CoolBrands International Inc. reports financial results for the fourth quarter and year ended August 31, 2007



    TORONTO, Nov. 29 /CNW/ - CoolBrands International Inc. (TSX: COB)
("CoolBrands" or the "Company") today announced its operating results for the
fiscal year ended August 31, 2007. 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 (amounts expressed in U.S. dollars)

    CoolBrands reported a loss in the fourth quarter of fiscal 2007 of
$(1,019,000), or $(0.02) per basic and fully diluted share, compared to a loss
of $(46,102,000), or $(0.82) in the fourth quarter of 2006. The loss in the
fourth quarter of fiscal 2007 was comprised of income from continuing
operations of $874,000, or $0.01 per basic and fully diluted share, and a loss
from discontinued operations of $(1,893,000), or $(0.03) per share. This
compared to a loss from continuing operations of $(755,000), or $(0.01) per
share and a loss from discontinued operations of $(45,257,000), or $(0.81) per
share in the fourth quarter of fiscal 2006.
    For fiscal 2007, CoolBrands reported a loss of $(19,040,000), or $(0.34)
per basic and fully diluted share, compared to a loss of $(70,182,000), or
$(1.25) per share in the prior year. The improvement in operating results was
due to the sale of the majority of the Company's operations in fiscal 2007 and
the resulting elimination of operating losses from these business operations.

    Cash and working capital

    Cash and short-term investments increased to $64,702,000 at August 31,
2007, compared to $393,000 at August 31, 2006 and $63,467,000 at May 31, 2007.
The increase in cash in the fourth quarter of fiscal 2007 resulted primarily
from interest earned on the Company's cash investments and the sale of assets
relating to the Company's former food service business. Working capital was
$46,958,000 at August 31, 2007 compared to a working capital deficit of
$(21,696,000) at August 31, 2006. The increase in working capital during the
year resulted primarily from the proceeds received from the sale of businesses
during 2007 and the recovery of taxes previously paid.

    Other

    As previously reported by the Company, on October 29, 2007, the Company
made a filing with the Securities and Exchange Commission ("SEC") in order to
terminate its obligations under the United States Securities Exchange Act of
1934 and deregister its securities with the SEC. CoolBrands' decision to
deregister its securities, pursuant to recently enacted SEC rules for foreign
companies, was made as a result of minimal trading of its common shares in the
United States during the past year and its desire to eliminate the burden on
the Company of reporting under SEC regulations. The Company continues to be a
reporting issuer pursuant to the regulations of the Canadian securities
administrators and its common shares continue to on The Toronto Stock
Exchange.

    Forward Looking Statements

    The information in this document contains certain forward-looking
statements with respect to CoolBrands International Inc., its subsidiaries and
affiliates. These statements are often, but not always made through the use of
words or phrases such as "expect", "should continue", "continue", "believe",
"anticipate", "estimate", "contemplate", "target", "plan", "budget" "may",
"will", "schedule" and "intend" or similar formulations. By their nature,
these forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by management, are
inherently subject to significant, known and unknown, business, economic,
competitive and other risks, uncertainties and other factors affecting
CoolBrands specifically or its industry generally that could cause actual
performance, achievements and financial results to differ materially from
those contemplated by the forward-looking statements. These risks and
uncertainties include the Company's ability to recover its assets relating to
the sale of its businesses over the past year; its ability to sell the
remaining assets or rebuild the business; the ability of CoolBrands to
effectively manage the risks inherent with mergers and acquisitions; the
ability of the Company to minimize the negative impact of any litigation; the
effect on foreign operations of political, economic and regulatory risks;
currency risk exposure; the ability to recruit and retain qualified employees;
and other risks described from time to time in publicly filed disclosure
documents of CoolBrands and its subsidiaries and affiliates. In view of these
uncertainties we caution readers not to place undue reliance on these
forward-looking statements. CoolBrands disclaims any intention or obligation
to update or revise any statements made herein, whether as a result of new
information, future events or otherwise.

    %SEDAR: 00003887E




For further information:

For further information: Carla Aedo, (905) 479-8762

Organization Profile

COOLBRANDS INTERNATIONAL INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890