TSXV Symbol: CYF
EDMONTON, May 4 /CNW/ - Canyon Creek Food Company Ltd., ("Canyon Creek") listed on the TSX Venture Exchange Inc. under the trading symbol "CYF" is pleased to announce its third quarter results. Listed below are some of the highlights.
Canyon Creek sales declined 26.2% in Q3 or $401,404 compared to Q3, 2010 ($1,135,864 Q3, 2010 vs. $1,537,268 Q3, 2009). This decrease in sales primarily relates to a softer consumer off take on the retailer segment.
The gross profit increased from 25.5% to 32.9 % during the third quarter, compared to Q3 in 2009. This increase is attributed to lower cost of ingredients and efficiencies at plant level. The company has made significant strides on the operational side to control costs as demonstrated with Gross margin improvements.
The net loss for Q3, 2010 is $71,877 compared to the loss of $115,149 in Q3, 2009. This improvement of $43,272 is the result of great improvement in the gross margins as noted above. Terence Alty, President, states "We are pleased with the significant improvement of both gross profit margins and a reduction in net losses for Q3. The improvement in our cost base is remarkable given the decline in sales. As a company our biggest obstacle to profitability is increasing our sales. We continue to work on opportunities to drive throughput."
ABOUT CANYON CREEK
Canyon Creek is a food processing company based in 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 nor 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. 226