TSXV Symbol: CYF
CALGARY, Oct. 30 /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 2007 results.
Listed below are some of the highlights of the quarter:
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- Sales slightly declined ($119,633) vs the same period in the previous
year. This was a result of the temporary inability to manufacture
clam chowder. The company expects to resume production of clam
chowder in Q3 of this fiscal. This loss also partially resulted in
the company posting a net loss of $196,570 vs a net loss of $49,853
in the previous year.
- Gross profit margin remained relatively flat despite cost pressures
driven by the local labour market.
>>
Terence Alty, President, states "We didn't anticipate strong sales growth
this quarter due to seasonality and the loss of clam chowder sales. Summer
months are generally slower for soup sales. We continue to put a lot of
resources into bringing on our major retail contract. The company anticipates
that the full contracted retail volumes will materialize in Q3 and Q4 of
fiscal 2007. We are also committed to ensuring that Canyon Creek continues to
build on successes of the past year and capitalize on the strength of our
products and our people."
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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