Business
Canyon Creek Food Company Ltd. Announces Fiscal 2009 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\n2009 results. Listed below are some of the highlights of the quarter:\n\n\n- Sales\n\n Sales declined in Q3 vs. previous year by $39,536 or 2.5% ($1,537,268\n compared to $1,576,804 in the prior year).Year to date sales are up\n $281,507 vs. YTD 2008 or 6.8%. This decrease in sales can be traced\n to softness within the retail business. Canyon Creek has launched its\n BIG JOE product line with several retailers in Q3.\n\n- Gross Margins\n\n The gross profit margins have improved for Q3 (25.6% vs.13.9%\n 3rd quarter year ago) .The gross profit YTD has increased from 10.8%\n to 22.0% for the nine months ended February 28, 2009.\n\n- Net Loss\n\n The net loss for Q3 is $115,194. This compares to a $203,960 in Q3\n previous year. The YTD loss is $366,910 vs. $899,261. Canyon Creek\n continues to work on driving efficiencies and has reduced its\n staffing requirements from 30 employees to 22 employees. The full\n financial gain of this reduction will be realized in Q1 of fiscal\n 2010.\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\nrolling out the "Big Joe" products within the convenience store channel in Q3\nand will continue to focus on building distribution within this customer base.\nThrough open dialogue and collaboration with our customers we look forward to\ndelivering superior innovative food products that give consumers what they\nreally 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 st...