TSXV Symbol: CYF
CALGARY, Jan. 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 second quarter of fiscal 2009 results. Listed below are some of the highlights of the quarter:
- Sales
Sales increased in Q2 vs. previous year by $203,044 or 13.2%
($1,732,316 compared to $1,529,272 in the prior year) this is the
largest single quarterly revenue realized in the company's history.
Year to date sales are up $321,043 vs. YTD 2008 or 12.4%.This
increase in sales can be primarily traced to the further development
with the retail business.
- Gross Margins
The gross profit margins have improved for Q2 significantly (23%
vs.7.7% in Q2 year ago).We anticipate that this positive trend line
will continue.
- Net Loss
The net loss for Q2 is $55,436 this compares to a $363,201 in Q2
previous year. This is a significant improvement in light of the
difficult economic conditions that are occurring.
Terence Alty, President, states, "The Company will continue to primarily focus on building its presence in the retail sector, which also includes the convenience channel. We are pleased with the progress that the company has experienced and are working towards the goal of profitability.
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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