Form 6-K

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 month of March, 2007

Commission File No. 000-27476

CoolBrands International Inc.

(Translation of registrant's name into English)

210 Shields Court, Markham, Ontario Canada L3R 8V2

(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 x

Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ________

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) ________

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-_________

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: March 15, 2007	By:	/s/ Michael Serruya
	Name:	Michael Serruya
	Title:	President and CEO

INDEX TO EXHIBITS

99.1

News Release dated March 14, 2007 - Coolbrands International Inc. reports financial results for the three months ended November 30, 2006 ("Fiscal 2007 First Quarter")

News release via Canada NewsWire, Toronto 416-863-9350 Attention Business/Financial Editors: CoolBrands International Inc. reports financial results for the three months ended November 30, 2006 ("Fiscal 2007 First Quarter") TORONTO, March 14 /CNW/ - CoolBrands International Inc. (TSX: COB.A) (the "Company") today announced its operating results for Fiscal 2007 First Quarter. Operating results (amounts expressed in 000's, except per share data, reported in USD) The Company reported a net loss of $(4,845), or $(0.09) per basic and fully diluted share, in the Fiscal 2007 First Quarter, which was comprised of a net loss from continuing operations of $(7,126), or $(0.13) per basic and fully diluted share, offset by net income from discontinued operations of $2,281, or $0.04 per basic and fully diluted share, which included a gain on sale of discontinued operations of $1,679, or $0.03 per basic and fully diluted share. The Company recorded a net loss of $(4,404), or $(0.08) per basic and fully diluted share for the three months ended November 30, 2005 ("Fiscal 2006 First Quarter"), which was comprised of a loss from continuing operations of $(4,082), or $(0.07) per basic and fully diluted share, and a loss from discontinued operations of $(322), or $(0.01) per basic and fully diluted share. The Fiscal 2007 First Quarter was impacted by a non-cash charge of $1,764 with respect to warrants issued to Mr. Michael Serruya for services provided, which is included in selling, general and administrative expense. For the Fiscal 2007 First Quarter, net sales from continuing operations decreased to $7,755, compared to $22,104 for the Fiscal 2006 First Quarter, a 64.9% decrease. The decrease was attributable to the closing of the Americana Foods L.P. plant (the Company's 50.1% subsidiary that accounted for $50,745 in annual net sales in Fiscal 2006 but was generating significant operating losses) in October 2006, lack of promotion of existing products, and service and production issues that adversely impacted sales. Cash and working capital Cash, investments, and restricted cash increased to $1,634 at November 30, 2006, compared to $393 at August 31, 2006, principally due to the proceeds from sales of businesses after reducing debt and paying related expenses. The working capital deficit decreased to $(22,345) at November 30, 2006, compared to $(23,992) at August 31, 2006. The current ratio declined to 0.66 to 1.0 at November 30, 2006 from 0.75 to 1.0 at August 31, 2006. Business update During the Fiscal 2007 First Quarter, the Company completed the sale of its dairy component segment and substantially all of its direct store door operations ("EPFD") generating proceeds of approximately $12,636, substantially all of which has been collected. Also, the Company sold its food service and yogurt segments to unaffiliated third parties in January 2007. As the result of these sales, the Company now only operates in the frozen dessert segment. Additionally, as the result of the proceeds from these sales, the Company has sufficient liquidity to fund operations for the foreseeable future. However, the Company may not be able to reduce expenses to a level sufficient to make the Company's remaining operations profitable. The Company is currently evaluating whether to sell its remaining assets or rebuild the business. Litigation Update In connection with the sale of a portion of its businesses and assets, the Company has mutually terminated the license agreements with certain licensors. The ability of the Company to effect the termination of the remainder of its licenses on favorable terms is uncertain. The Company was served notice on March 12, 2007 by Godiva Chocolatier, Inc. and Godiva Brands, Inc. alleging that the Company has breached its license agreement and the licensor has filed a claim in the Supreme Court of the State of New York for damages of $14 million for breach of contract plus additional damages. The outcome and resolution of such claim is uncertain at this time.

Other Further to the Corporation's press release dated October 4, 2006 in which CoolBrands stated that it would not meet the statutory filing deadline for its audited annual financial statements, related management's discussion and analysis and annual information form for its financial year ended August 31, 2006, the Company filed its audited annual financial statements and related management's discussion and analysis with the applicable Canadian securities regulators on January 29, 2007. CoolBrands filed its annual information form on February 28, 2007. In the Management's Discussion and Analysis of financial results accompanying the Company's first quarter financial statements for the three month period ended November 30, 2006, management identified certain material weaknesses and deficiencies in internal controls over financial reporting. As described above, the Company has undergone a significant downsizing and has sold or closed down a significant portion of its businesses. The Company expects that its financial reporting will become less complicated and management is designing processes and procedures appropriate for the organization. As a result of the identified control weaknesses, the Company will not be filing the certifications of its Chief Executive Officer and Chief Financial Officer in respect of the Fiscal 2007 First Quarter financial results as required by Multinational Instrument 52-109 of the Canadian Securities Administrators. About CoolBrands International Inc.: CoolBrands is focused on marketing and selling ice creams and frozen snacks under nationally and internationally recognized brand names. Forward Looking Statements 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 CoolBrands' 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 CoolBrands' products, product costing, the weather, the performance of management, including management's ability to implement its plans as contemplated, CoolBrands' relationship with its customers, franchisees, licensees and licensors, governmental regulations and legislation and litigation. CoolBrands undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. CoolBrands International Inc.

<< CoolBrands International Inc. Consolidated Balance Sheets As at November 30, 2006 and August 31, 2006 ------------------------------------------------------------------------- (Unaudited) (Amounts expressed in thousands of U.S. dollars) November 30, August 31, 2006 2006 Assets Current assets: Cash $ 1,634 $ 393 Receivables, net 1,867 9,980 Inventories 4,069 6,978 Income taxes recoverable 11,000 11,000 Prepaid expenses 861 740 Current assets of discontinued operations held for sale 24,049 43,174 ------------------------- Total current assets 43,480 72,265 Non-current assets of discontinued operations held for sale 60,505 64,498 Property, plant and equipment 2,902 3,918 Property, plant and equipment subject to bankruptcy proceeding 18,061 18,386 Intangible and other assets 1,550 993 Goodwill 488 488 ------------------------- $ 126,986 $ 160,548 ------------------------- ------------------------- Liabilities and Shareholders' Equity Current liabilities: Secured notes payable to a related company $ 21,674 $ - Notes payable in default 696 10,077 Notes payable of majority owned subsidiary in default - 23,501 Accounts payable 14,349 18,740 Accrued liabilities 13,638 14,615 Current liabilities of discontinued operations held for sale 11,069 24,897 Income taxes payable 138 140 Other liabilities 4,261 4,287 ------------------------- Total current liabilities 65,825 96,257 Long-term debt, including obligations under capital leases 314 348 Non-current liabilities of discontinued operations held for sale 825 825 Deferred income taxes 2,000 2,000 ------------------------- Total liabilities 68,964 99,430 -------------------------

Commitments and contingencies Shareholders' Equity: Capital stock 97,804 97,804 Additional paid-in-capital 40,581 38,812 Accumulated other comprehensive loss (1,484) (1,464) Accumulated deficit (78,879) (74,034) ------------------------- Total shareholders' equity 58,022 61,118 ------------------------- $ 126,986 $ 160,548 ------------------------- ------------------------- CoolBrands International Inc. Consolidated Statements of Operations For the three months ended November 30, 2006 and 2005 ------------------------------------------------------------------------- (Unaudited) (Amounts expressed in thousands of U.S. dollars, except for per share data) For the three months ended November 30, November 30, 2006 2005 Net revenues: Net sales $ 7,755 $ 22,104 Royalties, licensing, and consumer products license revenue and other income 258 816 ----------- ----------- Total net revenues 8,013 22,920 ----------- ----------- Cost of goods sold 6,548 22,439 Selling, general and administrative expenses 7,455 8,825 Interest expense 411 397 Provision for impairment 725 - ----------- ----------- Loss from continuing operations before income taxes and minority interest (7,126) (8,741) Minority interest - (1,770) ----------- ----------- Loss before income taxes (7,126) (6,971) Recovery of income taxes - (2,889) ----------- ----------- Net loss from continuing operations (7,126) (4,082) ----------- -----------

Discontinued operations: Income (loss) from discontinued operations 602 (322) Gain on sale of discontinued operations 1,679 - ----------- ----------- Net income (loss) from discontinued operations 2,281 (322) ----------- ----------- Net loss $ (4,845) $ (4,404) ----------- ----------- ----------- ----------- Per share data: (Loss) earnings per share (basic and diluted): Continuing operations $ (0.13) $ (0.07) Discontinued operations 0.04 (0.01) ----------- ----------- $ (0.09) $ (0.08) ----------- ----------- ----------- ----------- Weighted average shares outstanding: Shares used in per share calculation - basic 56,075 56,012 Shares used in per share calculation - diluted 56,075 56,012 CoolBrands International Inc. Consolidated Statements of Shareholders' Equity For the three months ended November 30, 2006 ------------------------------------------------------------------------- (Unaudited) (Amounts expressed in thousands of U.S. dollars) Accumu- lated other Total Additional compre- Accumu- share- Capital paid-in- hensive lated holders' stock capital losses deficit equity --------------------------------------------------------- Balance at August 31, 2006 $ 97,804 $ 38,812 $ (1,464) $(74,034) $ 61,118 Comprehensive loss: Net loss (4,845) (4,845) Other comprehensive loss, net of income taxes: Currency translation adjustment (20) (20) --------- Total comprehensive loss (4,865) Fair value of warrants granted for services 1,764 1,764 Stock-based compensation expense 5 5 --------------------------------------------------------- Balance at November 30, 2006 $ 97,804 $ 40,581 $ (1,484) $(78,879) $ 58,022 --------------------------------------------------------- ---------------------------------------------------------

CoolBrands International Inc. Consolidated Statements of Cash Flows For the three months ended November 30, 2006 and 2005 ------------------------------------------------------------------------- (Unaudited) (Amounts expressed thousands of U.S. dollars) For the three months ended November 30, November 30, 2006 2005 Cash and short term investments provided by (used in): Operating activities: Net loss $ (4,845) $ (4,404) Adjustments to reconcile net loss to net cash flows from operating activities Net loss (income) from discontinued operations (602) 322 Gain on sale of discontinued operations (1,679) - Provision for asset impairment 725 - Depreciation and amortization 573 1,316 Stock-based compensation expense 5 263 Fair value of warrants issued for services 1,764 - Expenses paid in connection with purchase of indebtedness 267 - Excess tax benefits from stock-based compensation - (104) Other 261 - Deferred income taxes - (1,303) Minority interest - (1,770) Cash effect of changes from continuing operations: Receivables 8,064 10,950 Allowance for doubtful accounts 49 45 Inventories 2,909 673 Income taxes recoverable - 488 Prepaid expenses (121) (186) Accounts payable (4,391) (11,515) Payables - affiliates - (65) Accrued liabilities (1,650) (366) Income taxes payable (2) - Other assets (557) (418) Other liabilities (26) (76) ------------------------- Cash (used in) provided by operating activities 744 (6,150) ------------------------- Investing activities: Purchase of property, plant and equipment - (705) Redemption of investments - 7,500 Change of notes receivable - 58 ------------------------- Cash provided by investing activities - 6,853 -------------------------

Financing activities: Proceeds from issuance of Class A and B shares - 92 Change in revolving line of credit, secured (9,381) (770) Repayment of notes payable of majority owned subsidiary in default (2,094) - Repayment of long-term debt - (907) Excess tax benefits from stock-based compensation - 104 ------------------------- Cash (used in) financing activities (11,475) (1,481) ------------------------- (Decrease) in cash flow due to changes in foreign exchange rates (32) (92) ------------------------- Cash flows provided by (used in) discontinued operations Net income (loss) from discontinued operations 602 (322) Operating (1,584) (2,125) Investing 12,986 - Financing - - ------------------------- Cash provided by (used in) discontinued operations 12,004 (2,447) ------------------------- Increase (decrease) in cash and cash equivalents 1,241 (3,317) Cash and cash equivalents - beginning of period 393 24,062 ------------------------- Cash and cash equivalents - end of period $ 1,634 $ 20,745 ------------------------- ------------------------- Non-cash financing activities: Purchase of indebtedness by Ontario 2118769 Inc. $ 21,407 $ - Payment of expenses in connection with purchase of indebtedness by Ontario 2118769 Inc. $ 267 $ - Other: Cash paid for interest $ 470 $ 397 >> %SEDAR: 00003887E %CIK: 0001005531 /For further information: Carla Aedo, Telephone: (905) 479-8762/ (COB.A.) CO: CoolBrands International Inc. CNW 21:02e 14-MAR-07