Canadian frozen dessert maker CoolBrands International has reported flat fourth-quarter earnings, but said its full-year earnings increased, driven by increased revenues.

The company reported net earnings of C$14.7m (US$12.4m), or 26 cents per share, for the fourth quarter to 31 August, compared with $14.8m, or 27 cents per share, for the same quarter last year. Fourth-quarter revenues were $178.7m, compared to $154.0m a year earlier.

Net earnings for fiscal year 2004 increased to $48.8m, or 87 cents per share, compared to net earnings of $31.7m, or 59 cents per share, for fiscal 2003. Full-year revenues rose to $642.8m from $357.3m a year earlier. At constant exchange rates revenues for fiscal 2004 were $715.7m.

The company said the growth in revenues for fiscal 2004 reflected increased revenues, primarily from the prepackaged consumer product segment attributable to Americana Foods (50.1% owned), Eskimo Pie Frozen Distribution and Super Premium Dreamery, Godiva and Whole Fruit brands.