Dreyer's Grand Ice Cream Holdings Inc has announced results for the first quarter ended March 27, 2004. These results reflect the June 26, 2003, combination of Dreyer's Grand Ice Cream Inc (DGIC) and Nestle Ice Cream Co (NICC), Nestle's United States frozen dessert business.
Total net revenues rose $223,086,000, or 194%, to $337,883,000 for the quarter ended March 27, 2004, from $114,797,000 in the first quarter of 2003. This increase in total net revenues was mainly due to a boost in net sales of $212,167,000, or 186%, driven largely by DGIC products acquired in the Dreyer's Nestle transaction.
Due to reverse acquisition accounting for this transaction, first-quarter 2004 operating results of Dreyer's Grand Ice Cream Holdings are not directly comparable with results of either NICC or DGIC for the corresponding prior-year period.