TSXV Symbol: CYF
CALGARY, Oct. 1 /CNW/ - Canyon Creek Food Company Ltd., ("Canyon Creek") listed on the TSX Venture Exchange Inc. under the trading symbol "CYF" announces fiscal 2008 annual results. Listed below are some of the highlights.
SALES
Canyon Creek sales increased 12.5% in fiscal 2008 to $5,772,758 compared to the fiscal year ended May 31 2007 of $5,128,566. This increase in sales primarily relates to further development with our retail business.
GROSS PROFIT
The gross profits increased from 10% to 14% during the fiscal year ended May 31, 2008, compared to the fiscal year ended May 31, 2007. This increase is attributed to lower cost of ingredients, efficiencies at plant level and the addition of higher margin customers.
NET LOSS
The net loss for the year ended May 31, 2008 increased by $207,912 to $1,536,204 compared to the fiscal year ended May 31, 2007 of $1,328,292. The increase in losses is attributable to the write off of our license agreement and product development costs of $479,697. This decision is consistent with GAAP requirements for valuing assets based on financial performance. Prior to these write offs the net loss would have actually decreased by $271,785.
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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