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 2009 results. Listed below are some of the highlights of the quarter:
- Sales
Sales declined in Q3 vs. previous year by $39,536 or 2.5% ($1,537,268
compared to $1,576,804 in the prior year).Year to date sales are up
$281,507 vs. YTD 2008 or 6.8%. This decrease in sales can be traced
to softness within the retail business. Canyon Creek has launched its
BIG JOE product line with several retailers in Q3.
- Gross Margins
The gross profit margins have improved for Q3 (25.6% vs.13.9%
3rd quarter year ago) .The gross profit YTD has increased from 10.8%
to 22.0% for the nine months ended February 28, 2009.
- Net Loss
The net loss for Q3 is $115,194. This compares to a $203,960 in Q3
previous year. The YTD loss is $366,910 vs. $899,261. Canyon Creek
continues to work on driving efficiencies and has reduced its
staffing requirements from 30 employees to 22 employees. The full
financial gain of this reduction will be realized in Q1 of fiscal
2010.
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 rolling out the "Big Joe" products within the convenience store channel in Q3 and will continue to focus on building distribution within this customer base. 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.
%SEDAR: 00004242E