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May 4, 2007

CANADA: CoolBrands suffers during Q2

Ailing Canadian group CoolBrands International has endured deepening losses during its second quarter.

Ailing Canadian group CoolBrands International has endured deepening losses during its second quarter.


The company sold of a number of businesses in the last three months but the disposals failed to stem losses.


CoolBrands said yesterday (3 May) that its net loss for the quarter to 28 February reached US$10.3m, up from $7.9m in the corresponding period a year earlier. Stripping out contributions from businesses it sold, CoolBrands still saw sales from its continuing operations fall to $13.7m from $15.5m a year earlier.


During the second quarter, CoolBrands sold its dairy arm and its food service business for around $69m. In March, the company also sold its whole fruit and fruit-a-freeze assets for $4.6m.

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