TSXV Symbol: CYF
CALGARY, May 3 /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 third quarter of fiscal 2007 results. Listed below are some of the highlights of the quarter:
- Sales
Sales were soft versus Q3 previous year by $144,068 ($1,321,874
compared to $1,465,942 in the prior year), but improved compared to
the Q2 variance of $507,138. The improvement from Q2 was driven by
resuming clam chowder production in January 2007 and further
execution against the retail contract in February 2007.
- Gross Margins
As anticipated, the gross profit margins have significantly improved
for Q3 (26.1% vs. 20.8% in the previous year and 19.3% in the
previous quarter).
- Net Loss
The net loss for Q3 is $72,595. This compares to a $764 profit in Q3
previous year. The variance is mainly driven by lower sales than in
the previous year.
Terence Alty, President, states "The company will continue to primarily focus on building it's presence in the retail sector. It is the company's belief that this sector will offer the greatest return on capital invested and secondly build corporate awareness within a large consumer base."
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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