Business
Canyon Creek Food Company announces 2008 results
TSXV Symbol: CYF CALGARY, Oct. 1 /CNW/ - Canyon Creek Food Company Ltd., ("Canyon Creek") listed ...
About this update from Canyon Creek Food Company Ltd.
[{"type":"text","content":"\n\n\n\nTSXV Symbol: CYF\n\n\nCALGARY, Oct. 1 /CNW/ - Canyon Creek Food Company Ltd., ("Canyon Creek")\nlisted on the TSX Venture Exchange Inc. under the trading symbol "CYF"\nannounces fiscal 2008 annual results. Listed below are some of the highlights.\n\n\nSALES\n\n\nCanyon Creek sales increased 12.5% in fiscal 2008 to $5,772,758 compared\nto the fiscal year ended May 31 2007 of $5,128,566. This increase in sales\nprimarily relates to further development with our retail business.\n\n\nGROSS PROFIT\n\n\nThe gross profits increased from 10% to 14% during the fiscal year ended\nMay 31, 2008, compared to the fiscal year ended May 31, 2007. This increase is\nattributed to lower cost of ingredients, efficiencies at plant level and the\naddition of higher margin customers.\n\n\nNET LOSS\n\n\nThe net loss for the year ended May 31, 2008 increased by $207,912 to\n$1,536,204 compared to the fiscal year ended May 31, 2007 of $1,328,292. The\nincrease in losses is attributable to the write off of our license agreement\nand product development costs of $479,697. This decision is consistent with\nGAAP requirements for valuing assets based on financial performance. Prior to\nthese write offs the net loss would have actually decreased by $271,785.\n\n\nAbout Canyon Creek\n\n\nCanyon Creek is a food processing company based in Calgary and Edmonton,\nAlberta providing fresh soups and other prepared food products for today's\nhealth conscious consumer. The company provides its fresh food product line to\nboth grocery retailers and a broad range of food service establishments such\nas restaurants and institutions throughout Canada.\n\n\nThis news release contains forward-looking statements which involve known\nand unknown risks, delays, and uncertainties not under the Company's control\nwhich may cause actual results, performance or achievements of the Company to\nbe materially different from the results, performance or expectations implied\nby these forward-looking statements.\n\n\nThe TSX Venture Exchange has neither approved or disapproved of the\ncontents of this press release.\n\n\n%SEDAR: 00004242E\n\n\n","length":2252,"tagName":"div"}]