TSXV Symbol: CYF
CALGARY, April 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 third quarter of fiscal 2008 results. Listed below are some of the highlights of the quarter:
- Sales
Sales increased in Q3 vs previous year by $254,930 or 19% ($1,576,804
compared to $1,321,874 in the prior year).Year to date sales are up
$483,030 vs YTD 2007 or 13%.This increase in sales can be primarily
traced to the further development with the retail business. The most
recent contract signed with a major food processor will see revenue
being realized in Q4 2008.
- Gross Margins
The gross profit margins have improved for Q3 (13.9% vs.8% in Q2 and
10% in Q1) .We anticipate that this positive trend line will
continue.
- Net Loss
The net loss for Q3 is $203,960. This compares to a $72,595 in Q3
previous year. The variance is mainly driven by lower margins than in
the previous year along with additional costs involved in research
and development.
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. We will begin testing the "Big Joe' products with select Mac's convenience stores in Northern Alberta in Q4. Through open dialogue and collaboration with our customers we look forward to delivering superior innovative food products that give consumers what they really want: Favorite Foods Made Easy".
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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