CALGARY, Feb. 4 /CNW/ - Canyon Creek Food Company LTD ("Canyon Creek") a
food processing company listed in the TSX Venture Exchange under the trading
symbol "CYF" announces Q2 of Fiscal 2008 results. Listed below are some of the
highlights of the quarter.
Canyon Creek's sales increased by 37% in Q2 of fiscal 2008 versus Q2 in
fiscal 2007. This increase in sales can be primarily traced to the further
development with the retail business and seasonality.
The gross profit margins declined from 10% in Q1 to 8% in Q2. This
decline is attributed to an increase in the cost of ingredients. The company
also had lower sales available to cover the fixed cost components of the cost
of goods sold.
The net loss for Q2 in fiscal 2008 increased by $73,000 compared to
fiscal 2007. The increase in losses can mainly be attributed to an increase in
Cost of Goods Sold and additional costs involved in research and development.
Canyon Creek will continue to primarily focus on building its presence in
the retail sector. It is the company's belief that this sector will offer the
greatest return on capital invested. Canyon Creek's business strategy is to
increase sales by expanding distribution of both private label and branded
product in new and existing markets with innovative food concepts, organic
capability and stronger brand positioning.
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 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 the press release.
For further information:
For further information: Mr. Terry Alty, President and Director,
Telephone: 1-888-217-1246, Ext. 222