Dreyer's reports loss, cuts jobs

Dairy Foods, Sept, 2003

Dreyer's Grand Ice Cream Holdings said last month it cut around 950 jobs in its second quarter and plans to eliminate another 150 this year as a result of its $2.8 billion merger with Nestle SA's American unit. The combined Oakland company posted a second-quarter loss of $47.2 million, or 72 cents a share, attributing it to severance, research, impairment and other costs. For the same period last year, Dreyer's recorded a profit of $3.4 million, or 5 cents a share. Revenue fell 11% to $176.8 million. Dreyer's and Swiss-based Nestle completed their combination in June.

* September 22 marks the official 100th anniversary of the ice cream cone, according to Minneapolis-based International Dairy Queen Inc. The company will celebrate with a free-cone day at participating locations nationwide.