CoolBrands International Inc's revenues for the first quarter of fiscal 2005 declined 3.3% to $100,484,000 from $103,902,000 for the same quarter a year earlier. Net earnings for the quarter fell to $2,605,000 compared with net earnings of $5,005,000 for the same quarter a year ago, a loss of 48.5%. CoolBrands adopted the United States dollar as its functional and reporting currency effective Sept 1, 2004, the beginning of fiscal 2005.
Gross profit dollars decreased to $20,496,000 for the first quarter of fiscal 2005 from $22,821,000 for the same quarter of fiscal 2004, a 10.1% retreat. Gross profit percentage for the first quarter of fiscal 2005 dropped to 21.3% versus 24.9% for the first quarter of fiscal 2004. This decline was due to the impact of lower margins generated by Americana Foods' manufacturing operations and Eskimo Pie Frozen Distribution's distribution operations.
