CoolBrands International Inc. has reported a net loss for the first quarter of 2006 of C$4.4m, against net earnings of C$4.33m in the corresponding quarter last year. Revenues for the quarter rose from C$89.3m to C$91.5m.
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“As we expected, our revenues and net earnings in this first quarter continued to reflect the trends that impacted our results during fiscal 2005, in particular the lower sales in our prepackaged frozen dessert business,” said president and CEO, David J. Stein. “Our strategy to respond is well underway: we are implementing an aggressive programme of new brand introductions and product innovation in the frozen dessert segment under the Godiva, Yoplait and Disney brands and, with the Breyers Yogurt brand, expanding the categories in which we compete and enhancing the Company’s positioning as a marketer of dairy based snack foods.”
The company also announced that it has signed letters of commitment with JPMorgan Chase for new senior secured credit facilities.
The facilities comprise a US$48m senior secured revolving credit facility for CoolBrands and its subsidiaries; a US$8m senior secured revolving credit facility in respect of which Americana Foods Limited Partnership will be the borrower; and a US$15m term loan in respect of which Americana Foods Limited Partnership will be the borrower.
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