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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the period ended November 28, 2003
Coolbrands International Inc.
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(formerly Yogen Fruz World-Wide Incorporated)
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(Translation of registrant's name into English)
8300 Woodbine Avenue, Markham, Ontario Canada L3R 9Y7
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F Form 40-F x
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes_______ No_x_
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b):82-_________
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Materials relating to Registrant and filed pursuant to this Form 6-K
include a press release filed with SEDAR in Canada relating to the Registrant's
announcement that its cash flow is being used instead of debt to fund working
capital of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
COOLBRANDS INTERNATIONAL INC.
Date: December 2, 2003 By:/s/ Aaron Serruya
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Name: Aaron Serruya
Title: Executive Vice President
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NEWS FROM:
COOLBRANDS INTERNATIONAL INC.
FOR IMMEDIATE RELEASE: November 28, 2003
For More Information Contact:
Michael Serruya, Co-Chairman
CoolBrands International Inc.
Email Address: mserruya@coolbrandsinc.com
Telephone: (905) 479-8762
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CASH FLOW AT COOLBRANDS PAYS FOR GROWTH
Company Uses Strong Cash Flow Instead of Debt
To Fund Increased Working Capital
CoolBrands International Inc. (TSX: COB.A) released the following statement
today in response to a press account which raised questions regarding the
Company's cash flow from operations. An article appearing in The Financial Post
on November 26, 2003 under the headline "Where's the cash flow at CoolBrands?"
noted the Company's "spectacular" growth during fiscal 2003, but questioned what
it described as the "big gap emerging between the company's earnings and cash
flow." In response, CoolBrands' President and Co-Chief Executive Officer, David
J. Stein, stated as follows:
"CoolBrands' cash flow is funding our increased working capital requirements
(total current assets minus total current liabilities) resulting from our
dramatic growth: it's that simple. Cash flow generated by the Company's
operations has been re-invested to fund increased working capital. This fully
explains the "gap" mentioned in the article.
The article entirely misses the obvious fact that during fiscal 2003 CoolBrands
generated $40 million of cash, consisting of $31.7 million of net earnings and
$8.3 million of depreciation, amortization and other items not affecting cash.
The article states "the difference between net earnings and cash flow from
operations was $22.1 million in fiscal 2003." However, it fails to mention that
cash used to fund increased working capital to support the Company's spectacular
growth was $30.3 million. Increased working capital thus more than fully
accounts for the difference.
The facts regarding CoolBrands' cash flow from operations during fiscal 2003 are
clearly laid out in the Consolidated Statement of Cash Flows included in the
Company's earnings release and are summarized as follows:
Net earnings $31,704,000
Items not affecting cash $8,276,000
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Cash provided, before changes in current assets and liabilities $39,980,000
Less changes in current assets and liabilities ($30,340,000)
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Cash provided by operating activities $9,640,000
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CoolBrands' revenues grew by 47% over the prior year and working capital grew
proportionately by $30.3 million, an amount fully accounted for by CoolBrands'
internal growth, plus the additions of Americana Foods, the Dreamery'r' Ice
Cream, Whole Fruit'TM' Sorbet and Godiva'r' Ice Cream brands, and the operations
of the Eskimo Pie Frozen Distribution DSD system. Many companies find it
necessary to borrow to finance such rapid growth. CoolBrands, by contrast, has
continued to generate sufficient cash from operations to finance our growth
internally.
In addition, $13.4 million in cash was used to pay for these acquisitions. The
article contains contradictory statements in this regard, first claiming that
the cost for the July acquisition on Nestle-Dreyer's assets was "next to
nothing," but later questioning CoolBrands' use of "$17.1 million in cash for
investing activities" when, in fact, $13.4 million of this amount was used to
pay for that very acquisition.
Of course, the "gap" between earnings and cash flow would cease to exist if
CoolBrands just stopped growing. That is to say, if net earnings and working
capital remained constant, cash flow would equal earnings. On this assumption,
CoolBrands' cash flow from operations for fiscal 2004 would increase by $30.3
million to $40 million. But this would hardly be desired by any CoolBrands
shareholder, who surely hopes and expects that the Company will continue along
its recent trend of rapid and profitable growth."
About CoolBrands International:
CoolBrands International is a leader in the consumer products and franchising
segments of the frozen dessert industry, marketing a diverse range of frozen
dessert products under nationally and internationally recognized brand names.
CoolBrands is the pre-eminent company in the fast-growing "better-for-you" ice
cream category with offerings such as fat free, non-dairy Whole Fruit 'TM'
Sorbet, Weight Watchers'r' Smart Ones'r' low-fat and fat-free frozen desserts
and new Atkins'r' Endulge'r' controlled carbohydrate super premium ice cream.
CoolBrands also competes in the super premium ice cream category with the
Dreamery'r' Ice Cream and Godiva'r' Ice Cream brands. In addition, CoolBrands
markets a wide variety of "all family" premium ice creams, frozen novelties and
frozen desserts under the Eskimo Pie'r', Chipwich'r', Tropicana'r', Welch's'r',
Yoplait'r', Betty Crocker'r' and Trix'r' brand names.
CoolBrands' subsidiary, Eskimo Pie Frozen Distribution, operates the second
largest "direct store delivery" (DSD) ice cream distribution system in the U.S.,
serving these CoolBrands products and a growing family of Partner Brands to
supermarkets, convenience stores and other retail customers.
CoolBrands' subsidiary, Americana Foods, is a leading U.S. manufacturer and
supplier of soft serve mixes, packaged ice cream, frozen yogurt and sorbet
products and frozen novelties to well known national retailers, food companies
and restaurant chains. Americana Foods also manufactures and sells products for
the foodservice channel, which are extensively used to standardize quality and
reduce labor costs in on-site food preparation.
Coolbrands' Foodservice Division manufactures and sells premium soft serve ice
cream and frozen yogurt to the foodservice industry. CoolBrands also
manufactures and sells a full line of quality flavours, chocolate coatings,
fudge sauces, powders for chocolate milk, egg nog bases and other ingredients
and flexible packaging products for use in private label dairy products in
addition to the Company's brands.
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CoolBrands also franchises and licenses frozen dessert outlets operated under a
Family of Brands including Tropicana'r' Smoothies, Juices & More, Swensen's'r'
Ice Cream, I Can't Believe It's Yogurt'r', Yogen Fruz'r', Bresler's'r' Premium
Ice Cream, Golden Swirl'r' and Ice Cream Churn'r', with company-owned,
franchised and non-traditional partnership locations around the world.
This press release includes certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 regarding, among
other things, statements relating to goals, plans and projections regarding the
Company's financial position and business strategy. These statements may be
identified by the fact that they use such words as "anticipate," "estimate,"
"expect," "intend," "plan," "believe," and other words and terms of similar
meaning in connection with any discussion of future operating or financial
performance. Such forward-looking statements are based on current expectations
and involve inherent risks and uncertainties, including factors that could
delay, divert or change any of them, and could cause actual outcomes and results
to differ materially from current expectations. These factors include, among
other things, market factors, competitive product development and promotional
activity, the level of consumer interest in the Company's products, product
costing, the weather, the performance of management, including management's
ability to implement its plans as contemplated, the Company's relationship with
its customers, franchisees, licensees and licensors, governmental regulations
and legislation and litigation. The Company undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new information,
future events or otherwise.
STATEMENT OF DIFFERENCES
The trademark symbol shall be expressed as............................... 'TM'
The registered trademark symbol shall be expressed as.................... 'r'