TSXV Symbol: CYF
CALGARY, Oct. 14 /CNW/ - Canyon Creek Food Company Ltd., ("Canyon Creek") listed on the TSX Venture Exchange Inc. under the trading symbol "CYF" announces fiscal 2009 annual results. Listed below are some of the highlights.
Canyon Creek sales declined 4.0% in fiscal 2009 compared to the fiscal year ended May 31 2008. This decrease in sales primarily relates to further softness with our retail business. The retail customer took a price increase which adversely impacted sales as the consumer began to demonstrate some resistance to the price as the country entered into a recession. The Company continues to focus on building sales through this customer, along with others.
The gross profits increased from 13% to 16.5% during the fiscal year ended May 31, 2009, compared to the fiscal year ended May 31, 2008. This increase is attributed to lower cost of ingredients, efficiencies at plant level and the addition of higher margin customers. The company will continue to focus on reducing its cost base.
The net loss for the year ended May 31, 2009 decreased by $484,861 compared to the fiscal year ended May 31, 2008. The decrease in losses is attributable to the write off of our license agreement and product development costs of $479,697 in fiscal 2008. This decision is consistent with GAAP requirements for valuing assets based on financial performance.
About Canyon Creek
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 throughout Canada.
This news release contains forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.
The TSX Venture Exchange has neither approved or disapproved of the
contents of this press release.
SOURCE Canyon Creek Food Company Ltd.
For further information: For further information: Mr. Terry Alty, President and Director, Telephone: 1-888-217-1246. ext. 222