CoolBrands International Inc announced financial results for the third quarter of fiscal 2006.
Net loss for the quarter was $11,814,000, compared with a net loss of $6,233,000 for the same quarter a year ago. Revenues for the third quarter of fiscal 2006 totaled $95,554,000, up 3.7% from $92,106,000 for the same quarter a year earlier. In the wake of this news, shares in CoolBrands dropped to a 4.5-year low July 17.
“Negative results were driven by continued declines in our frozen desserts business, underscoring our need to refocus our brand portfolio on more appealing and strongly differentiated brands and products,” said David Stein, president, chief executive officer, and co-chairman. “Meanwhile, our other three operating segments, including our Breyer’s yogurt business, showed stable revenues and profitability.”