Business
Canyon Creek Food Company Ltd. Announces Fiscal 2007 Q2 Results
Canyon Creek Food Company Ltd. Announces Fiscal 2007 Q2 Results.
About this update from Canyon Creek Food Company Ltd.
[{"type":"text","content":"\n\n\n\nTSXV Symbol: CYF\n\n\nCALGARY, Jan. 30 /CNW/ - Canyon Creek Food Company Ltd. (\"Canyon Creek\"),\na food processing company listed on the TSX Venture Exchange under the trading\nsymbol \"CYF\", is pleased to announce its first quarter of fiscal 2007 results.\nListed below are some of the highlights of the quarter:\n\n\n- Sales were soft versus Q2 previous year, $1,116,211 compared to\n $1,623,349 prior year. The difference of $507,138 is attributed to\n two factors.\n\n One was the continued loss of clam chowder sales in Q2 of 2007. The\n company has finally been approved for processing fresh fish products\n in January 2007 and anticipates resuming production in Q3 of this\n year.\n\n The second factor was a result of the company foregoing some food\n service customers. The cost of shipping product and maintaining\n pricing at the same time made it difficult to continue servicing\n those customers.\n\n The company did not expect significant sales growth on the retail\n contract as it has not fully executed against it. The primary reason\n for not fully executing on the retail contract in Q2 was waiting\n approval of the third party audit of the company's facility. The\n audit was approved in January 2007 and therefore, the company\n anticipates executing on the full contract in Q4 of this year.\n\n- The net loss for Q2 is $290,751. This compares to a $23,758 profit in\n Q2 previous year. The loss can be attributed to the following:\n\n - Temporary loss of manufacturing clam chowder\n - Increased plant labor costs due to market conditions of local\n economy\n - Foregoing certain foodservice customers\n - Delay in full execution of retail contract\n\n\nTerence Alty, President, states \"Though the results are disappointing,\nthey were expected. We had several hurdles that as an organization we had to\nwork through in order to fulfill the retail contract. I am satisfied that we\nare in a position now to move forward. We will now focus on building our brand\nand its presence in the retail sector.\"\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 ...