TSXV Symbol: CYF
CALGARY, Oct. 30 /CNW/ - Canyon Creek Food Company Ltd., ("Canyon Creek") listed on the TSX Venture Exchange Inc. under the trading symbol "CYF" is pleased to announce its first quarter results. Listed below are some of the highlights.
SALES -----
Canyon Creek sales increased 11.2% in Q1 or $117,999 compared to Q1 2008 ($1,71,333 Q1, 2009 vs. $1,053,334 Q1 2008). This increase in sales primarily relates to further development with our retail business
GROSS PROFIT ------------
The gross profits increased from 10% to 15% during the first quarter, compared to Q1 2008. This increase is attributed to lower cost of ingredients, efficiencies at plant level and the continued addition of higher margin products.
NET LOSS --------
The net loss for the Q1, 2009 is $196,288 compared to the Q1, 2008 loss of $322,100. This improvement of $125,812 is the result of increase in sales and higher margin products.
Terence Alty, President, states "We are pleased with the improvement of both sales and gross profit in Q1. We believe that we will continue to make progress in the upcoming quarters as we focus on further development in the retail sector.
About Canyon Creek ------------------
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 throughout Canada.
This news release contains forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.
The TSX Venture Exchange has neither approved or disapproved of the contents of this press release.
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