Business
CANYON CREEK FOOD COMPANY ANNOUNCES 2010 RESULTS
CANYON CREEK FOOD COMPANY ANNOUNCES 2010 RESULTS
About this update from Canyon Creek Food Company Ltd.
[{"type":"text","content":"\n\n\n\n Oct. 19, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTSXV Symbol: CYF\n\n\nCALGARY, Oct. 19 /CNW/ - Canyon Creek Food Company Ltd. ("Canyon Creek")\n listed on the TSX Venture Exchange Inc. under the trading symbol "CYF"\n announces fiscal 2010 annual results. Listed below are some of the\n highlights.\n\n\nSALES\n\n\nCanyon Creek sales decreased 25.2% in fiscal 2010 compared to the fiscal\n year ended May 31, 2009. This decrease in sales primarily relates to\n further decline with our retail business. The retail customer took a\n price increase which adversely impacted sales.  This customer has\n worked on improving their sales through a variety of pricing and\n promotional tactics throughout the year and we should see the positive\n results by Q2 of fiscal 2011.  The Company continues to focus on\n building sales through this customer, along with others and has secured\n a short term co-packing arrangement with the opportunity for both\n parties to extend it.\n\n\nGROSS PROFIT\n\n\nThe gross profits increased from 16.5% to 27.1% during the fiscal year\n ended May 31, 2010, compared to the fiscal year ended May 31, 2009.\n This increase is attributed to lower cost of ingredients, efficiencies\n at plant level, and improving product yields.\n\n\nNET LOSS\n\n\nThe net loss for the year ended May 31, 2010 decreased by $402,859\n compared to the fiscal year ended May 31, 2009. This improvement in net\n loss is driven by the significant in...