COOLBRANDS INTERNATIONAL INC.
210 Shields Court
Contact: Carla Aedo
Markham, Ontario, Canada, L3R 8V2
Telephone: (905) 479-9249
FOR IMMEDIATE RELEASE
COOLBRANDS INTERNATIONAL INC. REPORTS
FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2008
Toronto, ON, June 26, 2008 /CNW/ - CoolBrands International Inc. (TSX: COB) (“CoolBrands” or the "Company")
today announced its financial results for the third quarter of fiscal 2008 ended May 31, 2008. The Company’s
consolidated financial statements and management’s discussion and analysis of financial results can be found on the
Sedar website at www.sedar.com.
Operating results
CoolBrands reported earnings in the third quarter of fiscal 2008 of $170,000, or $0.00 per share, compared to a loss
of $(3,219,000), or $(0.06) per share in the third quarter of fiscal 2007. Earnings in the third quarter of fiscal 2008
were comprised of income from continuing operations of $657,000, or $0.01 per share, and a loss from discontinued
operations of $(487,000), or $(0.01) per share. This compared to a loss from continuing operations of $(5,867,000), or
$(0.10) per share and a gain from discontinued operations of $2,648,000, or $0.05 per share in the third quarter of
fiscal 2007.
For the current year to date, the Company earned $1,684,000, or $0.03 per share, compared to a loss of
$(20,171,000), or $(0.36) per share in the prior year. Earnings in the current year include a gain of $6,778,000
recognized in the second quarter resulting from the elimination of certain liabilities of the Americana Foods Limited
Partnership following a settlement with the bankruptcy trustee of Americana Foods. Offsetting this gain was a loss on
foreign exchange of $(3,038,000) resulting from the Company holding a majority of its cash and short-term
investments in U.S. dollars during a period where the Canadian dollar has appreciated against the U.S. dollar.
Cash and working capital
Cash and short-term investments were $57,835,000 at May