Business
Canyon Creek Food Company LTD. Announces Fiscal 2007 Results
Canyon Creek Food Company LTD. Announces Fiscal 2007 Results.
About this update from Canyon Creek Food Company Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, Oct. 9 /CNW/ - Canyon Creek Food Company LTD ("Canyon Creek") a\nfood processing company listed in the TSX Venture Exchange under the trading\nsymbol "CYF" announces Fiscal 2007 annual results. Listed below are some of\nthe highlights of the year.\n\n\nSales\n\n\nCanyon Creek sales declined by 13.8% in fiscal 2007. This drop in sales\ncan be primarily traced to the discontinuation of lower margin foodservice\ncustomers which accounts for approximately $ 2.1 million reduction in sales\nfor this year or a 59% decline in the foodservice business. Conversely, the\nretail business that Canyon Creek is focusing on grew 42%.\n\n\nGross Profit\n\n\nThe gross profit declined from 12.4% to 10.0% and the net loss for the\nyear was $1,328,292 vs. $777,615 in fiscal 2006. This decline is attributed to\nlower sales available to cover the fixed components of the cost of goods sold.\n\n\nCanyon Creek will continue to primarily focus on building its presence in\nthe retail sector. It is the company's belief that this sector will offer the\ngreatest return on capital invested. Canyon Creek's business strategy is to\nincrease sales by expanding distribution of both private label and branded\nproduct in new and existing markets with innovative food concepts, organic\ncapability and stronger brand positioning.\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 securities in any jurisdiction. The securities\noffered have not and will not be registered under the United States Securities\nAct of 1933, as amended, or any state securities laws and may not be offered\nor sold in the United States absent registration or an applicable exemption\nfrom the registration requirement.\n\n\nThe TSX Venture Exchange has neither approved nor disapproved of the\n\n\ncontents of the press release.\n\n\n%SEDAR: 00004242E\n\n\n","length":2320,"tagName":"div"}]