CoolBrands International Inc's revenues for the first quarter of fiscal 2004 shot up by 115.3% to $138,450,000 from $64,299,000 for the same quarter a year ago. Net earnings for the quarter surged by 178.8% to $7,591,000, compared with net earnings of $2,723,000 for the same quarter a year earlier.
Growth in revenues for first-quarter 2004 reflected higher sales of prepackaged consumer products, including sales from Americana Foods, Eskimo Pie Frozen Distribution, and from the Dreamery and Whole Fruit brands, as well as the Godiva brand license acquired in July 2003 and drayage income. Drayage income represents fees paid to CoolBrands by DreyerÕs/NestlŽ to deliver products invoiced to customers by DreyerÕs/NestlŽ.
Sales for the first quarter rose by 93.7% to $122,121,000, compared with $63,062,000 for first-quarter 2003. Drayage and other income climbed to $15,365,000.