Business
Canyon Creek Food Company Ltd. Announces Fiscal 2008 Q3 Results
TSXV Symbol: CYF CALGARY, April 30 /CNW/ - Canyon Creek Food Company Ltd. ("Canyon Creek"), a foo...
About this update from Canyon Creek Food Company Ltd.
[{"type":"text","content":"\n\n\n\nTSXV Symbol: CYF\n\n\nCALGARY, April 30 /CNW/ - Canyon Creek Food Company Ltd. ("Canyon\nCreek"), a food processing company listed on the TSX Venture Exchange under\nthe trading symbol "CYF", is pleased to announce its third quarter of fiscal\n2008 results. Listed below are some of the highlights of the quarter:\n\n\n- Sales\n\n Sales increased in Q3 vs previous year by $254,930 or 19% ($1,576,804\n compared to $1,321,874 in the prior year).Year to date sales are up\n $483,030 vs YTD 2007 or 13%.This increase in sales can be primarily\n traced to the further development with the retail business. The most\n recent contract signed with a major food processor will see revenue\n being realized in Q4 2008.\n\n- Gross Margins\n\n The gross profit margins have improved for Q3 (13.9% vs.8% in Q2 and\n 10% in Q1) .We anticipate that this positive trend line will\n continue.\n\n- Net Loss\n\n The net loss for Q3 is $203,960. This compares to a $72,595 in Q3\n previous year. The variance is mainly driven by lower margins than in\n the previous year along with additional costs involved in research\n and development.\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. We will begin\ntesting the "Big Joe' products with select Mac's convenience stores in\nNorthern Alberta in Q4. Through open dialogue and collaboration with our\ncustomers we look forward to delivering superior innovative food products that\ngive consumers what they really want: Favorite Foods Made Easy".\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...