Canyon Creek Food Company Announces Fiscal 2012 Q1 Results

About this update from Canyon Creek Food Company Ltd.

[{"type":"text","content":"\n\n\n\n\n\nTSXV Symbol: CYF\n\n\nEDMONTON, Dec. 5, 2011 /CNW/ - Canyon Creek Food Company Ltd., (\"Canyon\n Creek\") listed on the TSX Venture Exchange Inc. under the trading\n symbol \"CYF\" announces its First quarter results. Listed below are some\n of the highlights.\n\n\nSALES\n\n\nCanyon Creek sales declined 40% in Q1, fiscal 2012, $267,475 compared to\n Q1, fiscal 2011 ($400,735 Q1, 2012 vs. $668,110 Q1, 2011). This\n decrease in sales traces to a discontinuation of its supply agreement\n with its major retailer.\n\n\nGROSS PROFIT\n\n\nThe gross profit margin for the quarter ending August 31, 2011 has\n decreased by 4.4%. Gross profit margin YTD is 23.0% vs. 27.4% year ago.\n This decline is driven by the reduction in sales as there is a\n significant fixed cost portion included in the cost of sales.\n\n\nNET PROFIT\n\n\nThe net loss for fiscal Q1, 2012 is $310,619 compared to a loss of\n $195,726 in fiscal Q1, 2011. This loss is attributable to a decline in\n sales. Terence Alty, President, states, \"Though we are disappointed in\n our performance on the revenue side of the equation and are working\n hard to build sales. We continue to focus on increasing our top line\n through innovative product offerings and building our distribution in\n the retail channel.\n\n\nABOUT CANYON CREEK\n\n\nCanyon Creek is a food processing company based in Edmonton, Alberta\n providing fresh soups and other prepared food products for today's\n health conscious consumer.  The company provides its fresh food product\n line to both grocery retailers and a broad range of food service\n establishments such as restaurants and institutions throughout Canada.\n\n\nThis news release contains forward-looking statements which involve\n known and unknown risks, delays, and uncertainties not under the\n Company's control which may cause actual results, performance or\n achievements of the Company to be materially different from the\n results, performance or expectations implied by these forward-looking\n statements.\n\n\nThe TSX Venture Exchange has neither approved nor disapproved of the\n contents of this press release.\n\n\n Mr. Terry Alty, President and Director Telephone: 1-888-217-1246. Ext. 226 \n","length":2607,"tagName":"div"}]

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