Feb. 3, 2011 (Canada NewsWire Group) --
TSXV Symbol: CYF
EDMONTON, Feb. 3 /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 second quarter results. Listed below are some of the highlights.
SALES
Canyon Creek sales declined 14.6% in Q2, 2011 or $188,803 compared to Q2, 2010 ($1,105,022 Q2, 2011 vs. $1,293,805 Q2, 2010). This decrease in sales primarily relates to a softer consumer off take on the retail segment.
GROSS PROFIT
The gross profit margin for the quarter ending November 30, 2011 remained steady at 33%. This is the result of continued focus on reducing the ingredient costs and labor reductions, while looking at ways to increase product yields.
NET PROFIT
The net loss for Q2, 2011 is $43,304 compared to the profit of $6,463 in Q2, 2010. This loss is attributable to higher repair and maintenance cost along with an increase in Quality assurance. Terence Alty, President, states, "Though we were pleased about our improvements on an operational basis, we are disappointed with the performance on the revenue side of the equation. Our focus now is increasing our top line through innovative product offerings that we believe have wide consumer appeal and will attract both retailers and food service operators."
ABOUT CANYON CREEK
Canyon Creek is a food processing company based in 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 nor disapproved of the contents of this press release.
Mr. Terry Alty, President and Director
Telephone: 1-888-217-1246. Ext. 226