CoolBrands International Inc.

CoolBrands International Inc. has announced that revenues for the quarter ended February 28, 2001 more than doubled to $33,384,000 as compared with $15,592,000 for the quarter ended February 29, 2000. The increase is primarily due to increased prepackaged consumer product sales resulting from the acquisition of Eskimo Pie Corporation last October and sales from Eskimo Pie's Foodservice, Flavors and Ingredients and Flexible Packaging operations. Net earnings for the second quarter of fiscal 2001 were $1,837,000 ($0.04 net earnings per share) as compared with a net loss of $25,795,000 ($0.56 net loss per share) for the same period last year. Earnings before taxes were $3,576,000, as compared with a loss before taxes of $25,582,000 for the second quarter of 2000, an increase of $29,158,000. EBITDA for the second quarter was $5,759,000, more than 14 times EBITDA of $398,000 for the same period last year. Revenues for the six months ended February 28, 2001 were $60,262,000 as compared with $36,335,000 for the s ame period last year. Net earnings for the first six months of fiscal 2001 were $2,111,000 ($0.05 net earnings per share) as compared with a net loss of $26,465,000 ($0.58 net loss per share) for the first six months of fiscal 2000. Earnings before taxes were $4,070,000, as compared with a loss before taxes of $26,652,000 for the first six months of 2000, an increase of $30,535,000. EBITDA for the first six months of fiscal 2001 was $10,149,000, as compared with $873,000 for the same period last year.