CoolBrands quarterly revenues retreat

CoolBrands International Inc's revenues for the first quarter of fiscal 2005 declined 3.3% to $100,484,000 from $103,902,000 for the same quarter a year earlier. Net earnings for the quarter fell to $2,605,000 compared with net earnings of $5,005,000 for the same quarter a year ago, a loss of 48.5%. CoolBrands adopted the United States dollar as its functional and reporting currency effective Sept 1, 2004, the beginning of fiscal 2005.

Gross profit dollars decreased to $20,496,000 for the first quarter of fiscal 2005 from $22,821,000 for the same quarter of fiscal 2004, a 10.1% retreat. Gross profit percentage for the first quarter of fiscal 2005 dropped to 21.3% versus 24.9% for the first quarter of fiscal 2004. This decline was due to the impact of lower margins generated by Americana Foods' manufacturing operations and Eskimo Pie Frozen Distribution's distribution operations.

TAGS: Foodservice
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