Dreyer’s Loss Widens as Its Revenue Decreases

Dreyer’s Grand Ice Cream Holdings Inc. said Tuesday that its fourth-quarter loss widened significantly from a year earlier on lower revenue.

However, the Oakland-based company said net sales of company brands increased significantly in its latest quarter and year, driven by continued success of Dreyer’s and Edy’s Slow Churned Light ice cream, growth of Dreyer’s and Edy’s classic premium ice cream and the ongoing resurgence of the Haagen-Dazs ice cream brand.

The company said its loss for the fourth quarter ended Dec. 25 widened to $28.3 million, or $1.02 a share, from a loss of $10.9 million, or 75 cents, a year earlier. Revenue fell to $347 million from $384.1 million.

Dreyer’s said net revenue for the year increased 33% to $1.59 billion. Net sales of company-branded products for the year rose 49% to $1.31 billion.

The company noted that its financial statements for the full year were not directly comparable because of the June 26, 2003, combination of Dreyer’s Grand Ice Cream Inc. and Nestle Ice Cream Co.

Results in the latest fiscal year reflect the results of operations of the combined entity, Dreyer’s Holdings, for the entire period.

Results for the year-earlier period reflect the operations of stand-alone Nestle for Jan. 1, 2003, to June 26, 2003, and the operations of the combined entity for June 27, 2003, to Dec. 27, 2003.

Shares of Dreyer’s slipped 2 cents to $80.75 on Nasdaq.