N🟁N

COOLBRANDS INTERNATIONAL INC. REPORTS FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED AUGUST 31, 2010

  //house-home.news-articles.net/content/2010/10/2 .. ts-for-the-fiscal-year-ended-august-31-2010.html
  Published in House and Home on Monday, October 25th 2010 at 15:50 GMT by Market Wire
          ^{🞛 This publication is a summary or evaluation of another publication}

TORONTO, Oct. 25 /CNW/ - CoolBrands International Inc. (TSX: COB) ("CoolBrands" or the "Company") today announced its financial results for the fiscal year ended August 31, 2010. 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 ].

Financial results

For fiscal 2010, CoolBrands reported net income of $459,000, or $0.01 per fully diluted share, compared to net income of $2,002,000, or $0.03 per fully diluted share in the prior year. The fiscal 2009 income included a gain on foreign exchange of $1,888,000.

Net income in the fourth quarter of fiscal 2010 was $1,634,000, or $0.03 per fully diluted share, compared to net income of $29,000, or $0.00 per fully diluted share in the fourth quarter of fiscal 2009. Income in the fourth quarter of fiscal 2010 was comprised of income from continuing operations of $1,219,000 and income from discontinued operations of $415,000. Included in the fiscal 2010 fourth quarter income from continuing operations is a gain of $1,035,000 on the sale of the Company's property in New Jersey.

Cash and working capital

Cash and short-term investments was $64,686,000 at August 31, 2010 compared to $61,898,000 at August 31, 2009. Working capital was $63,279,000 at August 31, 2010 compared to working capital of $63,149,000 at August 31, 2009. The increase in cash during fiscal 2010 resulted primarily from the collection of a promissory note pertaining to a sale in 2007 of one of the CoolBrands' subsidiary companies.

Outlook

On August 18, 2010, CoolBrands announced that it had entered into an agreement to merge with Swisher International, Inc., a full-service hygiene solutions provider based in Charlotte, North Carolina. The Company has issued a management information circular in connection with a Special Meeting of Shareholders to be held on October 27, 2010. In the event that the CoolBrands' shareholders approve the resolutions to be considered at the meeting, it is anticipated that the merger will close in early November. 

Certain information included in this news release may contain statements that are forward-looking, such as statements relating to anticipated future activities of the Company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the Company.

%SEDAR: 00003887E