continued to be affected by
adverse “low carb” segment trends, and our super premium pint brands, which faced increased competition from new and existing super premium brands.”

“We continue to make progress in our efforts to introduce new brands and products in a growing number of categories,” he said. “As we look forward, we are confident that we are getting our business back on track.”

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