CoolBrands sustains loss in quarter
January 15, 2008
by FoodBusinessNews.net Staff
TORONTO — CoolBrands International, Inc. sustained a loss of $3,268,590 (C$3,318,000) in the first quarter ended Nov. 30, which compared with a loss of $5,339,367 (C$5,423,000) during the same quarter of the previous year.
The loss consisted of $2,716,293 (C$2,759,000) in loss from continuing operations and a $550,356 (C$559,000) loss from discontinued operations.
Overall, the main source of the loss was attributed to a loss on foreign exchange in the amount of $2,949,515 (C$2,995,000). CoolBrands still holds U.S. dollar cash assets as a result of sales proceeds received in fiscal 2007 and has incurred a foreign exchange loss on the assets as a result of appreciation of the Canadian dollar compared with the U.S. dollar between Aug. 31 and Nov. 30.