Business
Canyon Creek Food Company Ltd. Announces Fiscal 2007 Q3 Results
Canyon Creek Food Company Ltd. Announces Fiscal 2007 Q3 Results.
About this update from Canyon Creek Food Company Ltd.
[{"type":"text","content":"\n\n\n\nTSXV Symbol: CYF\n\n\nCALGARY, May 3 /CNW/ - Canyon Creek Food Company Ltd. ("Canyon Creek"), a\nfood processing company listed on the TSX Venture Exchange under the trading\nsymbol "CYF", is pleased to announce its third quarter of fiscal 2007 results.\nListed below are some of the highlights of the quarter:\n\n\n- Sales\n\n Sales were soft versus Q3 previous year by $144,068 ($1,321,874\n compared to $1,465,942 in the prior year), but improved compared to\n the Q2 variance of $507,138. The improvement from Q2 was driven by\n resuming clam chowder production in January 2007 and further\n execution against the retail contract in February 2007.\n\n- Gross Margins\n\n As anticipated, the gross profit margins have significantly improved\n for Q3 (26.1% vs. 20.8% in the previous year and 19.3% in the\n previous quarter).\n\n- Net Loss\n\n The net loss for Q3 is $72,595. This compares to a $764 profit in Q3\n previous year. The variance is mainly driven by lower sales than in\n the previous year.\n\n\nTerence Alty, President, states "The company will continue to primarily\nfocus on building it's presence in the retail sector. It is the company's\nbelief that this sector will offer the greatest return on capital invested and\nsecondly build corporate awareness within a large consumer base."\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 through out Canada.\n\n\nThis news release contains forward-looking statements which involve known\nand unknown risks, delays and uncertainties not under Canyon Creek's control\nwhich may cause actual results, performance or achievements of Canyon Creek to\nbe materially different from the results, performance or expectations implied\nby these forward-looking statements.\n\n\nThis press release shall not constitute an offer to sell or the\nsolicitation of an offer to buy the securities in any jurisdiction. The\nsecurities offered have not and will not be registered under the United States\nSecurities Act of 1933, as amended, or any state securities laws and may not\nbe off...