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 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.
Late this summer CoolBrands announced 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 Oct. 27. In the event that CoolBrands’s shareholders approve the resolutions to be considered at the meeting, it is anticipated that the merger will close in early November.