TSXV Symbol: CYF
CALGARY, Oct. 12 /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 fiscal 2006 results. Listed below are
some of the highlights of the year:
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- Sales grew by a substantial $1.5 million or 35% to $5,952 million
- Gross profit margin increased significantly from 5.8% to 12.4%
- Net loss decreased by $718,000 to a total annual loss of $777,615
- Loss per share of ($0.02) vs. ($0.06) in fiscal 2005
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The company continues to focus on developing sales with its major retail
customer. The execution of the retail contract has been slower than expected
as only 30% of the anticipated contracted volume was achieved in fiscal 2006.
The company anticipates that the full contracted retail volumes will
materialize in fiscal 2007.
Terence Alty, President, states "Though sales fell short of what we had
expected, the fact is that sales grew by 35% and gross profit margins doubled
- most companies grow their top line at the expense of margins. We
accomplished both top and bottom growth and for that we are very proud."
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 Creek to
be materially different from the results, performance or expectations implied
by these forward-looking statements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
securities offered have not and will not be registered under the United States
Securities Act of 1933, as amended, or any state securities laws and may not
be offered or sold in the United States absent registration or an applicable
exemption from the registration requirement.
The TSX Venture Exchange has neither approved nor disapproved of the
contents of this press release.
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