Canadian frozen desserts maker CoolBrands International has lowered its earnings guidance for its full fiscal 2004 year, citing a decision to take a non-cash compensation charge of 10 Canadian cents (US$0.08) per share related to stock options granted to the company’s co-CEO and co-chairman.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The company said it expects to report earnings for the year to 31 August 2004 of 87 cents per share, compared to the previous guidance range of 90-97 cents per share.
CoolBrands, whose brands include Dreamery, Eskimo Pie, Godiva and Chipwich, has already said its results would be adversely affected by “write-offs incurred in connection with the non-renewal of the license agreement for the Weight Watchers trademark and costs incurred in the associated litigation, the effects of higher retail prices on demand across the ice cream and frozen novelty segments and an unseasonably cool summer”.
