CoolBrands International Inc., the maker of Eskimo Pie and other frozen desserts, has more than doubled its profits in the second quarter ended 31 May.
Earnings in the quarter soared an impressive 113% to US$19.1m, or 34 cents per share, up from $9m or 17 cents per share in the year-ago period.
The Canadian company attributed much of this improvement to consumers seeking to lose weight. Coolbrands makes Weight Watchers and Atkins diet foods.
Commenting on the results, David J. Stein, president and co-chief executive officer of CoolBrands, stated: “Our results for the third 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.”
CoolBrands revenues rose 128.5% to $187.2m from $81.9m in the third quarter of 2004.