Business
Canyon Creek Food Company Ltd. Announces Fiscal 2010 Q1 Results
Canyon Creek Food Company Ltd. Announces Fiscal 2010 Q1 Results
About this update from Canyon Creek Food Company Ltd.
[{"type":"text","content":"\n\n\n\nNov. 27, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 27 /CNW/ -- Canyon Creek Food Company Ltd. (\"Canyon Creek\"), a food processing company listed on the TSX Venture Exchange under the trading symbol \"CYF\", is pleased to announce its first quarter of fiscal 2010 results. Listed below are some of the highlights of the quarter:- SalesSales declined in Q1 vs. previous year by $411,113 or 35% ($760,220compared to $1,171,333 in the prior year). This decrease in sales canbe traced to softness within the retail business and a discontinuationof a co-packing arrangement with a larger food manufacture.- Gross ProfitThe gross profit margins declined for Q1 fiscal 2010 vs. Q1 fiscal2009 (12.8 % vs.15.0% 1st quarter year ago). The gross profit declinedfrom $175,797 to $97,346. This can be attributed to lower revenue tocover the fixed cost portion of operating costs.- Net LossThe net loss for Q1 is $296,352. This compares to a $196,288 net lossin Q1 previous year. This again is driven by the decline in revenuefor the quarter. Canyon Creek continues to work on drivingefficiencies and has continued to reduce its staffing requirements.Terence Alty, President, states, \"The Company will continue to primarily focus on building its presence in the retail sector. It is the company's belief that this sector will offer the greatest return on capital invested and secondly build corporate awareness within a large consumer base. We believe that the relentless focus on reducing our cost base will result in higher margins and stronger financial performance for the balance of fiscal 2010. Through open dialogue and collaboration with our customers we look forward to delivering superior innovative food products that give consumers what they really want: Favorite Foods Made Easy\".Canyon Creek is a food processing company based in Calgary and Edmonton, Alberta providing fresh soups and other prepared food products for today's health conscious consumer. The company provides its fresh food product line to both grocery retailers and a broad range of food service establishments such as restaurants and institutions through out Canada.This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under Canyon Creek's control which may cause actual results, performance or achievements of Canyon ...