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January 30, 2007

CANADA: CoolBrands files 2006 results

Troubled Canadian frozen foods group CoolBrands has filed its 2006 results, which show a 33.6% decrease in net revenues from continuing operations to US$99.35m, from $149.71m for 2005.

Troubled Canadian frozen foods group CoolBrands has filed its 2006 results, which show a 33.6% decrease in net revenues from continuing operations to US$99.35m, from $149.71m for 2005.


The company, which recently sold its Eskimo Pie, Chipwich and Real Fruit brands, along with certain other assets, to Dreyer’s Grand Ice Cream, did however manage to reduce its net loss for fiscal 2006 to $70.18m, from $74.07m in 2005.


The company said the drop in revenues reflected lower sales in the frozen dessert segment, which was partially offset by the decrease in trade promotion payments and slotting fees made to customers.


CoolBrands had not met its statutory filing deadline for its audited annual financial statements for the financial year ended 31 August, 2006, and therefore became subject to a management cease trade order by Canadian regulators.


The company said that while it had now filed its audited annual financial statements and related management analysis with the applicable Canadian securities regulators, it still had not filed its annual information form, its certifications required pursuant to National Instrument 52-109 or its Fiscal 2007 first-quarter financial statements. As a result, the company said it did not expect the management cease trade order related to CoolBrands’ securities and imposed against all of the directors and certain company officers to be lifted at the present time.

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