Markham, Ontario-based CoolBrands International, marketer of branded frozen novelties and dessert products, saw Q3 sales ended 31 May increase 24% to US$67.99m from US$54.9m year on year.
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Net earnings for the Q3 were US$6.8m as compared with US$4.1m for the same period last year, an increase of 67%.
For the nine months ended 31 May, revenues were US$155.86m, up 35% from US$115.17m year on year. Net earnings were US$11.88m, as compared with US$7.05m for the first nine months of FY 2001, an increase of 69%.
Q3 operating results reflect an increase in gross profit dollars of US$9.33m, primarily due to the increase in sales and an increase in the gross profit percentage of 5.4%. The improvement in the gross profit percentage reflects a sale mix of products with higher gross profit margins. Selling, general and administrative expenses increased by US$5.85m, due primarily to increased marketing and promotional spending and expenses associated with the increased sales activity.
David J. Stein, president and co-CEO, stated: “Coolbrand’s performance during the Q3 continued the strong internal growth trends in revenues and earnings from the last seven consecutive fiscal quarters. Strong consumer demand, widened distribution and increased production capacity for key consumer product offerings should continue to drive growth in the Q4 and beyond.”
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