THE SKOR FOOD GROUP Q2-2010 EARNINGS INCREASE 49.3%

Cash Take-Over Bid from Colabor Group Inc. of $1.33 per Share Expires May 9, 2011

TORONTO, April 18 /CNW/ - The Skor Food Group Inc. (TSXV: SKF), ("SKOR"), an integrated food service company, announced its second quarter financial results for the period ended February 28, 2011.

Consolidated results for the second quarter and the year to date:

        Six months ended Feb. 28       Three months ended Feb. 28
        2011       2010       2011       2010
Revenue     $ 64,709,276     $ 67,212,706     $ 30,008,159     $ 31,413,078
EBITDA* (excluding discontinued earnings)     $ 2,171,535     $ 1,793,061     $ 915,495     $ 743,559
Net Earnings (loss)     $ 1,094,487     $ 744,145     $ 384,595     $ 257,648
EPS (basic)     $ 0.04     $ 0.03     $ 0.02     $ 0.01
Shares (basic)       25,938,063       25,855,670       26,047,134       25,855,670

*EBITDA is a non-GAAP measure - earnings before interest, tax, depreciation and amortization.


"While year to date revenue is tracking marginally behind last year, the product mix combined with a continued focus on cost containment has enabled SKOR to improve its year to date net earnings by more than 47%," said Vince Capobianco CEO.

SKOR's Board of Directors has  unanimously determined that the cash take-over bid of $1.33 per share announced by Colabor Group Inc. on March 22, 2011 is fair, from a financial point of view, to the shareholders and is in the best interests of Skor and unanimously recommends that shareholders accept the Colabor offer and tender their common shares in accordance with the instructions contained in the take-over bid circular of Colabor dated March 30, 2011 and filed on www.sedar.com.  

SKOR is a vertically integrated, full service, mid sized, wholesale food supplier to the food service and retail industries. SKOR services a wide range of multi location food service establishments, quick service restaurant chains, day care facilities, government institutions, independent food service operators, independent grocery stores as well as vending operators and convenience stores in Ontario.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 

SOURCE The Skor Food Group Inc.

For further information:

Vince Capobianco
President and CEO
905-660-1212 ext 234
vincec@skorfoodgroup.com

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The Skor Food Group Inc.

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